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Category: Oil

International News Oil

Uganda Moves Closer to $4 Billion Oil Refinery with UAE-Backed Partner

Uganda Advances $4B National Oil Refinery Project to Strengthen Regional Fuel Supply Uganda’s long-awaited national oil refinery has entered a critical phase, with the government nearing a $4 billion partnership with UAE-backed investor Alpha MBM Investments LLC, a development that could transform fuel supply dynamics across East Africa. After more than a decade of delays, the project is progressing toward a Final Investment Decision (FID), expected by July 2026, following the signing of key agreements

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International Oil Petroleum

Senegal Cancels Atlas Oranto Petroleum License Over Inactivity and Financial Defaults

Senegal Revokes Cayar Offshore Shallow License from Atlas Oranto Petroleum The Senegalese government has officially withdrawn the Cayar Offshore Shallow exploration license from Atlas Oranto Petroleum, citing the company’s failure to provide required bank guarantees and limited exploration activity since the block was awarded in 2008, despite multiple deadline extensions. The offshore license covers approximately 3,600 square kilometers north of the Dakar peninsula. Industry data indicate the area is oil-prone but remains largely unexplored, with

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Corporate News International Oil

Dangote Awards $350 Million Contract to Expand Lekki Refinery into Global Mega-Complex

Dangote Group Selects Engineers India for $350m Expansion of Lekki Refinery to 1.4 Million bpd Nigeria’s Dangote Group has awarded a $350 million contract to Engineers India Limited (EIL) to significantly expand its Lekki oil refinery, a move that would increase capacity to 1.4 million barrels per day and reinforce Nigeria’s ambition to become a regional hub for refined petroleum products. Under the agreement, the Indian state-owned engineering firm will deliver a second processing train

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Corporate News International Oil

Eni and Partners Launch Libya’s First Deepwater Offshore Exploration Well

Eni, NOC, and BP Begin Deepwater Drilling in Libya’s Gulf of Sirte Eni North Africa and its partners, including Libya’s National Oil Corporation (NOC), BP, and the Libyan Investment Authority, have begun drilling their first deepwater exploration well offshore Libya in the Gulf of Sirte, marking a significant step forward in the country’s offshore energy development. According to the NOC, drilling operations are being carried out using a drillship owned by Italian energy services company

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International News Oil

Cameroon’s Kribi Refinery Targets Early Start, Aiming to Cut Fuel Imports

Cameroon’s Kribi Oil Refinery to Begin Partial Operations in 2026, Nearly Two Years Ahead of Schedule Cameroon’s Kribi oil refinery is set to begin partial operations in the second half of 2026, almost two years earlier than its originally planned start date of June 2028, marking a significant milestone in the country’s efforts to strengthen energy security. In its initial phase, the refinery is expected to process around 10,000 barrels of crude oil per day—approximately

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Corporate News International Oil

TotalEnergies Resumes Exit from Nigeria’s Onshore Oil Assets with New Sale Agreement

TotalEnergies Agrees to Sell 10% Stake in Nigeria’s SPDC Asset to Vaaris After Failed 2024 Deal TotalEnergies has reached an agreement to sell its 10 percent non-operated stake in Nigeria’s onshore SPDC asset—now restructured as the Renaissance joint venture—to Vaaris, reviving its strategy to divest from mature onshore oil operations in the country. The deal comes after the collapse of a proposed sale last year to Mauritius-based Chappal Energies, which was blocked by Nigerian regulators

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Local Economy News Oil

Angola Set to Benefit from Rising Brent Crude Amid Iran Supply Risks

Brent Oil Climbs to $65.46 on Iran Tensions, Strengthening Angola’s Export Benchmark The price of a barrel of Brent crude oil, the international benchmark used for Angola’s oil exports, closed higher on Monday on the London futures market. Contracts for March delivery rose by 2.49 percent to $65.46 per barrel, driven by growing concerns over potential supply disruptions from Iran. The upward movement reflects heightened investor anxiety about instability in Iran, one of the largest

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Local News Oil

Higher Oil Prices Strengthen Angola and Nigeria’s Financial Outlook

Rising Oil Prices Boost Africa’s Leading Oil Producers Africa’s largest oil-producing countries are among the main beneficiaries of the recent increase in global oil prices, driven by heightened geopolitical tensions and escalating United States pressure on Iran. Countries such as Nigeria and Angola have recorded notable gains, particularly in their dollar-denominated sovereign debt. In recent trading sessions, debt securities issued by these oil-producing nations led market advances, reflecting improved investor sentiment. Angolan bonds maturing in

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International News Oil Petroleum

Zambia and Tanzania Strengthen Petroleum Cooperation in High-Level Talks

Zambia, Tanzania Agree on Fuel Supply Arrangements to Secure Petroleum Deliveries via TAZAMA Pipeline The Ministers of Energy of Zambia and Tanzania today held a high-level bilateral meeting in Dar es Salaam, reaffirming their long-standing partnership in petroleum cooperation and regional energy security. The engagement brought together senior government officials from both countries to deliberate on petroleum supply logistics, infrastructure management, and policy coordination, with a shared goal of ensuring a stable and reliable fuel

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Local Gas News Oil

Angola Moves to Strengthen Offshore Oil and Gas Support with PAENAL Stake Sale

Angola to Sell Sonangol Stake in PAENAL to Boost Offshore Oil and Gas Services Angola has taken a decisive step to strengthen its offshore oil and gas support infrastructure by approving the sale of the State’s indirect shareholding in PAENAL – Porto Amboim Estaleiros Navais Limitada to a strategic and technological partner. According to Presidential Decree No. 368/25, published in the Official Gazette on December 31, 2025, the State’s participation in PAENAL, held through Sonangol,

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