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Category: International

Oil Gas International

Algeria Launches ‘Algeria Bid Round 2024’ to Attract Global Oil and Gas Investment

Algeria’s National Agency for the Valorisation of Hydrocarbon Resources (ALNAFT) has initiated the “Algeria Bid Round 2024,” an international tender offering new opportunities in upstream oil and gas projects, according to local reports. ALNAFT Chairman Mourad Belghem announced the tender at the 12th Africa and Mediterranean Basin Energy and Hydrogen Conference and Exhibition (NAPEC 2024) in Oran. This bid round, the first of several planned over the next five years, will open exploration and production

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International News Oil

Offshore Oil Drilling Ramps Up in Namibia with Arrival of Saipem’s Drillship

A new phase of offshore oil drilling is kicking off in Namibia as Saipem SpA’s Santorini drillship arrives at the “Mopane” site, an area marked by a previous discovery from Galp Energia SGPS SA. The drillship, with a destination listed as “Mopane,” reached the field early on Wednesday, October 23. Namibia is set to host at least four drilling campaigns by the end of the year, including projects from oil giants TotalEnergies SE and Chevron

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International Corporate News Oil Petroleum

NNPC’s Nigerian Refineries Face Diesel Sulfur Compliance Hurdles Amid Turnaround Maintenance

NNPC Ltd’s three refinery complexes in Nigeria, currently undergoing extensive turnaround maintenance (TAM), are not expected to meet the diesel sulfur content regulation limit of below 1,500 parts per million (ppm) upon their commissioning. This exceeds even local regulatory standards for sulfur levels in diesel, reflecting challenges in bringing the government-operated refineries in line with cleaner fuel standards. The NNPC-operated refineries are located in Port Harcourt, Warri, and Kaduna and have been under rehabilitation since

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International Energy Gas

Dangote Cement Commits $280 Million to Nigeria’s Clean Energy Future with CNG Fleet Transition

Dangote Cement Plc has underscored its commitment to Nigeria’s clean energy goals by investing over $280 million (₦460 billion) in compressed natural gas (CNG) technology and infrastructure. This substantial investment supports President Bola Ahmed Tinubu’s CNG Initiative, designed to guide Nigeria toward a low-carbon economy and provide more sustainable, cost-effective energy solutions. Arvind Pathak, Group Managing Director of Dangote Cement Plc, stated that the investment focuses on transitioning the company’s fleet to CNG, with plans

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International News Oil Petroleum

Financing Challenges Prompt Increased Investments in East African Crude Oil Pipeline

The East African Crude Oil Pipeline (EACOP), a joint project between Tanzania, Uganda, and major external stakeholders TotalEnergies and China National Offshore Oil Corporation (CNOOC), is facing significant financing hurdles. Originally set up to transport oil from Uganda’s Lake Albert reserves to Tanzania’s Tanga port, this $5 billion project has seen its two primary foreign investors step in with additional funding due to debt-financing constraints. The project has attracted criticism from environmental groups and parts

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Diamonds International News

Gem Diamonds Reports Strong Revenue Growth from Letšeng Mine

London-listed Gem Diamonds, operating the Letšeng diamond mine in Lesotho, generated revenues of $42.7 million from the sale of 26,627 carats of diamonds in the quarter ending September 30. This marks a significant increase from the $34.8 million generated from the sale of 24,422 carats in the previous quarter, which ended on June 30. The average price achieved for diamonds during the recent quarter was $1,603 per carat, up from $1,424 per carat in the

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Diamonds Corporate News International

De Beers Adapts Production and Launches Diamond Authentication Amid Market Challenges

Diamond mining giant De Beers has maintained its full-year production forecast of 23-26 million carats but is evaluating options with partners to scale down production as the midstream sector holds unusually high inventory levels, and demand recovery remains slow. In its third-quarter production and trading report for the period ending September 30, De Beers highlighted challenging trading conditions due to elevated inventory in the midstream and continued weak consumer demand in China. In response, the

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International News Oil Petroleum

Nigeria Moves Closer to Self-Sufficiency in Petrol Production Amid Declining Imports

Nigeria appears to be on track to achieving self-sufficiency in petrol production, as recent data reveals a significant decline in the volume of Premium Motor Spirit (PMS) imported in October 2024. This decline follows an increase in PMS production at the Dangote refinery, particularly during the first two weeks of the month. According to a ship-tracking report from S&P Global Commodity Insights obtained by Nairametrics, Nigeria imported 280,400 barrels of gasoline and blend stock during

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International Corporate News Oil Petroleum

Dangote Refinery Seeks Cancellation of Import Licenses to Protect Domestic Production

Dangote Petroleum Refinery and Petrochemicals FZE has filed a lawsuit with the Federal High Court in Abuja, seeking to annul the import licenses granted to the Nigerian National Petroleum Corporation (NNPC), Matrix Petroleum Services, A. A. Rano, and four other oil companies. According to Nairametrics, these licenses permit the companies to import refined petroleum products, but Dangote contends that it produces sufficient quantities of these products to meet local demand, negating the need for imports.

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Oil International Petroleum

Nigeria’s Fuel Supply Challenges Despite Dangote Refinery’s Operations

Despite the operation of Nigeria’s largest single-train refinery, the Dangote refinery, marketers continue to rely heavily on imported premium Motor Spirit, commonly known as petrol. Although the Dangote refinery has asserted that it can meet the Nigerian market’s demands, local oil marketers have challenged this assertion. Recent findings by Punch revealed that at least four vessels transporting petroleum products were observed at the borders of Nigeria, contradicting claims that the Dangote refinery can supply the

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