9News Nigeria

Nigeria generated an estimated N55.5 trillion from crude oil sales in 2025, driven by higher production and supportive oil prices, an analysis of data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Central Bank of Nigeria (CBN) has shown.

According to the NUPRC, the country produced 530.41 million barrels of crude oil between January and December 2025, up from 408.68 million barrels in 2024.

Using the average Bonny Light crude price of $72.08 per barrel and an exchange rate of N1,450/$, gross crude oil revenue for the year was estimated at $38.23 billion, or N55.5 trillion, compared to N50.88 trillion in 2024.

Crude output fluctuated throughout the year due to outages, security challenges and operational disruptions, with production falling below Nigeria’s OPEC quota in nine months of 2025.

Average daily output declined to 1.422 million barrels per day in December, about 95 per cent of the 1.5 mbpd OPEC allocation.

Despite stronger revenues, Nigeria missed its 2025 production target of 2.1 million barrels per day.

Total oil output for the year stood at 599.64 million barrels, including 69.23 million barrels of condensate, leaving a shortfall of about 166.9 million barrels.

Analysts noted that the N55.5 trillion represents gross revenue and does not reflect actual government earnings, as it excludes production costs, oil theft, joint venture obligations, domestic supply requirements and crude-for-loan repayments.

Experts attributed Nigeria’s underperformance to insecurity, pipeline vandalism, high production costs and policy uncertainties, urging the government to improve sector governance, security and fiscal incentives to attract investment and boost output ahead of the more conservative 2026 oil benchmarks.

9News Nigeria

9News Nigeria

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has assured prospective investors of a transparent, merit-based and competitive process for Nigeria’s 2025 Oil and Gas Licensing Round.

The commission said that only applicants with strong technical, financial credentials, professionalism and credible plans would proceed to the critical stage of the bidding process.

The commission Chief Executive, Mrs Oritsemeyiwa Eyesan, gave the assurance on Wednesday while speaking at a Pre-Bid Webinar organised by the commission.

9news Nigeria recalls that the NUPRC in Dec. 1, 2025 inaugurated Nigeria’s 2025 Licensing Bid Round, offering 50 oil and gas blocks across frontier, onshore, shallow water, and deepwater terrains for potential investors.

The basins included Niger Delta basin, with 35 blocks, Benin (Frontier) with three blocks, Anambra (Frontier), with four blocks, Benue (Frontier), with four blocks and Chad (Frontier) with four blocks on offer.

Eyesan explained that the licensing process would follow five stages: Registration and pre-qualification, data acquisition, technical bid submission, evaluation, and a commercial bid conference, with only bidders that meet strong technical and financial criteria progressing.

She said the 2025 Licensing Round represented a deliberate effort by Nigeria to reposition its upstream petroleum sector for long-term investment, transparency, and value creation, amid increasing global competition for capital.

Eyesan said that energy security and supply resilience had become key global economic and geopolitical priorities, while investment capital was increasingly selective and disciplined.

“Our national priority is clear: to attract capital, grow reserves, and improve production in a responsible and sustainable manner.

“A structured and transparent licensing round is essential to achieving these objectives.

“The NUPRC is legally mandated to conduct licensing rounds in a periodic, open, transparent, and fully competitive manner and the entire 2025 process will be governed strictly by published rules,” she said.

She disclosed that 50 oil and gas blocks across Nigeria’s major basins are on offer in the 2025 Licensing Round, providing investors with access to high-potential assets within a stable, rules-based regulatory framework.

Eyesan further revealed that, with the approval of President Bola Tinubu, signature bonuses for the 2025 round have been set within a range designed to lower entry barriers and prioritise technical capability, credible work programmes, financial strength, and speed to production.

9News Nigeria

9News Nigeria

The Pan Niger Delta Forum (PANDEF) has expressed strong support for ongoing reforms in Nigeria’s oil and gas sector.

The group described recent regulatory leadership changes as decisive steps to reposition the industry for growth, stability, and global competitiveness.

National Chairman of PANDEF, Godknows Igali, speaking at a news conference in Abuja on Friday, hailed President Bola Tinubu for making bold, well-considered appointments in the petroleum sector, particularly in regulatory institutions.

He lauded the appointment of Mrs Oritsemeyiwa Eyesan as Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), describing it as “putting a square peg in a square hole.”

According to Igali, Eyesan’s extensive experience and proven competence place her in a strong position to drive far-reaching reforms in the upstream petroleum sector, enhancing efficiency and governance.

He highlighted her credentials as an accomplished economist and former Executive Vice President (Upstream) at the Nigerian National Petroleum Corporation (NNPC), noting her diligence, professionalism, and impactful leadership.

Igali said Eyesan’s appointment not only demonstrated the administration’s commitment to merit-based governance but also served as an inspiration for women in the oil and gas industry.

In the same vein, PANDEF commended the appointment of Saidu Mohammed as CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, emphasising competent leadership across all segments of the sector.

The forum said the emergence of capable leaders in upstream, midstream, and downstream segments reflected a deliberate presidential strategy to reposition the industry for a “quantum leap” into the future.

Igali expressed optimism that the reforms would be comprehensive and sustained, noting that consistent policy direction and leadership were critical for Nigeria’s oil and gas sector to maintain its central role in the economy.

However, PANDEF renewed its demand for greater inclusion of Niger Delta professionals in strategic leadership positions across the petroleum industry, particularly within the NNPC and its subsidiaries.

The group stressed that the Niger Delta, as the hub of Nigeria’s oil production, had the highest concentration of seasoned professionals and deserved adequate representation at the highest decision-making levels.

Beyond appointments, PANDEF urged the Federal Government to intensify efforts to address environmental degradation in the Niger Delta, insisting remediation must go beyond the ongoing Ogoni clean-up.

The forum called for a comprehensive and sustained environmental restoration programme, supported by annual budgetary allocations, to tackle decades of pollution and ecological damage in oil-producing communities across the region.

9News Nigeria

9News Nigeria

The Senate has confirmed the appointment of Saidu Mohammed and Oritsemeyiwa Eyesan as chief executive officers of Nigeria’s key petroleum regulatory agencies.

While Eyesan was confirmed as the Chief Executive Officer of Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Saidu Mohammed was confirmed as the Chief Executive Officer of Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

9news Nigeria reports that the confirmations followed the consideration and adoption of the report by the Senate Joint Committee on Petroleum (Upstream, Downstream and Gas), which conducted the screening of the nominees.

NAN also reports that the senate acted on a request transmitted by President Bola Tinubu seeking legislative approval for the appointments, in accordance with the Petroleum Industry Act (PIA), 2021.

Chairman of the joint committee, Sen. Kawu Sumaila who presented the report, explained that the nominations were referred to the relevant committees following plenary on Dec. 18.

He noted that Sections 2 and 29 of the Petroleum Industry Act, 2021 establish NUPRC and NMDPRA respectively, while Sections 11(3) and 34(3) of the Act empower the president to appoint their chief executives, subject to senate confirmation, for a renewable five-year term.

Sumaila said that the joint committee conducted an extensive screening exercise, which included interactive sessions with the nominees to assess their qualifications, professional competence and responses to questions from lawmakers.

“The joint committee, having screened the nominees and being satisfied with their qualifications, expertise and responses to the questions asked, hereby recommends that the senate confirms their nominations,” he said.

9news Nigeria reports that the senate consequently dissolved into the Committee of the Whole to consider the report.

Following voice votes, the lawmakers unanimously approved the confirmation of both nominees and adopted the committee’s recommendations at plenary.

Presiding over the session, Deputy Senate President, Jibrin Barau, commended the joint committee for what he described as a thorough and timely exercise in spite of the limited time available

Barau congratulated the confirmed chief executives and urged them to see their appointments as a call to national service.

“You have been called to serve our nation. We expect you to discharge your duties diligently in a manner that will promote the interests of Nigeria and strengthen the petroleum sector,” he said.

Barau expressed appreciation to the leadership and members of the joint committee, noting that their work would enhance regulatory efficiency and oversight in the country’s oil and gas industry.

9News Nigeria

9News Nigeria

Nigeria’s upstream oil sector has recorded a year-on-year output increase, averaging 1.63 million barrels per day (bopd) of crude oil and condensates in August 2025,

This is an improvement from 1.58 million bopd in the same period 2024.

This is based on Crude Oil and Condensate Production for August 2025 report, released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Saturday.

The report was signed by its Head, Media and Strategic Communications, Eniola Akinkuotu.

It said that Nigeria’s crude oil output in August met 96 per cent of its Organisation of the Petroleum Exporting Countries (OPEC) quota, set at 1.5mbpd.

It said that the performance demonstrated the country’s capacity to meet its production targets under the OPEC agreement.

“A breakdown of August 2025 production comprised 1.43 million bopd of crude oil, which grew by 5.47 per cent compared to August 2024, which posted a daily crude oil average of 1.36 million bopd.

“This reflects a steady recovery and improved operational performance across the industry,” it said.

The report said that daily condensate production in August stood at 197,229 bpd, reflecting a slight decline from 220,435 bpd in August 2024.

It said that on a month-on-month basis, there was a slight drop of 4.7 per cent in combined crude oil and condensate production from 1.71 million bopd in July.

“Similarly, crude oil production itself declined by 4.8 per cent, down from 1.5 million bopd in July 2025.

“The month-on-month drop was driven by a single day unscheduled maintenance at an oil facility.

“In the month of August, the lowest and peak combined crude and condensate production were 1.59 million bopd and 1.85 million bopd respectively.

“In the month under review, Forcados Terminal topped the production charts, delivering a total of 8.99 million barrels, including 8.08 million barrels of crude oil and 915.2k barrels of condensates,” it said.

It said Bonny Terminal followed closely, after producing a combined 6.26 million barrels, consisting of 5.8 million barrels of crude and 418,270 barrels of condensates.

Meanwhile, the report said that Qua Iboe Terminal recorded a total of 4.99 million barrels, with 4.94 million barrels of crude and 50, 500 barrels of condensates.

It said that Escravos Oil Terminal also made a solid contribution, producing 4.18 million barrels, comprised of 4.08 million barrels of crude oil and 107k barrels of condensate.

9News Nigeria