South Sudan may restart export of its heavy sweet Dar Blend crude oil via the Petrodar pipeline to the Bashayer Marine Terminal in Port Sudan in six to eight weeks. The Petrodar pipeline, which transports approximately 100,000 barrels per day (bpd) for export via Sudan, has been hampered by stoppages since February. As stated by South Sudan’s Finance Minister Awow Daniel Chuang to Argus Media, the pipeline will undergo repairs while the country continues to
Mining minerals presents Nigeria with an opportunity to diversify its economy away from its heavy reliance on oil exports. Africa’s most populous country (228mn people) has an abundance of mineral resources. It boasts more than 40 mineral deposits — including kaolinitic clay, gold, gypsum, iron ore, lead, zinc, phosphate and tin across more than 500 sites in its 36 states. Baryte, bitumen, coal, gold, iron ore, limestone, lead, zinc and coal have been identified by
Libya’s state-owned National Oil Corporation (NOC) announced that its subsidiary Sirte Oil has discovered a well with the potential to produce 16.8 million cubic feet of gas per day. The announcement – made on April 9 – follows successful drilling operations in exploratory well W, W, 1-6, southeast of the Al-Lahib Field. The drilling operations reached a final depth of 8,666 feet and showed a choke size of 48/64 inches. In addition to gas, the
The OPEC+ coalition is eyeing Namibia for potential membership, as the country gears up to become Africa’s fourth-largest oil producer by the next decade, according to industry reports. TotalEnergies and Shell’s discoveries of around 2.6 billion barrels of oil have positioned Namibia for significant oil production by 2030. NJ Ayuk, Executive Chairman of the African Energy Chamber, has facilitated discussions between OPEC and Namibia, aiming for Namibia’s full membership in the future. While Namibia has
Shell Plc has lodged complaints with US regulators against Venture Global LNG (VGL) for allegedly breaching their supply contract. Similarly, Nigeria LNG Ltd (NLNG) is embroiled in a supply dispute, challenging an arbitral award demand order in a UK high court. An industry insider links these disputes to a surge in the LNG market, causing unexpected losses to highly profitable margins. With LNG demand soaring amid global market dynamics, major suppliers are allegedly defaulting on
The barrel of Brent, a reference to Angolan exports, closed the week at 90.15 dollars, and given the favorable market conditions, it is expected that it will rise to higher levels throughout the sessions that resume today on the stock exchanges. Market details show that, over the last 52 weeks, the order price per barrel has varied between $71.28 and $97.69 for 1,000-barrel contracts. Deliveries for June, in turn, last Friday, were being carried out
Niger signed a memorandum of understanding with the state-owned China National Petroleum Corporation (CNPC) for the sale of crude oil from the Agadem oilfield. The deal is worth $400 million. Jiang Feng, Chinese Ambassador to Niger, said the deal forms efforts by the two countries to strengthen cooperation. A producing conventional oilfield, the Agadem field is located onshore Niger. The country is expected to transport oil from the field via the 110,000 barrels per day
The Société Nationale des Pétroles du Congo (NOC) of the Republic of the Congo and the State Oil Company of Azerbaijan (SOCAR) have inked three pivotal agreements aimed at bolstering cooperation in refinery development, training, and sustainable natural resource management. During a state visit to Azerbaijan in April, President Denis Sassou-Nguesso oversaw the signing of these agreements, marking a significant step in enhancing bilateral relations between the two nations. The first agreement, an MoU on
According to data from the Organisation of Petroleum Exporting Countries (OPEC), Libya overtook Nigeria as the top African oil producer in March. The April 2024 monthly oil report published by OPEC said the North African country recorded 1.24 million barrels per day of crude oil in March, a 5.7% increase from the 1.17mbpd recorded in February. Nigeria recorded an oil output of 1.23mbpd in March compared to the 1.32mbpd produced in February. The March figure
Ivory Coast’s Oil Minister recently announced a significant milestone in the country’s offshore exploration efforts—a production-sharing agreement with ExxonMobil for two ultra-deepwater blocks in the Gulf of Guinea. The agreement encompasses Ivory Coast’s CI-602 and CI-603 blocks, spanning 3,874 and 5,543 square kilometers, respectively, and featuring depths ranging from 3,000 to 4,000 meters. Oil and Energy Minister Adama Toungara highlighted that each block has a maximum exploration period of nine years, with a potential contract
