Energy
NUPRC Earns N28bn From Oil Licensing
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has generated a total sum of N28.11bn in miscellaneous oil revenue tied to licensing fees and renewals within the first five months of 2025.
The fund collected by the commission between January and May 2025 was remitted fully to government coffers. This comes amidst the scramble by over 40 Petroleum Prospecting Licence holders to renew their exploration permits.
An analysis of data from the monthly revenue submission by the regulatory commission to the Federal Accounts Allocation Committee between January and June, showed that the commission recorded a cumulative N28.11bn in “Miscellaneous Oil Revenue” between January and May.
The commission described this category of income as revenue generated from granting approvals for various types of licences and permits. Still, it did not disclose the specific amounts earned from each source.
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A breakdown of the figures reveals that the highest earnings came in April, when the regulator collected N10.04bn. This was followed by N9.19bn in January, N3.64bn in February, N2.18bn in March, and N3.04bn in May.
The spike in non-royalty income comes amid new licensing and renewal policies rolled out by the NUPRC, including a requirement for oil producers to pay a $5,000 processing fee and submit 13 key documents for licence extension.
In the letter titled, ’Notification of PPL Tenure Expiration And Conditions For Extension’, the Chief Executive of the NUPRC, Gbenga Komolafe, said, “Further to the award of a Petroleum Prospecting License to your company during the 2020 Marginal Field Bid Round, a review of our records indicate that the PPL will expire on 27th June 2025 which is in line with the terms of award of the licence.”
By the provisions of Section 77 of the Petroleum Industry Act 2021 and 2022 Regulation on Extension of Licence, Komolafe said the letter served as a formal reminder that the PPL holders were required to either apply for an optional additional three years exploration period based on fulfilment of Minimum Work Programme/Minimum Financial Commitment attached to the licence at the time of the award and other obligations.
The law provides for an optional extension of three or five years; however, the extension would depend on the company’s performance. The commission is expected to rake in more revenue if all licensee make an application to renew their contract.
Nonetheless, the Federal Government appears pleased with the commission’s performance. Between January and May 2025, total revenue from the upstream sector, covering royalties, gas flaring penalties, concession rentals, and miscellaneous oil income, stood at over N3tn.
The commission has said it is targeting N15tn revenue this year. A breakdown of the FAAC document further revealed that revenue was generated from key streams, including oil royalties, gas flaring penalties, concession rentals, and miscellaneous oil income.
Oil royalties alone contributed a staggering N2.56tn to the Federation Account within the five-month period. Gas flaring penalties added N201bn, while concession rentals and miscellaneous oil revenue contributed N29.1bn and N28.1bn respectively.
Despite Nigeria’s 2030 net-zero pledge and previous deadlines to end routine flaring, the figures indicate the persistent environmental cost of flaring by oil producers.
The monthly breakdown shows N36.6bn in January, N36.5bn in February, N55.1bn in March, N30.4bn in April, and N42.9bn in May, making gas flaring one of the top five income streams for the regulator.
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.”
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.”
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.
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.
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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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