You are Here

Category: Petroleum

International Oil Petroleum

Equatorial Guinea: Petrofac Secures $350M Contract to Support NOC

International service provider Petrofac has been awarded a $350 million technical services contract by Equatorial Guinea’s NOC GEPetrol. In support of Equatorial Guinea’s Block B assets, Petrofac will deliver services across onshore support bases, an FPSO and a platform on behalf of GEPetrol – which serves as the block’s operator – for five years. “We will grow our economy through diverse partnerships and investment in our people. Combining our strong indigenous capabilities, with Petrofac’s global

Loading

Read More Here

Local Gas News Oil Petroleum

Angola’s Newfield Deepwater FPSO Project Commences

Angola’s deepwater Block 15/06 partners have reached a significant milestone with the completion of the survey and installation of the initial modules of the FPSO for the Agogo field, according to reports from the country’s regulator. The National Oil, Gas, and Biofuels Agency (ANPG) announced that the first two modules of the FPSO Agogo have been successfully installed, marking the beginning of a crucial phase in the project. ANPG stated, “These are the first two

Loading

Read More Here

Oil News Petroleum

South Sudan Expected to Restart Crude Oil Exports in 6-8 Weeks

South Sudan may restart export of its heavy sweet Dar Blend crude oil via the Petrodar pipeline to the Bashayer Marine Terminal in Port Sudan in six to eight weeks. The Petrodar pipeline, which transports approximately 100,000 barrels per day (bpd) for export via Sudan, has been hampered by stoppages since February. As stated by South Sudan’s Finance Minister Awow Daniel Chuang to Argus Media, the pipeline will undergo repairs while the country continues to

Loading

Read More Here

International News Oil Petroleum

Shell and NLNG Enter Legal Battles Over LNG Supply Disputes

Shell Plc has lodged complaints with US regulators against Venture Global LNG (VGL) for allegedly breaching their supply contract. Similarly, Nigeria LNG Ltd (NLNG) is embroiled in a supply dispute, challenging an arbitral award demand order in a UK high court. An industry insider links these disputes to a surge in the LNG market, causing unexpected losses to highly profitable margins. With LNG demand soaring amid global market dynamics, major suppliers are allegedly defaulting on

Loading

Read More Here

International Oil Petroleum

Niger Signs $400M Crude Oil Deal with CNPC

Niger signed a memorandum of understanding with the state-owned China National Petroleum Corporation (CNPC) for the sale of crude oil from the Agadem oilfield. The deal is worth $400 million. Jiang Feng, Chinese Ambassador to Niger, said the deal forms efforts by the two countries to strengthen cooperation. A producing conventional oilfield, the Agadem field is located onshore Niger. The country is expected to transport oil from the field via the 110,000 barrels per day

Loading

Read More Here

International News Oil Petroleum

Republic of the Congo and Azerbaijan Forge Collaborative Agreements for Oil Sector Development

The Société Nationale des Pétroles du Congo (NOC) of the Republic of the Congo and the State Oil Company of Azerbaijan (SOCAR) have inked three pivotal agreements aimed at bolstering cooperation in refinery development, training, and sustainable natural resource management. During a state visit to Azerbaijan in April, President Denis Sassou-Nguesso oversaw the signing of these agreements, marking a significant step in enhancing bilateral relations between the two nations. The first agreement, an MoU on

Loading

Read More Here

International News Oil Petroleum

Another African Country Overtakes Nigeria as Top Oil Producer

According to data from the Organisation of Petroleum Exporting Countries (OPEC), Libya overtook Nigeria as the top African oil producer in March. The April 2024 monthly oil report published by OPEC said the North African country recorded 1.24 million barrels per day of crude oil in March, a 5.7% increase from the 1.17mbpd recorded in February. Nigeria recorded an oil output of 1.23mbpd in March compared to the 1.32mbpd produced in February. The March figure

Loading

Read More Here

Local News Oil Petroleum

Angola Emerges as Top Crude Oil Producer Amidst Nigeria’s Sales Challenges

Nigeria is grappling with the daunting task of finding buyers for its crude oil, with approximately 30 out of 53 loaded cargoes currently stranded. This predicament arises despite the country experiencing low production levels, with Angola surpassing Nigeria as the leading crude oil producer. Bloomberg data indicates that the unsold cargoes could exceed 30 million barrels. While Nigeria boasts one of the world’s best grades of crude oil, challenges such as refinery maintenance and stiff

Loading

Read More Here

International News Oil Petroleum

Nigeria Secures $1B Crude Prepayment Facility

Multilateral financial institution the African Export-Import Bank (Afreximbank) is providing a $1 billion crude oil prepayment facility to Nigeria. Aimed at boosting the country’s foreign reserves, the facility will be released in May 2024. The loan represents part of a larger $3.3 billion crude prepayment facility, with Afreximbank having already disbursed $2.25 billion in January 2024. The country’s state-owned Nigerian National Petroleum Corporation will repay the loan using revenue generated from crude sales. According to

Loading

Read More Here

International Oil Petroleum

Libya Surpasses Nigeria as Top African Crude Oil Producer in March

According to the April 2024 Monthly Oil Market Report (MOMR) from the Organization of Petroleum Exporting Countries (OPEC), Libya emerged as the leading African crude oil producer in March, surpassing Nigeria. The data revealed that Libya produced 1.236 million barrels per day (bpd) of crude, up from 1.173 million bpd in February. On the other hand, Nigeria recorded a production output of 1.23 million bpd in March 2024, compared to 1.32 million bpd in February.

Loading

Read More Here

1 … 11 12 13 14 15 … 45