Shell Plc has lodged complaints with US regulators against Venture Global LNG (VGL) for allegedly breaching their supply contract. Similarly, Nigeria LNG Ltd (NLNG) is embroiled in a supply dispute, challenging an arbitral award demand order in a UK high court. An industry insider links these disputes to a surge in the LNG market, causing unexpected losses to highly profitable margins. With LNG demand soaring amid global market dynamics, major suppliers are allegedly defaulting on
Alcides Cintura, President of the Manica Business Council (CPE), underscored the imperative need for establishing a gold refinery in central Mozambique to bolster the province’s economic landscape and enhance the organization of the mining sector. Highlighting the abundance of mineral resources, including gold and precious stones, in districts like Manica, Gondola, Báruè, Macossa, Guro, and Vanduzi, Cintura emphasized the urgency of regulating their exploitation, which currently operates largely without oversight. “The establishment of a refinery
The barrel of Brent, a reference to Angolan exports, closed the week at 90.15 dollars, and given the favorable market conditions, it is expected that it will rise to higher levels throughout the sessions that resume today on the stock exchanges. Market details show that, over the last 52 weeks, the order price per barrel has varied between $71.28 and $97.69 for 1,000-barrel contracts. Deliveries for June, in turn, last Friday, were being carried out
Independent exploration and production company Energean has finalized a farm-in agreement with Africa-focused transitional energy group Chariot Energy for the Lixus and Rissana licenses, located offshore Morocco. Under this partnership, Energean assumes a 45% participating interest in the Lixus license and a 37.5% interest in the Rissana license, while also taking over operatorship of both blocks. In exchange, Energean paid $10 million to Chariot Energy upon the farm-in closing. Energean CEO Mathios Rigas expressed enthusiasm
Niger signed a memorandum of understanding with the state-owned China National Petroleum Corporation (CNPC) for the sale of crude oil from the Agadem oilfield. The deal is worth $400 million. Jiang Feng, Chinese Ambassador to Niger, said the deal forms efforts by the two countries to strengthen cooperation. A producing conventional oilfield, the Agadem field is located onshore Niger. The country is expected to transport oil from the field via the 110,000 barrels per day
The Société Nationale des Pétroles du Congo (NOC) of the Republic of the Congo and the State Oil Company of Azerbaijan (SOCAR) have inked three pivotal agreements aimed at bolstering cooperation in refinery development, training, and sustainable natural resource management. During a state visit to Azerbaijan in April, President Denis Sassou-Nguesso oversaw the signing of these agreements, marking a significant step in enhancing bilateral relations between the two nations. The first agreement, an MoU on
Botala Energy Ltd. (ASX:BTE) and AAAS Energy BV, a Sub-Saharan Africa-focused solar developer, have inked an agreement to evaluate the feasibility of installing up to 250 MW of solar capacity at an energy hub currently in progress in Botswana. The proposed project is slated for Botala’s Leupane Energy Hub and Industrial Park near Palapye. The site has the potential to accommodate an impressive 500 MW of solar energy and 200 MW of gas-fired power generation.
According to data from the Organisation of Petroleum Exporting Countries (OPEC), Libya overtook Nigeria as the top African oil producer in March. The April 2024 monthly oil report published by OPEC said the North African country recorded 1.24 million barrels per day of crude oil in March, a 5.7% increase from the 1.17mbpd recorded in February. Nigeria recorded an oil output of 1.23mbpd in March compared to the 1.32mbpd produced in February. The March figure
Ivory Coast’s Oil Minister recently announced a significant milestone in the country’s offshore exploration efforts—a production-sharing agreement with ExxonMobil for two ultra-deepwater blocks in the Gulf of Guinea. The agreement encompasses Ivory Coast’s CI-602 and CI-603 blocks, spanning 3,874 and 5,543 square kilometers, respectively, and featuring depths ranging from 3,000 to 4,000 meters. Oil and Energy Minister Adama Toungara highlighted that each block has a maximum exploration period of nine years, with a potential contract
Nigeria is grappling with the daunting task of finding buyers for its crude oil, with approximately 30 out of 53 loaded cargoes currently stranded. This predicament arises despite the country experiencing low production levels, with Angola surpassing Nigeria as the leading crude oil producer. Bloomberg data indicates that the unsold cargoes could exceed 30 million barrels. While Nigeria boasts one of the world’s best grades of crude oil, challenges such as refinery maintenance and stiff
