Aliko Dangote, the Nigerian industrialist behind the country’s first private oil refinery, is now expanding into crude oil exploration. Initially scheduled for late 2024, the launch of Dangote’s oil production is now set to begin in 2025, according to a report by S&P Global Commodity Insights. The report highlights that production at Dangote’s two oil properties, located in the Niger Delta’s Oil Mining Leases (OMLs) 71 and 72, will commence at around 20,000 barrels per
In an effort to rejuvenate its ailing oil production infrastructure, Nigeria is partnering with South Korea to build several oil refineries across the country. For decades, Nigeria has been heavily reliant on imported petroleum products, but the recent launch of the Dangote refinery marks a significant shift in the nation’s energy landscape. A consortium of South Korean investors has finalized a deal with the Nigerian government to construct four refineries, according to The Punch. Heineken
Belemaoil Producing, a Nigerian independent oil producer, has successfully resumed operations at its Oil Mining Lease (OML) 55 after a three-year suspension caused by damage from theft. In February 2015, Belemaoil acquired OML 55 from Chevron Corp. The lease is located about 40 km west of the Bonny oil export terminal, in a swampy to shallow water region. Operations were halted in 2021 due to extensive oil theft along the delivery line to the Bonny
Monitor Exploration Ltd. (MEL), through its subsidiary Mel Oil and Gas Exploration Namibia (MELN), has entered a partnership with Exito Energy Resources to boost exploration activities within Exito’s Petroleum Exploration Licence (PEL) 105 in Namibia’s Owambo Basin. The collaboration aims to combine the expertise and resources of both companies to unlock the hydrocarbon potential in the region. The partnership will focus on integrating remote sensing data with existing gravity, magnetic, geochemical, and passive seismic information
DanAon Energy (Pty) Ltd., a Namibian-owned solar energy company, is advancing plans to build a 40 MW photovoltaic (PV) solar plant in Gibeon, located in Namibia’s Hardap Region. The project is pending approval from the Electricity Control Board of Namibia and an Environmental Clearance Certificate (ECC). The proposed solar park will span 40 hectares and is expected to significantly reduce Namibia’s dependence on traditional energy sources while boosting renewable energy production. The project will feature
Rhino Resources Namibia Ltd. has secured approval from Namibia’s Ministry of Environment, Forestry, and Tourism for an Environmental Clearance Certificate (ECC), allowing the company to drill 10 exploration and appraisal wells off the southern coast. The drilling campaign will be conducted in License Block 2914A and is set to begin in the fourth quarter of 2024, with an expected investment of N$1.8 billion (US$94 million) into the local economy. The project will include related exploration
Neosun Energy has secured a contract to design and build a 998 kWp grid-tied solar photovoltaic (PV) plant for Dayizenza Mall in Nelspruit, South Africa, furthering its commitment to sustainability and reducing carbon emissions. “The solar power plant is expected to achieve monthly electricity savings of over 50-60% throughout its operational life, delivering both environmental and financial benefits. With a lifespan of more than 40 years, the project highlights Dayizenza Mall’s dedication to minimizing its
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the availability of 220 acreages for exploration and investment in Nigeria’s oil and gas sector. In this context, “acreages” refers to specific tracts of land offered for exploration, drilling, or production activities. These areas can be leased or sold to companies interested in extracting natural resources. The Nigerian government also reiterated that 31 oil blocks are currently open for investment, encouraging both domestic and international investors
Petrobras has received board approval to acquire a 10% stake in South Africa’s Deep Western Orange Basin (DWOB) block from TotalEnergies. The DWOB block is located in deep waters of the Orange Basin, an area where significant oil discoveries have recently been made by TotalEnergies, Shell, and Galp. Following the acquisition, Petrobras will hold a 10% stake in the DWOB block, joining a consortium led by TotalEnergies (40% and operator), along with QatarEnergy (30%) and
Nigeria’s newly launched naira-for-crude initiative is now in effect, allowing crude oil to be sold to the Dangote refinery and other refineries in naira. In return, the Dangote refinery will supply petrol (PMS) and diesel of equivalent value to the domestic market, also priced in naira. The Minister of Finance, Wale Edun, confirmed the policy’s launch in a statement on Saturday, October 5, 2024. He highlighted that this initiative marks a significant step toward stabilizing
