TotalEnergies CEO Patrick Pouyanne announced that the company has signed its first supply agreement with Nigeria’s Dangote Refinery. The announcement was made during a meeting with Aliko Dangote, although specific details of the agreement were not disclosed. “We met this morning; we made the first deal between both of us,” Pouyanne said during a panel at the Africa CEO Forum in Kigali, Rwanda. “The two CEOs met with our head of trading, and we found
Amnesty International urges that any sales approval process for Shell’s business in Nigeria must be comprehensive and involve safeguards to protect human rights. Reacting to the Nigerian oil industry regulator’s offer to fast-track sales approvals for oil companies selling their businesses, Isa Sanusi, Amnesty International Nigeria Director, emphasized the need for Shell to be held accountable for its long history of human rights abuses in the Niger Delta. “With Shell currently seeking regulatory approval for
Low fuel prices in Africa creates the necessary cushion needed to relief an already financially stressed economic situation. In many African countries fuel costs influence many aspects economy, and as such must be regulated. The lower the better, as energy cost directly empowers businesses and its consumers. In many African nations, high transportation costs can exacerbate poverty by limiting access to fundamental goods and services such as food, healthcare, and education. Lower fuel costs can
Energy giant ExxonMobil has wrapped up drilling operations at the Likembe-01 research well located in Block 15 offshore Angola. The drilling, which took place from February to April 2024, has yielded promising results, indicating the presence of high-quality hydrocarbon-bearing sand packages. Situated within the Kizomba B development area, operated by ExxonMobil in collaboration with national oil company Sonangol, Equinor, and Azule Energy, the Likembe-01 well reached a water depth of 3,013 meters. This milestone marks
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has kicked off its highly anticipated 2024 licensing round, presenting a diverse portfolio of oil blocks that includes both onshore and offshore assets. This licensing round offers a strategic opportunity for domestic and international companies to engage in exploration and production activities, thereby contributing to the development of Nigeria’s oil and gas reserves while enhancing the country’s energy security and economic prosperity. With 12 oil blocks on offer,
Africa is making strides to expand its oil and gas reserves, with multiple countries introducing new licensing rounds and accelerating ongoing ones. Sub-Saharan Africa is expected to spearhead this growth, with more than 11 licensing rounds planned for 2024 and 2025. Nigeria Unveils 2024 Deepwater Bid Round The Nigerian Upstream Petroleum Regulatory Commission launched the Nigeria License Round 2024 in April 2024, offering 19 oil and gas blocks. The round includes 12 new oil blocks and seven
In the first quarter, the government’s expenditure on fuel procurement decreased by 21%, totaling US$769 million, according to the head of the sector. Luis Fernandes, Director-General of the Petroleum Derivatives Regulatory Institute (IRD), provided detailed insights, revealing that 1.2 million metric tons of fuel were purchased during this period. Diesel accounted for 51.3% of the purchased fuel, followed by gasoline at 35.5%, fuel oil at 7.7%, JET A1 (aircraft fuel) at 4.5%, illuminating oil at
Afentra, an upstream oil and gas company, has received approval from the Angolan government to acquire a 12% stake in Block 3/05 and a 16% share in Block 3/05A from international energy firm Azule Energy. The acquisition process between Afentra and Azule Energy is in its final stages, with expectations to conclude the deal within the second quarter of 2024. Notably, the Angolan government has designated the Punja Development Area, located in Block 3/05A, as
The Dangote refinery, with a staggering processing capacity of 650,000 barrels per day (bpd), has emerged as a powerhouse, eclipsing Europe’s largest refineries, according to a recent Bloomberg report. Owned by Africa’s wealthiest individual, the $20.5 billion Dangote refinery has finally commenced production in January after facing prolonged delays. Its capacity outshines that of Europe’s leading refineries, such as the Pernis Refinery in the Netherlands, which has an installed capacity of 404,000 bpd, and the
Over the past year, fuel prices increased in several African countries. Most of Africa, especially its biggest nations, faced significant fiscal challenges at the start of 2023 and, consequently, the new year. However, these pressures are projected to be eased, as measures and initiatives are being put in place to curtail the energy inflation plaguing the continent. Rising petroleum prices rapidly impact costs associated with transportation, which puts pressure on the cost of products and
