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Category: Oil

Corporate News Exploration Local Oil

Angola Signs Oil Exploration Agreement with TotalEnergies and ExxonMobil

The National Agency of Petroleum, Gas, and Biofuels (ANPG) has signed an agreement to assess the potential of free areas in Block 17/06 and Block 32/21. The agreement, signed on Friday, the 14th, involves TotalEnergies and ExxonMobil, marking a renewed effort to explore Angola’s fossil fuel resources. The signing ceremony was attended by ANPG Chairman Paulino Jerónimo, TotalEnergies’ General Director Martin Deffontaines, and ExxonMobil’s General Director Katrina Fisher. Jerónimo emphasized the agency’s commitment to fostering

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Local Corporate News Oil

Red Sky Energy Eyes Expansion in Angola with Block 6/24 Stake Acquisition

Australian exploration and production company Red Sky Energy is actively pursuing new investment opportunities in Angola following its acquisition of a 35% stake in Block 6/24 in January 2025. CEO Andrew Knox shared with Energy Capital & Power that the acquisition marks the company’s entry into the African market and sets the stage for further portfolio expansion, focusing primarily on existing fields and those already in production. Knox emphasized the company’s ambition to create a

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Local Corporate News Oil

Agogo FPSO Set to Boost Angola’s Block 15/06 Production

The Agogo FPSO is preparing to sail from China to Angola’s Block 15/06, where it will form part of the Agogo Integrated West Hub Development. Once in place, the FPSO will increase Block 15/06’s production by 120,000 barrels per day, with operations set to begin in late 2025. Completed six months ahead of schedule, the Agogo FPSO is equipped with state-of-the-art features, including a combined cycle power generation unit, advanced electrification and digital automation, a

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Corporate News International Oil

Afentra Increases Reserves and Contingent Resources at Angola’s Block 3/05

Afentra has reported a significant increase in reserves and contingent resources at Angola’s Block 3/05, based on an updated assessment by ERC Equipoise. As of 31 December, the company’s total net 2P working interest reserves rose to 34.2 million barrels, while gross reserves reached 114 million barrels. Over the past 18 months, Afentra achieved a 140% reserve replacement ratio, with newly added reserves surpassing the 11 million barrels produced during this period. The company’s net

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Corporate News International News Oil

Woodside Energy Increases Reserves Estimate for Senegal’s Sangomar Oil Field

Woodside Energy has updated its hydrocarbon reserves estimate for the offshore Sangomar oil field off the coast of Senegal, after analyzing the performance of the S500 reservoirs. The revision has resulted in an addition of 16.2 million barrels of oil equivalent to the proven reserves (1P). With this update, Woodside now estimates the field’s proven and probable reserves (2P) at 15.4 million barrels of oil equivalent, surpassing initial projections. The revised reserve estimate strengthens expectations

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Corporate News International Oil Petroleum

Dangote Refinery to Meet Nigeria’s Fuel Demand

Aliko Dangote, President of Dangote Industries Limited, announced that his refinery has sufficient Premium Motor Spirit (PMS) in storage to meet Nigeria’s full local fuel demand. Dangote made this statement following a visit by Zambia’s Minister of Energy, Mr. Makozo Chikote, and his delegation, who toured the refinery complex. The billionaire businessman revealed that the refinery currently holds over half a billion liters of petroleum products, valued at more than ₦600 billion. “We have more

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International Gas Oil Partnerships

Ghana and São Tomé Leaders Discuss Oil and Gas Cooperation

On Friday, 21 February, Ghana’s President John Mahama welcomed President Carlos Manuel Vila Nova of São Tomé to Accra for a two-day working visit aimed at enhancing bilateral cooperation between the two nations. The discussions primarily centered on oil and gas production, a sector in which both countries have shared experiences. In attendance at the meeting were Ghana’s Chief of Staff Julius Debrah, National Security Advisor Prosper Bani, and Foreign Affairs Minister Sam Okudzeto Ablakwa,

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Corporate News International Oil

Dangote Refinery’s Price Cuts and Expansion Set to Reshape Nigeria’s Fuel Market

Late last year, the Dangote Refinery disrupted Nigeria’s oil market by reducing petrol prices, triggering fluctuations as fuel marketers adjusted to the shift brought by the world’s largest single-train refinery. During the festive season, the refinery lowered the ex-depot price of Premium Motor Spirit (PMS) to N899.50 per liter, down from N970 in November. More recently, two weeks ago, Dangote Refinery announced another reduction, lowering its retail price from N950 to N890 per liter, easing

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International Corporate News Oil

Dangote Pushes for Sugar Self-Sufficiency Amid Battle Against Oil Imports

Africa’s richest man, Aliko Dangote, continues his push for Nigeria’s economic self-sufficiency, expanding his efforts from oil to sugar. Dangote recently announced plans to end sugar importation, committing $700 million to boost domestic production. Speaking at the 14th Gateway International Trade Fair in Abeokuta, Ogun State, during “Dangote Special Day,” Dangote’s representative, Tunde Mabogunje, Regional Director of Lagos/Ogun Dangote Cement, emphasized the company’s commitment to the Sugar Backward Integration Plan. “We are actively executing the

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International News Oil

Africa Energy Bank Set to Launch in Early 2025

The long-awaited Africa Energy Bank (AEB) is set to launch in the first quarter of 2025, according to Nigeria’s Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri. The bank aims to finance oil and gas projects while supporting Africa’s energy transition, with a long-term goal of reaching a $120 billion asset base. Originally scheduled to begin operations in January 2025, AEB is a joint initiative between Afreximbank and the African Petroleum Producers Organization (APPO).

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