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Nigeria Sells 2m Barrels of Crude to India

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Nigeria Earns N12.4tn from Crude Oil in 11 Months – Report

 

In an interesting development in the global crude oil trade, top Indian refiner Indian Oil Corp has bought two million barrels of West African (WA) and a million barrels of Middle Eastern grade.

Trade sources have it that it skipped the purchase of U.S. oil in its latest tender decision.

Specifically, the state refiner also bought one million barrels each of Nigerian oil grades Agbami and Usan from French oil major TotalEnergy, and another million barrels of Abu Dhabi’s Das crude from Shell, the people said.

Nigerian oil has been bought on free-on-board basis and Das has been purchsed on a delivered basis for arrival at Indian ports in late October-early November.

In its previous tender last week, IOC bought 5 million barrels of U.S. West Texas Intermediate. In recent months, Indian refiners have advantage of a favourable arbitrage window and raised their purchase of U.S. oil via tender.

Their U.S. oil purchases were also helping cut India’s massive trade surplus with the U.S., which has double the tariff on Indian imports to 50%, citing New Delhi’s purchase of Russian oil.

The landed cost for U.S. crude was high compared to other grades, despite the front-month Brent-WTI differential being about $4 per barrel.

ALSO READ: Dangote Refineries: ERA Condemns NUPENG, NLC Over Strike Threats

However, oil fell on Friday as a weak jobs report dimmed the outlook for energy demand in the U.S., while swelling supplies may grow further after OPEC and allied producers meet over the weekend. Brent crude futures fell $1.88, or 2.81%, to $65.11 a barrel. U.S. West Texas Intermediate crude dropped $1.94, or 3.06%, to $61.54.

On Wednesday, Reuters reported that the eight members of OPEC will consider raising production further at a meeting on Sunday. U.S. crude inventories rose 2.4 million barrels last week, rather than falling as analysts expected. “It’s kind of a perfect storm,” said Phil Flynn, senior analyst with Price Futures Group.

“It started falling with the OPEC story. The jobs report was not helpful. That suggests the market is weakening.”

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Energy

Shell Completes Turnaround Maintenance on FPSO, Resumes Production at Bonga

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The Shell Nigeria Exploration and Production Company Limited (SNEPCo) has completed the turnaround maintenance on the Bonga Floating Production, Storage and Offloading (FPSO) vessel, leading to resumption of production at Nigeria’s premier deepwater field on March 6, 2026.

Biztellers reports that the project was delivered 11 days ahead of schedule and without any safety incident, reinforcing SNEPCo’s longstanding commitment to operational excellence and asset integrity.

“Completing the turnaround safely and ahead of schedule is a testament to the dedication and professionalism of our Nigerian workforce and the helpful support of our partners,” SNEPCo Managing Director Ronald Adams said. “The achievement not only secures the long‑term integrity of the Bonga FPSO but also positions us strongly for the successful delivery of the Bonga North project, which will leverage the improved reliability of the FPSO.”

ALSO READ: NGX Group, IFC, CSCS and WIMBIZ Convene Leaders to Advance Gender Equality at 2026 Ring the Bell Ceremony

The exercise which began on February 1, 2026, highlights SNEPCo’s leading role in advancing deep‑water expertise in Nigeria. Of the 55 companies involved in the execution, 43 were wholly Nigerian. Additionally, eight of the 12 international service providers maintain operational bases in Nigeria, contributing to knowledge transfer and increased local investments.

More than 1,000 personnel worked offshore during the turnaround, with over 95% being Nigerians involved in maintenance, engineering, operations, inspection and construction. Thousands more supported activities from onshore locations, reflecting the depth of Nigerian capability in offshore oil and gas operations.

Adams added: “We acknowledge the support of several stakeholders towards the successful execution of the exercise, including the NNPC Upstream Investment Management Services (NUIMS), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Content Development and Monitoring Board (NCDMB) and our partners.”

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Business

Sahara Group expands fleet with new 40,000 cbm LPG Carrier

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Modupe Asudo

Sahara Group, a leading global energy and infrastructure conglomerate, has commissioned MT Asharami Ghana, a 40,000‑cubic‑metre Liquefied Petroleum Gas (LPG) carrier, expanding its fleet capacity, while strengthening Ghana’s clean energy supply chain and LPG distribution network.

The dual‑fuel vessel improves operational efficiency, enhances supply reliability, and supports lower‑emission LPG logistics as consumption grows across Ghana and the wider sub‑region.

Ghanaian President Mahama and Sahara Executive Directors

Speaking at the commissioning in Ulsan, South Korea, President John Dramani Mahama described the vessel as “a significant milestone in strengthening the infrastructure that underpins the global LPG supply chain,” noting that expanded shipping capacity is critical to improving supply security, reliability and efficiency for countries that rely partly on LPG imports.

He commended Sahara Group, WAGL Energy and all partners involved for their “leadership, technical expertise and strategic foresight,” adding that the project reflects “the power of partnership” in advancing safe, efficient, and responsible energy distribution.

President Mahama wished the MT Asharami Ghana safe sails, expressing confidence that the vessel would inspire further investment and collaboration across Africa’s energy value chain.

According to Wale Ajibade, Executive Director, Sahara Group, the vessel supports Ghana’s clean energy ambitions through integrated infrastructure.

“MT Asharami Ghana is more than a vessel; it is part of a deliberate strategy to strengthen LPG supply security and support Ghana’s clean energy ambitions. It secures an additional 25,000-Metric-tonne stock security for the Ghana economy, alongside the soon to be commissioned 6000-metric-tonee of 12.000-metric-tonne land storage in Tema,” he said.

With the addition of Asharami Ghana, Sahara Group’s LPG carrier fleet now comprises six delivered vessels with a combined capacity of 202,000 cubic metres. Supported by partnerships with WAGL Energy, NNPC Limited and other stakeholders, an additional 270,000 cubic metres of capacity is under construction and due for delivery by September 2028.

Temitope Shonubi, Executive Director, Sahara Group, said Asharami Ghana is part of Sahara’s integrated LPG infrastructure strategy spanning shipping, storage, and downstream distribution globally, including the development of a 12,000‑metric‑tonne land‑based LPG storage terminal in Tema, with a 6,000‑metric‑tonne first phase scheduled for completion in May 2026.

He thanked Yaa Serwaa Alifo, MD of Asharami Ghana, for her resilience and insistence to dedicate a ship of “this magnitude solely to the Ghana Market and its landlocked neighbours.”

Ghana is targeting LPG adoption of 50 per cent of households by 2030, up from about 30 per cent today. Sahara’s investments will support clean energy access for more than 35 million people, while strengthening Ghana’s role in regional LPG trade to neighbouring and landlocked West African markets.

The commissioning comes in Sahara Group’s 30th anniversary year, guided by the Sahara Beyond XXX milestone, underscoring Sahara’s focus on building an enduring enterprise that delivers responsible growth, shared prosperity and long‑term impact across its markets.

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Energy

Nigeria’s Crude Output Falls to 1.3mbpd

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OPEC Appoints Next Secretary General, Effective August 2022

Nigeria’s crude oil production dropped to 1.31 million barrels per day in February, even as local refineries continue to grapple with inadequate domestic crude supply needed to sustain operations.

The development shows that Nigeria again failed to meet its crude oil production quota of 1.5 million barrels per day approved by the Organisation of the Petroleum Exporting Countries (OPEC), as output declined sharply in February 2026.

Data from OPEC’s latest Monthly Oil Market Report, based on direct communication from member countries, showed that Nigeria produced 1.314 million barrels per day in February, down from 1.459 mbpd recorded in January.

ALSO READ: Chevron Reiterates Commitment to Niger Delta Development

The figures indicate a month-on-month decline of 146,000 barrels per day, widening the country’s shortfall from its OPEC production allocation.

Nigeria’s inability to meet its OPEC production quota is not only affecting its oil export earnings but also adversely impacting domestic refineries that are starved of feedstock for their operations.

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