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Canadian Natural Resources Eyes Significant Bitumen Output Increase at Horizon Oil Sands Mine

Canadian Natural Resources, Canada’s largest oil and gas producer, revealed plans on Thursday to explore opportunities for a substantial boost in bitumen output at its primary oil sands mine, Horizon. President Scott Stauth announced a potential expansion of 195,000 barrels per day (b/d) at the Horizon mining and upgrading plant in northern Alberta, surpassing earlier projections of 75,000 b/d. The company aims to leverage advanced engineering and scaling processes to enhance production capabilities. Currently, Horizon

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Local News Oil Petroleum

Government’s First Quarter Fuel Expenditure Drops by 21%

In the first quarter, the government’s expenditure on fuel procurement decreased by 21%, totaling US$769 million, according to the head of the sector. Luis Fernandes, Director-General of the Petroleum Derivatives Regulatory Institute (IRD), provided detailed insights, revealing that 1.2 million metric tons of fuel were purchased during this period. Diesel accounted for 51.3% of the purchased fuel, followed by gasoline at 35.5%, fuel oil at 7.7%, JET A1 (aircraft fuel) at 4.5%, illuminating oil at

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International News Oil

Shell to Finalize $2.4bn Nigeria Asset Sale by June

The Federal Government initiated a due diligence meeting for Shell’s proposed $2.4 billion asset sale to Renaissance Africa Energy, aiming to complete the divestment by June this year. Shell, a British energy major, announced in January that it had reached an agreement to sell its Nigerian onshore subsidiary, Shell Petroleum Development Company of Nigeria Limited, to Renaissance for $2.4 billion after about a century of operations in the Niger Delta. Renaissance, a consortium of five

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International News Oil

Chevron Secures Major Stake in Namibian Offshore Block

Chevron and Namibia’s national oil company (NAMCOR) have signed a development agreement, with Chevron securing an 80% operating working interest in an offshore block within the Walvis Basin. Oil companies areΓ‚ flocking to Namibia, excited by the southern African country’s plans to open up a major new frontier basin, with recent offshore finds ranking among the largest this century. The farm-out agreement with Chevron Namibia Exploration Limited (CNEL) will see the National Petroleum Corporation of

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International News Oil

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As one of the key strategic fuel storage facilities under Botswaba Oil , the Francistown Depot which services the northern part of Botswana is currently under expansion to add additional 60 million liters to the existing 38 million litres. On Monday , the Minister of Minerals and Energy, Hon. Lefoko Moagi, along with the Acting Permanent Secretary, Dr. Obakeng, the Director of Energy Mr. Midas Sekgabo, the Botswana Oil Board Chairman Mr. Martin Makgatlhe and

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Local News Oil

PetroAngola Advocates Angolan Businesses in Angola-DRC Common Interest Zone

PetroAngola, under the leadership of Chairman PatrΓ­cio Quingongo, is urging Angolan entrepreneurs to explore the potential business opportunities emerging from the Zone of Common Interest (ZIC) between Angola and the Democratic Republic of Congo (DRC). Quingongo believes that this initiative presents a unique chance for Angolan companies to spearhead significant segments of the oil market in the DRC. With a keen understanding of the Democratic Congo market, PetroAngola sees Angolans playing a pivotal role, leveraging

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International News Oil

TotalEnergies Poised to Resume Operations in Mozambique’s Rovuma Basin

Mozambique’s Minister of Mineral Resources and Energy, Carlos Zacarias, has indicated that the current economic climate is conducive to the return of French multinational TotalEnergies to the Rovuma Basin Area 1 liquefied natural gas (LNG) project in Cabo Delgado province. Minister Zacarias emphasized that while market conditions and other factors may cause delays in project resumption, the prevailing situation suggests a favorable environment for TotalEnergies’ return. Security remains a primary concern, with TotalEnergies’ declaration of

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Local News Oil Petroleum

Afentra Secures Approval for Acquisition of Oil Blocks in Angola

Afentra, an upstream oil and gas company, has received approval from the Angolan government to acquire a 12% stake in Block 3/05 and a 16% share in Block 3/05A from international energy firm Azule Energy. The acquisition process between Afentra and Azule Energy is in its final stages, with expectations to conclude the deal within the second quarter of 2024. Notably, the Angolan government has designated the Punja Development Area, located in Block 3/05A, as

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Oil News Petroleum

Dangote Refinery Surpasses Europe’s Giants in Capacity

The Dangote refinery, with a staggering processing capacity of 650,000 barrels per day (bpd), has emerged as a powerhouse, eclipsing Europe’s largest refineries, according to a recent Bloomberg report. Owned by Africa’s wealthiest individual, the $20.5 billion Dangote refinery has finally commenced production in January after facing prolonged delays. Its capacity outshines that of Europe’s leading refineries, such as the Pernis Refinery in the Netherlands, which has an installed capacity of 404,000 bpd, and the

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International News Oil Petroleum

Top 10 African countries with the highest fuel prices in April 2024

Over the past year, fuel prices increased in several African countries. Most of Africa, especially its biggest nations, faced significant fiscal challenges at the start of 2023 and, consequently, the new year. However, these pressures are projected to be eased, as measures and initiatives are being put in place to curtail the energy inflation plaguing the continent. Rising petroleum prices rapidly impact costs associated with transportation, which puts pressure on the cost of products and

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