Category: Oil

Africa’s Largest Oil Refinery Switches to US Dollar Pricing for Fuel Sales in Nigeria Nigeria’s Dangote Petroleum Refinery, the largest oil refinery in Africa, has introduced a new pricing system that links the sale of refined petroleum products to the US dollar. The move replaces the previous naira-based pricing structure and is aimed at managing foreign exchange risks associated with crude oil purchases, operational costs and international market fluctuations. The refinery’s decision comes as it

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ExxonMobil Returns to Nigeria’s Deepwater Oil Sector With $1 Billion Investment Plan ExxonMobil is returning to Nigeria’s deepwater oil sector with a planned $1 billion investment in the Usan Infill Project, marking the company’s first major drilling campaign in the country in nearly a decade. The project, located in Oil Mining Lease (OML) 138 offshore Nigeria, is expected to increase crude oil production by approximately 40,000 barrels per day and strengthen output from the Usan

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Shell Completes Namibia Offshore Exploration Campaign as Orange Basin Oil Potential Grows Shell has completed its latest offshore exploration campaign in Namibia, marking another milestone in the company’s ongoing evaluation of one of Africa’s most promising emerging oil regions. The company’s Deepsea Mira semi-submersible rig completed operations on July 2 after beginning the campaign in April. Shell decided not to exercise an option for an additional exploration well under the current contract, with the rig

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Renaissance Africa Energy Discovers Oil Offshore Nigeria, Boosting Indigenous Exploration Efforts Renaissance Africa Energy Company Limited has announced a significant oil discovery in Nigeria’s offshore Oil Mining Lease (OML) 74, marking a major milestone for the country’s indigenous energy sector. The discovery was made through the successful drilling of the JK-004 exploration well, which encountered approximately 1,000 feet of hydrocarbon-bearing intervals across seven reservoirs. Initial evaluations and fluid analysis confirmed the presence of high-quality reservoirs

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Nigeria’s Oil Production Hits 1.56 Million Barrels Per Day, Exceeding OPEC Quota After Six-Year Recovery Nigeria has exceeded its OPEC crude oil production quota after recording its highest oil output level in more than six years, according to data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The regulator reported that Nigeria produced an average of 1.56 million barrels of crude oil per day (bpd) in June 2026, surpassing its OPEC quota of 1.5 million

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Dangote Plans $17 Billion Kenya Refinery to Boost East Africa’s Fuel Security Dangote Industries is developing a financing strategy for a proposed $17 billion oil refinery in Kenya, a project that could become one of Africa’s largest refining investments and significantly reshape fuel supply across East Africa. The planned refinery is expected to have a processing capacity of up to 700,000 barrels per day and would supply refined petroleum products to Kenya and neighbouring regional

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