Azule Energy, the joint venture formed in March 2022 by Italy’s Eni and the UK’s BP to merge their oil assets in Angola, successfully finances its operations independently and pays dividends to its shareholders. Vaar, an oil and gas company established in Norway with investment fund Hitec Vision, and Azule Energy operate with minimal dependence on their parent companies. According to Eni’s CFO Francesco Gattei, both companies fund their capital expenditures and maintain their own
Major oil companies like ExxonMobil and Shell, seeking to exit Nigeria’s onshore oil sector due to security concerns, may receive expedited approval by taking responsibility for spills, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). At a meeting in Abuja, NUPRC chief Gbenga Komolafe proposed a short-term option for faster approval if companies commit to cleaning up spills and compensating affected communities. This option could significantly shorten the approval process, currently slated for June.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has kicked off its highly anticipated 2024 licensing round, presenting a diverse portfolio of oil blocks that includes both onshore and offshore assets. This licensing round offers a strategic opportunity for domestic and international companies to engage in exploration and production activities, thereby contributing to the development of Nigeria’s oil and gas reserves while enhancing the country’s energy security and economic prosperity. With 12 oil blocks on offer,
Chevron, the U.S. energy giant, has launched the sale of its interests in two Nigerian offshore oil and gas blocks as part of its strategy to divest aging assets and prioritize its growing U.S. production. The company is offering its 40 percent stakes in Oil Mining Lease (OML) 86 and OML 88, located in shallow-water areas, with current production levels at around 6,200 barrels of oil equivalent per day. The move reflects a broader trend
Nigeria has launched oil production from a new field in the Niger Delta, aiming to increase its crude output by 40,000 barrels per day (bpd) by the end of May. This development marks a significant step for Africa’s leading oil producer in meeting domestic energy needs and driving economic growth. The upstream subsidiary of the Nigerian National Petroleum Corporation (NNPC), NNPC Exploration and Production Limited, along with Natural Oilfield Services Ltd (NOSL), a subsidiary of
The Arabian Gulf Oil Company (AGOCO) has successfully reactivated nine wells in the As Sidra Oil Field, significantly boosting production. According to the National Oil Corporation (NOC), this achievement is expected to add approximately 4,000 barrels of crude oil per day to the field’s output. The NOC detailed the technical repairs in a statement released on Sunday. These included fixing faults in the high-pressure electricity network that supplies four wells (C-178, C-221A, C-227, and C-242)
The price of Brent crude oil, a key reference for Angolan exports, increased by over 0.60% on Monday, starting the week on a positive note in the commodity markets. Brent crude averaged $83 per barrel, significantly higher than Angola’s 2024 budget reference price of $65. This increase, if sustained, could positively impact the country’s revenue from oil exports. Angolan oil specialist website PetroAngola.com and international site Investing.com both report a positive outlook for crude oil
The price of a barrel of Brent oil, a benchmark for Angolan exports, rose by 0.69% to $83.36 for July delivery on the London futures market today. This increase is driven by investor expectations ahead of the upcoming monthly report from the Organization of Petroleum Exporting Countries (OPEC), set to be released on today. Additionally, market sentiment is influenced by U.S. price variation figures and potential geopolitical tensions, including a possible large-scale Israeli offensive in
China’s first crude oil shipment from Niger has been blocked due to an ongoing dispute between the landlocked West African nation and its coastal neighbor, Benin. Benin restricted fuel exports from its port after Niger’s junta-led government refused to open its land border for goods from the south, announced Benin President Patrice Talon on Wednesday. As a result, at least three vessels carrying crude oil from Niger were prevented from docking. President Talon’s Statement:“If you
Angola is gearing up for its next international tender in 2025 as part of its six-year licensing strategy initiated in 2019. With the National Oil, Gas & Biofuels Agency (ANPG) finalizing contract negotiations for the concluded 2023 bid round, which attracted 53 bids, the country’s upstream sector is poised for substantial growth. The burgeoning investment in exploration and new oil and gas developments is set to be supported by Angola’s robust transport and logistics infrastructure.
