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International News Oil

Shell’s $1.3 Billion Onshore Asset Sale to Renaissance Gains Regulatory Approval

17, September, 202417, September, 2024

Shell International Plc has received approval from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to sell its onshore assets to Renaissance, a consortium of Nigerian and international companies, in a deal valued at $1.3 billion. The sale includes Shell’s 75-year-old onshore oil assets, which will boost Nigeria’s oil production and government revenue while supporting naira stability and advancing gas development initiatives. The final approval, however, rests with President Bola Tinubu, who also serves as Nigeria’s

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International Oil

South Sudan and Sudan Advance Plans to Resume Oil Exports After Conflict

17, September, 202417, September, 2024

South Sudan and Sudan have taken significant steps to resume the flow of South Sudan’s crude oil through a pipeline that runs across Sudan, a crucial move for South Sudan’s economy, which heavily relies on oil revenue. According to a statement from South Sudan President Salva Kiir’s office on September 16, 2024, Sudanese engineers had completed the technical preparations needed to restart oil production. This announcement followed a meeting in Juba between Kiir and Sudan’s

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International Oil Petroleum

NNPC to Begin Fuel Distribution from Dangote Refinery Amid Revised Supply Agreements

17, September, 202417, September, 2024

Nigeria’s state-owned oil company, NNPC Limited, began distributing gasoline from the 650,000 barrels-per-day Dangote Refinery to the local market on Sunday, September 15, following delays over offtake rights and pricing. The $20 billion Dangote Refinery, built by Africa’s richest man, Aliko Dangote, started gasoline production last week, but distribution was held up due to disputes. Z acch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), announced that all agreements have now been finalized,

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International Energy Renewable Energy

Egypt to Add 3 GW of Solar and Wind Power by 2025 Through Private Investments

17, September, 202417, September, 2024

The Egyptian Ministry of Electricity and Energy plans to integrate 3 gigawatts (GW) of solar and wind power into the national grid by the summer of 2025, according to a government official who spoke to Asharq Business. The projects will be executed by private sector companies under a Build, Own, Operate (B.O.O.) model, meaning the investors will finance, construct, operate, and own the projects, while the Egyptian Electricity Transmission Company (EETC) will purchase all the

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Local Exploration News Oil

Corcel Completes Key Data Acquisition for Angola’s Block KON-16 Exploration

17, September, 202417, September, 2024

Exploration company Corcel has completed the data acquisition phase of the Enhanced Full Tensor Gradiometry (eFTG) Survey on Block KON-16, located in Angola’s onshore Kwanza Basin. The collected data, acquired by contractor Metatek Group, will now undergo analysis and interpretation through the end of 2024. This phase is crucial for gaining geological insights to support exploration and development plans for the 1,000 km² block. “This marks a significant milestone in our exploration efforts, providing a

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International Gas News

Türkiye Explores Offshore Gas in Egypt, Strengthens Energy Ties

17, September, 202417, September, 2024

Türkiye’s Energy and Natural Resources Minister, Alparslan Bayraktar, announced the country’s active exploration of offshore gas fields in Egypt, aiming to utilize Turkish Floating Storage and Regasification Unit (FSRU) vessels for hydrocarbon supply. In an interview with Anadolu in Ankara, Bayraktar highlighted Türkiye’s normalized relations with Egypt and recent energy agreements between the two nations. During Egyptian President Abdel Fattah al-Sisi’s visit to Ankara last week, both countries discussed potential cooperation in oil and natural

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International Oil Petroleum

Nigeria’s Crude Oil Production Rises by 3.4% in August

17, September, 202417, September, 2024

Nigeria’s daily crude oil production grew by 3.4% in August, reaching 1.352 million barrels per day, according to the latest data from OPEC. The Organisation of Petroleum Exporting Countries (OPEC) reported that Nigeria’s output increased by 45,000 barrels per day, up from 1.307 million barrels per day in July. These figures are based on direct communication between OPEC and Nigerian authorities. Secondary sources indicate an even higher average of 1.448 million barrels per day in

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International News Renewable Energy

EIB and FirstRand Bank Invest €400M in South Africa’s Renewable Energy Projects

17, September, 202417, September, 2024

The European Investment Bank (EIB) and South Africa’s FirstRand Bank have jointly invested €400 million (R7.9 billion) into various solar and wind energy projects across South Africa. This partnership aims to increase private-sector energy generation, strengthen energy security, and reduce the country’s ongoing power shortages. FirstRand is matching EIB’s €200 million ($221.82 million) loan as part of Europe’s Global Gateway initiative, a strategy focused on clean and sustainable infrastructure. EIB, a key partner in the

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International Exploration Gas Oil

Uganda to Issue New Oil and Gas Exploration Licenses in 2025/2026 to Boost Investment

17, September, 202417, September, 2024

Uganda plans to issue new oil and gas exploration licenses in the 2025/2026 fiscal year (July-June) to attract further investment into the sector. The country’s last licensing round, which began in 2019, concluded in early 2023, with two out of five available blocks awarded. “Accelerating oil and gas investments will be key to driving Uganda’s economic growth next fiscal year,” said Finance Minister Matia Kasaija during a speech outlining the government’s priorities for 2025/2026. He

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International Gas News

US Export-Import Bank Considers Funding Eni’s Offshore LNG Project in Mozambique

17, September, 202417, September, 2024

The US Export-Import Bank (Ex-Im) is evaluating funding for Eni SpA’s liquefied natural gas (LNG) project off the coast of Mozambique. This follows its previous investment in an onshore LNG facility that faced delays due to security concerns and opposition from environmental groups. Eni’s Coral North floating LNG plant is listed as a pending project by Ex-Im. The bank stated in an emailed response that the financing amount would be disclosed upon final board approval,

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