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Oil International News

Nigeria Starts allocation of new oil blocks

On Tuesday, May 14, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced the start of the 2024 oil block licensing round. The Chief Executive of NUPRC, Gbenga Komolafe, announced this at the Miami, Florida, International Roadshow for the 2024 licensing round, hosted by the NUPRC, in collaboration with the Petroleum Technology Association of Nigeria (PETAN). The commission said the 2024 block licensing round would last for approximately nine months. Mr. Komolafe, while unveiling the bidding

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International News Oil

Nigeria on the Verge of Ending Petrol Imports Thanks to Dangote Refinery

Aliko Dangote, Chairman of the Dangote Group, announced that Nigeria will soon stop importing premium motor spirit (PMS), or petrol, due to the strategic initiatives of the Dangote Refinery. Speaking at the Africa CEO Forum Annual Summit in Kigali, Dangote revealed that the refinery has already commenced the supply of diesel and aviation fuel within Nigeria. Dangote confidently stated that the refinery has the capacity not only to meet the diesel and petrol needs of

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International Gas News

Algeria Targets Leading Position in Green Hydrogen Exportation

Algeria is crafting a comprehensive energy roadmap to significantly boost renewable power generation and position itself as a leading exporter of green hydrogen, according to Oil Minister Mohammed Arkab. Speaking at an economic seminar in Italy on Friday, Arkab outlined Algeria’s ambitious plan to increase renewable energy power generation to 15,000 megawatts (MW), which will constitute nearly 30 percent of the country’s total energy mix by 2035. Arkab, as quoted by Elkhabar and other Algerian

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International Gas News

Republic of Congo to Launch National Gas Company

Congolese Hydrocarbons Minister Bruno Jean-Richard Itoua shared plans to establish a national gas company by Q3 2024 at the Invest in African Energy forum, organized by Energy Capital & Power. Minister of Hydrocarbons of the Republic of Congo (ROC) Bruno Jean-Richard Itoua shed light on the country’s oil and gas development plans on Wednesday, as the Invest in African Energy forum in Paris came to a close. The Minister confirmed that the government is prioritizing

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International News Oil

Senegal Nears First Oil Production from Sangomar Field

First oil production from Senegal’s Sangomar oilfield is expected to commence within days, according to the national oil company, Petrosen. Representing Senegal’s first offshore oil development, the project aims to produce 100,000 barrels per day (bpd). Speaking at the Invest in African Energy Forum in Paris, Petrosen’s Director General, Thierno Seydou Ly, stated, “We started development in 2020, and today, we are around 97% complete. We expect first oil in the coming days. This will

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International News Oil Petroleum

Nigeria: Shell Must Be Fully Accountable for Human Rights Abuses Before Selling Niger Delta Assets

Amnesty International urges that any sales approval process for Shell’s business in Nigeria must be comprehensive and involve safeguards to protect human rights. Reacting to the Nigerian oil industry regulator’s offer to fast-track sales approvals for oil companies selling their businesses, Isa Sanusi, Amnesty International Nigeria Director, emphasized the need for Shell to be held accountable for its long history of human rights abuses in the Niger Delta. “With Shell currently seeking regulatory approval for

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International News Oil Petroleum

Top 10 African countries with the lowest fuel prices in May 2024

Low fuel prices in Africa creates the necessary cushion needed to relief an already financially stressed economic situation. In many African countries fuel costs influence many aspects economy, and as such must be regulated. The lower the better, as energy cost directly empowers businesses and its consumers. In many African nations, high transportation costs can exacerbate poverty by limiting access to fundamental goods and services such as food, healthcare, and education. Lower fuel costs can

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International News Oil

IEA Lowers Global Oil Demand Forecast Amid European Slowdown

The International Energy Agency (IEA) announced a downward revision in global oil demand forecasts, primarily attributed to reduced demand in Europe. The latest monthly report on the oil market projects a smaller increase in global demand for 2024, with estimates now at 1.1 million barrels per day, down by 140,000 barrels compared to the previous month, totaling 103.2 million barrels per day. However, the forecast for 2025 shows a slight uptick in growth, reaching 104.5

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Diamonds International News

Petra Diamonds’ Sixth Tender Cycle Generates $44 Million Amid Seasonal Weakness

Independent diamond miner Petra Diamonds reported $44 million in revenue from its sixth tender cycle for the 2024 financial year, selling 371,000 carats. CEO Richard Duffy noted that like-for-like prices were down 2.6% from Tender 5, reflecting a seasonally quiet period with muted demand due to Indian holidays and the slow recovery of the Chinese market. “We continue to see evidence of market stabilization and are cautiously optimistic that demand and pricing will improve towards

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Diamonds International News

Anglo American Considers IPO for De Beers, Eyes London Listing

Anglo American is exploring an initial public offering (IPO) of its diamond business, De Beers, with London being the preferred venue, according to sources familiar with the matter. These discussions are still in early stages, and the individuals spoke on condition of anonymity due to the private nature of the plans. The potential listing was revealed as Anglo American announced its broader strategy for a possible break-up through a demerger or sale of some assets.

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