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Category: Oil

Corporate News International Oil

Shell Reaffirms Commitment to Namibia’s Oil Exploration Efforts in High-Level Meeting

Shell Strengthens Investment Ties with Namibia Amid Growing Offshore Oil Discoveries A high-level delegation from global energy giant Shell, led by Eugene Okpere—Shell’s Executive Vice President for Exploration Strategy, Portfolio, Integrated Gas, and Upstream—met with Namibian President Netumbo Nandi-Ndaitwah to discuss the company’s ongoing operations and future plans in the country’s oil exploration sector. During the meeting, President Nandi-Ndaitwah expressed her appreciation for Shell’s continued investment in Namibia and reaffirmed the government’s commitment to supporting

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International Corporate News Oil

Dangote Refinery Withdraws $66 Million Lawsuit Against NNPC and Petroleum Regulator Over Fuel Import Permits

Dangote Refinery Drops Lawsuit Against NNPC, Petroleum Regulator Over Fuel Import Licenses Dangote Refinery has officially withdrawn its lawsuit against Nigeria’s petroleum industry regulator and several fuel importers, including the state-owned Nigerian National Petroleum Company Limited (NNPC Ltd). The case, filed at the Federal High Court in Abuja, had challenged the issuance of fuel import licenses by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). In addition to NNPC, the suit named five other

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International News Oil

Niger Boosts Oil Revenues and Production After Cutting Ties with French Influence

Niger’s Oil and Gas Boom: A Strategic Shift Toward Self-Reliance Niger has made significant strides in its oil and gas sector, with rising revenues and increased production marking a new era of energy independence and economic potential. This growth comes on the heels of the country’s strategic decision to assert greater control over its natural resources by reducing reliance on French involvement. The shift is already producing measurable results. Authorities have focused on three key

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Corporate News International Oil

TotalEnergies Working Toward Restarting $20 Billion Mozambique LNG Project

TotalEnergies Eyes Restart of $20B Mozambique LNG Project Amid Talks with Government TotalEnergies and its partners are continuing discussions with the Mozambique government to align on restarting construction of the 12.8 million tonnes per annum (mtpa) Mozambique LNG project, CEO Patrick Pouyanné confirmed during the company’s second-quarter earnings call. “This is a major project, and we are working to ensure strong alignment between the government of Mozambique and the investors,” Pouyanné told analysts on Thursday.

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Local News Oil

Angola Cuts Oil-Backed Debt to China as It Shifts Toward Safer Financing Strategies

Angola to Reduce Oil-Backed Debt to China to as Low as $7.5 Billion by Year-End Amid Push for Financial Stability Angola’s oil-backed debt to China is projected to fall to between $7.5 billion and $8.0 billion by the end of 2025, according to Dorivaldo Teixeira, Director of the Debt Management Unit at the Ministry of Finance. This marks a continued decline from $10.15 billion at the end of 2024 and $8.94 billion at the end

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International News Oil Petroleum

Aliko Dangote Warns of Black Market Fuel Cartels Undermining Africa’s Refinery Future

Aliko Dangote Exposes Offshore Fuel Cartels Threatening Africa’s Energy Independence Africa’s richest man, Aliko Dangote, has sounded the alarm over the growing influence of black market fuel cartels operating in offshore waters across the continent. He warned that these illicit networks are actively sabotaging efforts to build domestic refining capacity by manipulating prices and supply chains—particularly through maritime fuel trading hubs like Lomé, Togo. Speaking at the Global Commodity Insights Conference on West Africa in

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International News Oil Petroleum

U.S. Crude Oil Exports to Nigeria Surpass Imports for First Time Amid Refinery Shifts

U.S. Exports More Crude Oil to Nigeria Than It Imports for the First Time in 2024 For the first time in history, the United States exported more crude oil to Nigeria than it imported during February and March 2024, according to data from the U.S. Energy Information Administration (EIA). This reversal in trade flows was largely driven by reduced demand on the U.S. East Coast due to scheduled refinery maintenance and increased demand from Nigeria’s

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International News Oil Petroleum

Nigeria Leads Effort to Establish West African Fuel Pricing Benchmark

Nigeria Partners with S&P to Launch West Africa’s First Regional Fuel Pricing Benchmark West Africa is taking a major step toward energy market independence with the development of a regional pricing benchmark for refined petroleum products. Historically, the region has relied on global reference markets that often fail to reflect its unique supply chain dynamics. In a move to address this gap, Nigeria has partnered with S&P Global Commodity Insights to create localized pricing indices

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Corporate News International Oil

Tullow Oil Exits Kenya in $120 Million Deal with Auron Energy

Tullow Oil Sells Kenya Assets to Auron Energy for $120M in Strategic West Africa Shift Tullow Oil has reached a definitive agreement to sell its entire stake in Kenya to Auron Energy E&P, an affiliate of Gulf Energy Ltd, in a deal valued at a minimum of $120 million in cash. This transaction marks Tullow’s complete exit from Kenya, where it previously held 463 million barrels of 2C contingent oil resources in the South Lokichar

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Oil Infrastructure International

Cameroon Begins Construction of Second Oil Refinery to Boost Energy Independence

Cameroon Launches New Oil Refinery and Petroleum Depot in Kribi to Reduce Fuel Imports Cameroon has officially launched the construction of a new oil refinery and petroleum storage depot in its southern region, marking a major step toward enhancing energy independence. The announcement was made by the state-owned National Hydrocarbons Corporation (SNH). The project is being developed within the Kribi industrial port zone, a strategic location selected for its infrastructure and proximity to maritime transport.

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