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International News Oil

CNOOC Signs Oil Exploration and Production Contracts in Mozambique

State-run China National Offshore Oil Co (CNOOC) announced on Friday that it had signed oil exploration and production concession contracts with Mozambique’s energy ministry and national energy company ENH. The contracts cover five offshore blocks in Mozambique, spanning a total area of approximately 29,000 square kilometers (11,200 square miles) with water depths ranging from 500 meters to 2,500 meters (1,640 feet to 8,202 feet), according to a company statement. The initial exploration phase is set

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International Oil Petroleum

Galp Sells Mozambique Rovuma Basin Stake to ADNOC for €600 Million

Portugal’s Galp Energia has reached an agreement to sell its 10% stake in the consortium prospecting for natural gas in Mozambique’s Rovuma basin to the Abu Dhabi National Oil Company (ADNOC) for approximately €600 million. In a statement to Portugal’s Securities Markets Commission (CMVM) on Wednesday, Galp announced the sale as part of its “disciplined” investment strategy. The deal, valued at $650 million (€599 million), is expected to be finalized by the end of the

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Local News Oil

Angola Holds Potential for 50 Billion Barrels of Untapped Oil Reserves

Angola has an estimated potential of approximately 50 billion barrels of oil, with nearly 10 billion already discovered, according to Ana Miala, executive director of the National Oil, Gas and Biofuel Agency (ANPG). Speaking at the first Offshore Exploration Forum in Luanda, Miala emphasized the need for increased investment to fully exploit this potential and enhance the competitiveness of Angola’s crude oil market. She highlighted that contractual stability and favorable laws are critical factors encouraging

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International News Oil

Dangote Refinery Seeks to Purchase 24 Million Barrels of US Crude

The Dangote Petroleum Refinery, constructed by Africa’s wealthiest individual, plans to buy 24 million barrels of US crude over the next year to boost its processing rates. Specifically, the refinery is interested in purchasing 2 million barrels of West Texas Intermediate (WTI) Midland crude each month for a year, starting in July. This tender, aimed at securing overseas oil, highlights the significant role the Dangote Refinery is poised to play in global crude and fuel

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International Energy Mining News Oil Petroleum Transport and Logistics

Expansion of Beira-Harare Pipeline Secures Regional Energy Supply

The Beira corridor stands as a critical fuel supply route for Zimbabwe and a primary transit pathway for fuels heading to Zambia and the Katanga region of the Democratic Republic of the Congo. Integral to the region’s energy infrastructure are the combined assets of CFM (Port of Beira operator), CPMZ (Mozambican pipeline operator), PZL (Zimbabwean pipeline operator), and NOIC (Zimbabwe’s government-appointed shipper). Their efficient operation ensures energy security for Mozambique and the landlocked nations along

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International Exploration News Oil

QatarEnergy Joins ExxonMobil in Egypt Offshore Exploration

QatarEnergy partners with ExxonMobil, acquiring a 40% stake in two offshore Egypt exploration blocks through a farm-in agreement. Under the terms of the agreement, which is subject to customary approvals by the government of Egypt, QatarEnergy will acquire a 40% working interest in each of the Cairo and Masry offshore concession agreements, while ExxonMobil, as the operator, will retain the remaining 60% working interest. The Cairo and Masry offshore exploration blocks were awarded to ExxonMobil

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International News Oil Petroleum

TotalEnergies and Dangote Refinery Sign Landmark Supply Deal

TotalEnergies CEO Patrick Pouyanne announced that the company has signed its first supply agreement with Nigeria’s Dangote Refinery. The announcement was made during a meeting with Aliko Dangote, although specific details of the agreement were not disclosed. “We met this morning; we made the first deal between both of us,” Pouyanne said during a panel at the Africa CEO Forum in Kigali, Rwanda. “The two CEOs met with our head of trading, and we found

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International News Oil

Dangote Refinery Secures 24 Million Barrels of US Crude

Nigeria’s Dangote refinery, Africa’s largest, is actively sourcing a portion of its crude oil from the United States. A Bloomberg report said the $20 billion refinery, established by Africa’s richest man, Aliko Dangote, has issued a term tender to buy two million barrels per month. The tender for overseas oil—from a refinery that’s situated in Africa’s largest producer nation—highlights how significant the plant will be in global crude and fuel trading. It will be the

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Oil International News

Nigeria Starts allocation of new oil blocks

On Tuesday, May 14, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced the start of the 2024 oil block licensing round. The Chief Executive of NUPRC, Gbenga Komolafe, announced this at the Miami, Florida, International Roadshow for the 2024 licensing round, hosted by the NUPRC, in collaboration with the Petroleum Technology Association of Nigeria (PETAN). The commission said the 2024 block licensing round would last for approximately nine months. Mr. Komolafe, while unveiling the bidding

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Local News Oil

Angola Plans to Bid for Over 50 Oil Blocks by 2025

Angola aims to bid for more than 50 oil blocks by 2025, announced José Paulino, the President of the Board of Directors of the National Agency for Petroleum, Gas, and Biofuels (ANPG), on Tuesday in Luanda. Speaking at the opening of the 1st Luanda Exploration Forum, Paulino emphasized that this ambitious bidding plan underscores the government’s dedication to the development of the oil sector. “These actions reflect our country’s vision of increasing production in a

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