Energean to Buy Chevron’s Angola Block 14 Interests for $260 Million to Expand West Africa Presence Mediterranean gas producer Energean has agreed to acquire Chevron’s interests in two offshore oil blocks in Angola for a base price of $260 million, as the company moves to strengthen its presence in West Africa. Energean has recently increased investment in efforts to boost production following geopolitical disruptions that affected some of its existing assets. The company is also
Cameroon Offers 9 Oil and Gas Exploration Blocks as SNH Bid Round Closes March 30, 2026 National Hydrocarbons Corporation (SNH) of Cameroon is receiving proposals for nine exploration and production blocks under its ongoing licensing round, with submissions open until March 30, 2026. The agency plans to announce the results of the bid round on April 24, 2026. The offered blocks are located across two of Cameroon’s key hydrocarbon basins. The Rio del Rey Basin
Ghana to Expand Tema Oil Refinery Capacity to 45,000 bpd to Reduce Fuel Imports Ghana is taking steps to strengthen its domestic fuel supply as the Tema Oil Refinery (TOR) advances plans to expand crude processing capacity, a move that could modestly increase refining output across West Africa. The state-owned refinery plans to raise production from about 28,000 barrels per day (bpd) to 45,000 bpd, representing a 61% increase. The expansion will be achieved through
Offshore Gabon Exploration Well Finds Water Instead of Oil as Etame Drilling Program Continues An exploration well drilled offshore Gabon has failed to discover hydrocarbons, according to the operator, which said the drilling was part of ongoing efforts to expand resources in the country’s offshore fields. The step-out well was drilled within the Etame Marine License, where the operator is carrying out a multi-well drilling campaign aimed at sustaining production and identifying additional reserves. Beyond
Nigeria Positions Itself as a Strategic Alternative in Global Oil Supply Amid Middle East Tensions Faced with persistent geopolitical tensions in the Middle East, Nigeria is seeking to strengthen its role in the global supply of oil and gas. As Africa’s leading crude oil producer, the country is positioning itself as a credible alternative to help diversify hydrocarbon sources on international markets. In a recent media appearance, Nigerian Foreign Minister Yusuf Maitama Tuggar called on
Libya Starts Production at Z-13 Well in Al-Bayda Field as AGOCO Expands Oil Output Arabian Gulf Oil Company (AGOCO) has officially started production at the Z-13 well in the Al-Bayda Field in Libya, marking another step in the country’s efforts to increase oil output and strengthen its energy sector. The company confirmed that the well has been successfully connected to the Al-Door Production Station after maintenance teams completed the required mechanical linkage. The project included
Shell Pledges Support for Angola’s Oil Production Revival as Company Returns After 20 Years Shell has reaffirmed its commitment to supporting Angola’s efforts to revive and expand oil production as the global energy company moves to re-establish its presence in the country after a 20-year absence. The commitment was highlighted by Alioune Sourang, CEO of Shell in Angola, following a meeting with Angola’s Minister of Mineral Resources, Petroleum and Gas, Diamantino Azevedo. According to a
Sonangol Tanker Hit by Explosion Near Iraq’s Khor al Zubair Port; Crew Safe and Vessel Stable An oil tanker linked to Sonangol, named Sonangol Namibe, was damaged by an explosion last week while anchored near the Iraqi port of Khor al Zubair Port, according to a source from the Angolan state oil company. The vessel, which sails under the Bahamas flag, sustained material damage to its hull after one of its ballast tanks was struck.
Oil Surges 25% to Highest Since 2022 Amid Iran War, Driving Vegoils and Aluminium Prices Oil prices surged nearly 25% on Monday, reaching their highest levels since mid-2022, with Brent crude on track for a record one day gain. In contrast, gold fell 2% as the escalating Iran conflict disrupted global energy supplies, strengthened the dollar, and dampened expectations of near-term interest rate cuts. Agricultural markets, led by edible oils, rose in tandem with crude
Oil Prices Jump Above $114 as Strait of Hormuz Disruptions Trigger Global Energy Market Fears Global oil prices surged sharply on Monday, March 9, 2026, as escalating geopolitical tensions in the Middle East and disruptions to maritime traffic in the Strait of Hormuz raised fears of a major shock to global energy supplies. According to energy market data, the international benchmark Brent crude was trading at around $114 per barrel at the start of the
