You are Here

Category: Oil

International Economy Oil

Dangote Refinery Poised to Transform Nigeria’s Fuel Industry with Local Petrol Production

The Dangote Refinery is set to disrupt the longstanding Europe-to-Africa fuel trade and reduce Nigeria’s dependence on imported refined products. As the world’s largest single-train refinery, Dangote Refinery has begun test runs for producing Premium Motor Spirit (PMS), commonly known as petrol, according to a Reuters report citing industry monitor IIR Energy. The 650,000-barrel-per-day refinery is anticipated to commence full operations and start petrol distribution by mid-September, following several missed deadlines. The $20 billion facility,

Loading

Read More Here

International News Oil

Niger Resumes Crude Oil Exports Through Benin After Dispute Resolution

Landlocked Niger has resumed crude oil exports via Benin, following a previous disruption caused by a trade dispute. The dispute halted shipments through a newly constructed Chinese-funded pipeline. The conflict began when Niger refused to lift its ban on imports from Benin, leading Benin to block oil exports through the PetroChina-backed pipeline in May, as reported by Reuters. Niger subsequently halted oil flow through the pipeline in June. In response, the junta-led government of Niger

Loading

Read More Here

Oil Local News

Brent Oil Price Surge Enhances Angola’s Revenue Outlook

Brent crude oil began yesterday’s session on the London futures exchange with a slight increase, opening at $79.71 per barrel, up from $79.66 at the close of last Friday’s session. During the day’s trading, the price climbed to $80.45 per barrel. This upward trend suggests a positive week ahead, driven by strong global demand and ongoing geopolitical uncertainties that continue to influence oil prices. Although Brent is trading below the $100 mark predicted a few

Loading

Read More Here

Oil Economy International

TotalEnergies Invests $600 Million to Boost Republic of Congo’s Oil Production and Sector Growth

In May, TotalEnergies announced a $600 million investment in the Republic of Congo (ROC) aimed at enhancing exploration and production in the Moho Nord field. This investment will increase production by 40,000 barrels per day (bpd) from its current rate of 140,000 bpd, moving the ROC closer to its goal of reaching 500,000 bpd. TotalEnergies also holds the ROC’s Marine XX permit and has recently deployed two drilling rigs to facilitate new discoveries. This commitment

Loading

Read More Here

Local Corporate News News Oil

Chevron Secures New Offshore Blocks in Angola

Chevron, a major player in Angola’s oil sector with a 26% market share, has recently made significant strides to further solidify its presence in the country. In mid-June, the U.S.-based giant signed contracts for two license areas off the coast of Angola—Blocks 49 and 50, located in the ultra-deepwater section of the Lower Congo Basin. A few years ago, this deal would not have been possible. The National Oil, Gas, and Biofuels Agency (ANPG), the

Loading

Read More Here

International News Oil

Dangote Refinery Set to Disrupt Europe’s Oil Industry, OPEC Reports

The Organization of Petroleum Exporting Countries (OPEC) has announced that Nigeria’s Dangote Refinery, the world’s largest single-train facility, is poised to challenge Europe’s oil industry, particularly impacting the Northwest Europe (NWE) gasoil sector. In its June 2024 Oil Market Report, OPEC highlighted Dangote Refinery as a top supplier of diesel and aviation fuel. The report suggests that the refinery’s increased production could disrupt Europe’s oil and gas markets, a development experts believe will benefit the

Loading

Read More Here

Oil International

Oil Prices Recover Amid Positive U.S. Job Data and Middle East Tensions

The price of oil for October delivery closed yesterday at $79.39 per barrel, marking a slight increase from the previous day’s market data. On Thursday, oil prices rose for the third consecutive session, supported by U.S. jobs data that eased concerns over demand and ongoing tensions in the Middle East, helping prices recover from an eight-month low reached on Monday. Brent futures rose by $0.83, or 1.06%, to close at $79.16 per barrel. The increase

Loading

Read More Here

Local Corporate News Gas Iron Oil Partnerships

Sonangol Partners with Tosyali to Advance Kassinga Iron and Steel Project

Sonangol and the Tosyali Group reached an agreement on Monday to enhance the strategic Kassinga iron and steel project. The agreement, finalized during the Angolan Minister of Mineral Resources, Oil, and Gas’s visit to Turkey, includes integrating Angola’s national oil company, Sonangol, into the new corporate structure of Tosyali Iron & Steel Angola SA. Fuat Tosyali, President of the Turkish holding company, praised the move as a clear demonstration of Angola’s commitment to the project.

Loading

Read More Here

International News Oil

TotalEnergies Extends Contract for Deepsea Mira Operations in West Africa

TotalEnergies SE has renewed its contract with Northern Ocean Ltd. for the continued deployment of the Deepsea Mira rig in West Africa. The contract’s firm term has been extended until October 2024, covering one well, with an option for an additional well. TotalEnergies SE began a multi-well drilling program offshore Namibia, following the Venus light oil discovery in Block 2913B (PEL 56) and subsequent exploration of the Venus accumulation into Block 2912 (PEL 91). The

Loading

Read More Here

Local Gas News Oil

Kwame Oil & Gas to Launch New Operational Bases in Luanda

Kwame Oil & Gas, a company in the oil sector, announced the upcoming launch of two operational bases in Luanda for metal structure repairs and oil tank cleaning, with a total investment of $150,000. According to Aurélio dos Santos, the company’s general director, the new facilities are located in the Mundo neighborhood of Benfica and are set to begin operations in September. The project, which was first announced in May, includes the construction of two

Loading

Read More Here

1 … 10 11 12 13 14 … 119