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Category: Oil

International Oil Petroleum

Nigeria’s Fuel Import Surge Undermines Dangote Refinery and Strains Forex Reserves

Nigeria Imports 71% of Petrol Despite $20 Billion Dangote Refinery, Intensifying FX Pressure Despite the launch of the $20 billion Dangote Petroleum Refinery in Lekki, Nigeria continues to rely heavily on imported refined petroleum products. According to recent data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), fuel marketers imported 71.38% of Nigeria’s petrol supply in May and June 2025, leaving just 28.62% sourced from domestic refining. This import-heavy approach comes at a

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Corporate News Economy International Oil

Afreximbank Leads $1.35 Billion Refinancing Deal for Dangote Industries

Afreximbank Secures $1.35 Billion for Dangote Refinery in Landmark African Financing Deal The African Export-Import Bank (Afreximbank) has announced the signing of a $1.35 billion financing facility for Dangote Industries Limited (DIL), as part of a broader $4 billion syndicated loan package for Africa’s largest industrial conglomerate. Afreximbank acted as the Mandated Lead Arranger for the transaction—one of the largest syndicated financings recently recorded in African markets. The funds will be used to refinance capital

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International Gas Oil

NNPCL Boosts Northern Nigeria’s Energy Sector with New Oil Wells and CNG/LNG Plants

NNPCL Drills Four Oil Wells in Bauchi, Advances Gas Projects in Northern Nigeria Mr. Yusuf Usman, Director of the Nigerian National Petroleum Company Limited (NNPCL), has announced the successful drilling of four oil wells in Kolmani, Bauchi State. This marks a significant milestone in NNPCL’s ongoing efforts to expand oil and gas exploration activities in northern Nigeria. Speaking in Kaduna during a two-day interactive session organized by the Sir Ahmadu Bello Memorial Foundation, Usman emphasized

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Corporate News International Oil

Rhino Resources Begins Drilling Third Well in Namibia’s Orange Basin

Rhino Resources Launches Volans-1X Well in Namibia’s Offshore PEL 85 to Advance Oil Exploration Rhino Resources Ltd has commenced drilling its third exploration well, Volans-1X, in Namibia’s offshore Orange Basin under Petroleum Exploration Licence 85 (PEL 85). The Volans-1X well is part of the company’s ongoing effort to deepen geological understanding of the PEL 85 block and follows two previous successful exploration campaigns. The first well, Sagittarius-1X, was spudded on 18 December 2024 and reached

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International Corporate News Oil

Grand Gulf Energy Enters Offshore Oil Sector with Namibia Block Option

Grand Gulf Energy Secures Option for Offshore Namibia Oil Block with 1.1 Billion Barrels Prospective Resource Grand Gulf Energy Limited is set to make its entry into the offshore oil and gas sector after securing an exclusive option to acquire 100% of Wrangel Pty Ltd. Wrangel has applied for a 70% working interest in Block 2312, located in Namibia’s Walvis Basin. The Australian-listed company, which currently specializes in helium exploration in the United States, announced

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International Corporate News Oil

Pancontinental Energy Increases Oryx Oil Resource Estimate to 2.5 Billion Barrels Offshore Namibia

Pancontinental Energy Ups Prospective Oil Resource Estimate at Namibia’s Oryx Prospect to 2.5 Billion Barrels Pancontinental Energy NL has significantly upgraded its prospective oil resource estimates at the Oryx prospect, located within Petroleum Exploration Licence 87 (PEL 87) offshore Namibia, following improved seismic analysis. The updated High Case (3U) estimate now exceeds 2.5 billion barrels (100% gross). This revision comes after the company completed a new Quantitative Interpretation (QI) of seismic data in the Orange

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Economy Diamonds News Oil

Angola Records Highest GDP Growth in a Decade, Driven by Oil and Mining Sectors

Angola’s Economy Grows 4.4% in 2024: Strongest Expansion in a Decade Fueled by Oil and Diamonds Angola’s economy grew by 4.4% in 2024, marking its strongest annual expansion since 2014, according to the World Bank’s latest Angola Economic Update. This robust growth was primarily driven by a recovery in the oil sector, increased diamond production, and strong performance in the commerce and fishing industries. Despite this positive momentum, economic growth is projected to moderate between

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Corporate News Local Oil

Begónia Oil Project Adds 30,000 Barrels per Day to Angola’s Offshore Output

Angola Launches Production at Begónia Offshore Oil Project The National Agency for Petroleum, Gas and Biofuels (ANPG), TotalEnergies (the operator), and partners of the Block 17/06 Contractor Group have announced the start of oil production at the Begónia Project. The extracted crude will be processed via the FPSO Pazflor, located in Block 17, offshore from Angola’s Zaire Province. The Block 17/06 partnership includes TotalEnergies (30% operator interest), Sonangol EP (30%), SSI (27.5%), ETU Energias (7.5%),

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Corporate News International Oil

Woodside Energy Takes Over Operatorship of Bass Strait Assets from ExxonMobil

Woodside Energy Assumes Control of Bass Strait Oil and Gas Operations, Unlocking $60M in Synergies Woodside Energy announced on Tuesday that it will assume operatorship of the Bass Strait oil and gas assets from ExxonMobil, a move expected to generate approximately $60 million in synergies. The Bass Strait portfolio includes the Gippsland Basin and Kipper Unit joint ventures. Both Woodside and ExxonMobil each hold a 50% stake in the Gippsland Basin and 32.5% in the

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Corporate News Local Oil

Etu Energias to Launch Major Lubricants Plant in Luanda by 2026

Etu Energias to Build $24,000-Ton Lubricants Plant in Luanda, Creating Jobs and Reducing Imports by 2026 Etu Energias has announced the construction of a new lubricants manufacturing facility in Luanda, Angola. With a planned annual production capacity of 24,000 metric tons, the plant is expected to be completed within the first quarter of 2026. The facility aims to meet growing domestic demand, reduce dependence on imports, and create new employment opportunities. The future factory will

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