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Category: Oil

Local News Oil Petroleum

IRDP Issues Instruction on International Reference Prices for Petroleum Products

The Petroleum Derivatives Regulatory Institute (IRDP) has issued Instruction 001/2024 to identify the sources of international reference prices (Platts) for crude oil and natural gas-derived products in the second quarter of this year. The instruction applies to various aspects including the refining of crude oil, imports, logistics, distribution, and marketing of gasoline, diesel, kerosene, and liquefied petroleum gas, excluding fuel, bitumen, and lubricants. According to the document, from April to June, diesel and kerosene will

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International News Oil

Environmental Organizations Challenge Authorization for Oil Drilling on South African Coast

Environmental organizations, The Green Connection (TGC) and Natural Justice, have taken legal action against the environmental authorization granted to TotalEnergies Exploration and Production South Africa (Teepsa) for exploratory drilling in Blocks 5, 6, and 7 along the Cape Town and Cape Agulhas coast. The application, filed in the High Court, targets several respondents including Mineral Resources and Energy Minister Gwede Mantashe, the director-general of the Department of Mineral Resources and Energy (DMRE), and Forestry, Fisheries,

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International News Oil Petroleum

Uganda Oil Firm Sells Fuel Post-Kenya Split

UNOC initiates petroleum product sales to oil marketing companies in Uganda and Tanzania. This is part of a broader strategy to test the waters before UNOC embarks on a direct importation agreement with the global oil titan, Vitol Bahrain. This manoeuvre signals a new era in East Africa’s energy dynamics, especially following a cooling of relations between Uganda and Kenya over fuel supply mechanisms. For years, Uganda’s fuel supply chain was heavily dependent on Kenyan

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International News Oil Petroleum

Intana Energy Reports Progress in Namibia’s Orange Basin Exploration

Intana Energy provides updates on the ongoing exploration campaign in Namibia’s Orange Basin, specifically on Blocks 2813A and 2814B, governed by Petroleum Exploration Licence 83 (PEL 83). Galp Energia’s subsidiary operates PEL 83, with Sintana holding an indirect 49% interest in Custos Energy, a 10% working interest owner in the license, alongside NAMCOR, Namibia’s National Petroleum Company, which also holds a 10% working interest. Chairman and CEO of Custos, Knowledge Katti, emphasizes the significance of

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Oil Local News Petroleum

ACREP Shares Now Listed on Angola’s BODIVA’s MROV Market

Angolan oil company ACREP’s shares are now listed on the “MROV” Over-the-Counter Market of the Angolan Debt and Stock Exchange (BODIVA) following a recent bidding process. The auction determined demand for 24 percent of the 37 percent stake held by Banco de Poupança e Crédito (BPC) in the private oil and gas firm. The Market for Registration of Transactions on Securities (MROV) is dedicated to recording previously conducted but unsettled transactions of securities not traded

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International Oil Petroleum

Egypt raises fuel prices in alignment with economic reforms

Egypt has raised the prices of various fuel products, fulfilling a commitment made over a year ago to the International Monetary Fund (IMF) as part of a $3 billion financial assistance agreement. In a letter of intent signed in November 2022, Egypt pledged to permit the increase of most fuel prices to align domestic rates more closely with international energy market prices, Reuters reported. The country also pledged to compensate for the previous year’s slow

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International Gas News Oil

Mozambique Takes Stride Towards Transparency with Sovereign Fund Law Regulation

Mozambique has passed a decree to regulate the Sovereign Fund Law, marking a pivotal step in establishing a robust legal framework for managing revenues from the country’s oil and natural gas exploration. The newly approved regulation signifies a significant leap forward in promoting transparency, accountability, and good governance in Mozambique’s natural resources sector. Enacted under Law 1/2024 of 9th January, the Mozambique Sovereign Fund aims to ensure the responsible management of non-renewable resource proceeds, fostering

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International Gas Oil

Oil and Gas Companies Eye Frontier Exploration, SLB CEO Reveals

During a conference in Houston, Texas, SLB CEO Olivier Le Peuch unveiled a surge in exploration activities in frontier areas, notably in countries like Namibia, Surinam, and Guyana, hinting at a wave of upcoming projects. Le Peuch highlighted a resurgence in exploration efforts over the past few years, pointing to countries such as Namibia as paving the way for the next phase of exploration. Despite yet to commence oil and gas production, Namibia anticipates its

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Local News Oil Petroleum

Sonangol Receives Interest from Chinese Investors for Lobito Refinery Project

Sonangol has garnered expressions of interest from Chinese investors and financial institutions in support of the Lobito Refinery project, which received a significant boost in October 2020. This momentum came when the national oil company inked a contract with Chinese contractor CNEC, aiming to complete the construction by 2027. Chairman of Sonangol’s Board of Directors, Sebastião Gaspar Martins, unveiled these expressions of interest during his visit to China alongside President João Lourenço. Speaking on the

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International News Oil Petroleum

Shell’s Payments to Nigeria Hit Four-Year High in 2023

In 2023, Nigeria saw its highest payments from Shell in the form of production entitlements, royalties, taxes, and fees to the government, totaling $4.92 billion, marking the highest figure recorded in four years. Shell’s global payments to governments across 27 countries amounted to $29.51 billion in 2023. Following Nigeria, Oman and Norway were the second and third highest recipients, receiving payments of $4.09 billion and $3.81 billion, respectively. The payout to Nigeria increased by 8.85

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