Brent Crude Nears $100 as Middle East Conflict Threatens Oil Supply and Shipping Routes Brent crude prices moved close to US$100 a barrel on September 9 as renewed attacks across the Middle East heightened concerns over disruptions to oil supplies and key shipping routes. Brent futures rose 1.3% to US$99.22 a barrel, while US West Texas Intermediate crude gained 1.2% to US$94.13 a barrel. Brent had increased by about 25% since early August as hopes
Dangote Refinery IPO Draws N1.5 Trillion in Early Demand as Africa’s Largest Share Sale Opens Investors committed about N1.5 trillion to the initial public offering (IPO) of Nigeria’s Dangote Petroleum Refinery within the first hour of the share sale opening, highlighting strong early demand for Africa’s largest refinery. The IPO opened on September 14 on the Nigerian Exchange (NGX), with Dangote offering 4.1 billion ordinary shares at N525 each. The offer is targeting approximately N2.15
Petrobras to Invest Over CFA250B in Côte d’Ivoire’s Ultra-Deepwater Oil Exploration Programme Brazilian state-owned oil company Petrobras has signed production-sharing contracts (PSCs) for eight offshore exploration blocks in Côte d’Ivoire, expanding its presence along Africa’s Atlantic margin. The agreements, signed in Abidjan on September 17, cover blocks CI-513, CI-600, CI-601, CI-602, CI-603, CI-605, CI-701 and CI-702. Petrobras, through its wholly owned subsidiary Petrobras Netherlands B.V., will operate the eight blocks with a 90% interest, while
GIP to Inject US$1.8B Into TotalEnergies’ African Oil and Gas Infrastructure Portfolio TotalEnergies has entered into a partnership with Global Infrastructure Partners (GIP), part of BlackRock, covering some of the French energy company’s oil and gas infrastructure assets in Africa. Under the agreement, GIP will provide a US$1.8 billion capital contribution to TotalEnergies. In return, TotalEnergies will pay GIP a throughput-based tariff linked to the volumes transported through the infrastructure for a period of up
2,650km Dangote Pipeline to Link Walvis Bay With Southern African Fuel Markets Dangote Petroleum is planning to develop a petroleum-products pipeline of approximately 2,650 kilometres linking Namibia, Botswana and South Africa as part of a wider strategy to expand fuel distribution across Southern Africa. The proposed pipeline would transport petrol, diesel and aviation fuel from Dangote’s refinery in Nigeria to regional markets through a network centred on a planned storage facility at Walvis Bay, Namibia.
Sancorp Eyes Stakes in Two Angolan Deepwater Oil Blocks and a Refinery Dubai-based energy and commodities trading group Sancorp is in advanced negotiations to acquire minority interests in two producing deepwater oil blocks in Angola and is also seeking an equity stake in one of the country’s planned refineries. The proposed investments form part of Sancorp’s strategy to expand beyond oil and refined-product trading into direct ownership of upstream and downstream energy assets in Africa.
ExxonMobil Makes 20th Oil Discovery in Angola’s Block 15 After 2.7 Billion Barrels of Production ExxonMobil and its partners have made a new oil discovery offshore Angola, marking the 20th discovery in Block 15, one of the country’s long-established deepwater producing assets. The discovery was made at the Vicango Este-01 exploration well, located approximately 370 kilometres north-west of Luanda in about 940 metres of water. The well was drilled using the Valaris DS-9 drillship. Angola’s
China Buys Angolan and Congolese Oil as Middle East Supply Disruptions Tighten Global Markets Chinese independent refiners have increased purchases of crude oil from Angola and the Republic of Congo as disruptions to Middle Eastern supplies force buyers to seek alternative sources. The purchases form part of a broader effort by Chinese refiners to secure crude from international markets as supplies from Iran and Russia become more difficult to obtain amid the ongoing conflict involving
Senegal to market 109 oil and gas blocks as government seeks new exploration investment Senegal is preparing to market 109 oil and gas blocks to local and international investors as the government seeks to expand exploration and attract new investment across its petroleum sector. The initiative forms part of Senegal’s strategy to increase exploration beyond its existing producing assets and make greater use of its offshore and onshore hydrocarbon potential. The government plans to promote
TotalEnergies discovers Acacia-5 oil field in Angola and takes 40% stakes in two new exploration blocks TotalEnergies has announced a new oil discovery offshore Angola and secured operated interests in two additional exploration blocks, strengthening its position in the country’s Lower Congo Basin. The Acacia-5 discovery on Block 17 is expected to add about 6,000 barrels of oil per day to the block’s production. TotalEnergies plans to fast-track development by using available capacity on the
