According to statement issued by the Chief Corporate Communications Officer, Andy Odeh,  that the Cawthorne blend, the newest addition to Nigeria’s portfolio of crude oil grades, has an API gravity of 36.4, classifying it as a light and sweet crude.

This places it in the same category as Bonny Light and makes it highly attractive in the international market because of its high petrol and diesel yield.

NNPC Ltd further confirmed that the Cawthorne blend was loaded onto the MT Eburones vessel for shipment to The Netherlands, from where it will enter the global market.

The first consignment, consisting of 950,000 barrels, was exported through the Cawthorne Floating Storage and Offloading (FSO) vessel.

Strategically positioned offshore Bonny in Rivers State, the FSO is designed to improve crude evacuation from OML 18, while also reinforcing Nigeria’s export dependability, operational effectiveness, and overall energy security.

The launch of Cawthorne into the international market reflects NNPC Ltd’s intentional strategy to maximize value from its assets, strengthen competitiveness in the global energy market, and support the presidential target of increasing crude oil production to three million barrels per day and gas production to 12 billion cubic feet per day by 2030.

The Group Chief Executive Officer of NNPC Ltd, Bashir Bayo Ojulari, praised President Bola Ahmed Tinubu’s policy initiatives, ongoing reforms in the sector, and the strong collaboration among OML 18 partners, the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), and other stakeholders that made the milestone possible.

According to him, NNPC Limited will continue to leverage innovation, build strategic partnerships, and maintain efficient operational practices to maximize the value of Nigeria’s hydrocarbon resources, while protecting the country’s long-term energy stability and economic growth.

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The debt repayment plan followed the final review of the legacy debts that have beset the power sector for more than a decade.

The long-standing debts accumulated between February 2015 and March 2025. Following verification, ₦3.3 trillion has been agreed as a full and final settlement, ensuring a fair and transparent resolution.

Implementation has begun, with 15 power plants signing settlement agreements totalling ₦2.3 trillion. The Federal Government has already raised ₦501 billion to fund these payments. Out of the amount, N223 billion has been disbursed, with further payments underway.

What this means for Nigerians: With payments reaching the power value chain, generation will be more stable. With power plants supported, electricity reliability will improve.

And as the sector stabilises, more investment, more jobs, and better service will follow. 

“This programme is not just about settling legacy debts. It is about restoring confidence across the power sector — ensuring gas suppliers are paid, power plants can keep running, and the system begins to work more reliably,” explained Olu Arowolo-Verheijen, Special Adviser on Energy to President Tinubu.

“It is part of a broader set of reforms already underway — including better metering and service-based tariffs that link what you pay to the quality of electricity you receive.

“The government is also prioritising power supply to businesses, industries, and small enterprises — because reliable electricity is critical to creating jobs, supporting livelihoods, and growing the economy.

“The goal is simple: more reliable power for homes, stronger support for businesses, and a system that works better for all Nigerians,” she added.

President Tinubu has commended all stakeholders who supported efforts to resolve the legacy issues in the power sector. He has also confirmed that the next phase (Series II) will begin this quarter.

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The feat was a atement by the Sahara Group on Monday, as the company said it welcomed the development.

It confirms media reports on the exportation of a new light sweet crude called Cawthorne, this March, under the Bayo Ojulari‑led NNPC.

“Over the weekend, the first shipment of 950,000 barrels from FSO Cawthorne, Nigeria’s newest oil terminal, was initiated following its licensing and gazetting by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC)”, the statement read in part.

FSO Cawthorne serves as a critical offshore production support asset, providing storage and offtake capabilities for crude produced from OML 18 and nearby producing assets.

Reacting to the development, Sahara Group, a global energy and infrastructure conglomerate, reiterated the strategic role of FSO Cawthorne in strengthening Nigeria’s energy security through its reliable production, storage, and evacuation infrastructure.

Sahara Group also recognised the advanced technologies deployed on FSO Cawthorne, noting that the facility incorporates cutting‑edge systems supported by artificial intelligence‑enabled monitoring and robust QHSE frameworks, enhancing operational efficiency, asset integrity, safety performance, and environmental stewardship.

Sahara commended NNPC for its leadership of Oil Mining Lease (OML) 18 and surrounding assets in the eastern Niger Delta, where Sahara Group is a joint operator and joint venture partner, noting that the company’s collaborative approach continues to drive continuous improvement and value delivery across Nigeria’s upstream sector.

Dr. Tosin Etomi, Head, Commercial and Planning at Asharami Energy (a Sahara Group Upstream company), said the crude lifting from FSO Cawthorne represents a defining moment for the asset, the OML 18 partnership, and the wider oil and gas sector.

“The successful commencement of crude lifting from FSO Cawthorne is a significant milestone for the OML 18 partnership and a strong demonstration of what can be achieved through shared vision, technical discipline and committed collaboration,” Etomi said.

Etomi noted that the milestone aligns with Sahara Group’s broader upstream strategy, which is focused on building a resilient, scalable, and responsible production portfolio anchored on strong partnerships, asset optimisation, and long‑term value creation.

“The transition of FSO Cawthorne into active export is consistent with our upstream growth strategy, prioritising operational excellence, indigenous participation and infrastructure capable of sustainably supporting Nigeria’s production ambitions,” he said.

He noted that Sahara Group’s upstream portfolio includes a growing oilfield services division, which is redefining innovation, efficiency, and sustainability in the sector.

“Our expanding oilfield services capabilities are integral to our upstream vision, enabling smarter operations, improved efficiencies, and responsible resource development,” Etomi said.

He added: “Sustainable social impact interventions and community participation have been key drivers of our upstream success, and we remain committed to aligning our operations with the highest global environmental, social, and governance standards.”

Etomi also commended host communities and key regulatory and operational institutions, including the NUPRC, the Nigerian Ports Authority (NPA), the Nigeria Customs Service, and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), for their support in ensuring seamless operations.

A spokesperson of the NNPC told Reuters last month that the Company was expected to strengthen the country’s position within the Organisation of the Petroleum Exporting Countries as it seeks a higher production target amid improving output levels.

According to Reuters, the launch of the new grade is part of Nigeria’s broader push to lift production, which has been constrained for years by crude oil theft, pipeline vandalism, and security challenges in the Niger Delta.

Cawthorne crude, which has an API gravity of 36.4, is similar in quality to Nigeria’s flagship Bonny Light, a grade widely valued by refiners for its high yields of gasoline and diesel.

The introduction of the grade could increase Nigeria’s crude and condensate supply from about 1.65 million barrels per day to roughly 1.7 million barrels per day for the rest of the year, depending on operational stability and market demand.

Source CHANNELS TELEVISION

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Nigeria’s Minister of Power, Adebayo Adelabu, made the promise on Tuesday during a press conference on his achievements in the last three years.

“I want to apologise to Nigerians, officially now, coming from me as the minister of power, for this temporary issue that is leading to hardship being experienced, especially during this dry season, where there is so much heat everywhere,” he said.

“Businesses are being affected, schools have been affected, and industries have been affected. It is not our wish to find ourselves in this situation, but it is due to some factors that are actually beyond our control.”

The minister attributed the current challenges to gas supply shortfalls to the generation companies due to the huge amounts of money owed to gas suppliers.

He hinted that the current war in the Middle East could further worsen the problems.

Nigerians have experienced power outages in recent weeks, leading to calls on authorities to address the issue.

The country’s power sector relies on gas-fired plants. But they have continued to face disruptions largely due to inadequate gas supply, pipeline maintenance issues, ageing infrastructure, and liquidity constraints.

“These issues collectively impact both the quantity and quality of gas delivered to power plants, leading to underutilisation of installed generation capacity, increased outages, and inefficiencies in power production,” the minister said.

To address this challenge, the minister suggested “scaling up renewable energy solutions, particularly off-grid and mini-grid systems”.

“Renewable energy offers a cost-effective and sustainable pathway to expand access without overburdening the national grid,” he said.

He also called for the integration of additional renewable energy into the grid. The minister said this will help diversify energy sources and reduce overall generation costs, particularly by lowering dependence on gas-fired power.

“Integrating utility-scale solar, hydro, and other renewables will also enhance energy security and support climate objectives,” he said.

“This will require investments in grid monitoring and control systems and system planning to effectively manage intermittency while maintaining grid stability.”

Away from the power sector, Adelabu, whom observers suggest is eyeing the Oyo governorship seat in the 2027 elections, did not confirm if he is contesting for the post.

President Bola Tinubu gave appointees at the federal level a March 31st deadline to resign if they have political ambitions.

But the minister says he still has some days until the deadline. He insisted that, either at the national or subnational level, he aims to serve.

Channels Television

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The approval, granted by Bola Ahmed Tinubu, marks a significant step toward expanding Nigeria’s deepwater oil operations and strengthening long-term energy output.

The Bonga field, located offshore in the Niger Delta and operated by Shell Nigeria Exploration and Production Company (SNEPCo), is one of Nigeria’s flagship deepwater assets. The new phase of the project is expected to extend the life of the field and unlock additional oil reserves.

Industry stakeholders say the investment will help raise production capacity, attract foreign investment, and support Nigeria’s efforts to stabilize crude output.

The development is also expected to create employment opportunities during the construction and operational phases, while contributing significantly to government revenue through taxes, royalties and other payments.

The Bonga project was Nigeria’s first deepwater oil development when production began in 2005, and it has since remained a critical component of the country’s offshore oil portfolio.

With the presidential approval now secured, NNPC and its partners are expected to proceed with the final stages required to commence full development of the $20 billion project.

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The Governor inaugurated a five-man Board of the Lagos State Electricity Regulatory Commission (LASERC), marking a major milestone in the State’s journey toward building a modern, reliable and independent electricity market.

Sanwo-Olu approved the appointment of Mr. Alexander Akinwunmi Ogunbiyi, an energy financing expert with over three decades of leadership experience, to serve as Chairman of the Board in Non-Executive capacity.

Mrs. Temitope George, a seasoned legal, regulatory, and governance executive, was appointed by the Governor as the LASERC Chief Executive Officer.

The move has further accelerated Lagos’ gradual transition from the phase of legislation to building institutional backbone that will transform the electricity market in the State.

The Board will play a pivotal role in strengthening transparency, fairness, regulatory certainty and investor confidence in the Lagos electricity ecosystem.

Swearing in the LASERC Board members, Sanwo-Olu said the full operation of the agency would give life, leadership and direction to Lagos electricity market, stressing that the inauguration of the Commission’s Board would further unbundle power distribution and attract more investment in the sector.

He said: “The LASERC Board now has the opportunity to establish collaboration and work together with the stakeholders in the sector. The mandate of the Board is to serve the interests of Lagosians and bring about purposeful regulatory reform that will strengthen the sector.

“The Board inauguration follows the enactment of the Lagos State Electricity Law 2024, which is in alignment with the Federal Electricity Act 2023. This establishes an independent, transparent, competitive and investor-friendly regulatory market which created State Electrification Fund in underserved communities.

“This law formally empowers LASERC as a regulator of all electricity utilities and providers in Lagos. The Board’s activities will give life, leadership and direction in the sector. The agency must make itself accessible to all stakeholders in the market and must not be the cog in the wheel of progress in the industry.”

Sanwo-Olu reminded the Board members that the regulatory commission was not established to create a snag in the market, but to collaborate with operators to make the industry flourish and give Lagosians the value for their money.

The Governor urged the regulator to bring about a system in the State’s electricity market that would lessen the burden of overpricing on consumers and create a win-win market.

LASERC, Sanwo-Olu said, must show exemplary leadership in its statutory responsibilities for other state to copy and learn from.

“Electricity is not a new business; it is only the technology that is changing the environment. The Commission must ensure it deployed A-grade technology to support the efficiency in the sector. When this is achieved, more investors will come in with more capital to de-risk and unbundle the market,” the Governor said.

Commissioner for Energy and Mineral Resources, Mr. Abiodun Ogunleye, said the Commission would be responsible for overseeing licensing, tariff regulation, consumer protection, market monitoring, and the overall governance of electricity activities within the State.

These responsibilities, the Commissioner noted, are essential to building a power sector that will be reliable, efficient and capable of supporting the economic ambitions of the megacity.

He said: “This moment reflects Mr. Governor’s bold leadership and foresight in recognising that

sustainable economic growth in Lagos must be anchored on a stable and well-regulated power sector. The Governor’s commitment has ensured that Lagos continues to lead the way in implementing new electricity market framework created by recent national reforms.”

In his vote of assurance, Ogunbiyi thanked the Governor for the confidence in the capacity of the Board member, pointing out that the Commission recognised the responsibility and expectation that came with its roles.

“We will carry out our responsibilities and mission with loyalty, accountability and dedication while working collaboratively with operators to meet the expectations of Lagosians,” he said.

Other members of the Board include Mr. Bello Wasiu Oladimeji (Non Executive), a results-driven electricity industry professional with over two decades experience in distribution operations, revenue assurance, customer management, metering, billing, and loss reduction; Engr. Adekunle Olopade (Executive Member), who is a power systems, telecommunications, and project management professional with cognate knowledge of national electricity projects.

Also, Mr. Olakunle Falola, an Executive Member in charge of Licensing and Compliance, is a former CEO of Marine Power Group with experience across Nigeria’s power and gas infrastructure.

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The Economic and Financial Crimes Commission (EFCC) is prosecuting Akintoye alongside Platforms Capital Investment Partners Limited and Duport Midstream Company Limited on an amended six-count charge involving alleged dishonesty and the diversion of $35 million belonging to an NCDMB project.

While being cross-examined by counsel to the first and second defendants, E. O. Adekwu, SAN, the witness, who previously served as Director of Finance and Personnel as well as Director of Planning, Research and Statistics at NCDMB, said the board lodged the complaint in February 2023 through a communiqué. According to him, the complaint highlighted that board meetings of Atlantic International Refinery and Petrochemical Limited had not been taking place.

Responding to questions on whether he had ever raised a formal complaint about the absence of board meetings, Yalah explained that meetings were initially held frequently at the beginning of the project.

“At the early stage of the project, board meetings were held consistently to brief members on the progress of the project. However, when several board members resigned, the meetings became irregular. That was when official complaints were made,” he said.

He added that the complaint also focused on the delay in implementing the project and the failure to hold board meetings as expected.

The witness further stated that in early February 2023, NCDMB issued a communiqué to the first defendant addressing the concerns.

“I remember clearly that in early February 2023, NCDMB sent a communiqué to the first defendant. The complaint we raised was reflected in Exhibit E,” he told the court.

Yalah also explained that the complaint regarding the absence of board meetings was written on the official letterhead of NCDMB and addressed to the first defendant in his capacity as chairman and managing director.

He also informed the court that NCDMB had serious concerns about the financial sustainability of the project.

Following the proceedings, Justice Akpan adjourned the case until March 10, 2026, for the continuation of cross-examination.

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The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, said the settlement with Eni and its subsidiary, Nigerian Agip Exploration Limited (NAEL), marks a turning point after more than two decades of legal battles, adding that the development reflects the leadership and commitment of Bola Ahmed Tinubu to resolving disputes in the national interest.

The Attorney-General and Minister of Justice, who spoke after the signing of the legal agreement that brought the dispute to an end in Abuja, described the development as a milestone in repositioning Nigeria’s economic landscape.

“The agreement marks a turning point for Nigeria’s oil and gas sector after more than two decades of legal battles and international arbitration,” he said.

The federal government reached this settlement with Eni and Nigerian Agip Exploration Limited (NAEL), effectively ending the protracted dispute over OPL 245.

Fagbemi emphasised that resolving the dispute over OPL 245 will recalibrate the national economy and bolster the federal government’s fiscal position.

According to him, early in the administration, President Tinubu directed that all disputes over the oil block be resolved amicably in the best interests of the Nigerian people.

“The clear vision and deep commitment of President Tinubu provided the political will required to bring closure to this protracted dispute. The agreement demonstrates Nigeria’s commitment to transparency, accountability, and the rule of law.”

The Attorney-General explained that the settlement, which will culminate in a Consent Arbitral Award, not only resolves a complex international dispute but also restores Nigeria’s credibility as a responsible partner in global business.

He further highlighted several strategic economic benefits expected from the resolution, including the removal of legal and fiscal uncertainties that previously hindered the development of the oil block.

“This development will pave the way for large-scale investments, stimulate job creation, and reinforce Nigeria’s position as a leading energy producer in Africa,” he said.

Fagbemi also noted that projected revenues from the asset could now be included in the country’s medium-term fiscal framework, thereby supporting budget stability, long-term economic planning, and debt sustainability.

He added that resolving the dispute through negotiated settlement rather than prolonged arbitration underscores Nigeria’s commitment to alternative dispute resolution and enhances the country’s credibility in international commercial and arbitration circles.

“This settlement sends a clear signal to the global community that Nigeria is open for business and committed to fairness and respect for contractual obligations,” he said.

The Attorney-General also commended key institutions and stakeholders that contributed to the successful resolution, including the Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission, Nigerian National Petroleum Company Limited, the Economic and Financial Crimes Commission, and international partners such as Eni and Shell.

He emphasised that the settlement represents the triumph of dialogue over conflict and national interest over narrow considerations.

“With this agreement, Nigeria can now move forward with confidence, ensuring that the development of OPL 245 becomes a source of prosperity for the nation and future generations,” Fagbemi stated.

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The announcement was made at the meeting in his office attended by the Chief Executive Officer of Eni, Claudio Descalzi; the Chief Operating Officer, Guido Brusco; the Head of Sub-Saharan Region, Mario Bello; the Managing Director of Nigerian Agip Exploration, Fabrizio Bolondi; and the Special Adviser to the President on Energy, Olu Arowolo-Verheijen. 

The agreement brought to a close the long-standing dispute over Oil Prospecting Licence (OPL) 245, paving the way for the development of one of Nigeria’s most significant deepwater resources.

Signed in Abuja, the agreement marks the resolution of a dispute spanning more than 15 years. It restores clarity and stability to an asset widely recognised as one of Nigeria’s most commercially promising deepwater blocks. 

With the dispute now settled, the pathway is clear for Final Investment Decision on the Zabazaba–Etan development, a project capable of adding approximately 150,000 barrels per day to Nigeria’s production capacity and strengthening the country’s long-term energy outlook. 

President Bola Ahmed Tinubu described the agreement as a strategic milestone in Nigeria’s economic reform agenda, reaffirming the administration’s commitment to resolving legacy disputes, restoring investor confidence, and ensuring that Nigeria’s natural resources deliver sustainable value to the Nigerian people.

“This resolution sends a clear signal to global investors that Nigeria is prepared to address legacy issues transparently, uphold the rule of law, and create a stable environment for long-term capital,” the President said.

“The settlement also represents a significant improvement on the 2011 Resolution Agreement, reflecting the policy framework established under the Petroleum Industry Act (PIA) and the administration’s broader fiscal and governance reforms in the energy sector”, said Olu Arowolo-Verheijen, Presidential adviser on energy.

“The revised terms strike a balanced outcome providing investors with the clarity and predictability required to proceed with major deepwater investments, while ensuring stronger value accretion and safeguards for the Federation”, Arowolo-Verheijen added.

The agreement is part of a wider programme of reforms undertaken since 2023 to restore Nigeria’s competitiveness in global energy markets. These reforms, anchored in the Petroleum Industry Act and supported by targeted executive actions, have already contributed to renewed investor interest and significant capital inflows into Nigeria’s oil and gas sector.

“By resolving the OPL 245 dispute, the Federal Government has removed one of the most prominent legacy risks in Nigeria’s upstream sector and reinforced its commitment to predictable regulation, transparent governance, and commercially viable investment frameworks”, Arowolo-Verjeihen further said.

President Tinubu commended all institutions and stakeholders who contributed to achieving the settlement, including the Office of the Attorney General of the Federation, the Ministry of Petroleum Resources, the Special Adviser to the President on Energy, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), NNPC Limited, and the leadership of ENI.

The successful resolution underscores the Tinubu Administration’s determination to unlock Nigeria’s strategic energy assets, attract responsible investment, and ensure that the nation’s resources translate into growth, jobs, and long-term prosperity for Nigerians.

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Speaking at the Energy Week of the Lagos Section of the Society of Petroleum Engineers (SPE), Ralph said investors need “a stable, fast and transparent implementation” of rules while a fair pricing regime could be achieved with “the right incentives to grow pipeline gas” which would also attract more investments. On infrastructure ownership models, he called for the completion of ongoing projects and ensuring the reliability of the Escravos-Lagos Pipeline System through “clear service standards.”

He said Government could also encourage investments in gas distribution through “demand aggregation.” “We need to create a friendly business environment and a clear plan (e.g., industrial parks or designated zones) so demand is clustered. That makes it easier for a distributor to get a license, invest, and build shared infrastructure that serves many industries—not just one or two.”

Ralph added: “Public–private partnership is crucial. Government backing helps planning and delivery. This model can also support industrial parks and other ways to aggregate demand.”

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