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Category: Oil

Corporate News Gas International Oil

QatarEnergy Enters Algerian Upstream Market with Strategic Exploration Win

QatarEnergy has secured exploration rights for oil and gas in Algeria, marking its entry into the country’s upstream sector through the 2024 Algeria Bid Round. The announcement was made by ALNAFT, Algeria’s national agency responsible for hydrocarbon resource management. The Ahara Block was awarded to a consortium comprising QatarEnergy (24.5%), TotalEnergies (24.5%, also designated as the operator during the exploration phase), and Algeria’s state-owned Sonatrach (51%). QatarEnergy’s President and CEO, H.E. Mr. Saad Sherida Al-Kaabi,

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Corporate News International Oil Partnerships

Eni Rovuma Basin and AICS Partner to Boost Community Development in Mozambique

Eni Rovuma Basin has signed a Letter of Intent (LoI) with the Italian Agency for Development Cooperation (AICS) to strengthen their collaboration in enhancing the well-being of communities across Mozambique. The partnership will explore cooperation in several key areas, including agriculture and rural development, the environment and blue economy, technical and vocational education and training (TVET), food security and nutrition, water, sanitation and hygiene, and community health. The agreement reflects a shared commitment by Eni

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Corporate News International Oil

Mozambique Remains Optimistic as TotalEnergies Eyes LNG Project Restart

Mozambique’s Energy Minister Estevão Pale said on Friday that the government has not yet received an official request from TotalEnergies to lift the force majeure on its $20 billion liquefied natural gas (LNG) project, but he remains optimistic about the oil major’s plans to resume development this summer. Speaking to reporters in Tokyo after a meeting with Japan’s Industry Minister Muto Yoji, Minister Pale said the force majeure will be lifted once the project operator

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Corporate News Local Oil Partnerships

Sonangol Partners with MIT to Advance Angola’s Energy, Mining, and Innovation Sectors

Angola’s national oil company Sonangol has signed two strategic agreements with the Massachusetts Institute of Technology (MIT), aimed at accelerating the development of Angola’s natural and mineral resources through cutting-edge research, innovation, and technology from the United States. The agreements were formalized during a high-level meeting chaired by Angola’s Minister of Mineral Resources, Petroleum and Gas, Diamantino Azevedo. The first agreement, with the MIT Industrial Liaison Program (MIT-ILP), grants Sonangol direct access to MIT’s research

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Local Corporate News Oil

Afentra and Maurel & Prom Expand Offshore Angola Holdings in $23 Million Deal

Upstream oil and gas companies Afentra and Maurel & Prom (M&P) have signed a sale and purchase agreement with Etu Energias to acquire additional minority stakes in Angola’s offshore Blocks 3/05 and 3/05A. Under the agreement, both Afentra and M&P will each acquire a 5% working interest in Block 3/05 and 6.67% in Block 3/05A. The total consideration for the deal is $23 million, allocated as $22 million for Block 3/05 and $1 million for

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Corporate News International Oil

Aliko Dangote Eyes Namibia for Next Phase of Pan-African Investment Expansion

Billionaire industrialist Aliko Dangote is considering Namibia as a new frontier for his conglomerate’s expanding investment portfolio. Fresh from completing what he described as the world’s largest oil refinery, Dangote hinted at potential future investments in the southern African nation during a high-level meeting with President Netumbo Nandi-Ndaitwah in Windhoek this week. The visit signals a continuation of the Dangote Group’s broader strategy to expand its footprint across the African continent. Already active in over

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International Corporate News Oil

TotalEnergies Set to Resume $20 Billion Mozambique LNG Project This Summer

TotalEnergies plans to restart development of its $20 billion liquefied natural gas (LNG) project in Mozambique this summer, according to Chief Executive Patrick Pouyanné. He made the announcement during a session at the Japan Energy Summit in Tokyo on Wednesday. The project has been under force majeure since 2021 due to insurgent attacks in the region. It involves the development of the Golfinho and Atum natural gas fields in the Offshore Area 1 concession, along

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International Oil

Nigeria’s $5 Billion Oil-Backed Loan Deal with Aramco Stalls Amid Falling Crude Prices

Nigeria and Saudi oil giant Aramco are struggling to finalize a proposed $5 billion oil-backed loan, as declining global crude prices raise concerns among potential financiers and reduce the appeal of the deal. If completed, the agreement would represent Nigeria’s largest oil-backed borrowing to date and Aramco’s most significant financial engagement in the country. However, sources familiar with the matter say the falling price of oil may lower the deal’s overall value, complicating negotiations and

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Corporate News International Oil Petroleum

Dangote Refinery Set to Disrupt Nigeria’s Fuel Market with Free Direct Distribution and Credit Incentives

Nigeria’s downstream petroleum sector is bracing for a major shake-up following the announcement by Dangote Petroleum Refinery that it will begin direct, free distribution of Premium Motor Spirit (PMS) and diesel across the country, starting August 15, 2025. Unveiled on Sunday, June 15, the plan includes the deployment of 4,000 Compressed Natural Gas (CNG)-powered tankers to deliver fuel directly to petrol stations, manufacturers, aviation companies, telecom operators, and other large-scale consumers. This move bypasses traditional

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Oil Corporate News

Sonangol and MIT Sign Strategic Cooperation Agreements

Sonangol and the Massachusetts Institute of Technology (MIT) signed two strategic cooperation agreements: the MIT Industrial Liaison Program (MIT-ILP) and MIT-Africa, the latter of which includes the Global Classroom and Global Teaching Labs initiatives. The signing ceremony took place during an official visit by a high-level Angolan delegation, led by the Minister of Mineral Resources, Petroleum, and Gas, Diamantino Azevedo, and attended by senior executives, public sector managers, and officials from Angola’s energy and mining

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