AfrOil - Africa Oil & Gas
Fitch assigns final BBB+ rating to $1.46bn bond refinancing Angola's Agogo FPSO
The assessment reflects the vessel's long-term charter with Azule Energy, an Eni-backed payment guarantee and protections against operator insolvency, while recognising the operational and collateral risks associated with the transaction.
Nigeria’s Sterling Bank joins $4.1bn Renaissance oil contractor financing scheme
Nigeria's Sterling Bank has outlined its role in Renaissance Africa Energy Company's renewed vendor financing scheme, which has a subscribed portfolio of $4.1bn and NGN435bn ($327mn).
Senegal seeks investors to advance Yakaar-Teranga gas development
Senegal’s state-owned oil company Petrosen is seeking investment partners for the Yakaar-Teranga offshore gas project, targeting a final investment decision (FID) by the end of 2027.
Nigeria’s Dangote outlines African fuel distribution network under $50bn investment plan
Dangote is taking his Lagos refinery’s fuel inland: a $660mn Djibouti-Ethiopia pipeline, a Walvis Bay terminal and a 2,650km Southern Africa network budgeted at more than $3.5bn.
Egypt and TotalEnergies advance Cyprus Cronos gas connection project
Egyptian Petroleum and Mineral Resources Minister Karim Badawi held talks with TotalEnergies (LSE:TTE) executives on October 21 to accelerate the connection of Cyprus’s offshore Cronos gas field to Egyptian infrastructure
Niger gives China's CNPC until late November to repatriate $5bn in oil export revenues
Niger’s military government on October 13 said it had given China National Petroleum Corporation (CNPC) and its partners 45 days to comply with contractual obligations.
Nigeria urges 22 oil licence holders to begin production within 18 months
Nigeria's upstream regulator is pressing 22 petroleum licence holders to accelerate development, targeting first oil within 18 months and combined production of at least 250,000 bpd within five years.
Namibia’s disputed petroleum bill passes second reading amid concerns over presidential powers
Namibia’s National Assembly has approved the second reading of a controversial petroleum amendment bill that would transfer key regulatory powers from the energy ministry to the presidency.
Ghana reviews petroleum regulations as declining oil output squeezes local contractors
Ghana plans to overhaul petroleum regulations and expand financing for domestic oilfield contractors as falling crude production threatens businesses built around the West African nation’s offshore industry.
ReconAfrica begins horizontal drilling at Namibia’s KW1X well ahead of year-end flow tests
Canadian oil and gas explorer Reconnaissance Energy Africa (TSXV: RECO, OTCQX: RECAF, Frankfurt: 0XD, NSX: REC) has begun horizontal sidetrack drilling at its Kavango West 1X (KW1X) discovery well in northeastern Namibia.
Analyst warns of pressure on Russian oil exports and predicts global oil surplus by 2028
Russia faces mounting energy risks from Ukrainian attacks, dependence on Chinese influence and the prospect of a global oil surplus, while Ukraine prepares for a difficult winter, says analyst.
Eni begins Meleiha Phase 2 start-up as Egypt seeks to reduce gas import dependence
Italian energy major Eni (BIT: ENI) has launched startup activities at the Meleiha Phase 2 gas project in Egypt's Western Desert
Eni completes offshore Bouri gas recovery project in Libya
Italian energy major Eni (BIT: ENI) finalised the operational commissioning of the Bouri Gas Utilisation Project in Libya’s offshore area,
TAG Oil reports no oil flow during initial testing of Egypt's Badr well
Canadian energy company TAG Oil reported that no formation oil reached the surface during initial production testing of its T-200 vertical well at the Badr Oil Field in Egypt's Western Desert
ECOWAS and Sahel states seek new trade rules after political split
The military-led Sahel states of Burkina Faso, Mali and Niger want a new framework for relations with ECOWAS following their withdrawal from the regional bloc.
Invictus begins rig move to Zimbabwe's Musuma-1 ahead of November drilling
Invictus Energy (ASX: IVZ; VFEX: INV) has begun moving its drilling rig to a new exploration site in northern Zimbabwe, ahead of a planned November well targeting gas and condensate outside its existing Mukuyu discovery.
Tanzania to disclose Mnazi Bay gas drilling results on October 26–27
Tanzania has completed drilling three natural gas wells in the Mnazi Bay Block in Mtwara Region, with the government expected to announce the volume of gas discovered when it officially launches the wells next week in Msimbati Village
Mozambique seeks investors for $250mn gas project linking South Africa
Mozambique's state-owned energy company ENH is seeking investors, including South Africa's Sasol (JSE: SOL; NYSE: SSL) and pipeline operator ROMPCO, for a gas infrastructure project estimated at $250mn to strengthen domestic and regional supplies.
Liberia opens 15 offshore blocks to investors in 2026 licensing round at AEW 2026
Liberia has launched a licensing round offering 15 offshore blocks in the Liberia and Harper Basins, seeking to attract exploration investment ahead of an April 15, 2027 deadline.
GECF calls for new gas investment at African Energy Week 2026
Annual global primary energy demand will rise by 20% to 768 exajoules (EJ) by 2055, from 641 EJ in 2024, as economic and population growth drive consumption.
Eco Atlantic nears completion of $7.7mn equity subscription as it advances Namibia, South Africa assets
Eco (Atlantic) Oil & Gas has satisfied all remaining conditions for a $7.7mn equity subscription apart from the admission of new shares to London's AIM market, bringing the financing close to completion.
Angola’s 2026 fuel subsidy bill could hit $4.16bn, more than twice budgeted amount
The overrun, equivalent to about 6% of Angola’s 2026 budget, shows how dependence on imported fuel turns higher crude prices from a windfall into a fiscal cost.
Algeria plans $71.6bn in hydrocarbons investment through 2030
Ghana reports 30% rise in oil output amid $2bn investment drive
Ghana’s crude oil production is recovering after six consecutive years of decline, as renewed drilling and longer petroleum licences attract investment into the West African country's offshore fields.
AEC and S&P Global Energy extend African Energy Week partnership through 2031
The African Energy Chamber and S&P Global Energy have renewed their partnership for African Energy Week for five years, extending the agreement through the 2031 conference.
Shell agrees sale of Nigerian domestic gas business to Vaaris Energy
The deal covers a 170-kilometre gas pipeline network serving more than 130 industrial and commercial customers across three Nigerian states.
BP targets additional 65mn cubic feet of gas daily from Egypt's Raven field
British energy company BP (LSE:BP) plans to increase natural gas production from the offshore Raven field in Egypt's North Alexandria concession
Ghana aims to replace liquid fuel for power generation with gas in 2027
Ghana is planning to stop buying liquid fuels for electricity generation next year as domestic gas and imports from Nigeria replace diesel and heavy fuel oil in thermal power generation plants.
Africa Energy Bank targets early 2027 financing as launch nears
The institution was conceived as an African-led financing mechanism for energy projects as international lenders increasingly restrict financing for fossil fuels.
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