Nigeria is targeting the production of up to 1.5 million barrels of crude oil per day (bpd) in 2024, aligning with a production quota proposed for the country by the Organization of the Petroleum Exporting Countries (OPEC). The quota shows a 120,000 bpd increase from initial OPEC targets of 1.38 million bpd for Nigeria in 2024, however falls short of the country’s planned 1.78 million bpd for the year. OPEC’s proposed quota, aimed at ensuring a stable
De Beers will offer sightholders up to 20% less supply by value for 2024 due to declines in rough prices, market insiders told Rapaport News. The miner informed customers of their allocations on Friday ahead of the December sight, which takes place this week in Botswana, the sources said Monday December 4th on condition of anonymity. De Beers reviews the allotments every year, basing its decisions on clients’ past buying records as well as expected availability
Portuguese oil and gas company Galp has started drilling operations in the Mopane prospect complex, located in the southern area of the Petroleum Exploration License (PEL) 83 license in Namibia. Drilling kicked off with the spudding of the Mopane 2X well – the first of two wells set to be drilled in the license area. Galp is utilizing the Hercules semi-submersible rig, a sixth generation deepwater and harsh environment rig which operates in water depths
Oil prices held steady following a 2.0 percent decline last week, reflecting market skepticism regarding the potential impact of the new OPEC+ production cuts in reversing recent downturns. On the first day of the front-month contract, Brent futures for February delivery saw a modest rise of 16 cents, marking a 0.2 percent increase to reach $81.02 per barrel. Simultaneously, West Texas Intermediate (WTI) futures experienced a 0.33 percent increase, climbing 25 cents to $76.21. The
Nigeria’s Dangote Refinery is set to be publicly listed on the Nigerian Exchange Limited following the resolution of supply challenges. Announced by Aliko Dangote, CEO of project developer and operator the Dangote Group, the move to publicly list is centered on a broader strategy to increase the company’s valuation while generating positive investor interest in the facility. Launched in May 2023, the Dangote Refinery has the capacity to produce up to 650,000 barrels per day
Lucara Diamond Corp, under the new leadership of CFO Glenn Kondo effective January 1, anticipates a diamond output ranging between 345,000 and 375,000 carats in 2024, extracted from 3.6 to 4.6 million tonnes of ore. These figures align with the mine’s past operational performance. The company, operating the Karowe mine in Botswana, recently revised down its 2023 production guidance to a range of 395,000 to 405,000 carats, marking a slight adjustment from the initial estimate
Germany and Italy are set to collaborate on the construction of a hydrogen pipeline stretching from North Africa to southern Germany. German Chancellor Olaf Scholz and Italian Prime Minister Giorgia Meloni formalized this partnership through the signing of an Action Plan for Strategic Cooperation, reinforcing energy ties between the two nations. The plan outlines the intention to progress the construction of new gas and hydrogen pipelines connecting Germany and Italy via Austria or Switzerland, with
The West African Gas Pipeline Company – the limited liability company that owns and operates the West African Gas Pipeline (WAGP) – has commissioned the interconnected pipeline in Ghana to the Sentuo Oil Refinery project in Tema. First gas officially flowed from the Tema Regulating & Metering Station through the pipeline to the refinery project, representing a key step towards starting operations at the 120,000 barrel per day plant. “This will enable us to complete
Oil and gas supermajor, Eni, will invest $10 billion toward the development of the Baleine field offshore Ivory Coast. The investment will be made in three phases between 2023 and 2027 and will result in the production of 200,000 barrels of crude oil per day (bpd). Oil and gas production from the field began in late-August 2023, two years after the field’s discovery. Estimated to contain up to 2.5 billion barrels of oil and 3.3
Japanese Foreign Minister Yoko Kamikawa and her Mozambique counterpart, Veronica Macamo, have forged an agreement to collaborate on revitalizing the liquefied natural gas (LNG) development in Mozambique. Japanese entities have invested significantly in the Mozambique LNG project, known as the largest on the African continent. Unfortunately, construction faced interruptions due to escalated public unrest in Mozambique. During their meeting in Tokyo, Minister Kamikawa emphasized her commitment to deepening cooperation between their nations, aiming to “uphold
