Oil Price Africa’s biggest crude oil producer, Nigeria, is expected to receive a $1 billion loan from the African Export-Import Bank (Afreximbank) next month as part of a larger crude oil prepayment facility aimed at shoring up forex reserves and boosting the economy. “The verification of the crude availability has happened so we expect in the next month to finalize
Yahoo Finance LONDON – OPEC oil output fell last month, a Reuters survey found on Monday, reflecting lower exports from Iraq and Nigeria against a backdrop of ongoing voluntary supply cuts by some members agreed with the wider OPEC+ alliance. The Organization of the Petroleum Exporting Countries pumped 26.42 million barrels per day (bpd) last month, down 50,000 bpd from
Nasdaq LONDON – More than a fifth of global oil refining capacity is at risk of closure, energy consultancy Wood Mackenzie found in analysis published on Thursday, as gasoline margins weaken and the pressure to reduce carbon emissions mounts. Of 465 refining assets analysed, the consultancy ranked about 21% of 2023 global refining capacity at some risk of closure. Europe
Oil Price Aliko Dangote, the owner of Africa’s largest refinery and Africa’s richest person, is looking to set up a trading firm that would handle crude supply for the new mega refinery in Nigeria, Reuters reported on Tuesday, citing multiple sources with knowledge of the plans. The Dangote Refinery in Nigeria, Africa’s biggest, began the production of fuels in January 2024, marking the
World Oil (Bloomberg) — Nigerian President Muhammadu Buhari’s flip-flop over the sale of Exxon Mobil Corp.’s assets could discourage investment in Africa’s largest oil producer in the wake of industry reform meant to grow the sector. A $1.28 billion bid by Lagos and London-listed Seplat Energy Plc for shares in Exxon’s local subsidiary was initially backed by Buhari despite
World Oil TotalEnergies, OML99 operator (40%) in partnership with the Nigerian National Petroleum Corporation (NNPC, 60%), has announced the start of production from the Ikike field, in Nigeria. Located 20 km (12 miles) off the coast, at a depth of about 20 m (65 feet), the Ikike platform is tied back to the existing Amenam offshore facilities through a
World Oil (Bloomberg) — Nigeria’s state energy company won a court decision temporarily blocking Exxon Mobil Corp. from selling assets in the country to Seplat Energy Plc. A judge in the capital, Abuja, granted the Nigerian National Petroleum Co. an “order of interim injunction” on July 6 barring Exxon “from completing any divestment” in a unit that ultimately operates four
World Oil (Bloomberg) — Nigeria’s Senate will investigate Shell Plc’s historic license renewals in the West African state to determine whether they were extended unlawfully and cost the government up to $200 million. Senate President Ahmad Lawan formed a committee on Wednesday to probe the oil major’s permits that expired in 1989 and 2019, according to a statement emailed by
World Oil More than 100 oil and gas projects should commence operations in Nigeria during the next four years, accounting for more than 24% of the predicted total projects starts during that time, predicts GlobalData, a data and analytics company. GlobalData’s report, ‘Africa Oil and Gas Projects Analytics and Forecast by Project Type, Sector, Countries, Development Stage, Capacity and Cost,
World Oil (Bloomberg) — Shell Plc’s sale of a multibillion-dollar stake in a joint venture that operates oil fields in Nigeria has attracted bids from four local companies, according to people familiar with the negotiations. Seplat Energy Plc, Sahara Group Ltd., Heirs Oil and Gas Ltd. and ND Western Ltd. submitted the non-binding offers in January, said the people, who
Reuters Nigeria has sweetened the terms of a sweeping oil reform bill in a bid to attract much-needed investment to its oil industry, four people closely involved with the legislation said and a letter from oil companies, seen by Reuters, showed. The proposed changes signal a shift by Africa’s largest oil producer and show the impact of an increasingly competitive
Reuters LONDON – The transition towards green energy imperils oil-producing states that have lagged in diversifying their economies, United Kingdom-based risk consultancy Verisk Maplecroft warned in a report on Thursday. “Algeria, Iraq and Nigeria will be among the first casualties of a slow-motion wave of political instability that will engulf an array of oil producing countries over the next 3-20
