The British multinational oil and gas company, Shell has promised to aid Nigeria in resolving some of its energy crises. The company noted that it would help the Nigerian government use renewable energy sources to provide electricity for millions of Nigerians. A report by the Punch newspaper revealed that Shell has committed to assisting Nigerians in supplying electricity to millions of residents. The oil giants stated that they will provide Nigerians with off-grid energy sources
Helix Energy Solutions Group, an offshore energy service provider, has inked a deal with Esso Exploration and Production Nigeria (ESSO) for deepwater well intervention off the coast of Nigeria. Under the contract, Helix Energy will deploy its Q4000, a DP3 riser-based semi-submersible well intervention vessel, for operations in the Erha and Usan fields starting in September 2024. “We are delighted to secure this contract for the Q4000, aiming to enhance our partnership with Esso and
African energy stakeholders are advocating for diversified energy development that includes fossil fuels, despite Western demands for decarbonization. Speaking in London last week, a panel of energy firms and financial institutions called for an influx of global capital, technology and expertise in helping Africa to sustainably develop its resources, rather than dictating its resource development strategy. “The collaboration we need on a global level is coming together on the funding, knowledge and technology side –
As the continent’s largest trading partner, China has played an active role in harnessing Africa’s energy resources and developing critical infrastructure to date. As the country seeks to secure future energy supplies – as well as foster regional diplomacy in the Global South – China has expanded its stakes in strategic, integrated oil and gas developments across the continent. Uniting global investors, suppliers and service providers from the East and West, the Invest in African
OPEC+ plans to extend voluntary cuts in oil production until the second quarter, three sources from the organization told Reuters. According to the British news agency, two of the sources also said that the group could keep the cuts in force until the end of the year. Last November, the Organization of Petroleum Exporting Countries and allies led by Russia agreed to voluntary cuts totaling about 2.2 million barrels per day (bpd) for the first
The Republic of the Congo is preparing to make its first LNG shipment from its Tango FLNG facility. The cargo is currently being loaded and will be delivered to the Piombino regasification terminal in Italy in the coming days. The announcement was made by energy supermajor Eni on February 27 during a launch ceremony in Pointe Noire in the presence of the Republic of the Congo’s President Denis Sassou N’Guesso, Minister of Hydrocarbons Bruno Jean-Richard
82 illegal refineries in Nigeria were discovered and demolished between the 10th to 15th of February 2024. The Nigerian National Petroleum Company Limited (NNPCL) relayed that it uncovered these illegal operations in the south-south region of the country. Oil theft has been a major issue plaguing the country’s oil sector. Additionally, the NNPCL said on Tuesday that multiple sources had reported 223 instances during the previous week, according to a report from the Nigerian newspaper,
The price of oil is rising in major international markets due to fears of an increase in attacks on ships in the Red Sea. West Texas Intermediate (WTI), a reference for the United States, registered an increase of 0.44%, reaching 78.25 dollars per barrel. Meanwhile, North Sea Brent, crude oil traded in London and used as a reference for European imports, is rising 0.23%, reaching $83.22. Yemen’s Houthi rebels, supported by Iran, in retaliation for
Natural gas prices continued to fall, with a mild winter and an overproduction that caused producers in the American shale zone to try to reduce production, but oil companies that produce gas as a byproduct disrupted the plans. For commodity traders, the floor is likely around $1.50, with February prices now below $1.70 per cubic meter. This situation led Chesapeake Energy to announce in its earnings report earlier this week that it would scale back its drilling
São Tomé and Príncipe is poised to embrace a new era of sustainable energy with the launch of a cutting-edge photovoltaic plant set to produce 10 megawatts of energy. The project, unveiled last week, boasts a total investment of 60.7 million euros and enjoys co-financing from prominent entities including the World Bank, the African Development Bank, and the Bank of Japan. The Clean and Sustainable Energy Access Project, as announced by the director of the
