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Category: Oil

International Oil

Seplat Energy Rejuvenates Nigeria’s Oil Industry with Major ExxonMobil Asset Acquisition

Seplat Energy Plc has taken a bold step to reinvigorate Nigeria’s oil industry by reactivating hundreds of dormant oil wells, following its acquisition of ExxonMobil’s onshore oil and gas assets in the country. This acquisition marks a pivotal moment, leveraging the exit of international oil companies from Africa’s largest oil producer to bolster local operations. In October, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) approved the $1.19 billion deal, over two years after it was

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Local Economy News Oil

Angola to Focus on Stabilizing Oil Production Amid Challenges

Angola is intensifying efforts to address imbalances in oil production, a challenge the country is progressively overcoming, according to Diamantino Azevedo, Minister of Mineral Resources, Oil, and Gas. Speaking at the 10th Advisory Council Meeting of the Ministry, held under the theme “Mineral Resources, Oil and Gas: Challenges and Solutions,” the minister emphasized ongoing strategies to stabilize oil production above one million barrels per day. Minister Azevedo underscored the ministry’s focus on increasing the replacement

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Corporate News International Oil

Oando Energy Boosts Crude Oil Production by 50% Following Agip Acquisition

Oando Energy Resources Nigeria Limited has reported a nearly 50% increase in crude oil production within three months, following its acquisition of Nigerian Agip Oil Company from Eni earlier this year. During a meeting with joint venture partner Nigerian National Petroleum Corporation Limited (NNPCL) in Abuja, Oando’s Managing Director, Dr. Ainojie Irune, credited the remarkable growth to seamless integration and strong collaboration between the two entities. “Within less than 100 days of the acquisition, we

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Oil International Petroleum

Uganda to Fully Fund $4 Billion Oil Refinery Through Equity

Uganda has announced plans to fully finance its $4 billion oil refinery project in Hoima District using equity, abandoning earlier plans to seek international market financing. Energy Minister Ruth Nankabirwa revealed that the government, in partnership with UAE-based Alpha MBM Investments, has opted to proceed without external debt financing. This decision marks a significant shift from the original funding model, which projected a mix of 60% debt and 40% equity. The Uganda Refinery Project aims

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Corporate News International Oil Petroleum

NNPC Launches First Export of Low-Sulfur Fuel Oil

The Nigerian National Petroleum Company Limited (NNPC) has successfully sold its inaugural shipment of Port Harcourt low-sulfur straight-run fuel oil (LSSR) to Dubai-based Gulf Transport & Trading Limited (GTT). This marks the beginning of operations at the Port Harcourt Refinery and the export of petroleum products. The Wonder Star MR1 vessel is set to load 15,000 metric tons of LSSR, equivalent to approximately 13.6 million liters. Although the current export volume from NNPC is modest,

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International Exploration Oil

Noble Venturer Drillship Set to Begin High-Impact Exploration in Namibia

The Noble Venturer drillship is scheduled to arrive in Walvis Bay next week to commence drilling operations for Rhino Resources on Block PEL-85. The campaign will target two key prospects, Volans-1 and Sagittarius-1, and is expected to last at least 100 days. This state-of-the-art seventh-generation Samsung 96-K drillship, built in 2014, is equipped to operate in water depths of up to 12,000 feet and drill as deep as 40,000 feet. With a crew capacity of

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International Oil

Libya’s Oil Production Hits 11-Year High at 1.4 Million Barrels Per Day

Libya’s oil production soared to 1.4 million barrels per day (bpd) in November 2024, its highest level since 2013. This milestone underscores Libya’s growing contribution to the Organization of the Petroleum Exporting Countries’ (OPEC) overall output growth. For the second consecutive month, Libya has been a key driver behind OPEC’s production increase. OPEC’s total crude oil output surpassed 27 million bpd in November, reflecting a 120,000 bpd rise compared to October, with Libya responsible for

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International Exploration Gas Oil

Libya to Tender 22 Oil and Gas Exploration Blocks to International Investors

The National Oil Corporation (NOC) of Libya has announced plans to launch a public tender offering 22 onshore and offshore exploration blocks to international oil companies. The announcement was made during a meeting chaired by Libya’s Prime Minister, Abdul Hamid Dbeibah, on December 7. The tender aims to attract foreign investment to bolster Libya’s hydrocarbon sector. NOC Chairman Farhat Bengdara emphasized the introduction of a new standard agreement and an updated procedural manual. These documents,

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Corporate News Exploration International Oil

TotalEnergies Seeks Approval for New Offshore Exploration in South Africa’s Deep Water Orange Basin

TotalEnergies is pursuing environmental clearance to drill up to seven exploration wells in the southern portion of its Deep Water Orange Basin (DWOB) block, located off South Africa’s west coast. The DWOB block lies approximately 200 kilometers (124 miles) offshore between Port Nolloth and Saldanha Bay in deep waters. TotalEnergies EP South Africa (TEEPSA), the operator, previously received authorization in 2023 to explore the northern section of the block. The company now seeks to extend

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International News Oil

Libya Achieves Highest Oil Production Levels Since 2013

Libya’s National Oil Corporation (NOC) announced a significant milestone on Tuesday, reporting daily oil production exceeding 1.4 million barrels—the highest level in over a decade. The NOC detailed that crude oil and condensate production surpassed 1.4 million barrels, with an additional 200,000 barrels of gas production. This brings Libya’s total daily hydrocarbon output to 1.6 million barrels. The NOC attributed this achievement to the tireless efforts of its workforce, praising their round-the-clock dedication. The statement

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