Ghana’s crude oil production saw a significant 10.7% increase in the first half of 2024, marking a recovery from the 13.2% decline recorded the previous year. This update was shared by Constantine Kudzedzi, Chairman of the Public Interest and Accountability Committee (PIAC), during the presentation of the 2024 Semi-Annual Report on Petroleum Revenue Management and Usage. According to Kudzedzi, the SGN field contributed 20% of Ghana’s total oil production, while the Jubilee and TEN fields
Egypt’s Petroleum and Mineral Resources Minister, Karim Badawi, recently met with Chevron’s International Exploration and Production President, Clay Neff, to discuss Chevron’s activities in Egypt and strategies for boosting production. The meeting highlighted the potential impact of new incentives from Egypt’s Ministry of Petroleum. The discussion covered Chevron’s ongoing negotiations with the Egyptian Natural Gas Holding Company (EGAS) concerning the acquisition of two new concessions. Minister Badawi emphasized the range of investment opportunities available through
Algeria’s National Agency for the Valorization of Hydrocarbon Resources (ALNAFT) has launched six new onshore blocks for conventional hydrocarbon exploration, inviting competitive bids as part of its five-year plan to boost upstream investments. These six blocks, covering a combined area of 152,000 km², offer high-potential exploration, development, and export opportunities. Interested parties can access tender documents and data packages starting November 26, with bids due by April 15, 2025. The data sets include over 102,000
Chevron is increasing its exploration activities in Nigeria and Angola, aiming to boost production in regions where output has declined in recent years. Chevron’s Global Exploration Vice President, Liz Schwarze, emphasized the company’s commitment to West Africa, highlighting the area’s untapped potential. “West Africa is such a hydrocarbon-rich part of the world and relatively under-explored compared to other jurisdictions,” Schwarze stated, noting that while some companies are withdrawing, Chevron is actively acquiring new exploration blocks.
Angola is fast-tracking its energy development initiatives with a series of projects and policy updates to enhance oil and gas output and promote low-carbon solutions, solidifying its role as a key regional energy producer. At African Energy Week 2024, the National Oil, Gas & Biofuels Agency (ANPG) announced that Angola’s government will release the decree for the Incremental Production Law in November. Designed to counter production declines in mature oilfields, the law introduces favorable fiscal
Independent hydrocarbon producer Perenco has boosted its production rate in the Republic of Congo to 80,000 barrels per day (bpd), following a $300 million investment into its Congolese operations. Looking forward, the company aims to achieve 100,000 bpd by 2025 through expanded activities and investments in new oil fields. To increase output, Perenco has employed advanced techniques to revive aging wells and tap into previously untapped reserves. In March 2024, the company strengthened its position
Petrobras may soon resume operations in Angola, following discussions held this Monday between Angola’s Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, and a delegation from the Brazilian state-owned oil company led by Sylvia dos Anjos, Executive Director of Exploration and Production. The meeting, held on the sidelines of the Africa Energy Week conference in Cape Town, South Africa, explored the potential for Petrobras to re-enter Angola’s energy market, which both parties described as
Pinnacle Oil and Gas Limited has issued a firm response to Dangote Refinery’s recent accusations regarding substandard fuel blending, strongly denying any involvement in the production or distribution of low-quality fuel. The statement follows Dangote Refinery’s claims that a petroleum depot opened near its facility was raising concerns about the quality of fuel on the market. These claims from Dangote came amid allegations from petroleum marketers that the refinery was selling petrol above the import
Sequa Petroleum, a U.K.-based oil and gas company, has received official approval from the Angolan government to acquire significant stakes in three offshore oil blocks. The acquisition includes a 10% interest in Block 15/06, as well as 40% and 35% stakes in Block 23 and Block 27, respectively. In an independent review, Sequa’s share in Block 15/06 was initially estimated to hold around 55 million barrels of recoverable oil as of April 2022. This figure
Canadian Natural Resources reported a drop in third-quarter profit, impacted by lower production levels and a decline in global crude prices. The dip in oil prices from July to September was driven by reduced demand from China, the world’s largest oil importer, alongside concerns of oversupply. The company’s average realized price for exploration and production liquids fell to C$79.15 per barrel, down from C$87.83 per barrel in the same period last year. For the quarter
