International News

Green Energy International Limited (GEIL) has marked a historic milestone in Nigeria’s petroleum sector with the successful inauguration of crude exports from its newly built Otakikpo onshore terminal. At approximately 2 PM on Sunday, June 8, a Shell-chartered off-taker vessel completed the first crude lifting from the facility, located in the Otakikpo marginal field, Rivers State. This terminal is the first privately developed and managed onshore crude export site in Nigeria in over 50 years.

Dutch floating production specialist SBM Offshore has reached an agreement to divest its entire ownership in the FPSO Aseng lease and operations business to GEPetrol, marking its planned exit from Equatorial Guinea. The company will undergo a transition period of up to one year before fully withdrawing from the country. According to SBM Offshore, this sale aligns with its ongoing strategy to optimize its leasing and operations portfolio, following a series of recent divestments. The

ReconAfrica is preparing to drill its second exploration well in Namibia’s Kavango Basin, bolstered by a fresh capital raise aimed at advancing its ambitious exploration program. The Canadian-based explorer announced plans to raise C$10 million (approximately US$7.3 million) through a public share offering, as disclosed after market close on the Toronto Stock Exchange. The offering is expected to close during the week of June 16. Proceeds from the raise will primarily fund exploration activities, including

Zimbabwe has entered a new era in its energy sector with the confirmation of its first commercial natural gas discovery in the Cabora Bassa Basin. This milestone positions the country to join the growing list of emerging natural gas producers in Africa. The discovery was made by Invictus Energy, which has now secured approval to begin pilot production. As part of this initial phase, the company plans to supply gas to the Eureka Gold Mine—a

Oando Plc has committed $550 million in crude prepayment to support the Nigerian National Petroleum Company’s (NNPC) Project Gazelle—an initiative designed to stabilize oil revenues through forward crude sales. The investment was disclosed in the company’s audited 2024 financial results, marking a pivotal year highlighted by Oando’s acquisition of Nigerian Agip Oil Company (NAOC). The transaction, finalized on August 22, 2024, significantly expanded Oando’s asset base and improved its financial outlook. Group Chief Executive Wale

London-listed Petra Diamonds has sold 613,682 carats of diamonds for $53 million during its combined Tender 5 and 6 sales cycle, bringing total revenue for the financial year to $239 million from 2.39 million carats sold. Due to ongoing fluctuations in diamond prices and demand, Petra has moved away from fixed tender schedules. The company now reserves the option to delay parts of tenders or sell diamonds as run-of-mine. “Reporting tender results on a tender-by-tender