Category: Oil & Gas Industry
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CMOC Group settles Congo mining dispute with $800m payment to Gécamines
Chinese miner CMOC Group has agreed to make a settlement payment of $800m between 2023 and 2028 to Congo’s state-controlled mining company Gécamines to end a dispute related to the Tenke Fungurume copper and cobalt mine in the Democratic Republic of Congo (DRC). Furthermore, CMOC will also pay at least $1.2bn (8.66bn yuan) in dividends…
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Capricorn Energy receives $30 million in payments from Egypt
🇪🇬 Oil producer Capricorn Energy said on Thursday it received a payment of $30 million this week from the Egyptian government after its debt to the company rose to $169 million last year. Chief Executive Randy Neely said: “Throughout my twelve years working in Egypt, and looking further back, the Government of Egypt has always…
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Nigeria’s Dangote oil refinery could accelerate European sector’s decline
🇳🇬 Nigeria’s giant Dangote oil refinery could bring to an end a decades-long gasoline trade from Europe to Africa worth $17 billion a year, heaping pressure on European refineries already at risk of closure from heightened competition, analysts and traders said. The refinery started production in January and cost $20 billion to build. It can…
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Namibia oil discovery outlook
🇳🇦🛢 Namibia and South Africa are two of the world’s most unequal societies in terms of income and wealth distribution, with Gini index scores of 59.1 and 63, respectively. Together with Zambia, they are three members of the Southern Africa Development Community (SADC) among the four most unequal countries globally. ▪️The recent oil discovery in…
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Petronas sells South African petroleum and chemicals business to Vitol arm
🇲🇾🇿🇦 Malaysia’s national oil and gas company Petronas has reached agreement to sell its entire 74% majority stake in South Africa’s Engen to Vivo Energy, one of the largest African fuel retail operators and part of multinational energy company Vitol. Engen’s primary business is in the marketing of petroleum, lubricants and functional fluids; chemicals and…
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Uganda future oil projects
🇺🇬🛢 Uganda has launched its first drilling rig to develop the Kingfisher oil field. On Jan. 24 first four oil rigs were commissioned. Starting drilling is a pivot point for the country that is planning to get first oil output in 2025 after a long delay. ▪️The Kingfisher project is expected to boost Uganda’s oil…
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Italian PM Meloni secures $8 billion Libyan natural gas deal during Tripoli visit
🇮🇹🤝🇱🇾 Italy’s prime minister held talks in Libya on January 28 with officials from the country’s west-based government focusing on energy and migration. During the visit, Italy’s state-run energy company, ENI, signed an $8 billion deal with Libya’s National Oil Corporation to develop two Libyan offshore gas fields. The agreement involves developing two offshore fields…
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ExxonMobil’s Interest in exploring Liberia’s offshore blocks
Liberia, located in West Africa, has significant potential for oil production due to its proximity to the oil-rich Gulf of Guinea. The country has been actively exploring its offshore blocks for oil reserves. ▪️ExxonMobil’s interest in Liberia ExxonMobil has expressed interest in exploring and producing oil in Liberia’s offshore blocks. In March 2021, the company…
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TotalEnergies and Qatar Expand Namibia Oil Exploration Into South Africa
TotalEnergies and QatarEnergy are expanding their efforts to explore for oil and gas in the Orange Basin offshore Namibia by acquiring a nearby license in the basin in South African waters. TotalEnergies and its partner QatarEnergy have signed an agreement to buy participating interests in Block 3B/4B offshore South Africa from the companies Africa…
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Gabon: Announces the discovery of a new oil field with an estimated reserve of 300 million barrels.
China National Offshore Oil Corp (CNOOC) could expand its Gabon deepwater portfolio in the case of a positive result from the recently spud Tigre 1 new field wildcat, targeting the pre-salt Gamba sandstones of Aptian age. Although there have been gas discoveries in the area, CNOOC have clearly indicated that they are targeting an oil…
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