Connect with us

Breaking News

Nigerian Govt Approves 28 New Oil Fields Plans Worth $18.2bn

Published

on

Nigeria approved 28 new Field Development Plans (FDPs) valued at N18.2 billion dollars, with an estimated reserve potential of 1.4 billion barrels in 2025 alone, the Federal Government has said.

It said between 2024 and 2025, four of the seven major Final Investment Decisions (FIDs) announced across Africa were in Nigeria, a development attributed to policy clarity, consistent governance, and deliberate leadership.

Sen. Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), disclosed this on Tuesday at the official opening of the 2026 Nigeria International Energy Summit (NIES) by President Bola Tinubu at the Presidential Banquet Hall, Aso Villa, Abuja.

Tinubu was represented by the Vice-President, Sen. Kashim Shettima.

Speaking at the event, Lokpobiri said the transformation of the sector under Tinubu’s administration marked a decisive break from years of declining production, stalled investments, and capital flight.

Lokpobiri said it repositioned the petroleum sector as a globally competitive, investment-ready destination following far-reaching reforms that have revived production, restored investor confidence, and unlocked billions of dollars in new investment.

“Our investment climate in Nigeria allows for free movement of capital. In line with Global best practice, companies can invest and divest at will.

“We recently enabled International Oil Companies (IOCs) to transfer onshore and shallow water assets to capable Nigerian companies. From Shell to Renaissance, ExxonMobil to Seplat, Eni to Oando.

“These are not just transfers of assets; they are transfers of confidence, capability, and ownership, which have resulted in an additional 200,000 barrels of oil per day (bpd).

“These divestments were stalled for several years, but with the leadership of President Bola Tinubu, we were able to advance them and conclude them in record time, leading to the gains made by their new operators for the benefit of all,” he said.

On the downstream segment, he said the removal of fuel subsidies had stabilised the market and improved product availability, while commending indigenous investors such as Dangote and BUA for expanding refining and midstream infrastructure.

He disclosed that licensing processes in the sector had been liberalised to ensure transparency and fairness, while Nigeria’s newly launched West African Reference Market was designed to position the country as the refining hub for the Gulf of Guinea and the wider African region.

On the continental outlook, Lokpobiri said Africa spent over $ 120 billion annually on hydrocarbon imports, describing the figure as a significant drain on the continent’s economy.

He called for greater support for the African Energy Bank (AEB), headquartered in Nigeria, to mobilise capital for Africa-focused energy development.

He said Africa’s energy strategy must prioritise availability, accessibility, and affordability, adding that global energy outlooks from the International Energy Agency (IEA) and OPEC confirm that fossil fuels will remain dominant in the foreseeable future.

“The story of Nigeria’s petroleum sector is being rewritten,” Lokpobiri said, urging global investors to partner with Nigeria not just as financiers, but as long-term collaborators in driving Africa’s energy-led growth.

“The full implementation of the Petroleum Industry Act (PIA) has provided a stable fiscal framework, improved licensing processes, strengthened regulation, protected host communities, and ensured predictable contractual terms,” he said.

He added that the Upstream Petroleum Operations (Cost Efficiency Incentives) Order 2025 has further enhanced competitiveness by reducing production costs through targeted tax credits.

Lokpobiri highlighted the success of Project One Million Barrels, inaugurated in October 2024, which has increased national crude oil production to between 1.7 and 1.83 million bpd, representing an incremental rise of about 300,000 bpd within a year.

He also disclosed that the number of active drilling rigs had risen sharply from 14 in 2023 to over 60, signalling renewed industry activity.

The minister said international investor confidence had returned, citing major FIDs including Shell’s $5 billion Bonga North project, TotalEnergies’ $ 550 million Ubeta project, Shell’s $2 billion HI project, and Chevron’s $ 1.8 billion investment in the Panther project.

He further revealed that Shell had announced plans for a 20 billion dollar FID, with additional projects expected in the near term.

Read The Full Story / Watch The Full Video

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Breaking News

BREAKING: Blessing CEO Faces Fresh EFCC Charge Over Alleged N69.1m fraud

Published

on

The Lagos Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on Tuesday, again arraigned a social media influencer and self-acclaimed relationship therapist, Okoro Blessing Nkiruka, also known as Blessing CEO, for an alleged N69.1 million fraud.

Blessing CEO was arraigned before Justice R.A. Oshodi of the Special Offences Court sitting in Ikeja, Lagos on a two-count charge bordering on obtaining money by false pretence and stealing to the tune of N69,150,000.

At the commencement of the proceedings, the prosecution counsel, C. C. Okezie, urged the court to proceed with the arraignment, arguing that the defendant had been duly served with the charge.

However, the defence counsel, Nkama Nneka, informed the court that service of the charge had only recently been effected.

In his ruling, Justice Oshodi held that the arraignment should proceed in accordance with the law, hence the charges were subsequently read to the defendant.

It will be recalled that Blessing CEO had been arraigned by the EFCC on 15th May 2026 over an alleged N36 million fraud.

Read The Full Story / Watch The Full Video

Continue Reading

Breaking News

BREAKING NEWS: Pres. Tinubu Commissions OSEX Main Carriageway, Wows

Published

on

President Bola Ahmed Tinubu on Tuesday commissioned the main carriageways of the Outer Southern Expressway (OSEX) from Ring Road I Junction to Ring Road II Junction in Abuja, declaring that the era of abandoned public projects has ended.

Represented by Senate President Godswill Akpabio, the President said the completion of the strategic road project underscored his administration’s commitment to delivering critical infrastructure capable of stimulating economic growth, easing transportation and improving the quality of life of Nigerians.

“We don’t start projects to abandon them. The era of uncompleted projects in Nigeria is fading away. We finish what we start, and even finish the ones we did not start,” Tinubu said at the inauguration ceremony.

Describing infrastructure as the backbone of economic development, the President said the newly completed road would unlock new opportunities for businesses and residents across the Federal Capital Territory (FCT).

“What we are doing here today goes far beyond laying asphalt or mixing concrete. We are paving the way for a brighter future. Infrastructure is the very artery of economic growth. If you want to unlock the potential of a city, if you want to create jobs, if you want to make life easier for the market woman, the corporate worker and the industrialist, you build roads,” he stated.

Tinubu noted that his administration had steadily advanced the OSEX project, beginning with the commissioning of the first phase from the Villa Roundabout to Ring Road I Junction in 2024 and the inauguration of the 15-kilometre left-hand service carriageway in 2025.

According to him, the completion of the main carriageway from Ring Road I to Ring Road II represents another milestone in the ongoing transformation of Abuja.

The President also commended the Minister of the Federal Capital Territory, Barr. Nyesom Wike, for what he described as focused and result-oriented leadership.

“The structural transformation we are witnessing in the Federal Capital Territory is a testament to what happens when you have focus, vision and dynamic leadership. I want to commend the Honourable Minister of the FCT, Nyesom Wike, and his entire team for their commitment and dogged determination in reshaping the FCT for long-term prosperity,” he said.

Addressing Wike directly, Tinubu added: “You have shown that public service is about performance, not excuses. You have kept the contractors on their toes and you have kept our vision alive. This is the spirit of the Renewed Hope Agenda delivering quality results for the Nigerian people on time.”

He said the road would reduce traffic congestion, lower transportation costs and expand Abuja’s economic footprint by improving connectivity between Apo and Wasa districts.

Earlier, Minister of the FCT, Nyesom Wike attributed the successful completion of the project to the determination of the administration and the commitment of the contractor, CGC Nigeria Limited, to deliver within the agreed timeline.

The minister disclosed that when the contract was awarded in late 2025, he had sought assurances from the contractor that the project could be completed in time for President Tinubu’s third anniversary in office.

“I asked them a simple question: can you deliver this project? I told them I wanted it ready for Mr. President’s third anniversary. They said yes. I asked again because I was not comfortable considering the scope of the work, the dual carriageway, culverts and bridges. They assured me they would deliver, and today they have kept their promise,” Wike said.

He revealed that he personally inspected the project site more than ten times to monitor progress and ensure compliance with agreed timelines.

“This means that nothing is impossible if we are determined and committed to achieving results. With proper understanding between government and contractors, and with government fulfilling its obligations, we can achieve a lot,” he added.

Wike said the completion of the road was consistent with the Tinubu administration’s policy of ensuring continuity in governance and completing projects inherited from previous administrations.

“We did say every project we inherited, we are going to continue with it and finish it. That’s the essence of leadership. One of the criteria of good leadership is continuity of projects initiated by other administrations, not just projects initiated by you,” he said.

According to him, about 80 per cent of projects completed by the FCT Administration since 2023 were inherited from previous governments.

“Some people would have said there is no need for that, let us start our own projects. But Mr. President understands that these projects are funded with public resources and government is a continuum. We cannot abandon projects littered across the FCT,” he said.

The minister also disclosed that infrastructure had been fully provided at the relocation site for traders and artisans operating at the Apo Mechanic Village, fulfilling a longstanding government promise to move the informal sector to a more suitable environment.

Responding to critics who claimed little is being achieved, Wike pointed to ongoing and completed projects across Abuja’s satellite towns, including roads in Kwali, Karu and Kubwa, as well as water projects in rural communities.

“Sometimes it baffles me when people say nothing is happening in this country. Are we doing all these things in heaven or here on earth where people are living?” he asked.

He expressed confidence that residents of the FCT would ultimately appreciate the administration’s efforts and support President Tinubu for fulfilling promises made to them.

In her remarks, the Minister of State for the FCT, Dr. Mariya Mahmoud, described the OSEX project as a significant milestone in the ongoing transformation of the nation’s capital.

She commended President Tinubu for his unwavering commitment to infrastructure development, noting that strategic investments in roads, bridges and other critical projects were translating government policies into tangible benefits for citizens.

Mahmoud also praised Wike’s leadership and commitment to delivering infrastructure that is reshaping Abuja and improving the quality of life of residents.

The newly commissioned road is expected to enhance mobility between key districts of the capital city, support urban expansion and strengthen Abuja’s transportation network as part of the broader modernisation agenda of the FCT Administration.

Read The Full Story / Watch The Full Video

Continue Reading

Trending