Angolan Mining Oil & Gas

Nigeria’s daily oil production for June saw a modest increase, rising by 25,000 barrels per day compared to the previous month. This uptick is a positive development amid a year marked by consistently declining oil production. According to the Nigeria National Petroleum Company Limited (NNPC), the country’s oil production has been in a state of emergency. The Organization of the Petroleum Exporting Countries (OPEC) reported in its Monthly Oil Market Report for June that Nigeria’s

Read More Here

Oil suppliers are increasingly suspending business with the Nigerian government due to escalating debts, which have reached as high as $6 billion. Sources indicate that the Nigerian National Petroleum Corporation (NNPC) owes oil suppliers payments dating back to January, with debts originally reported at $4 billion now doubling. A report by Reuters highlighted the significant debt the Nigerian government owes to oil suppliers, exacerbated by the NNPC’s struggle to manage the disparity between fixed domestic

Read More Here

Kenya has increased the bond fee for fuel consignments destined for Uganda from $15 million to $45 million at the VTTI facility in Mombasa. This higher bond fee is expected to impact Uganda’s direct fuel import scheme, potentially making fuel more expensive for Ugandan consumers. Both Kenya and Uganda already have the highest fuel prices in East Africa, with Uganda relying on direct importation to mitigate costs. Currently, a litre of diesel costs $1.37 in

Read More Here

As Uganda edges closer to becoming an oil-producing nation, activities related to the oil sector have intensified, including the taxation of oil and associated goods. According to a recent report by Accountant General Lawrence Semakula, these levies have significantly contributed to the country’s overall revenue. The Ugandan newspaper, The Monitor, reported that Uganda generated an additional Shs44 billion from oil tax revenues during the financial year ending June 30, 2023. The Petroleum Fund Report for

Read More Here

Oando Energy Resources has urged Nigeria to actively extract its abundant crude oil reserves to drive socio-economic development and industrialization, despite global pressures for an energy transition. In addition, the company emphasized the importance of utilizing Nigeria’s vast proven and unproven natural gas reserves, which amount to hundreds of trillion cubic feet (tcf), to support sustainable development. Dr. Ainojie Irune, the Executive Director of Oando Plc and Chief Operating Officer of Oando Energy Resources, made

Read More Here

Nigeria’s new Dangote oil refinery is significantly increasing gasoil exports to West Africa, capturing market share from European refiners, according to traders and shipping data. Constructed at a cost of $20 billion by Africa’s richest man, Aliko Dangote, on the outskirts of Lagos, the refinery is currently producing a lower grade of gasoil than anticipated. This is due to awaiting the restart of units necessary for producing cleaner fuels, prompting the refinery to seek buyers

Read More Here