Cairn Oil & Gas, a subsidiary of Vedanta Resources owned by billionaire Anil Agarwal, has announced that its reserves and resources portfolio in India has surpassed 1 billion barrels of oil equivalent (boe), according to media reports. This milestone makes Cairn Oil & Gas the largest private oil and gas company in India. The company has identified 20 new development projects to bring a significant portion of its resources into production within the country. The
In 2022, the African continent experienced the worst refined fuel supply crisis in the past 40 years. Although Nigeria is a major oil producer, it lacks the capacity to refine this raw material, so the country is forced to import it. One day after Nigerian President Bola Tinubu announced the end of fuel subsidies in his inauguration speech, most fuel stations closed. According to international press reports, on Tuesday, there were long queues of drivers
The Brent crude oil barrel, which serves as a reference for Angolan exports, was being traded at $76.56 until noon on Monday. This value is still above the $75 reference price set in the 2023 General State Budget (OGE), contrary to what we reported in our Sunday edition, where we mistakenly presented a price of $85. The daily variation ranged between $76.17 and $77.83, according to investing.com. It is already known, according to OPEC’s positions,
President of Nigeria, Bola Tinubu, announced on Monday the intention to remove fuel subsidies without setting a deadline. According to the BBC, at a time when inflation is reaching high levels in the country, the newly inaugurated Nigerian Head of State intends to end fuel subsidies to relieve the pressure on public finances. This measure will increase the cost of living in Nigeria, which, despite being rich in oil, does not have the capacity to
As the primary driver of its economy, the local content regime for the oil and gas sector in Angola is heavily dependent on a robust and efficient financial sector. Exploration and production (E&P) of the country’s oil and gas resources have set the stage for a strong economic outlook for Angola, with the country’s GDP projected to grow 5% between 2023 and 2026. As such, domestic financiers and insurers have called for increased synergy between
The Nigerian National Petroleum Corporation (NNPC) Limited has announced the resumption of an oil drilling campaign at its Wadi-B well in Nigeria’s Borno State. The drilling activities had been inactive for several decades due to a lack of sufficient commercial oil quantities. The Group Managing Director (GMD) of NNPC Limited, Mele Kyari, stated that the company will adopt a new approach to exploration and conduct a comprehensive evaluation of all frontier basins in Nigeria. This
Mauritania, under the leadership of Minister of Petroleum, Mines, and Energy Abdessalam Mohamed Saleh, has set forth plans for hydrogen projects that could potentially generate an impressive 80 GW of electrolyser capacity. This pipeline is being planned by several renowned companies, including CWP, Chariot, bp, Conjuncta, and Infinity, and while the aspirations for Mauritania to become a green hydrogen hub are significant, two main challenges lie ahead: financing and building the required infrastructure. As such,
Saudi Arabia, the world’s largest energy exporter, has seen a significant decline in its total exports, including both oil and non-oil exports, according to recent reports. Online portal Zawya stated that the country experienced a 25% year-on-year decrease, with total exports amounting to $28 billion in March, compared to $37 billion in the same period last year. Analysts attribute the decline in exports primarily to the softening of energy prices and reduced demand in Europe
The Brent barrel, a reference for Angola’s oil exports, closed the week of May 22-26 at $77.14, a price that is more than $10 below the $85 taken as the baseline price in the 2023 State Budget (OGE/2023). It is worth noting that the price has been below $80 for over a month now. On April 26, precisely, the barrel was traded at $77.69, during a period when the highest high was $79.54 and the
The Minister of State for Petroleum Resources, Chief Timipre Sylva, has announced the introduction of six new regulations derived from the Petroleum Industry Act 2021 in Nigeria. These regulations aim to promote sustainable growth in the midstream and downstream sectors of the oil and gas industry, providing clarity for industry operators and regulators. The new regulations are designed to facilitate industry expansion, economic development, and prosperity. They cover various aspects, including midstream and downstream operations,
