Category: Oil

Nigeria’s Petrol Imports Surge to 43% of Supply, Pushing Dangote Refinery to Export Surplus Fuel Nigeria’s Dangote Petroleum Refinery is increasing petrol exports as rising imports take a growing share of the domestic market, creating uncertainty over demand and leaving the $20 billion refinery with surplus fuel. Imported Premium Motor Spirit (PMS) accounted for approximately 43% of Nigeria’s petrol supply in July 2026, according to data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority

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Geoex MCG Expands Venezuela Offshore Seismic Programme into Frontier Oil and Gas Areas Global subsurface data company Geoex MCG is expanding its offshore Venezuela programme, extending seismic acquisition into underexplored and frontier areas as the country seeks to unlock greater investment in its oil and gas sector. The expanded programme, announced in Houston, builds on Geoex MCG’s ongoing reprocessing of legacy seismic data and aims to provide a clearer picture of Venezuela’s offshore hydrocarbon potential.

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Chevron Signs Production-Sharing Deal for Major Oil Exploration Block in Libya’s Sirte Basin Chevron has signed a production-sharing agreement (PSA) with Libya’s National Oil Corporation (NOC), advancing the US energy major’s return to the country’s upstream oil and gas sector. The agreement covers Contract Area 106, an onshore exploration block in the Sirte Basin that Chevron won in Libya’s 2025 licensing round. The block was awarded to the company in February 2026. The PSA provides

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Dangote Refinery Secures $1 Billion Backing Ahead of Planned $5 Billion IPO The Dangote Petroleum Refinery and Petrochemicals has secured US$1 billion in underwriting support ahead of its planned Initial Public Offering (IPO), strengthening the financing base for what could become one of Africa’s largest industrial listings. The programme comprises a completed and fully funded US$600 million private placement, alongside a further US$400 million underwriting commitment to support the planned IPO. The transaction was structured

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Petrobras Enters Talks for Four Offshore Oil and Gas Blocks in Ghana’s Keta Basin Brazilian state-owned energy company Petrobras is expanding its exploration footprint in West Africa after receiving approval to negotiate contracts for four offshore blocks in Ghana’s Keta Basin. Ghana’s Ministry of Energy and Green Transition has approved Petrobras’ application, allowing the company to enter direct negotiations over exploration contracts for the blocks. The move is part of Petrobras’ strategy to replenish its

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Equinor Acquires 17.4% Stake in Namibia’s Orange Basin Oil Block Norwegian energy company Equinor is entering Namibia’s upstream oil and gas sector after agreeing to acquire a 17.4% participating interest in Petroleum Exploration Licence 90 (PEL 90) from Harmattan Energy Limited, a subsidiary of US energy major Chevron. The transaction marks Equinor’s first entry into Namibia and gives the company exposure to the highly prospective Orange Basin, one of Africa’s most closely watched offshore exploration

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Norwegian Energy Firm Joins Chevron in Namibia’s Orange Basin Oil Exploration Norwegian energy company Equinor has joined Chevron in Namibia’s Orange Basin, adding another major international player to the country’s growing offshore oil and gas exploration sector. Equinor has acquired a 25% interest in Petroleum Exploration Licence 90 (PEL 90) from Chevron subsidiary Chevron Namibia Exploration Ltd, which will remain operator with a 55% stake. Custos Energy holds the remaining 20% interest. The transaction is

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