Category: Oil & Gas Industry
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Joseph Boakai struggles to resolve dispute between Solway Mining and ArcelorMittal
Switzerland’s Solway Investment Group Demands $50M Compensation from Liberia Over Mining Licence Transfer Switzerland’s Solway Investment Group, embroiled in a legal dispute after its mining license was transferred to ArcelorMittal without its knowledge, is now seeking $50 million in compensation from the Liberian government to settle the matter. The demand comes as part of ongoing…
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Breaking News: Patrice Talon Secures Key Concessions on Agadem Oil in Quiet Meeting with Chinese Delegation
On the morning of 15 May 2024, Benin’s President Patrice Talon discreetly welcomed a Chinese delegation, marking a significant development in the ongoing negotiations surrounding the Agadem oil field. The meeting, conducted away from the public eye, has yielded substantial concessions from Talon on the thorny issue of Agadem oil, a matter of critical importance…
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Local protesters partially shut down Libya’s Sharara oil field, field engineers say
Local protesters have partially shut down Libya’s Sharara oil field, according to two field engineers. The Sharara field, one of Libya’s largest production areas with a capacity of about 300,000 barrels per day, has been a frequent target for several political reasons and demands by local protesters. The field is located in Murzuq basin in…
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Cameroon state oil firm says staff linked to Glencore bribes will face UK court
The head of Cameroon’s National Hydrocarbons Corporation (SNH) has said some managers and employees will appear before a UK court over suspected involvement in bribery offences linked to Swiss commodity trader Glencore (GLEN.L). Adolphe Moudiki, SNH’s administrator and director general, had previously denied staff involvement but late on Friday issued a statement saying some employees…
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The French energy group TotalEnergies announced its withdrawal from projects to develop natural gas fields
The French energy group TotalEnergies announced its withdrawal from projects to develop natural gas fields on the southern shelf of the Republic of South Africa. “TotalEnergies […] made two gas discoveries – Brulpadda and Luiperd – which, however, could not be developed into commercial development as the economic development and monetization of these gas discoveries…
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High Court of Trinidad and Tobago Upholds ConocoPhillips’ Arbitration Claim Against Venezuela
The High Court of Trinidad and Tobago has upheld the decision to recognize ConocoPhillips’ arbitration claim against Venezuela. This development could potentially freeze the state’s payments to Caracas on joint gas projects. In late May, an initial court ruling allowed ConocoPhillips to enforce a $1.33 billion claim against Venezuela in Trinidad. This ruling enables ConocoPhillips…
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European oil refining struggles amid development of African and Middle East refineries: reports
Refining in the G7 countries is in a depression, blamed on low demand, probably driven by the green agenda, and high competition from African and Middle Eastern refiners. European energy companies such as TotalEnergies, Neste and Repsol are losing profits from their refineries. Underlying profitability at EU refineries fell 37% in the second quarter compared…
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Ghana’s petroleum exports surge, boosting regional trade and GDP
The country’s National Petroleum Authority (NPA) has recently signed agreements with Senegal and The Gambia to import petroleum products from Ghana, adding to an existing network that includes Mali, Niger, Burkina Faso, Cote d’Ivoire, and Togo. In 2023, Ghana re-exported and transited over 385 million liters of petroleum products to these countries. This success is…
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Nigeria’s Dangote refinery in talks with Libya to secure oil
Nigeria’s Dangote refinery is in talks with Libya to secure crude for the 650,000 barrels per day (bpd) plant and will also seek Angolan oil, a senior executive said, as it seeks to overcome problems with domestic supplies. The $20 billion refinery, built by Africa’s richest man Aliko Dangote on the outskirts of Lagos is…
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Nigerian regulatory agency head accuses Dangote of threatening with monopoly over diesel import ban
Aliko Dangote, the wealthiest man in Africa, has requested that Nigeria suspend diesel and aviation fuel imports, Farouk Ahmed, the head of the Nigerian Midstream and Downstream Regulatory Agency told reporters. “That is not good for the nation in terms of energy security and that is not good for markets in terms of monopoly,” he…
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