Petrobras has received board approval to acquire a 10% stake in South Africa’s Deep Western Orange Basin (DWOB) block from TotalEnergies. The DWOB block is located in deep waters of the Orange Basin, an area where significant oil discoveries have recently been made by TotalEnergies, Shell, and Galp. Following the acquisition, Petrobras will hold a 10% stake in the DWOB block, joining a consortium led by TotalEnergies (40% and operator), along with QatarEnergy (30%) and
Nigeria’s newly launched naira-for-crude initiative is now in effect, allowing crude oil to be sold to the Dangote refinery and other refineries in naira. In return, the Dangote refinery will supply petrol (PMS) and diesel of equivalent value to the domestic market, also priced in naira. The Minister of Finance, Wale Edun, confirmed the policy’s launch in a statement on Saturday, October 5, 2024. He highlighted that this initiative marks a significant step toward stabilizing
The Dangote oil refinery is preparing to process around 400,000 barrels of Nigerian crude per day in the coming months, significantly altering Africa’s oil import and export dynamics. According to a cargo allocation list seen by Bloomberg, the refinery, with a capacity of 650,000 barrels per day (bpd), will receive approximately 24 million barrels of Nigerian oil in October and November. This marks a shift towards increased reliance on local crude supplies. Business Insider Africa
Libya’s oil production has surged back above 1 million barrels per day (bpd) for the first time in two months, following the resolution of a political standoff, according to Bloomberg. The country’s eastern government had previously halted all oil production and exports due to a dispute over the control of the central bank, which oversees billions of dollars in energy revenues. Last Thursday, Libya resumed oil production, reintroducing hundreds of thousands of barrels per day
As one of Africa’s top oil producers, with an output exceeding 1.1 million barrels per day, Angola continues to solidify its position as a prime investment destination. The country attracts major global players like TotalEnergies, ExxonMobil, Chevron, and Azule Energy, driving new exploration ventures. At the Angola Oil & Gas 2024 conference, Angola’s Minister of Mineral Resources, Oil, and Gas, Diamantino Azevedo, shared insights during a fireside chat, sponsored by Angola Environmental Servicos. Minister Azevedo
Over the past 30 years, American multinational ExxonMobil has invested more than $100 million in social projects across Angola, according to Katrina Fisher, the company’s Country Manager for Angola. In an exclusive interview with Energy Capital & Power during the fifth edition of the Angola Oil & Gas Conference, Fisher highlighted that these investments have primarily supported healthcare initiatives and STEM (Science, Technology, Engineering, and Mathematics) education. “Just this past year, we launched two major
Chevron has announced the sale of its assets in the Athabasca Oil Sands and Duvernay Shale to Canadian Natural Resources for $6.5 billion. The all-cash deal, part of Chevron’s plan to divest $10-15 billion in assets by 2028, is expected to close in the fourth quarter of 2024. The assets, located in Alberta, Canada, contributed 84,000 barrels of oil equivalent per day (boepd) to Chevron’s production in 2023. The Duvernay Shale, one of Canada’s most
African hydrocarbon-producing nations have successfully raised 45% of the $5 billion required to establish the African Energy Bank (AEB). This pan-African institution is designed to address the financing gap for oil and gas projects, a challenge heightened by the withdrawal of several international donors from fossil fuel investments. According to credible sources, the funds for the project have been secured by African nations, with Angola, Ghana, and Nigeria emerging as the largest contributors. “The funds
The growth of Angola’s oil industry is driving economic improvements and contributing to diversification across sectors, particularly in industries and agriculture, according to Braulio de Brito, president of the Association of Companies Providing Services in the Angolan Oil Industry (AECIPA). In an interview with Lusa during the Angola Oil & Gas Conference, de Brito stated, “The expansion of the oil industry translates into growth for the Angolan economy, promoting diversification and encouraging the development of
Angola’s oil sector will continue to dominate the economy over the next decade, despite a gradual decline in its significance, according to Tiago Dionisio, chief economist at consultancy firm Eaglestone. Dionisio pointed out that oil’s contribution to Angola’s GDP has decreased from 43% in 2010 to 25.5% by the end of last year, and this downward trend is expected to continue. However, oil will remain the most important sector in terms of GDP. “Oil still
