Category: Oil & Gas Industry
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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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NOCAL Liberia: Latest Developments
NOCAL (National Oil Company of Liberia) has been making significant strides in the country’s oil and gas sector. Here are some of the latest developments: Partnership with TGS: NOCAL has partnered with surveying services firm TGS to reprocess multi-client seismic data offshore Liberia. This collaboration aims to explore the untapped potential of Liberia’s offshore resources.…
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Feature: Conex Oil Liberia; Recent Developments
Conex Oil Liberia is a relatively new player in the Liberian oil market, having acquired the assets of Total Liberia in 2020. While there might not be a wealth of recent news specifically about Conex Oil Liberia, there are some key developments worth noting: Key Points:Acquisition of Total Liberia: This was a significant move that…
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Turkey to start search for oil and gas in Somalia, minister says
Turkey and Somalia have signed an agreement under which the Turkish state company TPAO will conduct seismic surveys on three blocks in Somalia, Turkish Energy Minister Alparslan Bayraktar announced. “We believe that Somalia has very important oil and natural gas resources in the offshore area. We have signed our agreement in 3 blocks in the…
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QatarEnergy Buys Stake from Chevron
QatarEnergy has announced the purchase of a 20 percent stake from Chevron, a US energy company, in offshore Suriname. Under the agreement, Chevron will remain the operator with a 40 percent stake, while Paradise Oil Company, a subsidiary of Suriname-based Staatsolie, will receive the remaining 40 percent. Block 5 is located in the western part…
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