Business
Nigeria’s oil output rises 0.4% in August
Nigeria’s crude oil and condensate production rose by 0.4 per cent to 1,677,777 barrels per day (bpd) in August 2026.
The Nigeria Upstream Petroleum Regulatory Commission (NUPRC) disclosed this in its crude oil and condensate statistics report released on Sunday.
The commission said crude oil production, excluding condensate, averaged 1,500,190 bpd during the month under review.
It added that Nigeria met its Organisation of Petroleum Exporting Countries (OPEC) crude oil quota for the fourth consecutive month.
According to the report, combined crude oil and condensate production fluctuated between a daily low of 1.64 million barrels and a high of 1.71 million barrels.
The report showed that Bonny Terminal recorded the highest average production at 320.04 thousand barrels per day (kbpd).
Forcados Terminal followed closely, recording an average daily production of 317.40 kbpd during the month.
“Qua Iboe Terminal recorded an average production of 171.72kbpd of crude oil and condensates,” the report said.
It added that Escravos Oil Terminal recorded a daily average production of 131.71 kbpd during the period.
Bonga ranked fifth among the highest-producing terminals, with an average output of 92.50 kbpd of crude oil.
Factors behind the increase in production
The NUPRC attributed the modest increase in August production largely to the resolution of operational challenges involving the Single Buoy Mooring (SBM) at the Erha field.
The commission said the challenges had adversely affected production performance in the preceding month.
It explained that restoring normal evacuation and production operations at the Erha field contributed positively to overall production volumes in August.
“Production activities across most other producing assets remained relatively stable,” the report said.
It said operators continued implementing measures to optimise production efficiency, maintain asset integrity and minimise operational disruptions.
The commission added that routine production and crude evacuation operations were generally sustained across the industry during the period.
“These supported the observed improvement in output,” it said.
The report described the August increase as modest but said it reflected continuing industry efforts to address operational bottlenecks.
It said stakeholders were also working to restore affected production capacity and support sustained growth in the coming months.
The commission said operators remained focused on improving asset reliability and operational resilience across Nigeria’s upstream petroleum sector.
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It added that intervention programmes were being advanced to strengthen production performance and reduce disruptions.
The August performance, according to the NUPRC, underscored the importance of resolving operational constraints promptly.
It also highlighted the need for effective asset management and continued collaboration among industry stakeholders.
Such measures, the commission said, remained critical to safeguarding and improving Nigeria’s crude oil production capacity.
(NAN)
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Business
Cornerstone Insurance Unveils “Cornerstone 3.0” Transformation Agenda at 2026 Brokers’ Business Lunch
Cornerstone Insurance PLC has unveiled key elements of its transformation agenda, “Cornerstone 3.0,” aimed at strengthening its operations, enhancing customer experience and positioning the company for sustainable growth.
The agenda was a major focus at the company’s 2026 Brokers’ Business Lunch, recently held at the Metropolitan Club, Lagos, with brokers, stakeholders and members of Cornerstone’s management team.
The gathering provided an opportunity to share the company’s broader strategic direction with the market, backed by the support of its majority shareholder, Chapel Hill Denham. The partnership with Chapel Hill Denham forms part of Cornerstone’s broader growth and transformation journey, as the company strengthens its business, enhances its market position and prepares for its next phase of growth.
The event was led by Stephen Alangbo, Managing Director/CEO, Cornerstone Insurance PLC; Kola Adekoya, Acting Managing Director, FIN Insurance Company LTD and Abdur Rasheed Babalola, Managing Director, Hilal Takaful Insurance.
Speaking at the event, Mr. Alangbo, outlined Cornerstone’s vision for its next phase of growth, highlighting the significant changes taking place across the business. At the heart of this journey is Cornerstone 3.0, a transformation programme focused on building a more agile, technology-driven and customer-centric insurance business. A key component of the transformation is the planned restructuring into Cornerstone Life and Cornerstone General, alongside the continued development of Hilal Takaful Insurance to expand the company’s Takaful offerings, subject to final approval by NAICOM.
Technology also remains a key component of the agenda, with the evolution of CiCi, Cornerstone’s AI-powered customer service platform, including its voicebot capability, aimed at making services such as enquiries, complaints, claims, policy renewals and insurance purchases more accessible.
Mr. Alangbo further reaffirmed their commitment to fast and efficient claims processing, recognising responsive claims service as central to delivering value and building customer trust.
The Brokers’ Lunch also provided an opportunity for Cornerstone to engage directly with the brokers, receive feedback and identify areas for improved collaboration. Stephen Alangbo acknowledged brokers as key drivers of the business and encouraged them to continue to consider Cornerstone as a first-choice partner for their clients’ corporate, individual and Takaful insurance needs.
The engagement reflects Cornerstone’s commitment to working closely with its broker network, as it advances its transformation agenda and builds a more agile, innovative and customer-focused insurance business.
The post Cornerstone Insurance Unveils “Cornerstone 3.0” Transformation Agenda at 2026 Brokers’ Business Lunch appeared first on Business Today NG.
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has reiterated its commitment to activating multiple pathways to transform Nigeria into a global gas hub.
According to a statement issued by NNPC’s Chief Corporate Communications Officer, Andy Odeh, the company’s Executive Vice President, Gas, Power & New Energy, Olalekan Ogunleye, disclosed this while speaking at the 2026 Gas Technology & Exhibition Conference (GASTECH) in Bangkok, Thailand, on Monday.
Mr Ogunleye spoke during a panel session themed, “The New LNG Order: Leadership Strategies for Energy Security and Growth.”
He said Nigeria was leveraging its more than 215 trillion cubic feet (tcf) of proven gas reserves to drive domestic industrialisation and expand its export market as geopolitical tensions, conflicts and other factors continue to affect global energy supply and demand.
“Gas development and monetisation from Nigeria’s standpoint is a purely commercial play. NNPC Ltd. is implementing a Gas Master Plan (GMP) engineered as a gap-to-potential tool to move Nigeria from a 215tcf reserves position to above 600tcf,” Mr Ogunleye said.
Gas production targets
According to the statement, Mr Ogunleye said NNPC’s strategy is anchored on stronger coordination under the Petroleum Industry Act (PIA), the Decade of Gas Framework and the Gas Master Plan.
He said the near-term targets are to increase Nigeria’s national gas production to 10 billion standard cubic feet per day (Bcf/d) by 2027 and 12 Bcf/d by 2030.
In January, NNPC unveiled its Gas Master Plan (GMP) 2026, aimed at driving industrialisation and strengthening Nigeria’s energy security.
At the launch, NNPC’s Group Chief Executive Officer, Bayo Ojulari, said Nigeria had about 210 trillion cubic feet (Tcf) of proven gas reserves, with an upside potential of up to 600 Tcf.
He described the resource base as one of the world’s most significant hydrocarbon endowments, saying its development was supported by the Petroleum Industry Act 2021 and the Federal Government’s gas-focused energy transition agenda.
Mr Ojulari said the plan was designed to exceed the presidential mandate of raising national gas production to 10 Bcf/d by 2027 and 12 Bcf/d by 2030.
According to him, the plan is expected to catalyse more than $60 billion in investments across the oil and gas value chain by 2030.
He said the plan prioritises cost optimisation, operational excellence and the systematic conversion of gas resources from 3P to bankable 2P reserves.
The plan also seeks to strengthen gas supply to power generation, Compressed Natural Gas (CNG), Liquefied Petroleum Gas (LPG), Mini-LNG and other critical industrial off-takers.
Mr Ojulari said NNPC adopted a collaborative and investor-centric approach in developing the GMP 2026, with input from industry stakeholders, partners and investors.
LNG expansion
At GASTECH, Mr Ogunleye said Nigeria was already a reliable global gas supplier and was pursuing a major expansion of its LNG capacity.
He cited the Nigeria LNG project’s Trains 1-6, which have a combined production capacity of 22 million tonnes per annum (MTPA) and have exported more than 6,000 LNG cargoes since 1999.
He also cited Train 7, which is scheduled for completion in 2027, as part of the country’s ongoing LNG expansion.
READ ALSO: Audit Reports: Reps panel vows to make NNPC, oil marketers account for ₦432bn debt
Mr Ogunleye said Nigeria’s geographical position, which gives it access to both the Atlantic Basin and Asian markets, further strengthens its position as a strategic global gas supplier.
He said this advantage, combined with the country’s substantial gas reserves and renewed national focus on gas development, provides a strong basis for expanding the industry.
According to him, domestic gas utilisation and exports are not mutually exclusive, as Nigeria is pursuing a dual pathway that uses exports to generate foreign exchange while expanding domestic gas use to create jobs, strengthen energy security and improve economic wellbeing.
Mr Ogunleye said Nigeria had also de-risked new LNG projects through a robust legal and regulatory framework backed by attractive fiscal incentives.
“With continued efforts towards stable security, competitive gas pricing and assured gas supply, there is no better time for investors and financiers to participate in the development of Nigeria’s LNG projects confidently,” he said.
GASTECH is a major global conference and exhibition focused on natural gas, LNG, hydrogen and low-carbon solutions.
The 54th edition brings together about 50,000 participants from more than 150 countries, including energy experts, chief executives, policymakers, investors and technology leaders, to discuss energy security, LNG supply, infrastructure investment and decarbonisation.
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