Nigeria’s overall exports reach N26.79 trillion in 2022 thanks to a 46.41% increase in crude oil sales. The entire amount of commerce increased by 31.79%, from N39.75 trillion in 2021 to N52.39 trillion in 2022. Sales of crude oil reached N21.09 trillion in 2022, a 46.41% rise from N14.41 trillion in 2021. Crude oil constituted 78.74% of all exports in 2022. The National Bureau of Statistics reports that overall exports for 2022 increased by 41.72%,
THE ADOPTION OF A MORE RIGOROUS APPROACH IN THE CALCULATION AND FOLLOW-UP OF THE DEBT OWED TO OIL TANKERS HAS MADE IT POSSIBLE TO REDUCE THE COST BY +/- 70 MILLION USD FOR THE BENEFIT OF THE PUBLIC TREASURY OF THE DEMOCRATIC REPUBLIC OF CONGO IN ONE YEAR. These details were provided by the Acting Minister of the National Economy, Nicolas Kazadi, during the weekly meeting of the Council of Ministers held on Friday March
At least 14,000 Nigerian residents from the oil-producing Niger Delta region have filed a compensation claim against Shell, saying that oil spills resulting from the oil giant’s operations have destroyed farms, contaminated drinking water, and harmed aquatic life. The case follows a ruling by the UK’s Supreme Court in 2021 that denied the Nigerians’ application to sue Shell in the UK – but ruled that there was a “good arguable case” that the company’s parent could owe the communities a duty of
Light oil has been discovered 270 kilometres (km) off the coast of Namibia, according to the National Petroleum Company of Namibia (NAMCOR) and its partners in the Jonker-1X deep-water exploration project, Shell and Qatar Energy. The well was drilled in Orange Basin Block 2913A in 2914B (PEL 0039). The drilling process started in December 2022 and was successfully finished in early March 2023. Namibia, an OPEC member Angola’s southern neighbor, might become another oil producer
West and southern Africa Ministers responsible for climate change have visited the German Bundestag in Berlin as part of a inter-ministerial meeting to round-off a decade of climate partnership between Africa and Germany through the West African Science Service Centre on Climate Change and Adapted Land Use (WASCAL) and the Southern Africa Science Service Centre on Climate Change and adapted land management (SASSCAL) Among the key issues discussed were the success stories of the two
Russian oil flows are increasingly moving in an eastern direction, while fuels produced in the East will move in a western direction, Vitol’s chief executive Russell Hardy said at an industry event. “It’s going to go further and longer distances and find different markets, and in doing that it’s going to have to trade at a discount,” Hardy said of Russian oil, as quoted by Reuters. “You’re beginning to see that with fuel coming east that would
Gem Diamonds has recovered an exceptional 122-carat D colour Type II white diamond at its 70%-owned Letšeng mine in Lesotho. This is the first diamond greater than 100 carats that the company has recovered this year. It only recovered four diamonds greater than 100 carats in 2022 from six in 2021, which was lower than the 14-year average of eight. This impacted the overall revenue generated last year. Gem sold 107 498 carats in 2022
Construction of the Total Energies gas liquefaction plant in Cabo Delgado, Mozambique, will resume in July. According to the executive director of Saipem (Italian engineering company Saipem), Alessandro Puliti, quoted by the specialized portal for the oil sector Upstream, the restart of the project will be done gradually from July this year. Alessandro Puliti was speaking during an internet intervention (“webcast”) held last week to present the results for the fourth quarter of 2022 to
BB Energy Group, a leading independent energy trading company, has invested in Gasmeth Energy Global, a company focused on the responsible extraction, processing, and distribution of methane gas from Rwanda’s Lake Kivu The naturally-occurring gas from the Lake will be separated from the waters and processed into compressed natural gas (CNG), a non-fossil biogas, to replace conventional fuels. The CNG will substitute gasoline, diesel, and coal across the transport, industrial, and power generation sectors in Rwanda. The
Vivo Energy, a major pan-African retailer and distributor of fuels and lubricants, and Engen, which boasts around 1,300 service stations across the continent, have combined their respective African businesses to create one of the largest energy distribution companies in Africa The new group will have more than 3,900 service stations and more than two billion litres of storage capacity across 27 African countries. Petronas will sell its 74% shareholding in Engen to Vivo Energy at completion,
