Nigeria – Oil & Gas 360

Exclusive: Africa Oil at EnerCom Denver-The Energy Investment Conference 2024

September 3, 2024

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

OPEC’s oil production rises as Iraq continues to overproduce

June 4, 2024

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

Nigeria seeks to boost economy with $1 billion oil-backed loan

April 8, 2024

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

OPEC oil output falls in March, led by Iraq – Reuters survey

April 1, 2024

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

More than 20% of global oil refining capacity at risk, analysis finds

March 28, 2024

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

Africa's richest person wants to create a trading firm of its biggest refinery- oil and gas 360

Africa’s richest person wants to create a trading firm for its biggest refinery

March 5, 2024

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

Buhari’s Exxon sale flip-flop could discourage investment in Nigeria’s oil production

August 15, 2022

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

TotalEnergies kicks off production from Nigeria’s Ikike gas field

July 26, 2022

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

Exxon blocked from selling Nigeria oil assets to Seplat Energy

July 11, 2022

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

Nigeria to investigate Shell permits after $200 million loss

June 23, 2022

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

GlobalData: Nigeria to account for 24% of oil and gas projects starting up in Africa by 2026

May 9, 2022

World Oil More than 100 oil and gas projects should commence operations in Nigeria during the next four years, accounting for more than 24% of the predicted total projects starts during that time, predicts GlobalData, a data and analytics company. GlobalData’s report, ‘Africa Oil and Gas Projects Analytics and Forecast by Project Type, Sector, Countries, Development Stage, Capacity and Cost,

Shell Nigeria oil field sale draws bids from four local firms

February 4, 2022

World Oil (Bloomberg) — Shell Plc’s sale of a multibillion-dollar stake in a joint venture that operates oil fields in Nigeria has attracted bids from four local companies, according to people familiar with the negotiations. Seplat Energy Plc, Sahara Group Ltd., Heirs Oil and Gas Ltd. and ND Western Ltd. submitted the non-binding offers in January, said the people, who

Premium Content