Africa’s leading oil producers are seeking to increase their market share on the back of rising upstream investment and efforts to enhance production at existing fields. While output remains limited – with several African member countries falling below their OPEC production quotas – 2023 saw multiple discoveries made and new developments come online, which could serve to increase production baselines. In its “Monthly Oil Market Report,” OPEC highlights Africa’s top oil producers and sheds light
Dangote Oil Refining Company has received another 1 million barrels of oil from Shell International Trading and Shipping Company Limited (STASCO), as it plans to commence production of petroleum products. This shipment arrives two weeks after the receipt of the initial cargo, which consisted of one million barrels from NNPCL. The latest cargo, which sailed to the facility’s Single-Point Mooring (SPM) has increased total deliveries to about two million barrels. This oil batch constitutes a
Namibia has been announced as the host country of the inaugural Global African Hydrogen Summit next September. According to the Namibia Investment Promotion and Development Board, the three-day summit will bring together global leaders, government officials, industry experts, project developers, investors and technologists to drive investments into bankable hydrogen and green energy projects. Green hydrogen is expected to play a crucial role in the global energy transition, particularly in hard-to-abate sectors like steel manufacturing and
Home to 39% of global renewable energy potential, Africa’s green energy sector offers lucrative opportunities for foreign companies and developers looking to diversify their portfolios, in line with COP28 commitments. For the Middle East, the African continent offers Gulf countries the ability to establish themselves as renewable energy market leaders, while exercising technical expertise and generating returns on investment. Africa is only beginning to understand the full potential of its renewable energy resources. The African
TotalEnergies has expressed its readiness to invest six billion dollars in Nigeria’s oil and gas sector, focusing on natural gas and offshore projects. This follows a recent meeting in Abuja between Nigerian President, Bola Ahmed Tinubu, and TotalEnergies CEO, Patrick Pouyanné. Since his inauguration last May, President Tinubu has been active in implementing reforms aimed at attracting foreign investment, particularly in the upstream sector. For TotalEnergies, Nigeria accounts for 8-10% of the French major’s global
The Republic of Congo and Nigeria, Africa’s leading oil producers and members of the Organization of the Petroleum Exporting Countries (OPEC), have affirmed their commitment to efforts by OPEC and OPEC+ and its member countries to stabilize the global oil market in 2024 and beyond. During the 36th OPEC and non-OPEC Ministerial Meeting held in November, the organization and its member countries, reached an agreement with participating countries over the production quota for 2024. As
Following Angola’s decision to exit the OPEC oil cartel, Nigeria and Congo have reaffirmed their commitment to the Saudi-led oil producer group, which has been actively seeking support for additional output cuts to boost prices. Africa’s biggest oil producers, Nigeria and Angola, were among several countries given lower output targets for 2024 after years of failing to meet the previous ones, Reuters reported. On Thursday, Angola announced its exit from OPEC, citing that the organization
The African Energy Chamber (AEC) congratulates UTM Offshore, the Nigerian National Petroleum Company (NNPC), and the Delta State Government on the signing of a groundbreaking shareholders agreement in Abuja on Tuesday 11th December, to develop Nigeria’s first Floating Liquefied Natural Gas (FLNG) project. In line with the AEC’s commitment to African resource sovereignty, this partnership marks a significant step towards eliminating energy poverty and advancing the continent’s gas monetization agenda. Notably, the UTM FLNG project
At least eight people were killed and 84 injured after a blast at an oil terminal in Guinea’s capital, Conakry, early on Monday, a senior police officer said. The officer added that the blaze was being contained. A huge fire and billowing black smoke were captured on video shot from a distance as firefighters rushed to the area. Several tanker trucks left the depot, escorted by soldiers and police. The explosion at the West African
Diamond miner Petra Diamonds is implementing a series of changes to streamline and enhance the efficiency of its board in 2024. Upon the implementation of these changes, Petra’s board will shrink from eight to seven directors, down from ten directors just before the company’s annual general meeting in November. Petra emphasizes that these adjustments, though modest, are integral to the ongoing cost-saving initiatives being executed across the group. They aim to provide increased flexibility in
