The UAE fuel price committee on May 31 announced major reduction in petrol and diesel prices for the month of June 2023. The new rates will apply from June 1.
Category: Petroleum
Nigeria faces fuel shortages
In 2022, the African continent experienced the worst refined fuel supply crisis in the past 40 years. Although Nigeria is a major oil producer, it lacks the capacity to refine this raw material, so the country is forced to import it. One day after Nigerian President Bola Tinubu announced the end of fuel subsidies in his inauguration speech, most fuel stations closed. According to international press reports, on Tuesday, there were long queues of drivers
Nigeria:NNPC Resumes Oil Exploration in Chad Basin
The Nigerian National Petroleum Corporation (NNPC) Limited has announced the resumption of an oil drilling campaign at its Wadi-B well in Nigeria’s Borno State. The drilling activities had been inactive for several decades due to a lack of sufficient commercial oil quantities. The Group Managing Director (GMD) of NNPC Limited, Mele Kyari, stated that the company will adopt a new approach to exploration and conduct a comprehensive evaluation of all frontier basins in Nigeria. This
TotalEnergies Selected for $4.5 Billion Hydropower Project in Mozambique
Mozambique has chosen a consortium led by TotalEnergies and Electricite de France for a $4.5 billion hydropower project, as the investment in clean energy continues to rise. According to a government statement cited by Bloomberg on Friday, the project aims to construct the Mphanda Nkuwa dam, which will have a capacity of 1,500 megawatts, and an associated transmission line. The primary objective is to alleviate the power crisis in the region. The consortium includes the
Nigeria Inaugurates Africa’s Largest Refinery
President Muhammadu Buhari of Nigeria inaugurates Africa’s largest refinery today in Lagos, which is expected to process 650,000 barrels per day and reduce fuel imports in the country.” The project launched in 2013 by businessman Aliko Dangote occupies 2,635 hectares of land in the Lekki Free Trade Zone and cost around $19 billion, making it one of the largest industrial complexes on the continent and potentially capable of changing the situation in Nigeria. According to
Top 5 African Liquids Producers in 2023
Africa’s liquids supply is expected to add up to 8% of the global volumes throughout 2023, with African output measuring seven million barrels per day (MMbbls/d), the African Energy Chamber states in its latest report on the African energy landscape, ‘The State of African Energy Q1, 2023 Outlook.’ Both offshore and onshore projects will contribute to supply, with the continent’s top five liquids producers accounting for 80% of Africa’s overall output, producing approximately 5.76 MMbbls/d. Nigeria:
Addressing Delays in the Name of Progress: The State of Play of African Oil and Gas
Historically, oil and gas projects have been known to experience delays ranging from 5% to 20% of the project duration due to project complexity, significant capital requirements, and the multi-faceted nature of developments. In 2023, oil and gas projects across Africa are experiencing even further delays, a trend detailed in the African Energy Chamber’s (AEC) recent market-focused report, The State of African Energy Q1, 2023 Outlook. The report paints a revealing picture of the challenges
Angola intends to increase the value of the non-oil sector to be four times greater than the oil sector.
Angola aims to boost its non-oil sector to become four times larger than the oil sector by 2050, as announced by the Minister of State for Economic Coordination in Luanda on Friday. Manuel Nunes Júnior unveiled the “Angola Long-Term Strategy – 2050” public consultation project, inviting the public to contribute and provide input until June 15. The minister emphasized the importance of encouraging and supporting the private sector to assume a more significant role in
Ministry Encourages Adoption of Plans to Prevent Oil Spills.
The Ministry of Mineral Resources, Petroleum, and Gas encourages oil companies operating in the country to develop strategic measures to address oil spills. To achieve this goal, it is recommended that the regulations outlined in the National Contingency Plan for Oil Spills be adhered to in order to prevent harm to the environment. During a press statement at the conclusion of the ExxonMobil-sponsored Regional Exercise on Level Three Oil Spill Response, which was attended by
Oil accounts for 90 percent of Angola’s exports to India
Oil accounts for 90 percent of Angola’s exports to India, which is why trade, currently estimated at US$4 billion, is favorable to the African partner, according to the ambassador to that country. Pratibha Parkar made these statements, Monday 15th May, in Luanda, at the opening of the Angola – India Business Forum, held on the occasion of the visit of 17 companies affiliated to the India – Africa Chamber of Commerce, seeking greater knowledge of
