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International News Oil

Uganda’s EACOP Secures First Tranche of External Financing

The company behind Uganda’s East African Crude Oil Pipeline (EACOP) has secured its first tranche of external financing from a consortium of financial institutions, including commercial banks and Afreximbank, EACOP Ltd announced on Wednesday. Among the financiers are Standard Bank, Stanbic Bank Uganda, KCB Bank Uganda, and Saudi Arabia’s Islamic Corporation for the Development of the Private Sector. “The successful closing of this first tranche represents a significant milestone,” the company stated, though it did

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Oil International News

Nigeria’s Trans Niger Pipeline Restored After Explosion

Nigeria’s Trans Niger oil pipeline (TNP) is now fully operational following an explosion last week, Renaissance spokesperson Tony Okonedo confirmed on Tuesday. The 450,000-barrel-per-day (bpd) pipeline is a critical export route, transporting crude to the Bonny terminal, a key hub for Nigeria, Africa’s largest oil producer. Following the March 19 explosion, oil flow through the TNP was temporarily rerouted to an alternative line, according to Renaissance Group, the Nigerian oil consortium that acquired Shell’s former

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Corporate News International Oil

Dangote Refinery Fuels Record U.S. Jet Fuel Imports Amid Market Shifts

U.S. jet fuel imports are set to hit their highest level in two years this March, driven largely by shipments from Nigeria’s Dangote refinery to North America. Analysts suggest this influx could ease aviation fuel prices ahead of the peak summer travel season, Reuters reported. The 650,000 barrels-per-day (bpd) Dangote refinery, Africa’s largest, is rapidly reshaping global fuel markets. Initially challenging European refiners in gasoline exports, the facility is now making strides in the U.S.

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International Gas Oil

Namibia Shifts Oil and Gas Oversight to Presidency for Greater National Benefit

Namibia’s oil and gas sector will now be managed under the Office of the President, moving from the Ministry of Mines and Energy. The shift aims to maximize national benefits from the country’s emerging petroleum industry. President Netumbo Nandi-Ndaitwah announced the decision on Saturday while unveiling her new Cabinet. “The new emerging industries of oil and gas need to be managed in a manner that maximizes benefits for all Namibians. Therefore, the management of these

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International Corporate News Oil

Shell and Chevron Advance Namibia’s Offshore Exploration Plans

Shell is set to decide by the fourth quarter of 2025 whether to proceed with field development in Namibia’s offshore PEL 39 block, while Chevron nears completion of its seismic data interpretation in the Walvis Basin, according to a senior government official. “Shell and its partners are working hard to calibrate data from the nine wells drilled so far,” said Maggy Shino, Petroleum Commissioner at Namibia’s Ministry of Mines and Energy. She added that Shell

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International Gas News Oil

Libya Launches Open Licensing Sale for 22 Oil and Gas Acreages

Libya has initiated its first open licensing sale since 2007, offering 22 acreages for exploration and development. The available blocks include 11 offshore and 11 onshore sites, with undeveloped discoveries estimated to contain at least 2 billion barrels of oil equivalent (BBOE) in hydrocarbon resources, according to the National Oil Corporation (NOC). To support the licensing process, NOC has compiled extensive geological and geophysical datasets using advanced digital tools. Libya is reported to hold approximately

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Corporate News International Oil

Dangote Refinery Halts Petroleum Sales in Naira to Align with Dollar-Based Crude Costs

Dangote Petroleum Refinery has temporarily paused the sale of petroleum products in Naira to address discrepancies between its sales revenue and crude oil purchase obligations, which are currently priced in U.S. dollars. In a statement issued to customers on Wednesday, the refinery’s management explained that the value of petroleum products sold in Naira had surpassed the worth of Naira-denominated crude it had received, prompting the need for the adjustment. The statement also refuted claims circulating

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Corporate News International Oil

Vitol Acquires Stakes in Eni’s West African and Congo Assets for $1.65 Billion

Vitol has agreed to acquire a $1.65 billion stake in Eni’s assets, including the Baleine project in Côte d’Ivoire and the Congo LNG project in the Republic of Congo. The deal encompasses both producing oil and gas assets as well as exploration, appraisal, and development-stage blocks. Under the agreement, Vitol will acquire: This acquisition strengthens the partnership between Vitol and Eni in West Africa, building on their existing collaborations in Ghana’s OCTP and Block 4

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International News Oil

Niger Expels Chinese Oil Executives Over Wage Disparities

Niger has expelled three Chinese oil executives following a dispute over salary inequalities between expatriate staff and local workers, Oil Minister Sahabi Oumarou announced. Oumarou stated that the Nigerien government was dissatisfied with how wealth was distributed between the state and its foreign partners. He highlighted that in 2023, a Chinese employee in Niger earned an average of $8,678 per month, while a local worker in the same role received just $1,200. Despite repeated attempts

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International News Oil Petroleum

Nigeria Increases Petrol Imports as NNPC Ends Naira-for-Crude Program

Nigeria is set to witness a surge in Premium Motor Spirit (PMS) imports following the Nigerian National Petroleum Company (NNPC) Limited’s decision to end the Naira-for-Crude initiative—a policy that allowed local refiners to purchase crude in the local currency. The move could significantly impact local fuel production, particularly at the Dangote Refinery. According to a document from the Nigerian Ports Authority, reported by The Punch, seven vessels carrying 115,000 metric tonnes (154.22 million liters) of

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