Aliko Dangote Says Rising Oil Prices from Middle East Conflict Risk Inflation, Debt Pressure, and Slower Growth in Africa Africa’s richest businessman, Aliko Dangote, has warned that escalating tensions in the Middle East could trigger a new wave of inflation and economic strain across African economies, as rising oil prices ripple through countries already burdened by high debt levels and fragile currencies. Speaking after a Sallah visit to Nigerian President Bola Tinubu in Lagos, Dangote
Chevron CEO Says Strait of Hormuz Disruptions and Iran Conflict Could Prolong Global Oil Market Tightness The Chief Executive Officer of Chevron, Mike Wirth, said he remains uncertain about how quickly oil production in the Middle East will recover following supply disruptions linked to the ongoing conflict involving the United States, Israel, and Iran. Speaking on Monday at the annual CERAWeek conference in Houston, Wirth warned that restoring shut-in production capacity will be a gradual
Sonangol, Afentra and Maurel & Prom Restructure Ownership of Angola’s Block 3/05 and 3/05A Ahead of 2026 Redevelopment Program Angola’s national oil company, Sonangol, has elected to participate in the acquisition of Etu Energias’ interests in Blocks 3/05 and 3/05A, located in the Lower Congo Basin. The transaction involves the purchase of Etu’s 10% stake in Block 3/05 and 13.33% stake in Block 3/05A. By joining independent oil and gas companies Afentra and Maurel &
Sintana Energy and Pancontinental Gain 12-Month Extension for Namibia PEL 87 Offshore Exploration Sintana Energy Inc. announced that its joint venture partner, Pancontinental Energy Limited, has received approval from Namibia’s Ministry of Industry, Mines and Energy to extend the First Renewal Exploration Period for Petroleum Exploration License 87 (PEL 87). The extension grants the partners an additional 12 months, until January 22, 2027, to continue exploration activities on the offshore license. PEL 87 covers blocks
Algeria Moves Forward on $13 Billion Trans-Sahara Gas Pipeline Linking Nigeria to Europe via Niger Algeria has dispatched a technical delegation from its state-owned energy company, Sonatrach, to Niger to advance preparations for the long-delayed Trans-Sahara Gas Pipeline, a major regional energy project intended to transport natural gas from West Africa to European markets. Africa’s third-largest oil producer is accelerating efforts to implement the project, which is designed to strengthen export capacity and diversify energy
Shell Moves Forward with Sale of South African Downstream Assets, Ending Century-Long Petrol Station Operations Energy giant Shell has confirmed it is still pursuing the sale of its downstream assets in South Africa, potentially ending more than a century of the company’s petrol station operations in the country. The divestment, first announced in May 2024, follows a global review of Shell’s portfolio and its strategy to reduce downstream exposure while focusing on upstream oil and
Nigeria Cuts Petrol Imports as Dangote Refinery Meets 92% of Fuel Demand Nigeria recorded a sharp decline in petrol imports in February as the Dangote Refinery significantly boosted domestic fuel supply, meeting approximately 92% of the country’s demand. According to an official factsheet on Nigeria’s midstream and downstream petroleum operations, total petrol supply dropped from 64.9 million litres per day in January to 39.6 million litres per day in February. The decline reflects reduced reliance
Cabinda Refinery Prepares for Petroleum Production After Ministry Inspection A delegation from the Ministry of Mineral Resources, Petroleum and Gas conducted an inspection in the province of Cabinda on Monday, evaluating the commissioning of equipment at the local refinery ahead of the imminent start of petroleum derivatives production. The delegation was led by Secretary of State for Petroleum and Gas José Alexandre Barroso, who met with Cabinda’s provincial governor, Suzana de Abreu, during the visit.
TotalEnergies Resumes Oil Production at Libya’s Mabruk Field with New 25,000 bpd Facility TotalEnergies has restarted oil production at the Mabruk Oil Field in Libya, where the company holds a 37.5% stake, marking a significant step in reviving operations that were halted during the country’s civil conflict. The Mabruk field is located onshore within concession C17, about 130 kilometers south of Sirte. Production at the site was suspended in 2015 following the escalation of Libya’s
Seplat Energy Targets Up to 155,000 boepd in 2026 with 17-Well Drilling Program in Nigeria Seplat Energy Plc has announced plans to drill 17 new wells in 2026 as part of a strategy to increase production and move closer to its long-term output targets for 2030. The drilling program forms part of the company’s 2026 business strategy, outlined in its 2025 full-year report, which focuses on strengthening production capacity and expanding both oil and gas
