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Category: Petroleum

Local News Oil Petroleum

Angola’s OPEC Exit Redefines Global Oil Dynamics

Angola has recently decided to exit the Organization of the Petroleum Exporting Countries (OPEC), effective January 1, 2024, marking a pivotal shift in the global oil industry. This move, akin to Ecuador’s departure in 2020 and Qatar’s exit in 2019, heralds significant changes in the geopolitical landscape of oil production and distribution. Angola’s relationship with OPEC traces back to its membership in 2007, joining the organization’s efforts to regulate and coordinate oil production for stable

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International Oil Petroleum

Oil prices stabilise as Red Sea transport disruptions ease

Oil prices steadied on Thursday after falling sharply in the previous session, as concerns eased about shipping disruptions along the Red Sea route even as tensions in the Middle East continued to rise. Brent crude futures inched up 10 cents, or 0.1%, to $79.75 a barrel by 0424 GMT, while U.S. WTI crude futures were trading 5 cents lower at $74.06 a barrel. Prices dropped nearly 2% on Wednesday as major shipping firms began returning

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International Oil Petroleum

Top Lessons Onshore Markets Can Learn from Libya

Contrary to most African producers, the majority of Libya’s proven oil reserves are held onshore, with offshore fields playing a limited role in production to date. Serving as Africa’s second-largest crude oil producer, the country has maximized its onshore assets through the construction of extensive production and export infrastructure. Onshore exploration features lower costs and reduced barriers to entry, thereby fostering the participation of junior and independent explorers, along with major operators. As onshore drilling

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International Oil Petroleum

Oranto Petroleum Extends Licenses Offshore Uganda

Nigerian independent Oranto Petroleum – a prominent actor within Uganda’s emerging exploration scene – has secured a two-year extension to its Ngassa Deep and Ngassa Shallow exploration licenses from Uganda’s Ministry of Energy and Mineral Development. The extension will enable the company to drill an exploration and appraisal well. Oranto Petroleum was initially awarded the exploration license for the Ngassa asset in 2017. The license was one of three issued in the country’s first oil

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Oil Gas Local News Petroleum

Sonangol increased production this year in the operated blocks

Sonangol reinforced its positioning in the Oil and Natural Gas sector, with an increase in production from operated blocks and the resumption of onshore oil exploration activity, declared the chairman of the Board of Directors, when announcing the relevant facts of the company’s evolution during the year. In a New Year’s message addressed to the company’s workers, released yesterday December 28, Sebastião Gaspar Martins highlights, in the field of onshore exploration (on land), the drilling

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International Oil Petroleum

TotalEnergies Extends Rig Contract, Targets West Africa

TotalEnergies has extended its contract with international drilling contractor Northern Ocean for the Deepsea Mira semi-submersible rig in West Africa. The French energy major has exercised its option for an 180-day extension – reaching Q4 in 2024 – which is poised to generate an additional revenue backlog of $68-75 million. The Deepsea Mira initially entered into a multi-country drilling contract with TotalEnergies in December 2022, yet encountered delays in equipment loading and essential maintenance during

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Petroleum International News Oil

Nigeria’s Dangote refinery gets another 1 million barrels of crude oil from Shell

Dangote Oil Refining Company has received another 1 million barrels of oil from Shell International Trading and Shipping Company Limited (STASCO), as it plans to commence production of petroleum products. This shipment arrives two weeks after the receipt of the initial cargo, which consisted of one million barrels from NNPCL. The latest cargo, which sailed to the facility’s Single-Point Mooring (SPM) has increased total deliveries to about two million barrels. This oil batch constitutes a

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Petroleum International News Oil

TotalEnergies to Inject $6B in Nigerian Oil, Gas

TotalEnergies has expressed its readiness to invest six billion dollars in Nigeria’s oil and gas sector, focusing on natural gas and offshore projects. This follows a recent meeting in Abuja between Nigerian President, Bola Ahmed Tinubu, and TotalEnergies CEO, Patrick Pouyanné. Since his inauguration last May, President Tinubu has been active in implementing reforms aimed at attracting foreign investment, particularly in the upstream sector. For TotalEnergies, Nigeria accounts for 8-10% of the French major’s global

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Oil International News Petroleum

AEC Applauds DRC and Nigeria’s Commitment to Global Oil Industry Growth and Stability Through OPEC Cooperation

The Republic of Congo and Nigeria, Africa’s leading oil producers and members of the Organization of the Petroleum Exporting Countries (OPEC), have affirmed their commitment to efforts by OPEC and OPEC+ and its member countries to stabilize the global oil market in 2024 and beyond. During the 36th OPEC and non-OPEC Ministerial Meeting held in November, the organization and its member countries, reached an agreement with participating countries over the production quota for 2024. As

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Oil Local News Petroleum

Exit from OPEC brings autonomy to Angolan oil policy

Angola’s departure from the Organization of Petroleum Exporting Countries (OPEC), announced last week by the Government in Luanda, gives the State greater autonomy in collecting the revenue necessary for economic growth, at a time when projects designed to reverse the natural decline in oil production. These statements were made by the chairman of the Board of Directors of Prodoil (an Angolan oil company with private capital), Pedro Godinho, in statements when reacting to the announcement

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