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Category: Petroleum

International News Petroleum

Ghana’s $12 Billion Deal Paves Way for Leading Petroleum Hub in Africa

The Petroleum Hub Development Corporation (PHDC) has finalized a $12 billion agreement with the TCP-UIC Consortium, marking a pivotal move towards establishing Ghana as a prominent petroleum and petrochemical hub in Africa. Comprising Touchstone Capital Group Holdings Ltd., UIC Energy Ghana Ltd., China Wuhan Engineering Co. Ltd., and China Construction Third Engineering Bureau Co. Ltd., the consortium will initiate the first phase of the transformative Petroleum Hub Project. This significant development, announced today, signifies the

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International News Petroleum

Nigeria’s Energy Prices Surge by 223% Under New Administration

Energy prices in Nigeria have skyrocketed by 223% within one year of the current administration, according to a report from the National Bureau of Statistics published in the Punch newspaper. Since President Bola Tinubu took office, petrol prices have surged over 200%, as detailed in the May 2024 Premium Motor Spirit (Petrol) Price Watch report by the NBS. The sharp increase in petrol prices follows the president’s decision to eliminate fuel subsidies, previously considered financially

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International Oil Petroleum

Nigeria to Spend More on Fuel Price Regulation in 2024 Despite Ending Subsidies

Nigeria, one of Africa’s largest oil producers, is projected to spend significantly more this year on regulating fuel prices compared to last year. Despite discontinuing fuel subsidies in 2023 due to their high cost, Nigeria’s expenditure is expected to rise from N3.6 trillion in 2023 to around N5.4 trillion in 2024. A Reuters report indicates that Nigeria could face a 50% increase in spending to maintain fixed petrol prices. A draft document reveals that the

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Local News Oil Petroleum

Sonangol Plans Maintenance Shutdown of Luanda Refinery to Ensure Efficiency

Sonangol announced plans for a scheduled shutdown of its Luanda Refinery in the coming months, a routine procedure aimed at enhancing operational efficiency. Joaquim Kiteculo, President of the Executive Committee of the Refining and Petrochemical Business Unit (UNRP), clarified that this periodic maintenance is crucial for the refinery, which processes 60 thousand barrels of oil per day, accounting for 20 percent of Angola’s gasoline consumption. The maintenance involves halting all refinery units to conduct internal

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Local Energy Gas News Oil Petroleum

Aker Solutions Secures Long-Term Agreement for FPSO Projects in Angola

Norway’s Aker Solutions has secured a long-term frame agreement with Azule Energy to provide EPC (engineering, procurement, and construction) services for brownfield projects and modifications on two FPSOs (floating production storage and offloading units) in Angola. This agreement extends Aker Solutions’ ongoing collaboration with Azule Energy, Angola’s largest independent oil and gas producer and a joint venture between Eni and BP. The scope of work focuses on the Greater Plutonio and PSVM FPSOs. It includes

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International News Oil Petroleum

Uganda National Oil Company Secures Fuel Supply Agreements with Major Oil Marketers

Uganda National Oil Company (UNOC) has finalized agreements with major oil marketers in response to potential threats to its fuel supply monopoly. The Sales and Purchase Agreements (SPAs) were signed on Tuesday, outlining the roles and responsibilities of each party within the supply chain. A report by The East African revealed that UNOC has secured long-term contracts with over 80 oil marketers in Uganda, establishing ties with the market’s largest fuel dealers. This move follows

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International News Oil Petroleum

Dangote Refinery Makes Waves with First European Jet Fuel Shipment

Nigeria’s Dangote refinery has reached a new milestone by exporting its first jet fuel cargo to Europe. This move marks a significant expansion of the refinery’s reach and potential impact on global fuel markets. British multinational BP is currently transporting the initial shipment, consisting of 45,000 metric tons of jet fuel, onboard the Doric Breeze from the Lekki Free Zone in Lagos, Nigeria. This shipment follows BP’s successful bid for a portion of a 120,000

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International News Oil Petroleum

TotalEnergies Commits $600 Million to Enhance Congo Operations, Skips Nigerian Oil Sector Again

French oil giant TotalEnergies has committed $600 million to bolster its operations in the Republic of Congo, continuing to bypass investment in Nigeria. This decision, announced by TotalEnergies’ CEO Patrick Pouyanne during a visit to Kenya, follows the company’s earlier choice to allocate $6 billion to Angola instead of Nigeria, citing policy inconsistencies and other challenges in the West African country. The $600 million investment will be directed towards exploration and production activities in Congo’s

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International Oil Petroleum

Galp Sells Mozambique Rovuma Basin Stake to ADNOC for €600 Million

Portugal’s Galp Energia has reached an agreement to sell its 10% stake in the consortium prospecting for natural gas in Mozambique’s Rovuma basin to the Abu Dhabi National Oil Company (ADNOC) for approximately €600 million. In a statement to Portugal’s Securities Markets Commission (CMVM) on Wednesday, Galp announced the sale as part of its “disciplined” investment strategy. The deal, valued at $650 million (€599 million), is expected to be finalized by the end of the

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Local Energy News Petroleum

TotalEnergies chooses Angola over Nigeria for $6 billion energy project

French oil major TotalEnergies has chosen Angola over Nigeria for a $6 billion energy project. The oil giant is moving forward with the development of the Kaminho oil project, located 100 km off the coast of Angola, following a final investment decision on the block, it announced on Tuesday. The $6 billion project involves developing two oil fields, Cameia and Golfinho, located in Block 20/11, according to a statement from Angola’s national hydrocarbon agency, ANPG.

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