AfrOil - Africa Oil & Gas
IEA agrees record release of 400mn barrels from emergency oil reserves to counter Gulf War impact
The IEA agreed on March 11 to release a record 400mn barrels from emergency oil reserves, dwarfing its 2022 Ukraine-linked release, as Iran's closure of the Strait of Hormuz and attacks on Gulf energy infrastructure drive prices higher.
African Energy Chamber and Venezuela advance energy cooperation after reciprocal high-level visits
A government delegation from Venezuela has visited South Africa to advance collaboration across the hydrocarbon value chain.
Nigeria’s NNPCL profit rises to $275.9mn as revenue drops in January
Nigeria’s state oil company Nigerian National Petroleum Company Limited (NNPCL) reported profit after tax of NGN385bn ($275.9mn) in January despite a sharp decline in monthly revenue.
London-based Exail wins contract to supply transponders, navigation suites at Angolan offshore oil project
Exail Technologies (EPA:EXA) has won a contract to supply acoustic transponders and integrated navigation suites to a major deep-water oilfield in Angola.
Kenya weighs $1.7bn rail link to Lokichar oil fields for crude exports
Kenya is considering a $1.7bn railway linking Nakuru to the Lokichar oil fields as an alternative to a stalled pipeline project. The metre-gauge rail line could transport up to 50,000bpd of waxy crude from the Turkana basin to the coast.
Egypt aims to save $731.5mn from fuel price hikes
Egyptian Ministry of Petroleum and Mineral Resources is targeting savings of around EGP 38bn ($731.5mn) from the recent increase in fuel prices during the remaining four months of FY 2025/26
Nigeria approves fiscal incentives for Shell-led $20bn deepwater Bonga Southwest Aparo oil project
By approving fiscal incentives to unlock the $20bn Bonga Southwest Aparo deepwater oil project operated by Shell, Nigeria aims to enable a long-delayed investment decision and revive large-scale offshore investment in its oil sector.
Ghana’s Tema refinery plans output surge as Accra seeks to strengthen energy security
Ghana’s state-owned Tema Oil Refinery (TOR) is preparing to significantly increase its production capacity as authorities attempt to revive the troubled facility and reinforce the country’s petroleum supply chain.
Namibia excludes oil revenue from 2026/2027 budget as projects remain under development
Namibia’s government based its 2026/2027 budget on existing revenue streams, excluding projected oil and gas revenues as projects remain at an early development stage.
Ghana fuel market tensions rise as bulk distributors reject hoarding claims
Ghana’s bulk oil distributors have rejected allegations that some suppliers are hoarding fuel to profit from an anticipated price increase expected to take effect on March 16.
Kenya Pipeline Company shares climb on first day of NSE trading
Kenya Pipeline Company (KPC) began trading on the Nairobi Securities Exchange (NSE) at KES9.30 ($0.07) per share on March 10, rising 3.3% from its KES9 ($0.06) initial public offer price following a heavily oversubscribed share sale
Egypt increases fuel prices by 14-17% amid regional turmoil
In response to the intensifying energy crisis gripping the Middle East, the Egyptian government has announced up to 17% increase in the prices of petroleum products and natural gas for vehicles
Domestic refineries unlikely to cut Nigeria’s petrol prices significantly, CPPE says
Domestic refining will improve fuel supply stability in Nigeria but is unlikely to lead to significantly cheaper petrol because crude feedstock remains priced against global oil benchmarks in US dollars
Angola wary of surge in import bill despite oil price rally
Angola’s government is encouraged by the increase in the prices of oil triggered by the ongoing instability on the global market, but remains cautious that its import bill could surge.
Egypt tenders 10 oil storage depots amid Red Sea maritime shifts
Egypt has invited international energy firms to lease 10 major oil and petroleum product storage facilities at the Ain Sokhna and Ras Badran ports on the Red Sea.
Azerbaijan delegation discusses Baleine oil and gas project as SOCAR expands into Côte d’Ivoire
A high-level delegation from Azerbaijan held several meetings with senior officials from Côte d'Ivoire's Ministry of Foreign Affairs and the energy sector to discuss the Baleine oil and gas project.
Israel resumes limited gas exports to Egypt
Natural gas supplies from Israel to Egypt have begun to trickle back into the regional grid, albeit at a fraction of their usual capacity
Nigeria seeks third-party crude supply for $20bn Dangote refinery as petrol prices surge
Nigeria’s state oil company NNPCL is sourcing crude oil through international traders to supply the $20bn Dangote Petroleum Refinery as domestic allocations fall short and prices rise.
DRC moves to revive dormant LPG sector with new hydrocarbons reform bill
The DRC’s government has approved a draft bill aimed at developing the domestic liquefied petroleum gas (LPG) sector as part of broader efforts to modernise the hydrocarbons industry and attract investment.
Oil price spike at over $100 per barrel as market faces possibly worst crisis in history
Brent was trading at over $108 per barrel as of 06:30 GMT today, up from the early $70s prior to the US and Israel launch of strikes against Iran on February 28.
PetroShorouk earmarks $524mnn to develop Egypt's Zohr gas field in FY 2026/27
PetroShorouk, the venture responsible for managing and developing Egypt’s Zohr gas field, has allocated investments worth $524mn to develop and expand the field during FY 2026/27.
Two dead, four injured in Algerian Hassi Messaoud oil field blaze
Two workers have been confirmed dead and four others injured following a fire at Algeria’s Hassi Messaoud oil field, the largest in Algeria.
Domestic producers surpass 50% of Nigeria’s oil output as Oando reaffirms IPPG support
Domestic oil companies now produce more than 50% of Nigeria’s crude oil output, marking a significant shift in the country’s upstream sector as domestic operators assume a leading role previously dominated by international oil companies.
Nigeria’s OPL245 overhaul unlocks deepwater potential for Eni
Nigeria has cleared the way for development of the Zabazaba and Etan deepwater fields after converting OPL245 into new production and exploration licences, following a settlement between the government and Eni (BIT:ENI; NYSE:E).
Egypt activates second gas production well at West Burullus
Egypt’s Ministry of Petroleum and Mineral Resources said that a second gas well at the West Burullus field, part of Cairn Energy’s (LSE: CNE) investments, has been brought into production at a rate of 12mn cubic feet per day
Tanzania energy sector officials meet to improve oil and gas oversight
Tanzania’s Energy Minister, Deogratius Ndejembi, met senior officials from state energy agencies to discuss measures aimed at improving transparency and operational efficiency in the country’s oil and gas sector
Vopak delays decision on South Africa’s $1bn Richards Bay LNG terminal to Q1 2028
Dutch tank storage operator Royal Vopak (AMS:VPK) has delayed its FID on South Africa’s proposed Zululand Energy LNG terminal at Richards Bay to Q1 2028
Zimbabwe hikes fuel price by 16% to $1.77 per litre, second highest level in SSA after Malawi
Zimbabwe has increased the fuel pump price by up to 16% per litre in response to the disruption caused by the ongoing armed conflict between the US, Israel and Iran.
Tanzanian president orders expansion of fuel reserves as Dar es Salaam tank farm progresses
Tanzania’s President Samia Suluhu Hassan has directed the Ministry of Energy to urgently expand the country’s strategic fuel reserves, warning that rising global prices and geopolitical tensions are increasing the risk of external supply shocks
Ghana pushes $60bn petroleum hub to become West Africa’s energy corridor
Ghana’s government has pledged transparency and civil society collaboration as it advances the ambitious Ghana Petroleum Hub project aimed at transforming the country into a regional energy security corridor.
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