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Category: Petroleum

International News Oil Petroleum

Financing Challenges Prompt Increased Investments in East African Crude Oil Pipeline

The East African Crude Oil Pipeline (EACOP), a joint project between Tanzania, Uganda, and major external stakeholders TotalEnergies and China National Offshore Oil Corporation (CNOOC), is facing significant financing hurdles. Originally set up to transport oil from Uganda’s Lake Albert reserves to Tanzania’s Tanga port, this $5 billion project has seen its two primary foreign investors step in with additional funding due to debt-financing constraints. The project has attracted criticism from environmental groups and parts

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International News Oil Petroleum

Nigeria Moves Closer to Self-Sufficiency in Petrol Production Amid Declining Imports

Nigeria appears to be on track to achieving self-sufficiency in petrol production, as recent data reveals a significant decline in the volume of Premium Motor Spirit (PMS) imported in October 2024. This decline follows an increase in PMS production at the Dangote refinery, particularly during the first two weeks of the month. According to a ship-tracking report from S&P Global Commodity Insights obtained by Nairametrics, Nigeria imported 280,400 barrels of gasoline and blend stock during

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International Corporate News Oil Petroleum

Dangote Refinery Seeks Cancellation of Import Licenses to Protect Domestic Production

Dangote Petroleum Refinery and Petrochemicals FZE has filed a lawsuit with the Federal High Court in Abuja, seeking to annul the import licenses granted to the Nigerian National Petroleum Corporation (NNPC), Matrix Petroleum Services, A. A. Rano, and four other oil companies. According to Nairametrics, these licenses permit the companies to import refined petroleum products, but Dangote contends that it produces sufficient quantities of these products to meet local demand, negating the need for imports.

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Oil International Petroleum

Nigeria’s Fuel Supply Challenges Despite Dangote Refinery’s Operations

Despite the operation of Nigeria’s largest single-train refinery, the Dangote refinery, marketers continue to rely heavily on imported premium Motor Spirit, commonly known as petrol. Although the Dangote refinery has asserted that it can meet the Nigerian market’s demands, local oil marketers have challenged this assertion. Recent findings by Punch revealed that at least four vessels transporting petroleum products were observed at the borders of Nigeria, contradicting claims that the Dangote refinery can supply the

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Local News Petroleum

PetroWorld to Launch Lubricants Factory in Angola

PetroWorld, a Dubai-based oil company, is set to open a lubricants factory in Angola early next year, with an estimated creation of approximately 20,000 jobs. The new facility will have a production capacity of around 10,000 liters of lubricants per day. Evandro dos Santos, PetroWorld’s Operations Director, announced the initiative during the fifth Angola Oil & Gas conference held last week in Luanda. The project is expected to cost $5 million, with a total funding

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International Oil Petroleum

Financial Struggles Hamper Fuel Imports in Mozambique

Several oil companies in Mozambique have been unable to import fuel in recent months due to financial difficulties, according to Moisés Paulino, the National Director of Hydrocarbons and Fuels. As reported by Carta de Moçambique, these companies have accumulated significant debts, causing disruptions in the fuel import process managed by the Mozambican Importer of Petroleum Products (IMOPETRO). Paulino highlighted that some companies’ inability to pay has created challenges, including debts to international suppliers, the government,

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International Corporate News Mergers & Acquisitions Oil Petroleum

Petrobras Acquires 10% Stake in South Africa’s Deepwater Oil Block from TotalEnergies

Petrobras has received board approval to acquire a 10% stake in South Africa’s Deep Western Orange Basin (DWOB) block from TotalEnergies. The DWOB block is located in deep waters of the Orange Basin, an area where significant oil discoveries have recently been made by TotalEnergies, Shell, and Galp. Following the acquisition, Petrobras will hold a 10% stake in the DWOB block, joining a consortium led by TotalEnergies (40% and operator), along with QatarEnergy (30%) and

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International News Oil Petroleum

Dangote Refinery to Transform Africa’s Oil Market with Major Shift in Nigerian Crude

The Dangote oil refinery is preparing to process around 400,000 barrels of Nigerian crude per day in the coming months, significantly altering Africa’s oil import and export dynamics. According to a cargo allocation list seen by Bloomberg, the refinery, with a capacity of 650,000 barrels per day (bpd), will receive approximately 24 million barrels of Nigerian oil in October and November. This marks a shift towards increased reliance on local crude supplies. Business Insider Africa

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Local Expos & Events News Oil Petroleum

Angola’s Oil Sector Remains a Magnet for Global Investment

As one of Africa’s top oil producers, with an output exceeding 1.1 million barrels per day, Angola continues to solidify its position as a prime investment destination. The country attracts major global players like TotalEnergies, ExxonMobil, Chevron, and Azule Energy, driving new exploration ventures. At the Angola Oil & Gas 2024 conference, Angola’s Minister of Mineral Resources, Oil, and Gas, Diamantino Azevedo, shared insights during a fireside chat, sponsored by Angola Environmental Servicos. Minister Azevedo

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International News Petroleum

Ethiopia Allocates $175 Million for Fuel Imports Amid Dollar Shortages

The National Bank of Ethiopia has allocated $175 million in foreign exchange to the state-owned Ethiopian Petroleum Supply Enterprise to cover upcoming fuel import payments, as the country continues to grapple with severe dollar shortages. Ethiopia, which spends approximately $4 billion annually on fuel imports, has faced growing financial strain due to the COVID-19 pandemic and a two-year civil war that ended in late 2022. To alleviate these pressures, Ethiopia is set to receive $345

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