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Category: Oil

International Oil

Libya’s Oil Production Hits 11-Year High at 1.4 Million Barrels Per Day

Libya’s oil production soared to 1.4 million barrels per day (bpd) in November 2024, its highest level since 2013. This milestone underscores Libya’s growing contribution to the Organization of the Petroleum Exporting Countries’ (OPEC) overall output growth. For the second consecutive month, Libya has been a key driver behind OPEC’s production increase. OPEC’s total crude oil output surpassed 27 million bpd in November, reflecting a 120,000 bpd rise compared to October, with Libya responsible for

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International Exploration Gas Oil

Libya to Tender 22 Oil and Gas Exploration Blocks to International Investors

The National Oil Corporation (NOC) of Libya has announced plans to launch a public tender offering 22 onshore and offshore exploration blocks to international oil companies. The announcement was made during a meeting chaired by Libya’s Prime Minister, Abdul Hamid Dbeibah, on December 7. The tender aims to attract foreign investment to bolster Libya’s hydrocarbon sector. NOC Chairman Farhat Bengdara emphasized the introduction of a new standard agreement and an updated procedural manual. These documents,

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Corporate News Exploration International Oil

TotalEnergies Seeks Approval for New Offshore Exploration in South Africa’s Deep Water Orange Basin

TotalEnergies is pursuing environmental clearance to drill up to seven exploration wells in the southern portion of its Deep Water Orange Basin (DWOB) block, located off South Africa’s west coast. The DWOB block lies approximately 200 kilometers (124 miles) offshore between Port Nolloth and Saldanha Bay in deep waters. TotalEnergies EP South Africa (TEEPSA), the operator, previously received authorization in 2023 to explore the northern section of the block. The company now seeks to extend

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International News Oil

Libya Achieves Highest Oil Production Levels Since 2013

Libya’s National Oil Corporation (NOC) announced a significant milestone on Tuesday, reporting daily oil production exceeding 1.4 million barrels—the highest level in over a decade. The NOC detailed that crude oil and condensate production surpassed 1.4 million barrels, with an additional 200,000 barrels of gas production. This brings Libya’s total daily hydrocarbon output to 1.6 million barrels. The NOC attributed this achievement to the tireless efforts of its workforce, praising their round-the-clock dedication. The statement

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Corporate News Gas International Oil

BP Expands Operations in Egypt with New Oil and Gas Exploration Focus

BP is set to expand its presence in Egypt by exploring new oil and natural gas opportunities across six concessions, according to Egyptian Prime Minister Mostafa Madbouly. The announcement came during a meeting with BP’s CEO, Murray Auchincloss, where the company reaffirmed its long-term commitment to the country. Madbouly highlighted BP’s 60-year history of operations in Egypt, during which the company has invested a total of $30 billion in developing its energy sector. At the

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Corporate News Local Oil

Dangote Group Eyes New Refinery in Angola Following Success of Nigerian Plant

Dangote Group President Aliko Dangote is leveraging the success of his 650,000 barrels-per-day refinery and petrochemical plant in Nigeria to advance discussions with Angolan President João Lourenço about building a new refinery in Southern Africa. The Dangote Refinery and Petrochemical Plant, located at the Lekki Free Trade Zone in Lagos State, is the world’s largest single-train refinery and has already made a significant impact on the African energy sector since it began operations. By reducing

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International Corporate News Oil

Galp Strikes Light Oil and Gas in Namibia’s Orange Basin

Galp, the Portuguese oil and gas company, has discovered light oil and gas condensate during its second exploration and appraisal program in Namibia’s Orange Basin. This discovery, near previous finds by Shell and TotalEnergies, builds on the success of its first campaign in license PEL 83. The Mopane-1A appraisal well, drilled by Saipem’s Santorini drillship, is located in blocks 2813A and 2814B at the heart of the Orange Basin, a rapidly emerging oil and gas

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International Oil Petroleum

Pricing Conflicts Overshadow Port Harcourt Refinery’s Revival

The recently rehabilitated Port Harcourt Refinery, operational since November 26, 2024, has faced hurdles similar to those affecting Dangote’s refinery, with disputes over fuel pricing threatening its success. Contrary to reports of halted operations, the facility had only scaled down to implement necessary improvements, according to Managing Director Ibrahim Onoja and Executive Director of Operations Moyi Maidunama of the Nigerian Pipeline and Storage Company Limited. During a guided tour, Onoja emphasized that product distribution continues,

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Oil Exploration Gas Local

Shell Returns to Angola with a New Oil Exploration Agreement

Shell has signed a memorandum of understanding (MoU) with Angola’s National Agency for Oil, Gas, and Biofuels (ANPG), marking its return to the country after a 25-year absence. The signing ceremony took place in Luanda on Thursday, with key participants including ANPG Chairman Paulino Jerónimo, Shell Executive Vice-President Eugene Okpere, and Minister of Natural Resources, Oil, and Gas, Diamantino de Azevedo. Minister de Azevedo highlighted the importance of the agreement, attributing it to Angola’s ongoing

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Local Corporate News Mining Oil

Dangote Group Eyes Investment in Angola’s Mineral Resources Sector

The Dangote Group, a prominent Nigerian multinational, has announced plans to invest in Angola’s mineral resources sector and collaborate with Sonangol to support the Lobito Refinery project. This announcement followed a meeting in Luanda on Tuesday between Dangote Group CEO Aliko Dangote and Angolan President João Lourenço. According to a statement from CIPRA, the discussions covered oil and gas production, sugar, and cement. Speaking to the press, Aliko Dangote highlighted the similarities between Angola and

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