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Category: Oil

International Corporate News Oil

ReconAfrica Targets Kavango Basin Expansion with New Drilling and C$10 Million Fundraising Effort

ReconAfrica is preparing to drill its second exploration well in Namibia’s Kavango Basin, bolstered by a fresh capital raise aimed at advancing its ambitious exploration program. The Canadian-based explorer announced plans to raise C$10 million (approximately US$7.3 million) through a public share offering, as disclosed after market close on the Toronto Stock Exchange. The offering is expected to close during the week of June 16. Proceeds from the raise will primarily fund exploration activities, including

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Corporate News International Oil

Oando Commits $550 Million to NNPC’s Project Gazelle as Part of Landmark Expansion

Oando Plc has committed $550 million in crude prepayment to support the Nigerian National Petroleum Company’s (NNPC) Project Gazelle—an initiative designed to stabilize oil revenues through forward crude sales. The investment was disclosed in the company’s audited 2024 financial results, marking a pivotal year highlighted by Oando’s acquisition of Nigerian Agip Oil Company (NAOC). The transaction, finalized on August 22, 2024, significantly expanded Oando’s asset base and improved its financial outlook. Group Chief Executive Wale

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Corporate News International Oil Petroleum

Dangote Refinery Ramps Up with U.S. Crude Amid Nigeria’s Oil Supply Challenges

Africa’s largest crude oil refinery, the $20 billion Dangote Refinery, has increasingly turned to U.S. oil imports to meet its feedstock requirements—despite Nigeria’s position as the continent’s top crude producer. The refinery, with a processing capacity of 650,000 barrels per day (bpd), began sourcing significant volumes of U.S. West Texas Intermediate (WTI) Midland crude in 2025, according to Bloomberg ship-tracking data. During its early 2024 startup phase, American crude made up a smaller share of

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International Gold Oil

Bank of Ghana Ends Gold for Oil Programme After GH¢2.1 Billion Loss

The Bank of Ghana (BoG) has announced the termination of its Gold for Oil (G4O) initiative after incurring cumulative losses of GH¢2.137 billion since the programme’s launch in January 2023. The central bank recorded a GH¢317 million loss in 2023 and a staggering GH¢1.82 billion in 2024. According to the BoG, it committed approximately GH¢4.69 billion to the initiative, effectively losing 45% of its investment. The programme was officially discontinued on March 13, 2025, with

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International Corporate News Oil

Petrobras Targets Africa as Key International Growth Frontier

Petrobras, Brazil’s state-controlled oil giant, has set its sights on Africa as its main growth market outside of Brazil, according to CEO Magda Chambriard. In an interview with Reuters, Chambriard disclosed that Ivory Coast has granted Petrobras preferential rights to acquire nine offshore exploration blocks in deep and ultra-deep waters. Additionally, Nigeria, Angola, and Namibia have all expressed interest in partnering with the Brazilian company. “We are experts in the eastern margin of Brazil,” Chambriard

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Local Energy News Oil

Angola Balances Oil Expansion with Clean Energy Goals Strengthens Ties with Portugal and Brazil

Angola’s Secretary of State for Energy, Arlindo Bota Manuel Carlos, has reaffirmed the country’s commitment to expanding oil exploration while also accelerating the transition to cleaner energy sources. Speaking to Lusa on the sidelines of the 2nd CPLP Energy Conference in Estoril, Portugal, Carlos said Angola values the support of Portugal and Brazil in the development of energy projects. “Oil exploration should not be seen as a threat. We will not abandon the use of

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International News Oil

Uganda Pushes First Oil to 2026 Amid Ongoing Delays and Growing Public Frustration

Uganda has once again delayed the start of oil production from the Albertine Graben, now setting a new target for June 2026. This marks yet another postponement in the country’s two-decade-long pursuit to become a commercial oil producer, after previously aiming for first oil by June 2025. The updated timeline was announced by Frank Mugisha, Assistant Commissioner at the Ministry of Energy and Mineral Development, who spoke on behalf of Minister Ruth Nankabirwa during the

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International News Oil

South Africa Launches National Petroleum Company to Revive Energy Sector and Boost Self-Sufficiency

South Africa has officially launched the South African National Petroleum Company (SANPC), a new state-owned energy enterprise formed through the consolidation of three entities—PetroSA, iGas, and the Strategic Fuel Fund. All were previously part of the Central Energy Fund. The move is aimed at creating a financially sustainable national oil and gas leader. SANPC, led by CEO Godfrey Moagi and chaired by former PetroSA CEO Sipho Mkhize, began operations in May 2025. The new company

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Corporate News International Oil

Dangote Refinery to Import Over 5 Million Barrels of U.S. Crude in July Amid Supply Gaps and Rising Investments

The Dangote Petrochemical Refinery is set to import over five million barrels of crude oil in July 2025, primarily sourced from the United States, according to Reuters. The refinery has contracted approximately 161,000 barrels per day (bpd) of U.S. West Texas Intermediate (WTI) crude for the month, although the final volume could increase if additional contracts are signed. This follows a record-breaking June, when the refinery imported around 300,000 bpd of WTI crude—the highest in

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International Corporate News Gas Oil

Renaissance Africa Energy to Invest $15 Billion in Niger Delta Oil and Gas Projects

Renaissance Africa Energy Company Limited has announced plans to invest $15 billion over the next five years in developing oil fields onshore and in the shallow waters of Nigeria’s Niger Delta. The Nigerian-owned energy consortium recently acquired oil assets previously managed by Shell Petroleum Development Company (SPDC), following Shell UK’s exit from onshore operations in the region. The announcement was made by Greg Akhibi, Head of Supply Chain at Renaissance Africa Energy, on behalf of

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