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,
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
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
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).
A state-of-the-art oil performance center officially opened its doors on Tuesday in Luanda, marking a significant development for Angola’s oil industry. The initiative, led by Internacional de Tecnologias (SLB), was inaugurated by Diamantino Azevedo, Angola’s Minister of Mineral Resources, Oil, and Gas. The center’s primary objective is to enhance the efficiency of Angola’s oil sector, focusing particularly on the challenges faced by mature oil fields. In his speech, Minister Azevedo emphasized the vital role the
Chevron has strengthened its position in Namibia’s offshore sector by acquiring an 80% stake and operatorship in Petroleum Exploration License (PEL) 82. Custos Energy and NAMCOR will each retain a 10% interest in the license. Located in Namibia’s Walvis Basin, PEL 82 is part of a region often referred to as an “oil kitchen” due to its rich hydrocarbon source rock and strong potential for commercial discoveries. The Barremian-Aptian source rock, a key driver of
Rhino Resources has confirmed the discovery of a hydrocarbon reservoir at its Sagittarius 1-X well in Namibia’s Orange Basin. As the operator of Block 2914, Rhino Resources leads the project with Azule Energy—a BP and Eni joint venture—holding a 42.5% stake. CEO Travis Smithard stated that the company and its joint venture partners will now analyze the well’s results in detail. According to Rhino, the well successfully reached its Upper Cretaceous targets and confirmed the
BP has successfully commenced production from the second phase of the Raven field’s development, connecting additional subsea infill wells to its onshore infrastructure as part of the West Nile Delta (WND) project. As the operator of the project, BP holds an 82.75% stake, while Harbour Energy owns 17.25%. The newly drilled wells are expected to produce 220 billion cubic feet of gas and 7 million barrels of condensate. The project was completed safely and ahead
Senegal has successfully refined its own crude oil for the first time, marking a major milestone in the country’s energy sector, the African Refinery Company (SAR) announced. Although SAR was founded in 1961, it had previously only processed imported crude oil. Now, the company has successfully refined Senegal’s first domestically produced crude from the Sangomar field. Following a successful refining process, SAR has transported the refined products—including heating oil and diesel—to designated storage facilities. Since
Nigeria has met OPEC’s 1.5 million barrels per day (bpd) production target for the first time since the quota was established during the November 2023 ministerial meeting. According to the News Agency of Nigeria (NAN), OPEC’s monthly oil market report recorded a 54,000 bpd increase from December 2024, when Nigeria’s output stood at 1.485 million bpd. Despite falling short of its target for over a year, OPEC extended Nigeria’s production quota until 2026 in December
