First oil production from Senegal’s Sangomar oilfield is expected to commence within days, according to the national oil company, Petrosen. Representing Senegal’s first offshore oil development, the project aims to produce 100,000 barrels per day (bpd). Speaking at the Invest in African Energy Forum in Paris, Petrosen’s Director General, Thierno Seydou Ly, stated, “We started development in 2020, and today, we are around 97% complete. We expect first oil in the coming days. This will
Amnesty International urges that any sales approval process for Shell’s business in Nigeria must be comprehensive and involve safeguards to protect human rights. Reacting to the Nigerian oil industry regulator’s offer to fast-track sales approvals for oil companies selling their businesses, Isa Sanusi, Amnesty International Nigeria Director, emphasized the need for Shell to be held accountable for its long history of human rights abuses in the Niger Delta. “With Shell currently seeking regulatory approval for
Low fuel prices in Africa creates the necessary cushion needed to relief an already financially stressed economic situation. In many African countries fuel costs influence many aspects economy, and as such must be regulated. The lower the better, as energy cost directly empowers businesses and its consumers. In many African nations, high transportation costs can exacerbate poverty by limiting access to fundamental goods and services such as food, healthcare, and education. Lower fuel costs can
According to the latest report from the Organization of the Petroleum Exporting Countries (OPEC), the global oil demand forecast 2024 remains unchanged. Most African OPEC members, according to secondary sources saw a decline in the amount of oil produced during the period under review save Algeria Libya, and Congo. According to the report Nigeria produced the most oil for the month despite falling in oil production. In April, the period under review for the latest
In April, Angola’s oil production reached approximately 32.206 million barrels, with a daily average of 1.073 million barrels per day (bpd), slightly lower than the forecasted 1.129 million bpd. The National Petroleum, Gas, and Biofuels Agency (ANPG) monthly report revealed that associated gas production during April was 82.580 million cubic feet, translating to a daily average of 2.753 million cubic feet. Of this, 1.489 million cubic feet were injected, 606 million cubic feet were allocated
The International Energy Agency (IEA) announced a downward revision in global oil demand forecasts, primarily attributed to reduced demand in Europe. The latest monthly report on the oil market projects a smaller increase in global demand for 2024, with estimates now at 1.1 million barrels per day, down by 140,000 barrels compared to the previous month, totaling 103.2 million barrels per day. However, the forecast for 2025 shows a slight uptick in growth, reaching 104.5
Azule Energy, the joint venture formed in March 2022 by Italy’s Eni and the UK’s BP to merge their oil assets in Angola, successfully finances its operations independently and pays dividends to its shareholders. Vaar, an oil and gas company established in Norway with investment fund Hitec Vision, and Azule Energy operate with minimal dependence on their parent companies. According to Eni’s CFO Francesco Gattei, both companies fund their capital expenditures and maintain their own
Major oil companies like ExxonMobil and Shell, seeking to exit Nigeria’s onshore oil sector due to security concerns, may receive expedited approval by taking responsibility for spills, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). At a meeting in Abuja, NUPRC chief Gbenga Komolafe proposed a short-term option for faster approval if companies commit to cleaning up spills and compensating affected communities. This option could significantly shorten the approval process, currently slated for June.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has kicked off its highly anticipated 2024 licensing round, presenting a diverse portfolio of oil blocks that includes both onshore and offshore assets. This licensing round offers a strategic opportunity for domestic and international companies to engage in exploration and production activities, thereby contributing to the development of Nigeria’s oil and gas reserves while enhancing the country’s energy security and economic prosperity. With 12 oil blocks on offer,
Chevron, the U.S. energy giant, has launched the sale of its interests in two Nigerian offshore oil and gas blocks as part of its strategy to divest aging assets and prioritize its growing U.S. production. The company is offering its 40 percent stakes in Oil Mining Lease (OML) 86 and OML 88, located in shallow-water areas, with current production levels at around 6,200 barrels of oil equivalent per day. The move reflects a broader trend
