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Category: International

Corporate News Gold International

Mali Seizes Barrick Gold’s Assets Amid Growing Tensions in Mining Sector

Mali has begun removing gold from Canadian mining giant Barrick Gold’s Loulo-Gounkoto mine using helicopters, according to four sources familiar with the situation. The operation, which started on Saturday, had transported approximately three metric tons of gold as of Monday, two sources told Reuters. One source estimated the value of the seized gold at $245 million. This dramatic move highlights escalating tensions in Mali’s mining sector as the government tightens its grip on resources, seeking

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Oil Corporate News International

Nigeria’s Rising US Oil Imports and the Dangote Refinery’s Impact on Global Crude Flows

In an uncommon move for an oil-producing nation, Nigeria—a significant net exporter of petroleum—imported 47,000 barrels of US crude oil per day in 2024. Experts attribute this shift to the operations of the Dangote Petroleum Refinery and changing global crude trade patterns. The emergence of the Dangote Petroleum Refinery, the world’s largest single-train refinery with a capacity of 650,000 barrels per day, has altered Nigeria’s crude supply dynamics. In 2024, the refinery turned to international

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Corporate News International

Namibia Stays Optimistic Amid Shell’s $400M Write-Down in Offshore Oil Exploration

The Namibian Ministry of Mines and Energy has announced that Shell will write down $400 million related to its oil discovery in Petroleum Exploration License (PEL) 39. The decision follows Shell’s accounting principles and reflects challenges in the commercial viability of the discoveries due to technical and geological factors. Despite the write-down, Shell, in collaboration with its partners Qatar Energy and Namcor, remains committed to exploring commercial options and further opportunities within PEL 39. Since

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Corporate News International Oil

Dangote Refinery Expands Crude Oil Storage with New Tanks

Dangote Petroleum Refinery is increasing its crude oil storage capacity by constructing eight additional tanks, boosting storage by 6.29 million barrels, equivalent to 1 billion liters, according to Africa Report. The $20 billion refinery is stockpiling imported crude oil due to the unreliability of local supplies. Officials from the refinery emphasized that inadequate crude deliveries from the Nigerian National Petroleum Corporation (NNPC) have necessitated a greater reliance on imports. The addition of eight tanks will

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International Corporate News Gas

BP Advances Drilling Projects at Raven Gas Field and Mediterranean Exploration

BP has successfully drilled two new wells at the Raven gas field, the Ministry of Petroleum and Mineral Resources announced. The Valaris DS-12 drilling vessel, which commenced operations in the second half of 2024, completed the drilling ahead of schedule. Offshore installation work is currently underway to connect the new wells to the production network, with production expected to begin in February 2025—three months earlier than initially planned, thanks to an accelerated drilling and installation

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Corporate News International Oil

Seplat Energy Revives Nigeria’s Oil Industry with ExxonMobil Asset Acquisition

Seplat Energy Plc has launched an ambitious plan to revive hundreds of dormant oil wells in Nigeria following its $1.28 billion acquisition of ExxonMobil’s onshore oil and gas assets in Africa’s largest oil-producing nation. Currently, only about 200 of Seplat’s 600 oil wells are operational. However, with the addition of ExxonMobil’s assets, Seplat aims to reactivate hundreds of idle wells, significantly boosting production. The company projects an increase in output from approximately 50,000 barrels per

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International Corporate News Gas Oil

Libya’s Chadar Field Begins Operations, Boosting Oil and Gas Output

Libya’s National Oil Corporation (NOC) announced that its subsidiary, Zallaf for Oil and Gas, has commenced production at the Chadar field, marking a significant addition to the country’s energy sector. The Chadar field is now producing over 7.5 million cubic feet of associated gas daily, alongside 1,500 barrels of crude oil. On its first day of operations, the field contributed to Libya’s total oil production, pushing it to just over 1.4 million barrels per day

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International News Oil

South Sudan Resumes Oil Production Following Export Route Reopening

South Sudan’s government has directed Dar Petroleum Operating Co. (DPOC) to restart oil production after Sudan reopened its crude export route. This development comes after months of disruption caused by a pipeline rupture and Sudan’s ongoing conflict. Oil exports from South Sudan had been reduced by half since February 2023 due to a pipeline rupture, triggered by a diesel shortage needed to dilute the crude. Crude oil accounts for over 90% of South Sudan’s revenue,

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International Gas Oil

Shell to Write Down $400 Million After Offshore Namibia Oil Discovery Deemed Unviable

Shell has announced it will write down approximately $400 million following its decision to deem an offshore oil discovery in Namibia commercially unviable. This setback deals a blow to the southern African nation’s ambitions to become a crude oil producer. The company informed Reuters that the oil and gas resources discovered in offshore block PEL39 “cannot currently be confirmed for commercial development.” Shell and its partners, QatarEnergy and Namibia’s national oil company, initially discovered hydrocarbons

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International Gas News Oil

Biden Bans New Offshore Oil and Gas Development, Defying Trump’s Future Plans

US President Joe Biden has announced a ban on new offshore oil and gas development along most US coastlines, a decision that could be difficult for President-elect Donald Trump, who has promised to boost domestic energy production, to reverse. The White House confirmed on Monday that Biden would use his authority under the 70-year-old Outer Continental Shelf Lands Act to protect federal waters off the East and West coasts, the eastern Gulf of Mexico, and

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