AfrOil - Africa Oil & Gas
OPEC output slips in March as sanctions hit Iran, Venezuela and Nigeria
OPEC oil production declined in March, with fresh disruptions in Iran, Venezuela and Nigeria outweighing modest gains elsewhere, just weeks before the alliance was set to begin easing its voluntary output curbs
Africa's petroleum industry campaigns for "Africa First" approach in exploiting continent's oil, gas wealth
African petroleum producers and refiners have said the continent must exercise more control over its oil and natural gas value chains instead of playing second fiddle to external interests.
Ghana eyes regional fuel dominance as it courts investment in downstream sector
Ghana is ramping up efforts to become a regional fuel distribution hub, with the country’s downstream regulator seeking private-led investment to expand infrastructure, strengthen fuel security, and boost exports across West Africa.
Nigerian crude-for-naira deal unsustainable, oil and gas expert says
Nigerian oil and gas expert Ademola Adigun has called for an end to the crude-for-naira agreement between the country’s government and 650,000 barrels per day (bpd) Dangote refinery.
APPO advocates "Africa first" principle when exploiting continent’s vast oil and gas reserves
Africa’s current estimates of 120 million barrels of oil and 632 trillion cubic feet (17.89 trillion cubic metres) of gas reserves are “grossly conservative”, according to African Petroleum Producers’ Organisation secretary-general.
Chevron readies pipeline survey linking Cyprus gas to Egypt facilities
US energy firm Chevron will begin a survey of the eastern Mediterranean seabed early this summer to prepare for a pipeline linking Cyprus’ Aphrodite gas field with processing facilities in Egypt
US Exim auditor finds bank didn't delay funding for $20bn Mozambican gas project due to bias against fossil fuels
The Export-Import Bank of the United States (US Exim), one of the key backers of a Mozambican liquefied natural gas (LNG) project, delayed releasing funding for the project not due to bias against fossil fuels, Global Trade Review says.
Nigerian President Bola Tinubu removes Mele Kyari as head of NNPCL
Nigerian President Bola Tinubu has replaced the Nigerian National Petroleum Co. Ltd’s (NNPCL) CEO Mele Kyari and various other board members following concerns about the company’s performance and failure to meet vital production targets.
OPEC output falls as sanctions imposed on Iran, Venezuela
OPEC oil output fell in March in place of an expected output increase, according to a Reuters survey revealed on April 7, with Iran, Nigeria and Venezuela all reducing supply.
Italian energy company Eni plans to invest €24bn in Egypt, Algeria and Libya over next four years
Italy’s energy company Eni plans to invest around €24bn in Egypt, Algeria and Libya over the next four years to increase oil and gas production, said the CEO, Claudio Descalzi.
Nigeria’s NNPCL finalises direct crude export deal to Europe via Greek-chartered tanker
The Nigerian National Petroleum Company Limited (NNPCL) has secured a significant crude oil export agreement with a European buyer, marking a strategic departure from its traditional free-on-board (FOB) model.
Azerbaijan’s sovereign wealth fund allocates $400mn to Africa, eyes further investments
The State Oil Fund of Azerbaijan (SOFAZ) currently holds approximately $400mn in investments across Africa, primarily allocated to fixed-income instruments and IFC-managed funds, according to Bahruz Bahramov, Deputy Executive Director of the fund
Libya offers first oil exploration bidding round in around 17 years
Libya is launching its first oil exploration bidding round in more than 17 years by offering 22 areas for investment.
Russia to capitalise on Africa’s growing energy demand
Russia has been intensifying its efforts to strengthen energy partnerships with African countries, indicating a broader strategy to enhance its geopolitical influence across the continent.
Nigeria’s PCNGi and LNG Arete to construct $27.3mn gas plant
Nigeria’s drive to expand access to cleaner energy sources has advanced with a $27.3mn agreement between the Presidential Compressed Natural Gas Initiative (PCNGi) and LNG Arete Limited to build a liquefied natural gas (LNG) facility.
Ghana’s central bank to auction $120mn to oil distributors in Q2 2025
Ghana’s central bank will auction $120mn to Bulk Oil Distribution Companies (BDCs) in the second quarter of 2025, matching the volume sold during the first quarter, in a bid to stabilise forex supply for energy imports.
Oil falls 3.75% amid global trade war recession fears
Oil prices fell 3.75% on April 7, continuing last week's losses, as escalating trade tensions between the United States and China fuelled fears of an economic recession that could reduce crude demand.
Kenya tax tribunal orders KRA to refund $0.74mn to gas exporter AGOL
Kenya’s tax appeals tribunal has ordered the Kenya Revenue Authority (KRA) to refund $0.742mn) in VAT to Africa Gas and Oil Company Limited (AGOL), a Mombasa-based LPG importer, storage operator, and exporter serving regional markets.
Egypt repays $800mn in arrears to foreign oil company partners
The Egyptian government has paid an additional $800mn in overdue payments to foreign oil companies by the end of March, Al Sharq reported on April 4, citing a government source.
TotalEnergies expands renewables footprint with key acquisitions across Europe, Africa, and North America
TotalEnergies has finalised its acquisitions of VSB Group, a European wind and solar developer, and SN Power, a hydropower firm with operations in Uganda.
Libya’s Methanol Plant II resumes operations after seven years of closure
Libya’s Methanol Plant II has resumed operations after nearly seven years of closure, according to a statement from the National Oil Corporation (NOC).
Kenya scraps KPC out of LPG project, awards contract to Nigerian firm
Kenya’s Ministry of Energy and Petroleum has scrapped a plan by state-owned Kenya Pipeline Co. to develop a 30,000-tonne liquefied petroleum gas storage facility in Mombasa, instead awarding the project to Asharami Synergy.
Africa Energy Bank receives capital contributions from Angola, Ghana and Nigeria
Three members of the African Petroleum Producers Organisation, Nigeria, Angola and Ghana, have fulfilled their capital commitments towards establishing the Africa Energy Bank.
65% of Nigerian tank farms lie dormant following removal of fuel subsidies
70 Nigerian tank farms have been forced to halt operations in the past two years following President Bola Tinubu’s announcement halting fuel subsidies.
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