AfrOil - Africa Oil & Gas
Saudi, Russia to stick with voluntary output cuts
Saudi Arabia and Russia this week confirmed that they will extend their additional voluntary oil production restraint until the end of the year.
Nigeria states it will cancel idle modular refinery licences
Nigeria’s federal government has stated that it will cancel modular refinery licences that have remained idle.
Nigeria launches Nembe crude oil grade
The Nigerian National Petroleum Company Limited (NNPCL) and domestic energy company Aiteo have launched the Nembe crude oil grade into the international market.
Mozambique, Tanzania negotiate natural gas share agreement
Mozambique and Tanzania are due to soon sign an agreement outlining the formula they will use to share natural gas from an offshore reservoir that straddles their common border.
Oil prices defy analysts’ expectations and fall rather than rise after the outbreak of the Israeli-Hamas war
The oil price defied analysts’ expectations and fell rather than rose after the outbreak of the Israeli-Hamas war on October 7. A month later, despite a 3.7% drop in the price of a barrel of Brent, its value has returned to pre-war levels.
Moroccan king says country committed to finalising $25bn African gas pipeline project
Moroccan King Mohammed VI reiterated Morocco’s commitment towards the ambitious $25bn (€23.4bn) gas pipeline project with Nigeria and said the project’s benefits will extend to European countries in terms of more energy supplies.
Uganda moves to nationalise fuel imports to secure supply, cut costs, end reliance on Kenya
Uganda has initiated a move to nationalise the importation of petroleum products towards stabilising supply, bringing down retail prices, and ending its reliance on neighbouring Kenya.
UK explorer Helium One encounters "encouraging" results at Tanzania project
Helium One said in an update that drilling reached a depth of 1,448 metres and encountered a geological basement, a development that confirms the presence of weathered crystalline formations.
Egypt’s import bill for hydrocarbons dropped by 15% y/y to $8.35bn in January-August of 2023/2024
Egypt’s import bill for hydrocarbons and their by-products dropped by 15% y/y to $8.35bn (€7.8bn) in the first eight months (January-August) 2023/2024, mostly affected by falling imports of crude oil and refined petroleum products.
Kosmos Energy takes control of Senegal’s Yakaar-Teranga gas project
Kosmos Energy, an American upstream oil company, has increased its working interest in the Yakaar-Teranga gas discoveries offshore Senegal to 90%, and has assumed operatorship.
BW Energy discovers commercially viable oil in Gabon
BW Energy, the Oslo-listed oil and gas exploration and production company, has made a substantial oil discovery offshore Gabon as part of its multi-well programme.
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