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International News Oil Petroleum

Dangote Refinery to Set Petrol Prices in Nigeria Starting October

Starting in October, Dangote Petroleum Refinery will begin setting petrol prices in Nigeria, moving away from government regulation. Reports indicate that the federal government plans to allow the refinery to determine its own gasoline prices, effective Thursday. “Nigeria will let Dangote set gasoline prices for petroleum marketers starting next month,” sources told Bloomberg. “Petrol marketers will soon be able to purchase directly from the Dangote Refinery.” Temitope Ajayi, Senior Special Assistant to the President on

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International Gas News

HBS International Invests $65 Million to Boost Egypt’s Natural Gas Production

HBS International, a Tunisia-based oil and gas company, is investing $65 million this year to enhance natural gas reserves and production in Egypt’s Western Desert, particularly in the southwest El Alamein area. This investment aims to increase the company’s natural gas output in Egypt by approximately 167% by October, reaching 40 million cubic feet per day, up from the current 15 million cubic feet daily. In response to fuel demands for power plants, the Egyptian

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International Energy News Oil

Egypt and TotalEnergies Discuss Strategic Energy Partnerships and Investment Opportunities

Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, recently met with senior officials from French energy giant TotalEnergies. The delegation included Thomas Strauss, Managing Director of TotalEnergies Marketing Egypt, and Pascal Breant, Managing Director of TotalEnergies E&P in Egypt. The meeting focused on TotalEnergies’ activities in Egypt and their plans concerning the recent EGAS bid for 2024, which seeks to explore and develop oil and gas in 12 sectors across the Mediterranean and the

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Oil International News Petroleum

South Sudan and CNPC Explore New Oil Pipeline through Ethiopia to Boost Exports

South Sudan and China National Petroleum Corporation (CNPC) are negotiating the construction of a new oil pipeline through Ethiopia to Djibouti, aimed at enhancing South Sudan’s export capacity. This development follows South Sudanese President Salva Kiir’s visit to China, where he met with CNPC officials to discuss reforms in South Sudan’s oil sector. These reforms include improving oil production by establishing a new refinery and expanding distribution networks. During his visit, President Kiir also participated

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International Gas News

UTM Offshore Ltd. Secures Approval for Nigeria’s First Floating LNG Facility

UTM Offshore Ltd. has received approval to build Nigeria’s first floating liquefied natural gas (LNG) facility, five years after its initial proposal. The Nigerian Midstream and Downstream Petroleum Regulatory Authority issued a license-to-construct for the LNG project, which has a capacity of 2.8 million metric tons per year. Farouk Ahmed, head of the regulatory agency, noted that the approval represents a significant milestone and supports the government’s gas expansion goals. Nigeria, Africa’s leading crude oil

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International Gas News

Mozambique’s Buzi Block Set to Begin Natural Gas Production by 2026

The onshore Buzi block in Sofala province, Mozambique, is projected to start natural gas production by 2026, with plans to power a thermoelectric plant in the region. Rudêncio Morais, research and production administrator at the National Hydrocarbons Company (ENH), revealed that assessment activities are underway to finalize the development plan, expected to be submitted to the government by the end of 2024. Morais shared this information during the II Indonesia-Africa Forum in Bali, highlighting the

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International News

Russia Seeks Deeper Involvement in Nigeria’s Hydrocarbon Market

Russia has expressed interest in expanding its role in Nigeria’s hydrocarbon industry, offering its expertise in offshore seismic surveys and hydrocarbon exploration. This interest coincides with Nigeria’s plans to establish mobile LNG filling stations. Weyinmi Eribo, Director General of Nigeria’s Women Chamber of Commerce, Industry, Mines, and Agriculture, emphasized that a partnership with Russia could greatly benefit Nigeria due to Russia’s advanced technology and extensive experience in the energy sector. She shared her insights during

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International Oil

OPEC+ Delays Oil Supply Increase, Extends Production Cuts

The Organization of the Petroleum Exporting Countries and its allies (OPEC+) have delayed their planned increase in oil supply, originally expected in October 2024. According to new data from the organization, an increase in cumulative crude oil production is anticipated. OPEC+ plans to inject around 180,000 barrels per day (b/d) into the oil market by December 2024. In the meantime, the voluntary production cuts currently implemented by Saudi Arabia, Russia, Iraq, the United Arab Emirates,

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International Oil Petroleum

Major Oil Discovery Announced in Egypt’s Western Desert

Khaleda Petroleum Company, representing Apache Corporation and the Egyptian General Petroleum Corporation, has announced a significant oil discovery in the West Fayum-I area of the Kalabsha development zone, located in Egypt’s Western Desert. The company disclosed that during a well test, they drilled 270 feet into Paleozoic sands, leading to the discovery of 23 million cubic feet of associated gas. Electrical logs confirmed petroleum indicators within the Paleozoic formation, revealing a total net thickness of

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International Oil Petroleum

Dangote Refinery Set to Begin Fuel Sales After Multiple Delays

The long-awaited Dangote fuel is set to hit the market soon. The 650,000-barrel-per-day refinery is expected to start selling Premium Motor Spirit (PMS), commonly known as petrol, to Nigerians in mid-September, following several missed deadlines. According to Punch newspaper, citing an anonymous source, the Dangote refinery is nearing the commencement of petrol sales. The source confirmed that the Dangote Group is finalizing arrangements for the distribution of the product. The Punch report also indicated that

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