Energy
Anambra Reclaims 10 Oil Wells Previously Attributed to Delta State
The Anambra State Government has announced the recovery of about 10 oil wells previously attributed to neighbouring Delta State following a verification exercise by federal authorities.
The development was disclosed by Professor Charles Ofoegbu, Managing Director of the Anambra State Solid Minerals Development Company and Chairman of Anambra State Petroleum Energy Resources Limited, while briefing journalists in Awka, the state capital.
According to Ofoegbu, the oil wells are located within the Anambra River Basin but had previously been credited to Delta State due to long-standing boundary disputes between the two states.
He explained that the recovery followed a verification exercise carried out by the Revenue Mobilisation Allocation and Fiscal Commission to determine the exact ownership and location of disputed oil and gas wells across the Niger Delta region.
Ofoegbu noted that once the commission’s report is formally approved, Anambra State will begin to receive additional revenue from the recovered oil wells through the constitutional 13 per cent derivation allocated to oil-producing states.
The official also revealed that the state government is working with foreign investors to establish a modular refinery in Ossamala, located in Ogbaru Local Government Area, which is expected to produce petroleum products and generate further economic benefits for the state and surrounding regions.
Anambra was recently admitted into the league of oil-producing states in Nigeria after confirming commercial oil production with an initial output estimated at about 3,000 barrels per day.
The recovery of the oil wells is expected to significantly boost the state’s revenue base and strengthen its position within Nigeria’s oil-producing region.
Global oil prices surged by more than 3% on Thursday as escalating conflict involving Iran heightened fears of disruptions to energy supplies from the Middle East.
Benchmark Brent crude rose by about $2.98, or 3.6%, to around $84 per barrel, while U.S. West Texas Intermediate crude climbed more than 5% to nearly $79 per barrel, marking its highest level in months.
The rally in oil prices was driven by concerns that the widening conflict between Iran and its adversaries could severely disrupt production and shipping routes in one of the world’s most important energy regions. The Middle East accounts for a large share of global crude supply, and analysts warn that prolonged hostilities could trigger wider market instability.
Particular concern centers on the Strait of Hormuz, a strategic waterway through which roughly 20% of the world’s oil supply passes daily. Any disruption in this narrow passage between Iran and Oman could significantly affect global energy markets and push prices even higher.
Shipping and energy infrastructure in the region have already been affected. Reports indicate that several oil tankers were stranded near the Strait of Hormuz, while attacks and security threats forced some refineries and export facilities in the Middle East to halt operations.
The conflict has also triggered spikes in other energy markets. Jet fuel prices have risen sharply due to supply disruptions, while airlines and shipping companies are rerouting operations to avoid high-risk areas in the region.
Analysts warn that if the conflict continues to escalate or if key energy infrastructure is targeted, oil prices could rise further, increasing global inflationary pressures and raising fuel costs for consumers worldwide.
Energy
Fuel Price Rises and the Direct Consequences on the Impoverished Citizens of Nigeria: A Clear Case of Dirge in a Naming Ceremony
By AVM (RTD) AKUGBE IYAMU
Petroleum products prices are a lifeline for many citizens especially those operating SMEs and those in the rural communities. But in Nigeria, a lifeline should never be a death sentence that is why government actions and policies should make the life of citizens more productive with energy security and safer with energy efficiency and not perilous.
Oil price has risen to about $84/barrel and the pump price for PMS has responded by increasing to almost N1000/Litre. This is the case of an economy that loathe buffer, no shock absorbers and not safety net for the citizens. In the United States and Israel that are championing the war, PMS is at all time low. Additionally, in Iran where the effects of the war is most pronounced, the citizens are still served with stable power supply. This is not the best way to repay the citizens of Nigeria who trusted their lives to a mode of economic reform that is operated with scanty regards for the economic support and survival of the citizens. In most countries, shock of this nature and scale prompt intervention, policy overhaul, regulatory action and address by the leadership to assure the country of government efforts to address the shock. The direct impact of the petroleum prices on the streets and economic consequences shows that regulatory response are not only weak but disjointed and often indifferent. This case show uneven response that is too slow to absorb any shock. Framing the price increase as response to war and crude oil price surge is not just inaccurate, it is harmful to an already struggling economy and her struggling citizens. It showed human inefficiency and economic regulatory anticipatory failures. Additionally, It rubs grieving citizens of the hard truth they deserve to hear from the government of inadequate assessment and poor management of the economy. This must not be borne by Nigerians because society that neglect the cost of energy and the consequences for it citizens betray humanity. These energy tragedies and economic consequences are not act of God but act of negligence, complacency, policy failure and stark reminder that until the government take the economy and life of its citizens seriously, energy shocks like this will continue to be conduit for sorrows rather than progress.
AVM (RTD) AKUGBE IYAMU
CONSULTANT ON CLIMATE CHANGE AND ANALYST ON ENVIRONMENTAL POLICIES
PRESIDENT ASSOCIATION OF ENVIRONMENTAL PROTECTION AND CLIMATE CHANGE PRACTITIONERS
Nigeria’s diesel market has taken another upward turn after the Dangote Refinery reviewed its pricing structure, raising the ex-depot rate of Automotive Gas Oil (AGO) to ₦1,050 per litre.
The new price reflects a ₦170 increase from the previous ₦880 gantry rate, a move that industry players say mirrors growing pressure in the global oil market.
The development comes as Brent crude trades at $84.74 per barrel, climbing by 9 per cent amid escalating tensions in the Middle East. Rising crude prices have significantly increased feedstock costs for refiners, narrowing margins, and prompting adjustments at the depot level.
Even before this revision, diesel prices across several private depots had been trending upward, with average ex-depot rates approaching ₦1,150 per litre. Market watchers believe the Dangote adjustment will now serve as a new reference point for pricing nationwide.
The announcement briefly disrupted loading activities, as marketers paused operations to assess the impact of the new template. Truck-out movements have since resumed under the updated pricing regime.
Energy analysts say the market is clearly entering a stronger pricing phase. Should crude oil maintain its current trajectory, further increases along the distribution chain remain a possibility.
For operators and bulk buyers, the message is clear: global oil volatility continues to shape domestic fuel economics.