Tag: Crude oil production

FG grants Shell $11.5/barrel tax credit to unlock $20bn investment

Aminu Imam
FG grants Shell tax credit

The Federal Government has approved a special production-linked tax credit for Shell Plc’s Bonga Southwest Aparo deepwater oil project in a fresh move aimed at unlocking billions of dollars in investment and accelerating Nigeria’s crude oil production. According to a Bloomberg report on Tuesday, President Bola Tinubu approved fiscal terms granting Shell and its partners a tax rebate of $11.50 for every barrel of crude oil produced from the project, more than double the standard incentive currently available under Nigeria’s fiscal framework. The report, citing people familiar with the matter…

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Nigeria’s crude oil output rises to 1.459m bpd in January – OPEC

Aminu Imam
Crude oil rises

Nigeria’s crude oil production rose to 1.459 million barrels per day (bpd) in January 2026, reinforcing its position as Africa’s largest oil producer despite falling short of its Organisation of Petroleum Exporting Countries (OPEC) quota. The figures were disclosed in OPEC’s latest Monthly Oil Market Report (MOMR) released on Wednesday. The latest data highlights modest month-on-month growth in output but underscores Nigeria’s continued struggle to meet its assigned production ceiling. The increase signals gradual recovery in output levels, even as structural and operational challenges persist in the oil sector. While…

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