(World Oil) – VAALCO Energy, Inc. has provided an operational update that included record production and sales volumes for 2024. Highlights: Recorded full year 2024 sales volumes of 24,100 to 24,600 working interest (WI) barrels of oil equivalent per day (boed), at the midpoint of its guidance range of 23,500 to 25,100 WI boed; Full year 2024 sales volumes were
(Oil Price) – Shell’s Nigerian subsidiary has approved the Bonga North deep-water project off the coast of Nigeria, the UK-based supermajor said on Monday, announcing the final investment decision for the development. The Bonga North project will be a subsea tie-back to the Shell-operated Bonga Floating Production Storage and Offloading (FPSO) facility which Shell operates with a 55% interest. The project will sustain
Oil and Gas 360 Publisher’s Note: You can view the EnerCom Denver—The Energy Investment Conference and the Energy Transition and Emerging Technologies Series presenter replays for a limited time. Africa Oil is a Canadian oil and gas exploration company with producing and development assets in deep-water offshore Nigeria. The Company also has a portfolio of exploration assets in west and
Oil Price OPEC’s crude oil production rose by 145,000 barrels per day (bpd) in May compared to April, as Iraq continues to pump above its quota and boosted output alongside African producer Nigeria, the monthly Reuters survey showed on Tuesday. OPEC produced a total of 26.63 million bpd in May, an increase of 145,000 bpd compared to April, according to the Reuters
Oil Price Africa’s biggest crude oil producer, Nigeria, is expected to receive a $1 billion loan from the African Export-Import Bank (Afreximbank) next month as part of a larger crude oil prepayment facility aimed at shoring up forex reserves and boosting the economy. “The verification of the crude availability has happened so we expect in the next month to finalize
Yahoo Finance LONDON – OPEC oil output fell last month, a Reuters survey found on Monday, reflecting lower exports from Iraq and Nigeria against a backdrop of ongoing voluntary supply cuts by some members agreed with the wider OPEC+ alliance. The Organization of the Petroleum Exporting Countries pumped 26.42 million barrels per day (bpd) last month, down 50,000 bpd from
Nasdaq LONDON – More than a fifth of global oil refining capacity is at risk of closure, energy consultancy Wood Mackenzie found in analysis published on Thursday, as gasoline margins weaken and the pressure to reduce carbon emissions mounts. Of 465 refining assets analysed, the consultancy ranked about 21% of 2023 global refining capacity at some risk of closure. Europe
Oil Price Aliko Dangote, the owner of Africa’s largest refinery and Africa’s richest person, is looking to set up a trading firm that would handle crude supply for the new mega refinery in Nigeria, Reuters reported on Tuesday, citing multiple sources with knowledge of the plans. The Dangote Refinery in Nigeria, Africa’s biggest, began the production of fuels in January 2024, marking the
World Oil (Bloomberg) — Nigerian President Muhammadu Buhari’s flip-flop over the sale of Exxon Mobil Corp.’s assets could discourage investment in Africa’s largest oil producer in the wake of industry reform meant to grow the sector. A $1.28 billion bid by Lagos and London-listed Seplat Energy Plc for shares in Exxon’s local subsidiary was initially backed by Buhari despite
World Oil TotalEnergies, OML99 operator (40%) in partnership with the Nigerian National Petroleum Corporation (NNPC, 60%), has announced the start of production from the Ikike field, in Nigeria. Located 20 km (12 miles) off the coast, at a depth of about 20 m (65 feet), the Ikike platform is tied back to the existing Amenam offshore facilities through a
World Oil (Bloomberg) — Nigeria’s state energy company won a court decision temporarily blocking Exxon Mobil Corp. from selling assets in the country to Seplat Energy Plc. A judge in the capital, Abuja, granted the Nigerian National Petroleum Co. an “order of interim injunction” on July 6 barring Exxon “from completing any divestment” in a unit that ultimately operates four
World Oil (Bloomberg) — Nigeria’s Senate will investigate Shell Plc’s historic license renewals in the West African state to determine whether they were extended unlawfully and cost the government up to $200 million. Senate President Ahmad Lawan formed a committee on Wednesday to probe the oil major’s permits that expired in 1989 and 2019, according to a statement emailed by
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