Business
Oil Price Skyrockets Amidst Output Cuts
Over the weekend, the price of Nigeria’s Bonny Light oil increased to $92.79 per barrel, up from the previous $90.88 per barrel reported last Tuesday.
This price surge was attributed to the ongoing effects of extended output reductions in the market.
Russia chose to prolong its voluntary export cut of crude oil by an additional 300,000 barrels per day, maintaining this measure until December 2023.
Simultaneously, Saudi Arabia extended its daily supply cut of 1 million barrels into October 2023 with the aim of supporting price stability.
This marked the highest price for 2023, with a significant surplus of $17.79 per barrel when compared to the 2023 budget benchmark price of $75.
In addition to this development, Goldman Sachs Commodities Research, on Saturday, offered a forecast suggesting that ongoing oil supply cuts might propel oil prices to reach $107 per barrel by 2024.
In an interview with Financial Vanguard, sector analyst Prof. Omowumi Iledare emphasized that Nigerians and others should anticipate further price increases, particularly given the substantial reduction in oil inventories in the United States.
Iledare who is the Executive Director of Emmanuel Egbogah Foundation, stated: “Certainly, rising crude price is expected even though it may not be exactly $100 per barrel in the short run for some reasons. First, it will continue to rise because demand is growing.
“Second, supply is declining because of geopolitics and inventory becoming low in the US. Interestingly too, reserves replacement is low, thus placing future supply at risk. Price, therefore will continue to inch up.”
In a separate interview with Financial Vanguard, Prof. Felix Amieyeofori, the lead promoter of EnergyHub Nigeria, shared his perspective.
He stated, “It is very possible that oil prices will cross the $100 per barrel level. First, the renewable sector is attracting more investment than oil globally.
“Some economies, including Saudi Arabia, have keyed into the global quest for a cleaner environment. Second, low investment, low production and export would continue to impact on the market in terms of price. Except, if something happens, we will likely witness a significant increase in price.”
Prof. Felix Amieyeofori further highlighted that consumers are likely to experience higher petrol prices since refiners, who are currently paying more for crude oil, are poised to pass on these increased costs through elevated fuel prices.
According to OPEC’s Annual Statistical Bulletin for 2023, Nigeria is identified as the least refining member within the organization, with an average equivalent of 10,600 barrels per day (bpd) over the past five years.
Specifically, Nigeria’s refining figures for the years 2018, 2019, 2020, 2021, and 2022 were as follows: 33,000 bpd, 8,000 bpd, 1,000 bpd, 5,000 bpd, and 6,000 bpd, respectively.
In contrast, Saudi Arabia emerged as the highest refining OPEC member, with an average equivalent of 2.6 million barrels per day (mb/d) during this same period.
Saudi Arabia’s annual refining capacities were 2.8 mb/d, 2.6 mb/d, 2.3 mb/d, 2.5 mb/d, and 2.9 mb/d for the years 2018, 2019, 2020, 2021, and 2022, respectively.
Business
NNPC Foundation Wins CSR Champion Award (Health)
The NNPC Foundation Limited/Gte, the Corporate Social Responsibility (CSR) arm of the Nigerian National Petroleum Company Limited (NNPC Ltd), has won the CSR Champion Award (Health) 2025 instituted by the Independent Newspapers.
Biztellers reports that the award was presented during the Silver Jubilee edition of the Independent Newspapers Awards, themed “Game Changers: Breaking Barriers and Shaping Tomorrow,” held at Eko Hotel and Suites on Saturday, 18 April 2026.
The CSR Champion Award (Health) recognises the Foundation’s work in healthcare and its broader commitment to improving lives through social investment programmes spanning health, education, environment, and access to energy.Primary & Secondary Schooling (K-12)
The recognition follows a series of health initiatives delivered by the Foundation, including free cataract screening and surgeries that restored sight to over 6,000 Nigerians, including minors born blind; cancer and glaucoma interventions; medical outreaches to underserved communities; renovation and furnishing of three wards with 100 beds at the National Orthopaedic Hospital, Igbobi; partnership and sponsorship of heart surgeries; and provision of dental health accessories to children in special schools, among others.
The NNPC Foundation noted that these results were made possible through the leadership and support of the NNPC Ltd. Management team, whose commitment has continued to strengthen the Foundation’s capacity to deliver social investments across the country.
Reacting to the award, the Managing Director of NNPC Foundation, Emmanuella Arukwe, described the recognition as a validation of the Foundation’s work and the trust placed in it by Nigerians. She noted that the award means so much to the company because it represents the confidence Nigerians have placed in its work and the value they see in purposeful social investment.
“It speaks to the resilience of the communities we serve, the dedication of our team, and the strength of partnerships that have enabled us to do meaningful work in health, education, environmental sustainability and access to energy,” she added.
In addition, Arukwe noted that “these results have also been made possible through the leadership and support of the NNPC Ltd. Management team, whose backing has been instrumental to the success of the Foundation’s work. We receive this award with gratitude, and with a renewed sense of responsibility to do more and reach further across the country.”
The NNPC Foundation Limited/Gte remains committed to advancing health interventions that improve outcomes and contribute to national development.
Business
NNPC Ltd, Algeria’s Sonatrach Ink MoU for Research, Innovation
The Nigerian National Petroleum Company Limited (NNPC Ltd), through its Research, Technology and Innovation (RTI) Division, in collaboration with the Petroleum Technology Development Fund (PTDF), has signed a Memorandum of Understanding (MoU) with Sonatrach, the Algerian National Oil Company, for cooperation in research, development, and innovation.
The agreement, signed by NNPC Ltd’s Executive Vice President, Business Services, Sophia Mbakwe, and Sonatrach’s Managing Director, Khodjah Mohamed, establishes a formal framework for joint work in research and technology exchange between the two national oil companies.
This was contained in the press statement issued on Thursday by Chief Corporate Communications Officer Mr. Andy Odeh.
According to the statement, the agreement, held during the opening ceremony of the 3rd Meeting of the African Petroleum Producers’ Organization (APPO) Forum for R&D Directors at the PTDF Tower in Abuja, Nigeria, brought together research and development directors from APPO member countries.
Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, represented by former Secretary General of APPO, Omar Farouk Ibrahim, said the forum was one of four measures introduced by APPO to address challenges from the global energy transition, which center on funding, technology, and markets.
“The R&D forum tackles technology and expertise needs, the African Energy Bank addresses funding constraints, and the Central African Pipeline System supports regional oil and gas market integration,” Lokpobiri stated.
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Earlier in his remarks, Group Chief Executive Officer, NNPC Limited, Engr. Bashir Bayo Ojulari, represented by the Company’s Chief Financial Officer, Adedapo Segun, said research and development must form a central part of the overall strategy in the African oil and gas industry.
He called for research and development centres to function as engines of industrial competitiveness. “Collaboration in research and development is of strategic importance. The cost of innovation might be high, but the cost of obsolescence would be greater,” he stressed.
Ojulari called for a unified strategic framework through which resources could be pooled, data integrated, and risks shared across member countries.
He further urged the rapid adoption of digital technologies, artificial intelligence, and advanced engineering to improve upstream, midstream, and downstream operations.
On his part, the APPO Secretary General, Farid Ghezali, urged African petroleum-producing countries to ensure research in the oil and gas sector produced solutions that are practical and directly relevant to the continent. “We must ensure that our research delivers solutions that are practical and of direct use to Africa,” he stated.
Also speaking, the Executive Secretary of the Petroleum Technology Development Fund (PTDF), Prof. Shu’aibu Shehu Aliyu, highlighted the value of the partnership between NNPC Limited and PTDF in supporting decarbonization and environmental protection efforts across APPO member countries.
Chief Innovation Officer of NNPC Research, Technology and Innovation and incoming Chairman of the APPO R&D Directors Forum, Rasheed Ojulari, said the forum would give immediate priority to joint programs in the core areas of upstream optimization, artificial intelligence, decarbonisation processes, and industrial systems development.
Business
NGA Calls for Risk Reduction Policies to Lift Oil, Gas Industry
The Nigerian Gas Association (NGA), has opined that a predictable fiscal and regulatory environment are ingredients essential to de-risking investments and accelerating project delivery in the oil and gas sector.
This was detailed in a statement released by NGA at the end of its maiden Legal Forum emphasised that investor confidence will be shaped by the robustness of commercial and contractual structures across the gas value chain, strengthened contractual clarity, and efficient dispute resolution mechanisms.
In his opening address, President of the NGA, Aka Nwokedi, underscored the urgency of aligning Nigeria’s legal architecture with its strategic gas ambitions, noting that the sector’s next phase of growth will be defined by the strength, clarity, and credibility of its regulatory environment.
“Nigeria’s gas resources present a defining opportunity for economic transformation, but realising this potential will depend on building a legal framework that is transparent, predictable, and globally competitive”, he stated.
Discussions throughout the Forum reflected a clear and consistent theme: that Nigeria’s opportunity now lies in execution.
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While the Petroleum Industry Act (PIA) has established a transformative foundation for sector reform, participants emphasised that its true impact will be determined by disciplined implementation, regulatory coherence, and institutional alignment.
The need to eliminate ambiguity and strengthen enforcement emerged as central to unlocking sustained investment.
As global energy systems continue to evolve, the Forum reinforced natural gas as Nigeria’s most strategic lever for balancing economic growth, energy security, and emissions reduction. Participants highlighted that legal and regulatory frameworks must evolve accordingly, moving beyond policy intent to embed clear, enforceable standards on carbon management, ESG obligations, and sustainability.
“In an increasingly competitive global market, such clarity will be critical in attracting long-term capital.”
The Forum also acknowledged the policy direction of the administration of President Bola Ahmed Tinubu in advancing gas development through infrastructure expansion and increased domestic utilisation.
Stakeholders noted that sustained policy stability will serve as a critical signal to both domestic and international investors evaluating long-term opportunities in Nigeria’s gas sector.
Beyond its technical depth, the NGA Legal Forum marked an important step in bridging the longstanding gap between legal frameworks and industry realities, creating a structured platform for continuous engagement, practical alignment, and forward-looking policy development.





