Aliko Dangote, Chairman of the Dangote Group, has announced that Premium Motor Spirit (PMS), commonly known as petrol, from his refinery will hit the market by the third week of July. While this news is cause for optimism, concerns have been raised among marketers nationwide regarding its potential impact on prices. The anticipated distribution and sale of Dangote’s refined petrol mark a significant milestone since the commissioning of the Dangote refinery in May 2023. As
TotalEnergies SE is reportedly planning to withdraw from its gas-condensate discoveries off the coast of South Africa to redirect its exploration efforts closer to Namibia, according to sources familiar with the matter. The French energy giant ventured into South Africa’s challenging offshore conditions, investing approximately $400 million to uncover an estimated 1 billion barrels equivalent of light liquid hydrocarbons at the Brulpadda field in 2019, as reported by Bloomberg. Subsequently, TotalEnergies achieved another successful find
The Federal Government of Nigeria has entered into a significant agreement with the Foundation for Sustainable Social Responsibility in Emerging Africa (FOSSREA) to advance hydrogen development initiatives. Mrs. Oluwakemi Ogunmakinwa, Deputy Director of Press and Public Relations in the Ministry of Petroleum Resources, emphasized in a statement that the agreement marks a pivotal moment in Nigeria’s commitment to hydrogen as the future fuel. She quoted Permanent Secretary Ambassador Nicholas Agbo Ella, who highlighted the strategic
In August, Angola is set to export the highest volume of oil in nearly four years, signaling the rationale behind its decision to leave OPEC. Loading plans indicate shipments will reach 1.23 million barrels per day, exceeding OPEC’s proposed production limit of 1.1 million barrels per day for Luanda, which prompted Angola’s departure from the group. This move allows Angola greater flexibility in increasing its output, unaffected by monthly export variations. Paul McDade, CEO of
Chevron Corporation (CVX) has chosen the Deepsea Bollsta semi-submersible rig for an upcoming exploration well in Namibia’s Orange Basin, as announced by Northern Ocean Ltd., a provider of offshore drilling services. Scheduled to commence in the fourth quarter of 2024, this operation will target Block 2813B under Petroleum Exploration License (PEL) 90, situated north of TotalEnergies SE’s Venus discovery. The Orange Basin, known for its potential, has attracted major interest due to recent discoveries like
BP has partnered with Masdar, Hassan Allam Utilities, and Infinity Power to develop a multi-phase green hydrogen project in Egypt, formalized through a joint development agreement (JDA). Under the JDA, BP will serve as the main developer and operator on behalf of the consortium. The partners will merge their respective green hydrogen (gH2) initiatives in Egypt, exploring the potential for a large-scale, multi-phase project focused on developing gH2 and its derivatives for export. The consortium
Civil construction activity remains robust, driven by renewable energy projects, particularly a notable shift from solar to wind energy. The FNB/BER Civil Confidence Index fell slightly from an eight-year high of 47 in Q1 2024 to 44 in Q2 2024. This decline indicates that over 55% of respondents are dissatisfied with current business conditions, reflecting a slight dip in business sentiment and a slowdown in activity. Despite this, the growth indicator remains well above its
Egypt is advancing its renewable energy goals by launching the construction of a massive $10 billion wind farm in March 2026. This project, set to be one of the world’s largest, aims to generate 10 gigawatts of power by 2032. The wind farm, a collaborative venture between Egyptian firm Infinity and Abu Dhabi’s Masdar, faced initial delays due to land acquisition challenges in the Upper Egyptian region of West Sohag. However, as reported by Bloomberg,
Senegal has officially become an oil exporter with the commencement of the Sangomar project, operated by Woodside. The $5.2 billion development is now producing 100,000 barrels per day of medium-sulfur oil, marking a significant milestone for the country. The Greek tanker Maran Poseidon, chartered by Shell International Trading, arrived at the export terminal to transport the first batch of Senegalese crude. With a capacity of 1.06 million barrels, this tanker is set to deliver the
President Bassirou Diomaye Faye witnessed the production of Senegal’s first barrels of oil on the Sangomar platform, marking a historic milestone for the country in the global and African oil industries. Addressing the press, President Faye commended the dedication and efforts of those who believed in the potential of Senegal’s sedimentary basin and worked towards its development. He expressed immense pride in the young Senegalese professionals showcasing their expertise on the platform. “I reiterate my
