Oil and Gas
Fuel landing cost drops to N827.24/L
The landing cost of imported fuel fell to N827.24 while the average for 30 days was N827.04/L according to the Energy Bulletin from the Competence Centre of the Major Energies Marketers Association of Nigeria (MEMAN) for Monday released on Tuesday.
It also stated that the landing cost for diesel was N972.33 while for the average of 30 days was N972.67/L and that the landing cost of aviation fuel (ATK) was N984.01/l while that of the average for 30 days was N962.37/L.
The report stated that for Dangote fuel prices, coastal price was $764.50MT, while gantry price was N877.00/L; for Diesel, coastal price was $739.25MT while Gantry price was N910.00/L and ATK coastal price was $798.75MT while Gantry price was N1,002.94/L.
But the average landing cost of fuel as of October 30 was N829.77 per litre. This showed a further decline in the landing cost, which was an average of N849.61 on October 13, N847.61 on October 14, N841.54 on October 20, and N839.97 per litre on October 21.
However, fuel prices had not reduced but ranged between N915 and N925 in some parts of Lagos.
According to Petroleumprice.ng, Pinnacle’s ex-depot price was N872; NIPCO, N872; Matrix Lagos, N872; AA Rano and Aiteo, N871; Ardova, N872; Emadeb, Integrated and RainOil, N873; Eterna, N874; Bono and Gulf Treasure, N875; and Prudent, N890.
Landing cost refers to the total cost of a product or shipment once it has arrived at its destination. It includes: purchase price, freight charges (transportation), insurance, duties and taxes as well as other costs (handling, storage, etc.) Landing cost gives a comprehensive view of the total expense involved in bringing a product to its final destination.
Meanwhile, according to Oil.price.com, oil prices fell yesterday as concerns about oversupply increased after OPEC’s decision to pause supply hikes and as a stronger U.S. dollar eased buying from holders of other currencies.
It stated that as of 8:44 a.m. the U.S. benchmark price, WTI Crude, was flirting with the sub-$60 a barrel price it reached two weeks ago after the Trump Administration slapped sanctions on Russia’s biggest oil firms, Rosneft and Lukoil. It added that the U.S. benchmark crude futures were trading down by 1.44% at $60.17
It also reported that the international benchmark, Brent Crude, slipped below $65 per barrel as it was down by 1.22% on the day at $64.10.
“(The) market may see this as the first sign of acknowledgement of potential oversupply situation from the OPEC+ front, who have so far remained very bullish on demand trends and ability of market to absorb the extra barrels,” Suvro Sarkar, energy sector team lead at DBS Bank, told Reuters yesterday.
“After weak trading on Monday during which traders sought to decipher what OPEC’s latest move means, speculators appeared to have decided by Tuesday that the pause in output hikes is bearish as OPEC+ is likely seeking to prevent a price collapse in case the glut fears materialize.
“On Sunday, the eight OPEC+ producers who have been withholding supply to the market decided to pause their reversal of the production cuts in the first quarter of 2026, after a small increase in December. Citing “seasonality” and historically weaker demand in the first quarter of any year, OPEC said it would halt the production increases in January, February, and March,” it reported.
Oil and Gas
Pipeline Security: We’ve Seen Production Growth – NNPC
By Aliyu Musa
The Nigerian National Petroleum Company Limited (NNPC) has confirmed that national crude oil production has grown from a historic low of 960,000 barrels per day in 2022 to an average of 1.
71 million barrels per day and a peak production of 1.84 million barrels per day in 2025, owing to the establishment of the integrated energy security for pipelines in the Niger Delta.Group Chief Executive Officer of NNPC Ltd, Engr. Bashir Bayo Ojulari, made the disclosure at the Parliamentary Roundtable on the State of Pipelines Security which held at the National Assembly, in Abuja, on Wednesday.
Speaking on the success of the security arrangement, Ojulari explained that it was not accidental, and that it involved an “integrated energy security model that combines legislative and executive policy alignment, actionable intelligence, kinetic deployment capabilities, regulatory oversight, industry cooperation, and community‑embedded surveillance mechanisms”.
He said the resurgence of production due to the effective tackling of the twin menace of oil theft and pervasive pipeline sabotage has led to the restoration of investors’ confidence in the nation’s oil and gas sector.
In his welcome address, the President of the Senate, Sen. Godswill Akpabio, represented by Senator Jimoh Ibrahim, called for collaboration among agencies and stakeholders in resolving all challenges impeding production growth.
On his part, the Speaker of the House of Representatives, who was represented by the Leader of the House, Hon. (Prof.) Julius Ihonvbere, urged the forum to evaluate the progress made so far with a view to ensuring fairness and equity.
The Parliamentary Roundtable on the State of Pipelines Security was convened by the Joint Senate and House of Representatives Committee on Petroleum Resources. It had in attendance the Senate President, Speaker of the House of Representatives, National Security Adviser, Minister of Defence, and representatives of oil industry regulatory agencies.
The Roundtable also featured presentations by the Chief of Defence Staff, Inspector General of Police, Director General of the Department of State Services, Commandant General of the Nigerian Security and Civil Defense Corps, and private security companies.
Oil and Gas
NNPCL Engaging Partners with Proven Capacity to Revamp its Refineries -Ojulari
By Aliyu Musa
The Group Chief Executive Officer, NNPC Ltd, Engr. Bashir Bayo Ojulari, has stated that the Company is currently in talks with partners with proven track record of refining and petrochemical operations, in order to build sustainable, self-financing, and profitable solutions for its refineries.
Ojulari disclosed this while fielding questions during a fireside chat themed “Securing Nigeria’s Energy Future at NIES 2026”, at the ongoing Nigeria International Energy Summit (NIES) 2026 in Abuja, on Wednesday.
The GCEO observed that historically, the focus on refineries has largely been on financing and EPC delivery, noting that the approach has now moved towards getting the operating model right for sustainability.
“Getting refineries up and running requires three critical elements: financing, a competent EPC contractor, and world-class operational capacity. That is exactly our focus at the moment,” he noted.
The GCEO added that NNPC Ltd is now better positioned for commerciality and sustained profitability, driven by ongoing transformation agenda aimed at securing Nigeria’s energy future.
On the recent gains made in the reduction of crude oil theft and improved pipeline availability, the NNPC Ltd GCEO attributed the success to strengthened collaboration with upstream operators, noting that renewed engagement and trust have significantly proven to be a major boost for investor confidence, commercial outcomes, and productivity.
“When the current leadership of NNPC Ltd was appointed, we initiated a fundamentally different engagement model with our partners which focused on improving systems and processes for win-win outcomes in production acceleration and contracting,” Ojulari said.
“There was also the decisive intervention by the Federal Government to mitigate security challenges in the Niger Delta through a structured surveillance framework, including the deployment of AI-enabled solutions and security personnel. This has helped stabilise operations, ensure production consistency, and deepen collaboration with host communities through targeted Corporate Social Responsibility (CSR) initiatives that address fundamental social issues,” the GCEO noted.
On the recently-launched NNPC Ltd Gas Master Plan 2026, Ojulari explained that the Company is firmly focused on delivering in-country value through gas utilisation initiatives, describing the plan as a customer-driven strategy designed to stimulate market growth and shared prosperity.
According to him, the Plan is closely aligned with the Federal Government’s Decade of Gas Initiative, which positions gas as a pillar of economic growth, industrialisation, and energy transition.
On leadership and governance, Ojulari commended President Bola Ahmed Tinubu, GCFR, for the unprecedented inclusion of industry experts on the NNPC Ltd Board and Senior Management Team, describing it as a strategic move that strengthens commercial discipline and global competitiveness.
He added that the blend of internal expertise, international experience, and a highly skilled workforce positions NNPC Ltd as a commercially viable and performance-driven national energy company that will be the pride of all its stakeholders.
Oil and Gas
NNPC Ltd Unveils Gas Master Plan 2.0…Milestone Represents Nigeria’s Dev’t Aspirations, Says Ekpo
By Aliyu Musa
As part of ongoing efforts to reposition Nigeria’s gas sector as the engine room of national industrialisation, energy security, and sustainable economic growth, the Nigerian National Petroleum Company Limited (NNPC Ltd) has officially unveiled its Gas Master Plan (GMP) 2026, tagged NGMP 2026.
The unveiling, held at the NNPC Towers in Abuja on Friday, 30th Jan, 2026 marks a strategic inflection point in Nigeria’s energy transition journey, underscoring government’s resolve to translate the nation’s vast gas endowment into tangible economic value, infrastructure expansion, and global competitiveness, in alignment with its long-term development aspirations.
Speaking at the event, the Honourable Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, described the Gas Master Plan as a deliberate pivot from policy articulation to disciplined execution, anchored on commercial viability and integrated sector-wide coordination.
“Today’s launch is not merely the unveiling of a document; it represents a deliberate shift towards a more integrated, commercially driven, and execution-focused gas sector, aligned with Nigeria’s development aspirations. Nigeria is fundamentally a gas Nation. With one of the largest proven gas reserves in Africa, our challenge has never been potential, but translation: translating resources into reliable supply, infrastructure into value, and policy into measurable outcomes for our economy and our people. The Gas Master Plan speaks directly to this challenge.”
Hon. Ekpo further noted that the Plan’s strong focus on supply reliability, infrastructure expansion, domestic and export market flexibility, and strategic partnerships aligns seamlessly with the Federal Government’s Decade of Gas Initiative, positioning natural gas as the backbone of Nigeria’s energy security, industrialisation, and just energy transition.
In his address, the Group Chief Executive Officer, NNPC Ltd, Engr. Bashir Bayo Ojulari, described the NNPC Gas Master Plan 2026 as a bold, effective execution-anchored roadmap designed to unlock Nigeria’s immense gas potential and elevate the country into a globally competitive gas hub.
Ojulari noted that with about 210 trillion cubic feet (Tcf) of proven gas reserves and an upside potential of up to 600 Tcf, Nigeria possesses one of the most consequential hydrocarbon basins in the world; one reinforced by the Petroleum Industry Act (PIA) and the Federal Government’s gas-centric energy transition agenda.
“The Plan is structured not just to deliver – but to exceed- the Presidential mandate of increasing national gas production to 10 billion cubic feet per day by 2027 and 12 billion cubic feet per day by 2030, while catalysing over 60 billion dollars in new investments across the oil and gas value chain by 2030.”
He explained that the Plan prioritises cost optimisation, operational excellence, and systematic advancement of resources from 3P to bankable 2P reserves, while strengthening gas supply to power generation, CNG, LPG, Mini-LNG, and critical industrial off-takers.
Reaffirming his personal commitment as Chief Sponsor of the initiative, the NNPC Ltd GCEO stressed that the Company has adopted a more collaborative, investor-centric approach in shaping the NGMP 2026, with strong alignment to industry stakeholders, partners, and investors.
In a goodwill message at the occasion, the Chairman of the Independent Petroleum Producers’ Group (IPPG) and CEO of Aradel Holdings, Mr. Adegbite Falade, said: “This is giving a shot in the arm to the economy which will bridge the gap between intent and reality. Gas thrives on value chain, from upstream to offtakers. As IPPG members, we reiterate our commitment and support to this initiative.”
Also lending his voice to the initiative, the Chairman of the Oil Producers Trade Section (OPTS) and MD of TotalEnergies Upstream Companies in Nigeria, Matthieu Bouyer, thanked the NNPC Ltd for the ambition behind the NNPC GMP, stressing that his organisation supports the core operating principles of the Plan.
The Gas Master Plan 2026 is expected to serve as the definitive framework for coordinated gas sector development, execution discipline, and value creation over the next decade.
The Gas Master Plan 2026 is an offshoot of the Nigerian Gas Master Plan (NGMP) 2008, which is a strategic framework aimed at maximizing the economic benefits from the country’s abundant gas resources. Another significant dimension to the NGMP 2026 is the utmost attention to full alignment with the Nigerian Decade of Gas Programme.
