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International News Oil

Libya’s NOC Surpasses Oil Production Target, Eyes Future Growth

The National Oil Corporation (NOC) has announced that daily crude oil production has exceeded its annual target, reaching an impressive 1,405,609 barrels of crude oil, alongside 52,633 barrels of condensates. This milestone highlights the unwavering dedication and resilience of workers at production sites across the nation, despite challenges such as delays in approving the 2024 budget. In a statement celebrating the achievement, the NOC credited the collaborative efforts of its workforce and partners and outlined

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Oil International News

Dangote Refinery Expands Petroleum Exports to Africa and Europe

Nigeria’s Dangote Petroleum Refinery has expanded its petroleum export operations to include Cameroon, Ghana, Angola, and South Africa. The announcement was made by Devakumar Edwin, Vice President of Oil and Gas at Dangote Industries Limited, during a visit from a delegation of Japanese business leaders to Nigeria. Edwin highlighted a recent partnership with Cameroon’s Neptune Oil, enabling the export of petroleum products to the Central African nation. In addition to its growing African market presence,

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Oil International News

Eni Accelerates Second Phase of Production at Ivory Coast’s Baleine Field

Italy’s energy giant, Eni, announced the launch of the second phase of oil and gas production at Ivory Coast’s offshore Baleine field on Saturday. This milestone comes ahead of the originally scheduled start date set for late 2024. Discovered by Eni in September 2021, the Baleine field began production in August 2023. The newly commenced second phase boosts output to 60,000 barrels of oil per day (bbl/d) and 70 million standard cubic feet of associated

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International Corporate News Oil

Noble Corporation Secures $171 Million Drilling Contract with Tullow Ghana

Offshore drilling contractor Noble Corporation has secured a $171 million contract with Tullow Ghana to deploy its Noble Venturer drillship for exploration services in the West African nation. Under the 360-day contract, the Noble Venturer will drill six wells starting in May 2025. The first two wells are scheduled for completion within 120 days, followed by a maintenance period for the drill rig until the end of 2025. The remaining four wells are set to

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International Gas News Oil

Namibia’s Mines Minister Calls for Strategic Planning to Maximize Oil and Gas Benefits

Namibia’s recent oil and gas discoveries in the Orange Basin present a tremendous opportunity for economic transformation, but Minister of Mines and Energy Tom Alweendo warns that deliberate preparation and strategic planning are essential for turning potential into reality. Speaking at the launch of the Industrial Baseline Survey (IBS) Outcomes for Namibia’s upstream oil and gas (O&G) industry, Alweendo emphasized that economic benefits won’t materialize automatically. “Just because there’s a discovery doesn’t mean we’ll instantly

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International News Oil

Namibia Emerges as a Global Oil and Gas Exploration Powerhouse

Namibia is set to solidify its position as a key player in global oil and gas exploration, with four rigs preparing to commence drilling wells valued at $100–200 million each in the Orange Basin. These high-stakes operations are expected to begin within the week. Simran Bandal, Subsurface Senior Analyst at Wood Mackenzie, emphasized the potential of these developments to elevate Namibia’s standing in the global energy sector. The Orange Basin has already proven its promise

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International Oil

Helix Q7000 Docks in Namibia Ahead of Brazil Decommissioning Campaign

The Helix Q7000, a purpose-built DP3 semi-submersible vessel owned by U.S.-based offshore energy services provider Helix Energy Solutions, has arrived at Namibia’s Port of Walvis Bay as part of its preparations for an upcoming decommissioning project in Brazil’s Campos Basin. The vessel docked on December 16, 2024, and is scheduled to remain at the port for approximately ten days. During its stay, critical maintenance operations will be conducted, including hull cleaning to remove marine growth

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International Renewable Energy

AfDB Launches $10 Million Initiative to Boost Climate Tech in Sub-Saharan Africa

The African Development Bank (AfDB) has made a groundbreaking $10 million investment from its Sustainable Energy Fund for Africa (SEFA) into the Persistent Africa Climate Venture Builder Fund (ACV Fund). This initiative seeks to accelerate climate technology entrepreneurship across Sub-Saharan Africa, potentially unlocking up to $70 million in funding for climate-focused ventures. The ACV Fund will target early-stage businesses in key sectors, including solar energy, energy efficiency, electric mobility, agricultural technology, and the circular economy.

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International Gas News

BP and XRG Launch Arcius Energy, a Global Natural Gas Venture

BP and XRG have successfully completed the financial close and launched Arcius Energy, an international natural gas platform. Announced in February 2024, the joint venture is owned 51% by BP and 49% by XRG, the investment arm of ADNOC. The partnership leverages the technical expertise and extensive experience of both companies to establish a competitive and robust natural gas portfolio. Arcius Energy’s initial operations will focus on Egypt, incorporating BP’s interests across two development concessions

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Corporate News International Oil

Nigeria Approves Shell Asset Sale to Renaissance Africa Energy Consortium

Renaissance Africa Energy Company Limited has announced ministerial approval for its acquisition of Shell Petroleum Development Company’s onshore oil assets in Nigeria. In January 2024, Shell agreed to sell its Nigerian onshore oil assets to Renaissance Africa for over $1.3 billion, subject to regulatory clearance. The assets include an estimated 6.73 billion barrels of oil and condensate reserves, along with 56.27 trillion cubic feet of associated and non-associated gas reserves. Renaissance Africa is a consortium

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