82 illegal refineries in Nigeria were discovered and demolished between the 10th to 15th of February 2024. The Nigerian National Petroleum Company Limited (NNPCL) relayed that it uncovered these illegal operations in the south-south region of the country. Oil theft has been a major issue plaguing the country’s oil sector. Additionally, the NNPCL said on Tuesday that multiple sources had reported 223 instances during the previous week, according to a report from the Nigerian newspaper,
The price of oil is rising in major international markets due to fears of an increase in attacks on ships in the Red Sea. West Texas Intermediate (WTI), a reference for the United States, registered an increase of 0.44%, reaching 78.25 dollars per barrel. Meanwhile, North Sea Brent, crude oil traded in London and used as a reference for European imports, is rising 0.23%, reaching $83.22. Yemen’s Houthi rebels, supported by Iran, in retaliation for
The Association of Angolan Petroleum Service Companies (AECIPA), representing 150 members within the Angolan oil industry, advocates for a heightened emphasis on the implementation of local content initiatives. Highlighting the strategic importance of industry efficiency, the association underscores the pivotal role of local content in supporting Angola’s goal of increasing oil production to 1.18 million barrels per day. During a recent address in Luanda, AECIPA CEO Bráulio de Brito emphasized that embracing local content fosters
In a recent direct sales process conducted by Pré-Sal Petróleo (PPSA), the Chinese oil giant CNOOC emerged as the victor, securing 500 thousand barrels of oil. This marks the third Union cargo sold under the production sharing contract for the Sépia Block, located in the Campos Sedimentary Basin off the coast of Rio de Janeiro. Under the sharing regime governing pre-salt fields, a portion of the extracted oil is allocated to the Union. With the
Sonangol disclosed its financial performance for the year 2023 last week, revealing a turnover of $10.9 billion and a net profit of $3.1 billion, a decrease from the $5.3 billion recorded in 2022. The 41.5 percent drop in profits reflects a challenging year marked by global adversities, as emphasized by the oil company. Despite facing multiple hurdles, Sonangol remains steadfast in its commitment to operational excellence. In 2023, Sonangol’s turnover experienced a decline of 18.6
The Government of Angola plans to increase gas production levels in the coming years, with the entry of a new consortium, which will explore new oil fields. The information was provided by the president of the National Oil, Gas and Biofuels Agency (ANPG). Paulino Jerónimo, who was recently reappointed for his second term at ANPG, highlighted that the new consortium for gas production in the country is made up of several companies. Their mission is to
Sintana Energy has surged to the top position on the TSX Venture 50, propelled by its significant oil and gas discoveries in the Orange Basin. The company’s indirect interest in the PEL 83 exploration campaign, led by Galp Energia (80%), Namcor (10%), and Custos (10%), has positioned it as a standout performer among 50 other companies. With Custos Energy, in which Sintana holds a 49% indirect ownership, the CEO, Robert Bose, emphasized the transformative impact
Petrobras unveiled plans on Tuesday February 19th to launch the pilot phase of the Hisep project within four years, aiming to reinject carbon dioxide (CO2) extracted from oil fields underground. Unlike traditional methods, Hisep conducts this process directly on the seabed rather than on the platform. The pilot phase is scheduled to take place in the pre-salt Mero field located in the Santos Basin. Following successful laboratory tests, Petrobras will proceed with the assembly of
The Minister of Mineral Resources, Oil, and Gas, Diamantino Azevedo, urged the newly appointed members of the Board of Directors of the National Petroleum, Gas, and Biofuels Agency (ANPG) to uphold the ongoing initiatives aimed at stabilizing production and sustaining strategies for block bidding. Presiding over the inauguration ceremony in Luanda, Azevedo emphasized the need for swift action to ensure the implementation of these directives. Acknowledging the accomplishments of the outgoing administration over the past
Since 2014, The Gambia has witnessed the successful drilling of up to 11 wells, igniting a surge in industry interest in the country’s offshore opportunities. Positioned in close proximity to the significant 230-million-barrel Sangomar discovery in neighboring Senegal, The Gambia boasts substantial prospectivity, with over 10,000 km2 of offshore acreage and preliminary resource estimates suggesting reserves of three billion barrels. Currently, three companies are actively exploring offshore: As The Gambia’s offshore exploration activity gains momentum,
