You are Here

Category: Oil

International Gas Oil

Global Energy Giants Drive Expansion in Libya’s Oil and Gas Sector

Libya’s National Oil Corporation (NOC) and global energy companies TotalEnergies, Eni, OMV, Repsol, and Nabors unveiled ambitious strategies to enhance oil and gas production during the Libya Energy & Economic Summit 2025, held on January 18. TotalEnergies highlighted its exploration progress in Libya’s Sirte and Murzuq basins.“Libya holds 40% of Africa’s reserves, yet much remains untapped,” stated Julien Pouget, Senior Vice President for the Middle East and North Africa. The company plans to finalize an

Loading

Read More Here

International Corporate News Oil

Dangote Refinery Nears Full Capacity Amid Crude Supply Challenges

The $20 billion Dangote Refinery is on track to achieve its full refining capacity of 650,000 barrels per day (bpd) in the coming months. According to recent disclosures from refinery officials, the facility is currently processing 500,000 bpd and aims to reach its maximum capacity by June this year. A significant obstacle preventing the refinery from hitting its full capacity has been the insufficient supply of crude oil from the Nigerian market. To address this

Loading

Read More Here

International News Oil

Rwanda Announces First Oil Discovery in Lake Kivu

Rwanda has confirmed its first-ever oil discovery, identifying 13 reservoirs in Lake Kivu, which lies along its border with the Democratic Republic of Congo (DRC). “We have oil,” announced Francis Kamanzi, CEO of the Rwanda Mines, Petroleum, and Gas Board, during a parliamentary hearing, as reported by local media outlet Igihe. The discovery follows more than a decade of exploration efforts in the lake. Kamanzi expressed optimism about uncovering additional reserves, noting the significant oil

Loading

Read More Here

Local News Oil

Angola’s Brent Oil Exports Surge as Prices Hit Three-Month High

Brent crude oil, the benchmark for Angola’s exports, surged 3.69% on Friday to close at $79.76 per barrel for March delivery on the London Futures Market, marking its highest level in three months. The North Sea crude, a key reference for European markets, ended the session on the International Exchange at $79.76, up $2.84 from Thursday’s closing price of $76.92. During the session, Brent briefly exceeded $80 per barrel. This sharp rise follows an announcement

Loading

Read More Here

Oil Local News

Angola’s Oil Production to Plateau at 1.173 Million Barrels Per Day in 2025

Oxford Economics, a British consultancy firm, forecasts that Angola’s oil production will stagnate at 1.173 million barrels per day (bpd) in 2025. This follows a 3.6% increase in 2024, which brought production to 1.170 million bpd. According to analysts cited by Lusa, Angola’s oil output saw a slight uptick in November, aligning with the government’s production targets. The consultancy estimates that crude oil production grew by 3.6% last year, reaching 1.170 million bpd, with a

Loading

Read More Here

Oil Corporate News International

Nigeria’s Rising US Oil Imports and the Dangote Refinery’s Impact on Global Crude Flows

In an uncommon move for an oil-producing nation, Nigeria—a significant net exporter of petroleum—imported 47,000 barrels of US crude oil per day in 2024. Experts attribute this shift to the operations of the Dangote Petroleum Refinery and changing global crude trade patterns. The emergence of the Dangote Petroleum Refinery, the world’s largest single-train refinery with a capacity of 650,000 barrels per day, has altered Nigeria’s crude supply dynamics. In 2024, the refinery turned to international

Loading

Read More Here

Corporate News International Oil

Dangote Refinery Expands Crude Oil Storage with New Tanks

Dangote Petroleum Refinery is increasing its crude oil storage capacity by constructing eight additional tanks, boosting storage by 6.29 million barrels, equivalent to 1 billion liters, according to Africa Report. The $20 billion refinery is stockpiling imported crude oil due to the unreliability of local supplies. Officials from the refinery emphasized that inadequate crude deliveries from the Nigerian National Petroleum Corporation (NNPC) have necessitated a greater reliance on imports. The addition of eight tanks will

Loading

Read More Here

Local Mergers & Acquisitions News Oil

Red Sky Energy Acquires 35% Stake in Angola’s Block 6/24

Red Sky Energy, an Australian oil and gas company, has secured a 35% interest in the Sonangol-operated Block 6/24, located offshore Angola in the Kwanza Basin. This acquisition follows the signing of a risk service contract (RSC) with the Angolan National Agency for Oil, Gas, and Biofuels (ANPG). Sonangol E&P, the block’s operator, retains a 50% interest, while Red Sky Energy holds 35%, and ACREP controls the remaining 15%. Block 6/24 lies approximately 12 kilometers

Loading

Read More Here

Corporate News International Oil

Seplat Energy Revives Nigeria’s Oil Industry with ExxonMobil Asset Acquisition

Seplat Energy Plc has launched an ambitious plan to revive hundreds of dormant oil wells in Nigeria following its $1.28 billion acquisition of ExxonMobil’s onshore oil and gas assets in Africa’s largest oil-producing nation. Currently, only about 200 of Seplat’s 600 oil wells are operational. However, with the addition of ExxonMobil’s assets, Seplat aims to reactivate hundreds of idle wells, significantly boosting production. The company projects an increase in output from approximately 50,000 barrels per

Loading

Read More Here

International Corporate News Gas Oil

Libya’s Chadar Field Begins Operations, Boosting Oil and Gas Output

Libya’s National Oil Corporation (NOC) announced that its subsidiary, Zallaf for Oil and Gas, has commenced production at the Chadar field, marking a significant addition to the country’s energy sector. The Chadar field is now producing over 7.5 million cubic feet of associated gas daily, alongside 1,500 barrels of crude oil. On its first day of operations, the field contributed to Libya’s total oil production, pushing it to just over 1.4 million barrels per day

Loading

Read More Here

1 … 65 66 67 68 69 … 193