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Category: Oil

International Corporate News Oil

Namibia Advances Review of Venus Oil Project, Eyeing Major Revenue Boost

Namibia Reviews TotalEnergies’ Venus Oil Project Plan, Potentially Generating N$229 Billion in Revenue The Namibian government has begun reviewing the field development plan (FDP) submitted by TotalEnergies for the proposed Venus oil project, moving the initiative closer to negotiations and a final investment decision. Prime Minister Elijah Ngurare stated that the upstream petroleum unit within the Office of the President has made significant progress on technical and policy matters, including an initial assessment of the

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Local Economy News Oil

Angola’s Oil Sector Drives Local Investment and Job Creation Amid Recovery Efforts

Angola Awards $54.4 Billion in Oil Contracts to Boost Local Content, Jobs, and Economic Diversification Angola’s oil industry awarded contracts worth $54.4 billion between 2022 and 2025, with 97% allocated to domestically registered companies, the Minister of Mineral Resources, Petroleum and Gas, Diamantino Azevedo, announced. Speaking at the Annual Local Content Conference in Luanda, Azevedo said the contracts, approved by the National Agency of Petroleum, Gas and Biofuels (ANPG), cover investments across exploration, development, operations,

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Mergers & Acquisitions Corporate News Local Oil

ETU Energias Expands Offshore Portfolio with Major Block 14 Acquisition in Angola

Angola’s ETU Energias Boosts Stake in Block 14 Offshore, Strengthening Production and Revenue Base ETU Energias, Angola’s largest private oil company, has acquired a 20% stake in Block 14 and a 10% stake in Block 14K, both located in the Lower Congo Basin, from Azule Energy, the companies announced last week. The transaction was formalized through a Purchase and Sale Agreement (SPA). In a statement, ETU Energias described the acquisition as “a strategic step in

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Local News Oil

Angola Faces Inflation Risks Despite Rising Oil Prices Amid Middle East Conflict

Rising Global Oil Prices Boost Angola’s Revenue but Threaten Inflation, Says Minister Angola could benefit from rising global oil prices due to the ongoing conflict in the Middle East, but the country also faces potential inflationary pressures from higher import costs, the Minister of State for Economic Coordination, José de Lima Massano, warned on Friday. Speaking at the first edition of the conference “Radar Africa – Angola’s Paths” in Lisbon, organized by Jornal de Negócios,

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Local Economy News Oil

Nigeria’s Crude Exports to the U.S. Drop 47% as Angola and Ghana Gain Market Share

U.S. Imports of Nigerian Crude Halve in January Amid Rising African Competition The United States sharply reduced its imports of Nigeria’s crude oil in January 2026, cutting volumes by nearly half and highlighting intensifying competition in Africa’s oil sector. Data from the U.S. Census Bureau and Bureau of Economic Analysis show imports fell 47.2% month-on-month, declining from 3.15 million barrels in December 2025 to 1.66 million barrels in January, marking one of the steepest short-term

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Local Mergers & Acquisitions Oil

Botswana Eyes Stake in Angola’s Lobito Refinery to Boost Energy Security

Botswana in Talks to Acquire 30% of Angola’s Lobito Oil Refinery Amid Global Fuel Supply Concerns Botswana is moving to secure a stake in a multi-billion-dollar oil refinery project in Angola as countries worldwide seek to safeguard fuel supplies amid rising geopolitical tensions in the Strait of Hormuz. The initiative reflects Botswana’s efforts to strengthen its energy security and reduce vulnerability to global supply disruptions. As a landlocked nation that produces no crude oil, Botswana

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Corporate News International Oil

Chevron’s Wheatstone LNG Plant Hit by Cyclone Damage, Production Trains Remain Offline

Chevron Reports Extensive Cyclone Damage at Wheatstone LNG Facility in Australia, Full Production Delayed for Weeks Chevron Corporation said on Tuesday that downstream infrastructure at its Wheatstone LNG Plant in Western Australia sustained significant damage following a tropical cyclone, leaving both production trains temporarily offline. Danny Woodall confirmed that the two liquefied natural gas (LNG) processing trains at the 8.9-million-tonne-per-year facility remain shut after Tropical Cyclone Narelle struck the region last week. Speaking at the

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Corporate News International Oil

Afreximbank Backs Dangote Refinery with $2.5 Billion Loan to Strengthen Africa’s Industrial Capacity

Afreximbank Underwrites $2.5bn for Dangote Refinery in $4bn Deal to Boost Africa’s Energy Security and Industrial Growth The African Export-Import Bank has underwritten US$2.5 billion of a US$4 billion senior syndicated term loan for Dangote Petroleum Refinery and Petrochemicals, a move expected to reinforce Africa’s largest refining complex and accelerate the continent’s industrial development agenda. The five-year financing facility, arranged in partnership with Access Bank, is designed to consolidate existing debt, optimise the refinery’s capital

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Oil Economy Local News

Angola Targets $2.5 Billion in Dollar Bonds Amid Rising Oil Prices

Angola Launches $2.5 Billion Dollar Bond Sale Boosted by Higher Oil Prices Angola is set to raise $2.5 billion through the sale of dollar-denominated bonds, capitalizing on higher oil prices driven by the Iran–Israel conflict to attract strong investor demand. Africa’s third-largest oil producer is offering $1.5 billion in seven-year bonds at a yield of 9.375% and $1 billion in 11-year bonds at 9.875%, according to a source familiar with the matter. Both yields are

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Corporate News International Oil

Dangote Refinery Exports 456,000 Tonnes of Refined Fuel to African Markets

Dangote Petroleum Refinery Strengthens Africa’s Energy Security with 456,000 Tonnes of Fuel Exports Dangote Petroleum Refinery has exported 456,000 tonnes of refined petroleum products to five African countries, marking a major milestone in regional energy supply. The company shipped 12 cargoes of fuel to Côte d’Ivoire, Cameroon, Tanzania, Ghana, and Togo. These exports followed the refinery reaching its full production capacity of 650,000 barrels per day in February. Products were sold on a Free on

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