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
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
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
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.
Libya’s NOC and Algeria’s Sonatrach Sign Four Key MoUs to Expand Energy Cooperation in Exploration, Services, and Training Libya’s National Oil Corporation (NOC) has signed four memorandums of understanding (MoUs) with Algeria’s state-owned oil company Sonatrach, strengthening bilateral cooperation across key areas of the energy sector. The agreements were signed at Sonatrach’s headquarters in Algiers and aim to enhance collaboration in operations, oilfield services, training, and knowledge exchange. The first MoU was signed between the
TotalEnergies Adds 60,000 Barrels Per Day to Angola’s Oil Production with New Offshore Projects TotalEnergies SE has expanded its oil production capacity in Angola by 60,000 barrels per day (bpd) with the launch of the Begonia and CLOV Phase III offshore projects. The Begonia project, located 150 kilometers off the Angolan coast, contributes 30,000 bpd from five subsea wells connected to the Pazflor FPSO (Floating Production, Storage, and Offloading) vessel. Notably, Begonia marks Angola’s first
Woodside Energy Beats Q2 Revenue Forecast on Sangomar Output, Exits Hydrogen Project with $140M Loss Australia’s Woodside Energy delivered an 8% rise in second-quarter revenue, beating market expectations on the back of strong production from Senegal’s Sangomar project. However, the company also reported significant write-downs tied to a failed hydrogen venture and rising decommissioning costs at aging offshore assets. The country’s largest gas producer generated $3.28 billion in revenue for the three months ending June
Dangote Refinery has begun relying on Angola’s shipping fleet for the transportation of its crude oil and refined products. Speaking at the 2025 Maritime Law Seminar in Lagos, Ladi Olubowale, President of the African Shipowners Association in Nigeria, revealed that Dangote’s decision stems from the lack of suitably sized vessels owned by Nigerian ship operators. Olubowale, a retired ship captain, explained that Nigerian shipowners currently do not possess vessels with the capacity to handle Dangote’s
The African Energy Chamber supports Minister Azevedo’s national honor, recognizing his leadership in transforming Angola’s oil and gas sector through major reforms and strategic projects In recognition of a lifetime dedicated to peace, development and the advancement of Angola’s oil and gas industry, Diamantino Pedro Azevedo, Minister of Mineral Resources, Petroleum and Gas, has been awarded the Commemorative Medal for the 50th Anniversary of National Independence in the Peace and Development Class by Angola’s President
Angola Oil Production Falls to One Million Barrels Per Day in Q2 2025 as Sector Contracts Over 10 Percent Oil and gas production in Angola fell by 10.2 percent in the second quarter of 2025, according to an estimate released Monday by the Economic Studies Department of Banco Fomento Angola (BFA). The decline brought daily oil output down to approximately 1 million barrels per day, reinforcing the ongoing structural downturn in the country’s crude oil
