Abuja, Nov. 12, 2025 – The Senate has directed the Nigerian National Petroleum Company Limited (NNPCL) to refund ₦210 trillion it could not account for to the Federation Account The Senate gave the directive on Tuesday after rejecting NNPCL’s written explanations on the N210 trillion unaccounted for in the company’s accounts between 2017 and 2023. The Senate took the resolution after adopting the report of its Committee on Public Accounts which investigated NNPCL’s accounts from 2017 to 2023. According to the committee’s report, the NNPCL’s audited records indicated ₦103 …
Oil prices drop as markets eye US government reopening
Beijing, Nov. 12, 2025 – -Oil prices softened on Wednesday but held onto most of their gains from the previous session amid expectations that an end to the longest-ever U.S. government shutdown could boost demand in the world’s biggest crude-consuming nation. Brent crude futures slipped 22 cents, or 0.34%, to $64.94 a barrel by 0625 GMT after gaining 1.7% on Tuesday. U.S. West Texas Intermediate crude was down 22 cents, or 0.36%, to $60.83 a barrel, after climbing 1.5% in the previous session. The U.S. Republican-controlled House of Representatives …
World oil and gas demand could grow until 2050, IEA says
London, Nov 12, 2025 – Global oil and gas demand could grow until 2050, the International Energy Agency said on Wednesday, departing from its previous expectations of a speedy transition to cleaner fuels and predicting that the world will likely fail to achieve climate goals. The IEA, the West’s energy security watchdog, has been under pressure from the U.S. for a shift in recent years toward a focus on clean energy policies as President Donald Trump called on American companies to further expand oil and gas production. Under the Joe …
Oil slips on oversupply worries, sanctions risk in focus
Singapore, Nov. 11, 2025 – Oil prices dipped in Asian trade on Tuesday as oversupply concerns outweighed uncertainty over the impact of U.S. sanctions on Russian oil majors Rosneft and Lukoil and optimism over progress toward reopening the U.S. government. Brent crude futures fell 27 cents, or 0.4%, to $63.79 a barrel by 0717 GMT. U.S. West Texas Intermediate crude was at $59.86 a barrel, down 27 cents or 0.5%. Both benchmarks gained around 40 cents in the previous session. The longest government shutdown in U.S. history could end this …
Shell highlights contributions to Nigerian economy at NAPE exhibition
Lagos, Nov. 11, 2025 – Shell is highlighting its contributions to the Nigerian economy in an exhibition at the 2025 International Conference and Exhibition of the Nigeria Association of Petroleum Explorationists (NAPE) which began in Lagos on Monday. The 43rd NAPE conference comes as the professional body turns 50 this year, having been founded in 1975. The theme of the conference is “Revitalising the Nigerian Petroleum Exploration and Production Strategies for Energy Security and Sustainable Development.” Shell, a sponsor of the event, is complimenting its support and participation with …
Oil gains on hopes US government will reopen soon, lift demand
Singapore, Nov. 10, 2025 – Oil prices rose on Monday on optimism that the U.S. government shutdown could end soon and lift demand in the world’s top oil consumer, offsetting concerns about rising supplies globally. Brent crude futures rose 39 cents, or 0.61%, to $64.02 a barrel by 0751 GMT. U.S. West Texas Intermediate crude was at $60.18 a barrel, up 43 cents, or 0.72%. An end to the historic U.S. government shutdown, now in its 40th day, is within reach as the Senate on Sunday moved toward a …
Oil edges up as glut fears ease despite weak demand
Tokyo/Beijing, Nov 6, 2025 – Oil prices rose on Thursday as oversupply concerns eased, after closing at two-week lows in the prior session on weaker demand. Brent crude futures were up 24 cents, or 0.38%, to $63.76 a barrel at 0753 GMT, while U.S. West Texas Intermediate futures were up 25 cents, or 0.42%, to $59.85. Global oil prices fell a third straight month in October on fears of oversupply as the Organization of the Petroleum Exporting Countries and its allies increased output while production from non-OPEC producers is …
Nigeria open to selling state refineries to boost competition
Abu Dhabi, Nov. 6, 2025 – Nigeria is open to selling state-owned refineries as part of an effort to boost competition in the industry, which is dominated by the giant Dangote Refinery. Nigeria’s National Petroleum Co.’s four facilities, with a combined capacity of 445,000 barrels a day, have barely processed any crude for decades despite billions of dollars being spent to fix them. Letting go of them is a possibility, according to Olu Verheijen, special adviser to the president on energy. “It’s one of the options that you have to …
Oil steadies as traders weigh US stockpiles against trade truce
London, Nov. 5. 2025 – Oil steadied as traders weighed signs of increasing US inventories against easing trade tensions between the world’s two largest economies. Brent traded above $64 a barrel, after dropping earlier in the day, while West Texas Intermediate was near $61. US crude inventories rose 6.5 million barrels last week, according to the American Petroleum Institute, which would be the biggest increase since July if confirmed by official data later Wednesday. Meanwhile, China confirmed it was canceling levies on US farm goods, another step in deescalating …
NNPC earnestly prepares for listing on NGX – Ojulari
Abu Dhabi, Nov. 4, 2025 – The Nigerian National Petroleum Company Limited (NNPC Ltd.) is earnestly preparing for listing on the Nigerian Exchange.(NGX). Bashir Ojulari, its Chief Executive, disclosed this at the ongoing 2025 Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), He said that the company was already transforming its process and positioning for its Initial Public Offering (IPO). The NNPCL boss also said the company was preparing for its IPO under the Petroleum Industry Act (PIA 2021) by improving governance, operational transparency, and accountability to meet international …