Nigeria is targeting the production of up to 1.5 million barrels of crude oil per day (bpd) in 2024, aligning with a production quota proposed for the country by the Organization of the Petroleum Exporting Countries (OPEC). The quota shows a 120,000 bpd increase from initial OPEC targets of 1.38 million bpd for Nigeria in 2024, however falls short of the country’s planned 1.78 million bpd for the year. OPEC’s proposed quota, aimed at ensuring a stable
Consultancy firm BMI Research anticipates a 1.7 percent drop in oil production for Angola in 2024, projecting a decrease to 1.16 million barrels per day, in contrast to a 2.5 percent expected rise in sub-Saharan Africa’s overall production. Their report on hydrocarbon production in the region indicates an estimated 2.5 percent increase in crude and natural gas production in sub-Saharan Africa, supported by new wells in Nigeria, the onset of production in Senegal, and ongoing
Oil production in Block 3/05, managed by Sonangol, has surged by nearly 30% since the start of the year, climbing from 17,000 to 22,000 barrels per day (bpd). Ricardo Vandeste, President of the Executive Committee of the Exploration and Production Business Unit (UNEP) at Sonangol, disclosed this information during Sonangol’s “Ngol” program on RNA last Thursday. Vandeste attributed this achievement to timely interventions geared towards sustained exploration and income generation within the block, implemented over
The Africa Finance Corporation (AFC) has undertaken a strategic investment of $60 million in Etu Energias, Angola’s largest private oil company, forming part of a $190 million debt facility. This initiative aims to facilitate the company’s acquisition of oil and gas reserves jointly owned by TotalEnergies and INPEX Corporation. Upon the completion of this acquisition, Etu Energias will secure a 20% stake in deepwater Block 14 and a 10% interest in deepwater Block 14K, located
Nigeria’s Dangote Refinery is set to be publicly listed on the Nigerian Exchange Limited following the resolution of supply challenges. Announced by Aliko Dangote, CEO of project developer and operator the Dangote Group, the move to publicly list is centered on a broader strategy to increase the company’s valuation while generating positive investor interest in the facility. Launched in May 2023, the Dangote Refinery has the capacity to produce up to 650,000 barrels per day
Oil and gas supermajor, Eni, will invest $10 billion toward the development of the Baleine field offshore Ivory Coast. The investment will be made in three phases between 2023 and 2027 and will result in the production of 200,000 barrels of crude oil per day (bpd). Oil and gas production from the field began in late-August 2023, two years after the field’s discovery. Estimated to contain up to 2.5 billion barrels of oil and 3.3
Angola asserted its commitment to remain within the Organization of the Petroleum Exporting Countries (OPEC) amidst ongoing disagreements over production quotas within the organization. Estêvão Pedro, Angola’s representative at OPEC, stated that the country has no current intentions to exit the organization following the suspension of negotiations on last Wednesday evening. His remarks, made to the financial information agency Bloomberg, came after the postponement of the cartel’s meeting due to disagreements over production cuts, particularly
Libya’s parastatal National Oil Corporation (NOC) has exported its first shipment of Erawin crude oil. Produced from the Erawin onshore field, the crude oil had been exported through oil and gas exploration company, Zallaf Libya Oil and Gas. Announced on 16 November, the inaugural shipment was estimated at 600,000 barrels and was exported through the Port of Zawiya in northwestern Libya. Production at the Erawin field commenced in March 2023 with an initial production rate
Aliko Dangote, Africa’s richest man has announced intentions to publicly list his Dangote Petroleum Refinery on the Nigerian Exchange Limited. Dangote made this known in an interview with the Financial Times, stating that the company has resolved challenges about crude oil supply and is now prepared for the listing. The move aligns with Dangote’s broader business strategy and could impact the company’s valuation and investor engagement positively. “We have resolved all the issues with crude
Following the deadline for submissions for Angola’s recent onshore tender on November 15, 2023, the country received 53 bids. The round featured 12 blocks in the Lower Congo and Kwanza basins. Of the total 53 bids received by Angola’s national concessionaire, the National Oil, Gas and Biofuels Agency (ANPG), 22 bids were submitted for four blocks in the Congo Basin. These included CON 2, CON 3, CON 7 and CON 8. Block CON 8 alone
