Sign up: register@panafrican.email

Tag: Oil

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…
Read more...

September 13, 2024
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…
Read more...

August 4, 2024
Niger oil exports under threat, as Patriotic Liberation Front warns of more pipeline attacks

Recent months have seen a series of attacks by armed rebels on the Nigerien pipeline designed to carry oil from Niger to Benin for international export. This massive pipeline was built with the help of a Chinese company, but now faces significant threats, just as Niger’s crude oil exports are crucial to the country’s growth…
Read more...

August 4, 2024
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…
Read more...

July 27, 2024
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.…
Read more...

July 20, 2024
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…
Read more...

July 20, 2024
Nigeria Lost $46 Billion in Revenue to Oil Theft Over 12 Years

Nigeria lost 619.7 million barrels of oil valued at $46.16 billion over 12 years due to oil theft, according to the Nigeria Extractive Industries Transparency Initiative (NEITI). Additionally, $1.84 billion worth of petroleum products were lost from refineries over the nine years between 2009 and 2018. Within this period, the country lost 4.2 billion liters…
Read more...

July 17, 2024
ANGOLA ENVIRONMENTAL SERVICES JOINS ANGOLA OIL & GAS (AOG) 2024 AS SILVER SPONSOR

Angola plans to increase oil production to 1.1 million barrels per day (bpd) until 2027, thereafter maintaining output at this level. To support production growth, the country is promoting investment in exploration, with several drilling campaigns planned across both on- and offshore acreage. As upstream drilling progresses in Angola, waste management company Angola Environmental Services…
Read more...

July 8, 2024