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International News Oil

Nigeria Opens 220 Acreages for Oil Exploration as Investment Opportunities Rise

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

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International Corporate News Mergers & Acquisitions Oil Petroleum

Petrobras Acquires 10% Stake in South Africa’s Deepwater Oil Block from TotalEnergies

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

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Oil Economy International News

Nigeria’s Naira-for-Crude Initiative Begins to Boost Economic Stability

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

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International News Oil Petroleum

Dangote Refinery to Transform Africa’s Oil Market with Major Shift in Nigerian Crude

The Dangote oil refinery is preparing to process around 400,000 barrels of Nigerian crude per day in the coming months, significantly altering Africa’s oil import and export dynamics. According to a cargo allocation list seen by Bloomberg, the refinery, with a capacity of 650,000 barrels per day (bpd), will receive approximately 24 million barrels of Nigerian oil in October and November. This marks a shift towards increased reliance on local crude supplies. Business Insider Africa

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Oil International News

Libya Restores Oil Output Amid Political Reconciliation

Libya’s oil production has surged back above 1 million barrels per day (bpd) for the first time in two months, following the resolution of a political standoff, according to Bloomberg. The country’s eastern government had previously halted all oil production and exports due to a dispute over the control of the central bank, which oversees billions of dollars in energy revenues. Last Thursday, Libya resumed oil production, reintroducing hundreds of thousands of barrels per day

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International News Oil

Chevron Sells Athabasca Oil Sands and Duvernay Shale Assets to Canadian Natural Resources for $6.5 Billion

Chevron has announced the sale of its assets in the Athabasca Oil Sands and Duvernay Shale to Canadian Natural Resources for $6.5 billion. The all-cash deal, part of Chevron’s plan to divest $10-15 billion in assets by 2028, is expected to close in the fourth quarter of 2024. The assets, located in Alberta, Canada, contributed 84,000 barrels of oil equivalent per day (boepd) to Chevron’s production in 2023. The Duvernay Shale, one of Canada’s most

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Diamonds International News

Lucara Diamond Sells Clara Digital Sales Platform to Founders for $3 Million

Canada-based Lucara Diamond has sold its 100% interest in the Clara rough diamond sales platform to its original founders, led by the HRA Group of Companies and Lucara’s CEO, Eira Thomas. The Clara platform, a digital marketplace for rough diamonds, is designed to modernize the diamond trading process by connecting buyers and sellers through advanced technology. Clara offers verification technologies that integrate provenance and traceability services, providing greater transparency and trust in transactions of individual

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Oil Gas International News

African Energy Bank Nears Completion with 45% of $5 Billion Initial Capital Raised

African hydrocarbon-producing nations have successfully raised 45% of the $5 billion required to establish the African Energy Bank (AEB). This pan-African institution is designed to address the financing gap for oil and gas projects, a challenge heightened by the withdrawal of several international donors from fossil fuel investments. According to credible sources, the funds for the project have been secured by African nations, with Angola, Ghana, and Nigeria emerging as the largest contributors. “The funds

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Diamonds International News

Rio Tinto Unveils 2024 ‘Beyond Rare’ Tender Featuring Historic Argyle Diamonds

Rio Tinto has launched its 2024 ‘Beyond Rare’ tender, the second in its Art Series collection, showcasing 48 exceptional lots of rare diamonds. This year’s collection, titled ‘Colour Awakened,’ features seven historic diamonds from Australia’s now-closed Argyle diamond mine, which operated from 1983 to 2020. The “old masters” consist of seven round brilliant-cut pink and red diamonds, ranging from 0.60 to 2.63 carats. Each was unearthed from the Argyle mine over a decade ago, with

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International News Petroleum

Ethiopia Allocates $175 Million for Fuel Imports Amid Dollar Shortages

The National Bank of Ethiopia has allocated $175 million in foreign exchange to the state-owned Ethiopian Petroleum Supply Enterprise to cover upcoming fuel import payments, as the country continues to grapple with severe dollar shortages. Ethiopia, which spends approximately $4 billion annually on fuel imports, has faced growing financial strain due to the COVID-19 pandemic and a two-year civil war that ended in late 2022. To alleviate these pressures, Ethiopia is set to receive $345

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