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International Corporate News Energy Oil

Afreximbank’s $4 Billion Backing Powers Dangote Refinery and Africa’s Energy Transformation

The African Export-Import Bank (Afreximbank), the continent’s leading development financier, has revealed that its total financial support to the Dangote Refinery and Petrochemical Complex has exceeded $4 billion. This was disclosed by the bank’s President and Chairman of the Board, Prof. Benedict Oramah, during the closing session of Afreximbank’s 32nd Annual Meetings held on Friday. Oramah attributed the bank’s ability to fund such a massive project to its adoption of what he termed “African Best

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Corporate News International Oil

Dangote Refinery to Rely Entirely on Nigerian Crude by End of 2025

The Dangote Refinery, Africa’s largest oil processing facility, will transition to using only Nigerian crude by the end of 2025, according to Devakumar Edwin, Vice President of Dangote Industries. The $20 billion refinery—owned by Aliko Dangote, Africa’s richest man—currently processes 650,000 barrels of oil per day. In June 2025, the facility sourced approximately 53% of its crude from Nigerian producers, with the remainder imported from countries such as the United States, Brazil, Angola, Ghana, and

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International News Oil

Ghana Declares Commerciality of Eban-Akoma Oil and Gas Discoveries

The Ministry of Energy and Green Transition has officially declared the Eban-Akoma oil and gas discoveries in the Cape Three Points Block 4 (CTP-B4) as commercially viable, marking a major milestone in Ghana’s upstream petroleum sector. The Declaration of Commerciality (DoC) was submitted by a joint venture comprising Eni Ghana Exploration & Production Ltd, Vitol Upstream Tano Ltd, Woodfields Upstream Ghana Ltd, and GNPC Exploration & Production Company Ltd (Explorco), in collaboration with the Ghana

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International Corporate News Oil

Dangote Plans to List Refinery and Fertilizer Plants on Stock Market by 2026

Africa’s richest man, Aliko Dangote, is moving forward with long-anticipated plans to list two of his industrial giants—Dangote Oil Refinery and Dangote Fertiliser Limited—on the Nigerian stock market. Although the idea has circulated for some time, recent developments suggest definitive timelines have now been set, particularly for the refinery. Dangote recently announced that his $20 billion oil refinery will be listed on the Nigerian Exchange (NGX) by the end of 2026. During a visit by

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Local Corporate News Oil

Etu Energias Launches Drilling Campaign at Angola’s Block 2/05 to Boost Oil Output

Etu Energias Launches Drilling Campaign at Angola’s Block 2/05 to Boost Oil OutputAngolan private energy firm Etu Energias has officially commenced drilling operations at Block 2/05, located in the shallow waters off Zaire Province. The SMS ESSA jack-up rig arrived at the site on June 25 and began operations on June 27, marking a significant milestone in the block’s redevelopment strategy. The new drilling campaign includes: Three development wells One exploration well Five technical interventions

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International News Oil

Congo and Russia to Launch Pointe-Noire-Loutété-Maloukou-Trechot Pipeline by Late 2025

The construction of the Pointe-Noire–Loutété–Maloukou-Trechot pipeline is scheduled to begin by the end of 2025. This major infrastructure project is being developed through a public-private partnership between the Republic of Congo and Russian pipeline company Zakneftegazstroy-Prometey. The announcement was made last week during a meeting between Denis Christel Sassou Nguesso, Congo’s Minister of International Cooperation and Public-Private Partnership Promotion, and Pavel Sorokin, Russia’s Deputy Minister of Energy. Both officials welcomed the progress made on the

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Oil Corporate News International

Ghana’s Tema Oil Refinery Targets Full Restart by October 2025 to Slash Fuel Imports

The Tema Oil Refinery (TOR) is on track to resume full operations by October 2025, aiming to drastically reduce Ghana’s dependence on imported refined fuels. In a recent briefing with Parliament’s Energy Committee, Edmund Kombat, TOR’s Acting Managing Director, revealed that Ghana currently spends about $400 million per month on fuel imports. Once TOR is fully operational, he estimates that figure could be cut by more than half. Kombat explained that with the refinery running,

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International News Oil

Sierra Leone Eyes Major Oil Licensing Round Pending Results of First Offshore 3D Survey in a Decade

Sierra Leone is awaiting the results of its first offshore 3D seismic survey in over a decade before deciding whether to launch a new oil and gas licensing round later this year, according to the country’s Petroleum Directorate. The six-week seismic campaign, which began last month, is being conducted by GeoPartners in collaboration with the Petroleum Directorate of Sierra Leone. The goal is to de-risk offshore exploration by generating high-resolution data across the country’s offshore

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International News Oil

Namibia Offers Incentives to Accelerate Venus Oil Field Development Amid Push to Join Global Oil Producers

Namibia is preparing to introduce financial incentives to support the development of the Venus oil field, operated by TotalEnergies, as the country aims to become an oil producer within the next five years. The initiative was confirmed by Kornelia Shilunga, recently appointed Special Adviser and Head of the Upstream Petroleum Unit in the Namibian Presidency, who acknowledged the scale and financial demands of the deepwater project. “The government recognises the complexities and high costs associated

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Local News Oil

Azevedo Criticizes OPEC as Angola Pursues Independent Energy and Investment Strategy

Angola’s Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, strongly criticized the Organization of the Petroleum Exporting Countries (OPEC) on Thursday, describing Angola’s experience in the group as negative and unsustainable for the country’s long-term interests. Speaking in Luanda following a presentation on the international diamond industry, Azevedo stated, “OPEC is a cartel — whether we like it or not — and like all cartels, it operates through imposed quotas. Angola wasn’t setting the

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