In a significant move, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has capped the bonuses awarded to winners of the 2022 and 2024 bid rounds, limiting deepwater assets to a maximum of $10 million and shallow water/onshore assets to $7 million. President Bola Tinubu, who serves as both the President and the Minister of Petroleum, […]

Nigeria’s oil output experienced a decline in May, falling to 1.25 million barrels per day (mbpd) from April’s 1.28 mbpd, according to the Organisation of Petroleum Exporting Countries (OPEC). This drop follows a brief recovery period and raises concerns about the country’s oil production capacity. While OPEC reports 1.25 mbpd based on Nigerian authorities’ data, […]

On Tuesday, U.S. crude oil dropped over 1%, continuing a recent decline and wiping out most of its year-to-date gains following OPEC+’s decision to boost production from October. Both U.S. crude oil and global benchmark Brent reached four-month lows earlier in the day. This marks the fifth consecutive session of decline for U.S. crude, with […]