Nigeria's TotalEnergies deal marks shift to gas development
The Nigerian production-sharing agreement with TotalEnergies will be a model for future agreements, according to the oil regulator. It is the first contract based on a new law aimed at boosting the gas production of the OPEC country. The Petroleum Industry Act of 2021, which recognised the economics of oil exploration and production, was followed by incentives from government such as tax credits for gas-only development and allowances to invest.
Nigeria signs contract for deepwater oil with TotalEnergies
Nigeria signed a Production-Sharing Contract (PSC) for two offshore blocks with TotalEnergies, and South Atlantic Petroleum. The contract is part of a new oil framework that aims to increase exploration and attract investors. Nigeria, Africa’s largest oil exporter, seeks to revitalize its upstream industry amid global energy transition and declining investments in fossil fuels. The deal includes petroleum prospecting licenses 2000 and2001, which were awarded in the licensing round of 2024.
Nigeria LNG signs long-term contracts for gas supply
Nigeria LNG Ltd. has signed 20-year contracts for gas supply with NNPC Ltd. and other oil companies to supply 1.29 billion standard cubic feet per day in support of its liquefaction plant expansion plans and to support the company's liquefaction facilities. These agreements, which also include options for extension, involve Shell Nigeria, Aradel Holdings and First E&P. They are expected to reduce Nigeria's long-standing gas shortages upstream while accelerating its energy transition and industrialisation.
Angola aims to increase gas production as oil output stagnates despite OPEC's exit
Azule Energy, a company optimistic about Angola's gas potential and having had success with its first gas drilling campaign last month, is now considering another exploration. Angola is expecting gas production to increase by more than 20 percent in the next five year as the country targets increased exports to Europe, Asia and domestic demand. Its oil output will stagnate despite leaving OPEC. Angola, Sub-Saharan Africa’s second…
Angola Looks to Gas Growth as Oil Output Flatlines
Optimistic over Angola’s untapped gas potential, Azule Energy is considering another gas exploration well after leading the country’s first drilling campaign targeting gas and hitting success last month, the CEO told Reuters.Angola expects gas production to rise more than 20% in the next five years as it targets higher exports to Europe and Asia and to meet growing domestic demand, while its oil output stagnates despite the country exiting OPEC.Sub-Saharan Africa's second-largest crude producer after Nigeria…
Grain-Chicago soya beans set to lose weekly due to abundant supply and weak China demand
Chicago soybean futures rose on Friday but were still on course for a second successive weekly decline due to ample global supplies and favourable U.S. climate, as well as weak Chinese demand. As of 0301 GMT the most active soybean contract on Chicago Board of Trade was up 0.08% to $9.9 per bushel. This is still near a 4-month low. Analysts at BMI Solutions, a division of Fitch Solutions said that the expectation of a robust U.S.
Spain's Endesa faces a $240 million claim for a LNG contract dispute
In a financial statement published on Tuesday, Endesa said that it faces claims for $240 million in an arbitration process relating to a review of the price of a long term contract of supply of liquefied gas. It said that the amount could change during arbitration, which was launched in January by an unidentified LNG manufacturer, and whose conclusion is not expected until the end of the year. Endesa announced the legal dispute in early February. At that time, it estimated an eventual loss of $300 million.
Angola's offshore CLOV phase 3 production starts
Angola’s offshore CLOV Phase 3 developed started oil production Wednesday, adding 30,000 bbls per day to its country's production, according to its national oil and natural gas agency. The satellite project, located in Block 17, will be connected to an existing floating storage and offloading vessel. This will help Angola keep its production at or above 1,000,000 bpd. Angola, Sub-Saharan Africa’s second-largest producer of oil after Nigeria has reformed its oil and natural gas regulations in order to attract energy companies.
EIA reports that the US has become a net crude exporter to Nigeria for first time.
In February and March the United States became an exporter of crude to Nigeria, due to a slowdown in demand for crude on the U.S. East Coast, which was caused by refinery maintenance. The Dangote refinery also increased Nigeria's need for inputs. This is according to a Tuesday note from the U.S. Energy Information Administration. It is the first instance that the U.S. exported more crude to Nigeria than they imported. Nigeria was ranked ninth in the United States' crude oil imports last year.
The ethnic groups are angry about Tinubu's pardoning of the 'Ogoni Nine" by Nigerian President Tinubu
Nigerian Ogoni activists rejected on Friday a posthumous forgiveness for nine members of their community who were executed by the military dictatorship three decades earlier. They criticized President Bola Tinubu’s decision as insufficient and perpetuating injustice. Tinubu, in honor of Nigeria's Democracy Day, on the 12th June, pardoned nine men known as "Ogoni Nine", among them the writer Ken Saro Wiwa. They were hanged by a military court for their protests over Shell's pollution…
Shell to Add Up to 12 million Tons of LNG Capacity by 2030
Shell, the world's largest trader of liquefied natural gas, will add up to 12 million metric tons of additional capacity between now and the end of the decade from projects under construction, a top executive said on Wednesday."(There is) up to 12 million tons of additional (LNG) capacity that we're adding between now and the end of the decade," Cederic Cremers, Shell's president of integrated gas, said at Wood Mackenzie's Gas, LNG and the Future of Energy Conference in London."That is not an ambition.
Shell will add 12 million tonnes of LNG capacity to its existing LNG production by 2030
Shell, the largest trader in liquefied gas in the world, plans to add 12 million metric tonnes of capacity from now until the end of this decade, according to a senior executive on Wednesday. Shell's integrated gas president, Cederic Crémers, told Wood Mackenzie’s Gas, LNG, and the Future of Energy Conference, held in London, that Shell would add up to 12,000,000 tons of (LNG). "That's not an ambition. "These are all current construction projects," he said. One project was in Canada, while two others were in Qatar and Nigeria.
Petrobras CEO: Africa will be the main exploration region for Petrobras outside Brazil.
Petrobras wants to develop Africa as its primary region outside Brazil. The CEO of the state-run oil company said this in a broad interview on Thursday. Petrobras CEO Magda Chabriard said that Ivory Coast extended the "red-carpet" to Petrobras when it granted the company the preference for buying nine offshore exploration blocks on Wednesday. She said that Nigeria, Angola and Namibia also expressed an interest in working with Brazil's giant.
Nigerian oil sector enters new phase of growth thanks to local firms
Nigeria's oil and gas industry is undergoing a major shift as local companies take on a greater role, resulting in a new phase for innovation and growth. The companies that are leading the charge include those who have purchased onshore and shallow-water assets from oil majors, which plan to invest billions of dollars in developing abandoned fields. Even smaller producers are contributing. For example, Nigeria's Otakikpo crude terminal was the first onshore crude terminal to be developed and operated locally.
Exxon to invest $1.5 billion in Nigerian oilfield
ExxonMobil, the world's largest oil company, will invest $1.5 billion in the development of deepwater operations for Nigerian oil companies. This was announced by the Nigerian oil regulator on Wednesday. The capital investment plan, which spans from the second quarter 2025 until 2027, is mainly focused on revitalising the production at the Usan Deepwater Oilfield located in the eastern Niger Delta on the OML 138 offshore block, about 70 km (43.5 miles), offshore.
Equinor sells 60% of Brazil's Peregrino oil field to Prio at $3.5 billion
Equinor announced on Friday that it's Brazil unit had agreed to sell to PRIO SA a 60% interest in the Peregrino Oil Field for up to $3.5 Billion. Prio will pay Equinor a base amount of $3.35billion, plus additional interest payments up to $150m. It will also take full ownership of the oilfield after the transaction closes. Last year, it bought the remaining 40 percent stake from Sinochem in China in a deal worth nearly $2 billion. Equinor is actively seeking to divest assets from its portfolio.
Research shows that China continues to support overseas coal plants, despite its 2021 commitment
According to a Tuesday analysis of energy investment in BRICS nations, Chinese companies are still building coal-fired electricity plants in Indonesia. This is despite their pledge to stop funding coal projects abroad by 2021. Global Energy Monitor, a U.S. think-tank, said that China was involved in the construction of 7.7 gigawatts in new coal-fired electricity, mainly plants to power nickel smelters located in Indonesia. The BRICS group was formed by Brazil, Russia India and China in 2009.
Tariff talks: Indonesia proposes an increase of $10 billion in US energy imports
Energy Minister Bahlil Lahadalia said to local media that Indonesia would propose an increase of around $10 billion in its crude oil and liquefied gas imports from the United States as part of its ongoing tariff negotiations. Indonesian officials will be leaving for Washington, D.C. later Tuesday to negotiate proposed U.S. tariffs. Indonesia will buy goods from the U.S. worth between $18 and $19 billion in order to reduce its trade surplus, as well as to avoid a 32% tariff threat on its exports.
Tariff talks: Indonesia proposes an increase of $10 billion in US energy imports
Energy Minister Bahlil Lahadalia said to local media that Indonesia would propose an increase of around $10 billion in its crude oil and liquefied gas imports from the United States as part of its ongoing tariff negotiations. Indonesian officials will be leaving for Washington, D.C. later Tuesday to negotiate proposed U.S. tariffs. Indonesia will buy goods from the U.S. worth between $18 and $19 billion in order to reduce its trade surplus, as well as to avoid a 32% tariff threat on its exports.
Afreximbank, an oil and gas investor, has allocated $3 billion to support local refineries
A senior executive revealed that the African Export-Import Bank, (Afreximbank), which is a major investor in oil-and-gas projects, had set aside $3 billion for financing the purchase of refined goods within Africa, as part of plans to increase refining capacities. Bank and analysts say that Africa exports 80% of its crude oils and 45% of its natural gas, making it heavily dependent on imported refined products. The energy landscape in sub-Saharan Africa is characterized by aging refineries and a lack of storage infrastructure.