Nigerian billionaire Aliko Dangote, owner of the $20 billion Dangote Refinery, has shed light on the recent drop in fuel prices across Nigeria, following a year of steady increases. Speaking on Arise TV, Dangote emphasized that the price reduction was driven by market dynamics rather than any deliberate effort by marketers to provide festive season relief. Dangote explained, “The price reduction is a response to the market, let me just put it that way. It
The African Development Bank Group (AfDB) has approved €28 million in funding to develop solar power plants in Gassi and Lamadji, Chad, as part of its Desert to Power program. This initiative aims to expand energy access across Africa while supporting Chad’s transition to renewable energy. The financing includes €20 million in direct support—a combination of loans and grants from the Sustainable Energy Fund for Africa—and €8 million in financial guarantees. These guarantees are equally
The Congolaise de Raffinage (CORAF), a subsidiary of the state-owned Société Nationale des Pétroles du Congo (SNPC), operates Congo’s sole refinery in Pointe-Noire. Processing one million tons of crude oil annually, CORAF produces finished products like butane gas, gasoline, kerosene, light diesel, and heavy fuel oil, meeting approximately 70% of the country’s refined petroleum needs. The refinery sources most of its crude oil from the Djeno terminal, located south of Pointe-Noire. This terminal, handling 95%
Egypt has obtained $275 million in funding to construct and operate the continent’s largest wind farm, the Suez Wind Project. The European Bank for Reconstruction and Development (EBRD) contributed $200 million, with an additional $75 million provided by Arab Bank and Standard Chartered. The project is co-financed by multiple international organizations, including the African Development Bank, British International Investment, Germany’s Deutsche Investitions-und Entwicklungsgesellschaft, Opec Fund for International Development, and the Arab Petroleum Investments Corporation. Situated
The National Oil Corporation (NOC) has announced that daily crude oil production has exceeded its annual target, reaching an impressive 1,405,609 barrels of crude oil, alongside 52,633 barrels of condensates. This milestone highlights the unwavering dedication and resilience of workers at production sites across the nation, despite challenges such as delays in approving the 2024 budget. In a statement celebrating the achievement, the NOC credited the collaborative efforts of its workforce and partners and outlined
Angola and Oman have signed a landmark agreement and two memoranda of understanding (MoUs) to strengthen collaboration in the energy and mining sectors. The agreement, finalized during Angolan President João Lourenço’s official visit to Oman on December 19, grants Oman a stake in Angola’s Catoca and Luele diamond mines, two of the country’s significant mining assets. The first MoU establishes a framework for cooperation in energy development, while the second focuses on exploring strategic financing
Nigeria’s Dangote Petroleum Refinery has expanded its petroleum export operations to include Cameroon, Ghana, Angola, and South Africa. The announcement was made by Devakumar Edwin, Vice President of Oil and Gas at Dangote Industries Limited, during a visit from a delegation of Japanese business leaders to Nigeria. Edwin highlighted a recent partnership with Cameroon’s Neptune Oil, enabling the export of petroleum products to the Central African nation. In addition to its growing African market presence,
Italy’s energy giant, Eni, announced the launch of the second phase of oil and gas production at Ivory Coast’s offshore Baleine field on Saturday. This milestone comes ahead of the originally scheduled start date set for late 2024. Discovered by Eni in September 2021, the Baleine field began production in August 2023. The newly commenced second phase boosts output to 60,000 barrels of oil per day (bbl/d) and 70 million standard cubic feet of associated
Striving to boost natural gas production while maintaining crude output above one millionbarrels per day (bpd) beyond 2027, Angola has a strong project pipeline planned for 2025.Beyond oil and gas developments, the country seeks to diversify its energy matrix throughinvestments in green hydrogen and renewable energy. From FID to the start of operations to aninternational bid round and regulatory reform, 2025 promises to be an exciting year for Angola’senergy industry. 2025 Bid Round Angola will
The Cabinda Gulf Oil Company (CABGOC), a subsidiary of Chevron, has successfully achieved first gas from its Sanha Lean Gas Connection project in Angola. Valued at $300 million, the project involves the development of a platform that connects to the Sanha condensate complex and features pipelines linking Blocks 0 and 14 to the Angola Liquefied Natural Gas (ALNG) facility and the Soyo power plant. The first phase of the project will deliver approximately 80 million
