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Category: Oil

Oil News Petroleum

Nigeria Bleeds $9.2 Billion Annually in Oil Revenue to Foreign Shipping Firms

A recent report sheds light on Nigeria’s staggering annual loss of $9.2 billion in its oil industry, primarily attributed to foreign shipping companies. This revelation underscores one of several avenues through which Nigeria’s oil and gas sector hemorrhages revenue. The Punch newspaper detailed how Nigeria forfeits $9.2 billion annually to foreign shipping firms that handle goods that could be managed by a national fleet. Hassan Bello, former Chairman of the National Fleet Implementation Committee, emphasized

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International News Oil Petroleum

UAE-Backed Loan Raises Concerns Over South Sudan’s Oil Future

A company associated with the Abu Dhabi royal family has struck a massive €12 billion deal with South Sudan, involving oil repayment, raising questions about the country’s economic future. The Dubai-based Hamad Bin Khalifa Department of Projects (HBK DOP) has inked the agreement with South Sudan, as revealed in a confidential report reviewed by Bloomberg. The deal, signed between HBK DOP and South Sudan’s former finance minister, Bak Barnaba Chol, outlines repayment terms involving oil

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Oil News Petroleum

OPEC excited about partnership with Namibia

OPEC is considering Namibia for potential membership, and willing to assist the country its oil exploration journey. Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al Ghais, has expressed enthusiasm about a prospective collaboration with Namibia, and affirmed OPEC’s readiness to assist the southern African nation in its oil exploration journey. The OPEC+ oil producers coalition, having seen departures like Angola in recent times, is considering Namibia for potential membership, Reuters reported. This move comes as

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Local News Oil Petroleum

Angola Enforces Stricter Laws on Petroleum Smuggling

Angola has taken a decisive step in curbing the illicit trade of petroleum products with the recent approval of Law No. 5/24. This legislation, aimed at combating smuggling, introduces harsh penalties for offenders and implements measures to confiscate assets gained from illegal activities. Under the new law, individuals involved in importing or exporting petroleum products to and from Angola face severe consequences, including prison terms ranging from three to twelve years. Moreover, swift mechanisms have

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Local News Oil

Angola exports 94.41 million barrels of oil in the first quarter

During the 1st quarter of this year, Angola exported around 94.41 million barrels of crude oil, valued at approximately US$7.77 billion, with an average price of US$83.161 per barrel. The data was announced this Wednesday, 25.04, during the presentation of the behavior of the Angolan oil and gas industry for the 1st quarter of 2024 and projection for the 2nd quarter. As in previous quarters, China was the main destination for Angolan oil (49.65%), followed

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Local Energy Gas News Oil

Angola’s Energy Sector Thrives Despite Global Challenges

Angola’s energy sector continues to demonstrate resilience and potential, as highlighted by recent reports from the Ministry of Mineral Resources, Oil and Gas (MIREMPET). In the first quarter of 2024, the country exported a significant volume of Liquefied Natural Gas (LNG), Liquefied Petroleum Gas (LPG), and condensates, totaling 966,394 metric tons, generating revenue of $393.6 million. While these figures represent a slight decrease compared to the previous quarter, they underscore the ongoing strength of Angola’s

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International Oil Renewable Energy

COTTCO Embarks on $3.5 Million Investment for Solar Power and Oil Processing Facilities

The Cotton Company of Zimbabwe (COTTCO) is set to enhance its operational efficiency and revenue generation through a $3.5 million investment in the development of an oil expression plant and a solar power facility. Scheduled for completion by Q4 – 2024, the 1.2 MW solar power facility in Muzarabani aims to strengthen energy security for COTTCO’s cotton processing operations. Meanwhile, a $1.5 million investment will fund the construction of an oil processing facility in Gokwe,

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International News Oil Petroleum

Niger and Mali Forge Diesel Supply Pact for Energy Security

Niger and Mali have entered into a landmark agreement aimed at bolstering Mali’s energy security through the provision of affordable diesel. Under the deal, Niger will supply 150 million liters of diesel to Mali’s state energy firm, Énergie du Mali, at a significant discount. The agreement underscores Niger’s commitment to supporting Mali’s energy needs and ensuring stable and reliable electricity production, which is crucial for Mali’s socio-economic development. This partnership is part of broader efforts

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International Exploration News Oil

Rhino Resources Awards Halliburton Contract for Offshore Namibia Project

Exploration firm Rhino Resources has awarded a contract to energy services company Halliburton for its deep-water multi-well construction project offshore Namibia, announced during the Namibia International Energy Conference (NIEC) 2024. Halliburton will provide solutions for the construction of exploration and appraisal wells in Block 2914A starting from Q4 – 2024. Additionally, Rhino Resources will utilize Halliburton’s well and prospect testing services as part of the contract. According to Travis Smithard, CEO of Rhino Resources, the

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International Oil

Sintana Energy Expands Presence in Namibia’s Orange Basin

Canadian oil and gas company Sintana Energy has inked a deal with Namibian energy firm Crown Energy to acquire a 67% stake in its subsidiary, Giraffe Energy, further solidifying its foothold in the lucrative Orange Basin. The agreement grants Sintana Energy access to Giraffe Energy’s 33% interest in the Petroleum Exploration License (PEL) 79, situated within the exploration blocks 2815 and 2915. Notably, PEL 79 is strategically positioned adjacent to the Mopane light-oil discoveries recently

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