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Category: Petroleum

Oil News Petroleum

Nigeria Bleeds $9.2 Billion Annually in Oil Revenue to Foreign Shipping Firms

A recent report sheds light on Nigeria’s staggering annual loss of $9.2 billion in its oil industry, primarily attributed to foreign shipping companies. This revelation underscores one of several avenues through which Nigeria’s oil and gas sector hemorrhages revenue. The Punch newspaper detailed how Nigeria forfeits $9.2 billion annually to foreign shipping firms that handle goods that could be managed by a national fleet. Hassan Bello, former Chairman of the National Fleet Implementation Committee, emphasized

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International News Oil Petroleum

UAE-Backed Loan Raises Concerns Over South Sudan’s Oil Future

A company associated with the Abu Dhabi royal family has struck a massive €12 billion deal with South Sudan, involving oil repayment, raising questions about the country’s economic future. The Dubai-based Hamad Bin Khalifa Department of Projects (HBK DOP) has inked the agreement with South Sudan, as revealed in a confidential report reviewed by Bloomberg. The deal, signed between HBK DOP and South Sudan’s former finance minister, Bak Barnaba Chol, outlines repayment terms involving oil

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Oil News Petroleum

OPEC excited about partnership with Namibia

OPEC is considering Namibia for potential membership, and willing to assist the country its oil exploration journey. Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al Ghais, has expressed enthusiasm about a prospective collaboration with Namibia, and affirmed OPEC’s readiness to assist the southern African nation in its oil exploration journey. The OPEC+ oil producers coalition, having seen departures like Angola in recent times, is considering Namibia for potential membership, Reuters reported. This move comes as

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Local News Oil Petroleum

Angola Enforces Stricter Laws on Petroleum Smuggling

Angola has taken a decisive step in curbing the illicit trade of petroleum products with the recent approval of Law No. 5/24. This legislation, aimed at combating smuggling, introduces harsh penalties for offenders and implements measures to confiscate assets gained from illegal activities. Under the new law, individuals involved in importing or exporting petroleum products to and from Angola face severe consequences, including prison terms ranging from three to twelve years. Moreover, swift mechanisms have

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International News Oil Petroleum

Niger and Mali Forge Diesel Supply Pact for Energy Security

Niger and Mali have entered into a landmark agreement aimed at bolstering Mali’s energy security through the provision of affordable diesel. Under the deal, Niger will supply 150 million liters of diesel to Mali’s state energy firm, Énergie du Mali, at a significant discount. The agreement underscores Niger’s commitment to supporting Mali’s energy needs and ensuring stable and reliable electricity production, which is crucial for Mali’s socio-economic development. This partnership is part of broader efforts

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International News Petroleum

Namibian Content Policy is Taking Shape, Says Petroleum Commissioner

Namibia is making significant progress in shaping its Namibian content framework, with the draft policy already under discussion. Speaking at the Namibian International Energy Conference (NIEC) in Windhoek, Maggy Shino, Petroleum Commissioner at the Ministry of Mines and Energy, emphasized the collaborative effort underway to refine the policy. Shino highlighted the importance of broad stakeholder input, emphasizing that the framework aims to stimulate economic growth and requires careful consideration. Notably, existing provisions within the petroleum

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International Oil Petroleum

TotalEnergies Partners with Zambo Energy to Enhance Fuel Supply to South Africa

TotalEnergies, a leading energy supermajor, has announced a strategic partnership with chemical manufacturing company Zambo Energy to supply fuel products to South Africa. The partnership was unveiled during an energy summit in Cape Town on April 23, reaffirming TotalEnergies’ commitment to enhancing integration with its marketing affiliates across South Africa. “Security of supply and competitiveness are paramount,” emphasized Thomas Waymel, Senior Vice-President of Trading and Shipping at TotalEnergies. “We are dedicated to expanding our energy

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Local Gas News Oil Petroleum

Diesel prices will cost 200 kwanzas per liter from this Tuesday

A liter of diesel will cost 200 kwanzas from zero o’clock today, the 23rd, according to a statement from the Petroleum Derivatives Regulatory Institute released on Monday. According to the document, the measure is part of the gradual adjustment until 2025 of the public sale prices of petroleum products to market levels. “The Petroleum Derivatives Regulatory Institute informs, on the other hand, that the prices of gasoline, illuminating oil and liquefied petroleum gas, also known

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International News Oil Petroleum

Santos Faces Revenue Dip in First Quarter Amid Production Challenges

Australian oil and gas giant Santos reported a decline in first-quarter revenue by approximately 14% on Thursday, attributing the decrease to reduced production levels and lower volumes across its product range. Various factors, including severe weather conditions and planned maintenance activities, hampered production during the quarter. Additionally, sales revenue was impacted primarily by decreased liquefied natural gas (LNG) and ethane volumes, albeit partially offset by higher realised prices. Santos produced 21.8 million barrels of oil

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International News Oil Petroleum

Custos Unveils Massive Oil Discovery in Namibia’s Orange Basin

Custos, a prominent player in the energy sector, recently announced a groundbreaking discovery at the Mopane complex in the Orange Basin. Initial estimates suggest that the complex harbors over 10 billion barrels of oil equivalent, marking a significant milestone in the region’s oil exploration efforts. Situated within the PEL 83 blocks on blocks 2813A and 2814B, the Mopane complex is a joint venture project involving Galp Energia’s subsidiary and Custos, with Namcor holding a stake

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