Oil & Gas

Africa’s Gas Financing Gap Deepens as Western Banks Retreat Africa’s gas industry is turning to development finance institutions, private credit and innovative risk-sharing structures to bridge a growing financing gap created by the retreat of Western commercial banks from fossil fuel projects. The shift comes as major gas developments in Mozambique, Nigeria, Senegal, Tanzania and

FG launches crude trading platform to boost local refining, position Africa for energy supply shift — As refineries cut import dependence   By Eyo Nsima The Federal Government has introduced an automated crude oil trading platform designed to connect regulators, crude oil producers, refineries and oil marketers, in a move aimed at improving crude oil

Top 10 cheapest petrol depots as competition intensifies across Nigeria By Eyo Nsima Competition among petroleum marketers intensified on Friday as several depots reduced the prices of Premium Motor Spirit (PMS), commonly known as petrol, with the cheapest products selling at about ₦1,166 per litre in Lagos. The mid-day price report for August 14, 2026,

Editorial: From Crude Importer to Africa’s Refining Hub — Nigeria’s New Oil Trading Test   Nigeria’s introduction of an automated crude oil trading platform could help resolve one of the biggest contradictions in its petroleum industry: being a major crude producer while struggling to supply its own refineries. The platform brings together crude producers, regulators,

Global oil drilling rebounds as rig count rises to 1,950   Global oil and gas drilling activity rebounded in July 2026, with the number of active rigs worldwide rising to 1,950, up 57 rigs from 1,893 in June, according to the latest global rig count data. The increase, equivalent to about 3.0 per cent month-on-month,

LNG supply surge to reshape global gas trade, intensify competition among exporters   By Eyo Nsima A major wave of new liquefied natural gas, LNG, production capacity expected between 2025 and 2030 could fundamentally reshape global gas trade, intensify competition among exporters and give importing countries greater leverage in securing supplies. The expansion is being

US, Qatar lead global LNG capacity expansion, Nigeria ranks 7th   The United States and Qatar are set to dominate the next wave of global liquefied natural gas, LNG, capacity expansion, with the two countries accounting for the bulk of new liquefaction capacity scheduled to come on stream between 2025 and 2030. Based on the

Editorial: Nigeria’s energy gains must translate into security, affordability   The latest June 2026 data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, presents a petroleum sector that is making progress in some areas but remains vulnerable in others. The figures should therefore prompt more than celebration of rising refinery utilisation and gas

Oando Revenue Hits ₦2.1trn as Oil, Gas Output Rises 16% in H1   Oando Plc recorded a 20 per cent increase in revenue to ₦2.1 trillion in the first half of 2026, driven by higher oil and gas production, improved operational efficiency and lower operating costs, as the indigenous energy company continues to unlock value

Editorial: Rising oil prices expose Africa’s unfinished refining agenda   The latest surge in global crude oil prices should serve as another wake-up call for African governments. With Brent crude climbing to nearly $96 per barrel, West Texas Intermediate (WTI) reaching $88.05 per barrel, and gasoline futures also moving higher, the continent is once again