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Oil Corporate News International

Nigeria’s Rising US Oil Imports and the Dangote Refinery’s Impact on Global Crude Flows

In an uncommon move for an oil-producing nation, Nigeria—a significant net exporter of petroleum—imported 47,000 barrels of US crude oil per day in 2024. Experts attribute this shift to the operations of the Dangote Petroleum Refinery and changing global crude trade patterns. The emergence of the Dangote Petroleum Refinery, the world’s largest single-train refinery with a capacity of 650,000 barrels per day, has altered Nigeria’s crude supply dynamics. In 2024, the refinery turned to international

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Corporate News International

Namibia Stays Optimistic Amid Shell’s $400M Write-Down in Offshore Oil Exploration

The Namibian Ministry of Mines and Energy has announced that Shell will write down $400 million related to its oil discovery in Petroleum Exploration License (PEL) 39. The decision follows Shell’s accounting principles and reflects challenges in the commercial viability of the discoveries due to technical and geological factors. Despite the write-down, Shell, in collaboration with its partners Qatar Energy and Namcor, remains committed to exploring commercial options and further opportunities within PEL 39. Since

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Corporate News International Oil

Dangote Refinery Expands Crude Oil Storage with New Tanks

Dangote Petroleum Refinery is increasing its crude oil storage capacity by constructing eight additional tanks, boosting storage by 6.29 million barrels, equivalent to 1 billion liters, according to Africa Report. The $20 billion refinery is stockpiling imported crude oil due to the unreliability of local supplies. Officials from the refinery emphasized that inadequate crude deliveries from the Nigerian National Petroleum Corporation (NNPC) have necessitated a greater reliance on imports. The addition of eight tanks will

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International Corporate News Gas

BP Advances Drilling Projects at Raven Gas Field and Mediterranean Exploration

BP has successfully drilled two new wells at the Raven gas field, the Ministry of Petroleum and Mineral Resources announced. The Valaris DS-12 drilling vessel, which commenced operations in the second half of 2024, completed the drilling ahead of schedule. Offshore installation work is currently underway to connect the new wells to the production network, with production expected to begin in February 2025—three months earlier than initially planned, thanks to an accelerated drilling and installation

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Corporate News International Oil

Seplat Energy Revives Nigeria’s Oil Industry with ExxonMobil Asset Acquisition

Seplat Energy Plc has launched an ambitious plan to revive hundreds of dormant oil wells in Nigeria following its $1.28 billion acquisition of ExxonMobil’s onshore oil and gas assets in Africa’s largest oil-producing nation. Currently, only about 200 of Seplat’s 600 oil wells are operational. However, with the addition of ExxonMobil’s assets, Seplat aims to reactivate hundreds of idle wells, significantly boosting production. The company projects an increase in output from approximately 50,000 barrels per

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International Corporate News Gas Oil

Libya’s Chadar Field Begins Operations, Boosting Oil and Gas Output

Libya’s National Oil Corporation (NOC) announced that its subsidiary, Zallaf for Oil and Gas, has commenced production at the Chadar field, marking a significant addition to the country’s energy sector. The Chadar field is now producing over 7.5 million cubic feet of associated gas daily, alongside 1,500 barrels of crude oil. On its first day of operations, the field contributed to Libya’s total oil production, pushing it to just over 1.4 million barrels per day

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Corporate News International News Oil

Shell Approves Final Investment Decision for Nigeria’s Bonga North Deepwater Project

Shell, through its Nigerian subsidiary, has finalized its decision to invest in the Bonga North Deepwater Development project in Nigeria. Located within an extension of the active Bonga field in Oil Mining Lease (OML) 118, the project is designed to sustain production at the Bonga facility, with first oil expected by 2030. The development aims to achieve a daily production target of 100,000 barrels of oil and includes 16 wells—eight oil production wells and eight

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Corporate News Diamonds International

Alrosa Deputy CEO Vladimir Marchenko Steps Down for New Industry Role

Alrosa’s deputy CEO, Vladimir Marchenko, is stepping down from his role to pursue a new opportunity within the diamond industry. Marchenko joined Alrosa in 2017 as vice president of production for Africa and South America, before being promoted to deputy CEO in 2018. In his tenure, Marchenko led key projects in Africa, including efforts to identify new diamond deposits in Zimbabwe. He also currently heads the Russia-Zimbabwe Business Council (RZBC). Alrosa CEO Pavel Marinychev praised

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Corporate News Diamonds International

Alrosa Forecasts Diamond Market Stabilization Amid Falling Inventories

Alrosa predicts that supply and demand for rough and polished diamonds will balance out in the coming months as midstream inventory levels decline. Sergey Takhiev, Alrosa’s head of corporate finance, highlighted strong demand for jewelry and a reduction in diamond-mining capacity—down by up to 20% from 2018-2019 levels—will drive price growth. He also pointed to the rapid rise of online jewelry sales, which has allowed jewelers to reduce inventory requirements. “The normalization of inventories has

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Corporate News Gas International

BP and Kosmos Energy Launch Gas Production from Greater Tortue Ahmeyim Project

BP Plc and Kosmos Energy Ltd. have commenced gas production from offshore fields in Senegal and Mauritania as part of the Greater Tortue Ahmeyim (GTA) project. The $4.8 billion initiative aims to produce approximately 2.3 million tons of liquefied natural gas (LNG) annually during its first phase. The project involves wells drilled in deep waters, reaching depths of up to 2,850 meters, with gas directed to a floating storage vessel for processing. On December 31,

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