Category: Oil & Gas Industry
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Reports that Nigeria has rejected Shell’s $1.3 billion oil asset sale
Nigeria’s oil regulator has rejected Shell’s proposed $1.3 billion sale of its onshore oilfields to Renaissance group because the buyer is not qualified to manage the assets, Lagos-based yesterday newspaper reported on Wednesday. Shell on Jan. 16 announced its exit from Nigeria’s onshore and shallow water operations after agreeing to sell the business to a…
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Congo cancels licensing round for 27 oil blocks
The Democratic Republic of Congo (DRC) has cancelled a licensing round for 27 oil blocks, originally launched in 2022 to tap into the nation’s oil and gas potential, according to a statement posted on the hydrocarbons ministry’s X account on Monday. The statement dated Oct. 11 cited multiple reasons for the cancellation, including late submissions,…
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Nigerian Government Announces Plans for 4 New Refineries by South Korean Investors
A South Korean consortium plans to build four 100,000-barrel capacity refineries in Nigeria, according to Heineken Lokpobiri, the country’s Minister of State for Petroleum Resources. Speaking at the Crude Oil Refineries Owners Association of Nigeria summit, Lokpobiri revealed the government’s approval to invite the investors and emphasized its commitment to fostering a conducive environment for…
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Libya’s oil production rebounds as political accord eases crisis
Libya’s oil production has rebounded sharply, reaching 1.13 million barrels per day on Tuesday, just days after the country’s eastern-based government lifted a blockade on oil fields and ports, the state-owned National Oil Corporation (NOC) reported. The revival follows a political agreement brokered by the United Nations to resolve a dispute over control of the…
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Brent Oil Falls to $70.4 Amid Libyan Production Recovery News
🇱🇾🛢Brent Oil Falls to $70.4 Amid Libyan Production Recovery News Brent crude oil futures for December delivery have dropped by 1.88%, reaching $70.35 on the ICE exchange. WTI futures for November delivery are also seeing a decline, down 1.76% to $66.96, while December WTI futures have dipped to $66.62 per barrel. The drop in prices…
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President Ramaphosa launches state-owned South African National Petroleum Company
Announced on September 18, the South African National Petroleum Company (SANPC) was formed through the merger of three subsidiaries of the South African government’s Central Energy Fund: iGas, PetroSA, and the Strategic Fuel Fund (SFF). It aims to ensure energy security, drive innovation, develop infrastructure and contribute to South Africa’s economic and social growth. This…
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IMF predicts Uganda’s economic growth will reach double digits next year due to crude oil production
According to an International Monetary Fund (IMF) report released late Wednesday, Uganda’s economy is anticipated to grow by 10.8% in the 2025/2026 fiscal year, starting in July, a significant increase from the previously expected growth rate of 6.2%. After nearly two decades of delays, Uganda is on the verge of beginning the production and export…
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Why are gas prices in the EU several times higher than in the US?
EU gas prices are 4-5 times higher than those in the US, the report on the future of European competitiveness says. “Even though energy prices have fallen considerably from their peaks, EU companies still face electricity prices that are 2-3 times those in the US. Natural gas prices paid are 4-5 times higher. This price…
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At least 48 killed as fuel tanker hits truck, causing explosion in Nigeria
In Agaie area in the north-central Niger state of Nigeria, a fuel tanker truck has collided with another truck, causing an explosion that killed at least 48 people, according to the country’s emergency response agency. The fuel tanker was also carrying cattle in the Agaie area in north-central Niger state and at least 50 of…
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Liberia’s $3 Billion Oil Refinery: A Game-Changer for West Africa
A New Era of Energy Independence Liberia, a West African nation with a history of political instability and economic challenges, is poised to embark on a transformative journey. The construction of a $3 billion oil refinery in the coastal city of Buchanan is set to revolutionize the country’s energy landscape and position it as a…
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