Oil and Gas
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In 2024, Senegal produced its first barrels of oil from the Sangomar offshore field, becoming the latest African country to join the oil-producing club. But it wasn’t easy getting there. There has been a succession of discoveries off the country’s coast since 2014. For a nation long regarded as politically stable but economically constrained, becoming…
The Nigerian downstream oil sector perhaps has just experienced its most significant disruption in years, generating considerable concern among fuel marketers. It is arguably the most consequential development since May 29, 2023, when President Bola Tinubu delivered his “subsidy is gone” address—an announcement that initiated and continues to drive the transformation of what was previously…
French energy giant TotalEnergies, alongside QatarEnergy, has secured a license from the government of Algeria to explore the Ahara onshore field. The Ahara license was awarded under Algeria’s 2024 bid round that was launched by the National Agency for the Valorization of Hydrocarbon Resources (ALNAFT), the first call for tender conducted under the hydrocarbon law…
Once defined by decades of civil war, Angola is today Africa’s second-largest oil producer. Its petroleum industry now powers the economy, feeds global markets, and is increasingly becoming a big name as far as the continent’s energy future is concerned. Oil was first discovered in Angola in the 1950s, when it was still a Portuguese…
South Korea’s construction and engineering multinational Daewoo has expressed interest in participating in projects located in Area 4 of Mozambique’s gas-rich Rovuma basin, in the province of Cabo Delgado, northern Mozambique. Daewoo’s president Jung Wan Baek revealed this in Maputo yesterday to the press after meeting with President Daniel Chapo. The boss of the South…
Africa’s richest man, Aliko Dangote, is exploring new opportunities in Namibia’s phosphate and energy sectors as part of plans to expand the Dangote Group’s industrial footprint beyond West Africa. During a visit to State House in Windhoek on Thursday, Dangote met with Namibia’s President, Netumbo Nandi Ndaitwah, where he expressed interest in investing in the…
Egypt, Africa’s leading country in refining capacity, continues to dominate the continent’s export of refined petroleum products, contributing significantly to its GDP. According to a recent report, Egypt’s refineries generated approximately $7 billion in 2024 alone, bolstering the country’s foreign exchange inflow. Egypt exported several key refined petroleum products during the fiscal year 2023/24. According…
French energy giant Total Energies plans to restart its long delayed $20-billion liquefied natural gas (LNG) project in Mozambique this summer, according to the company’s Chief Executive Officer, Patrick Pouyanné. The project, which has been under force majeure since 2021 due to a surge in militant attacks in the northern Cabo Delgado region, is now…
China’s Zhongman Petroleum and Natural Gas Group (ZPEC) has announced it has won a competitive tender to explore and develop Algeria’s Zerafa II natural gas block, outbidding established Western energy giants such as TotalEnergies, Eni, and Equinor. The announcement, shared on ZPEC’s official WeChat platform late Wednesday, marks the Shanghai-listed company’s first foray into hydrocarbon…
Nigeria’s Dangote refinery is preparing to export its first-ever petrol cargo to the Asian market, according to a source familiar with the development. People familiar with the told Reuters that a 90,000 metric ton cargo of petrol will be departing the Nigerian refinery for Asia, with Mercuria scheduled to load the shipment on Sunday, June…
Nigeria’s oil sector is set for a major regulatory shift as its federal government prepares to implement a real time tracking system for crude oil export cargoes, aiming to curb theft and boost revenue. The new framework will require oil producers to secure an export permit, vessel clearance, and a unique cargo identification number before…
The Nigerian National Petroleum Company (NNPC) has announced that the Brass Fertiliser and Petrochemical Project, valued at over $3 billion, will reach financial close in Q4 2025, after nearly a decade of planning, delays, and funding uncertainties. The state-owned energy company revealed this in its latest monthly financial and operational report for April 2025, released…
Egypt’s refining sector generated EGP 349 billion (~$7 billion) in revenue in the 2023/2024 fiscal year (FY), reflecting a significant 18.8% increase from the EGP 288 billion (~$5.73 billion) reported in FY 2022/2023. This was disclosed in the country’s oil refining industry report, released in June and seen by Energy in Africa. In the fiscal…
Australian oil and gas firm Kinetiko Energy has secured $2.2 million from a placement to shareholders and directors to fast track the development of its onshore gas project in South Africa’s Mpumalanga Province. The raise also included a $500,000 debt for equity conversion aimed at strengthening the company’s financial position. The funding will support the…
Egypt’s gas shortage ordeal has just assumed a new proportion following Israel’s decision to shut down the massive Leviathan offshore gas field, a key source of natural gas for the region. The move, announced late Thursday by Israel’s Energy Ministry and confirmed Friday by Chevron, the field’s operator, indicates the growing impact of Middle East…
As Big Oil companies head offshore, indigenous firms are steadily increasing their stakes in Nigeria’s mature onshore and shallow water assets. Several of these assets had remained idle for years; not due to a lack of oil, but often because of underinvestment or operational challenges. As of 2019, Nigeria’s onshore and shallow water regions accounted…
The global oil market stands on the edge of heightened volatility as tensions in the Middle East escalate. Last Friday Israel carried out a coordinated attack on Iran targeting its nuclear facilities, and a few hours later the oil markets smelt bullish when Tehran retaliated with tens of ballistic missile strikes. The conflict between Iran,…
Nigeria’s $36.6 billion budget gets a breather as oil prices see biggest one-day comeback since 2022
Nigeria’s troubled N54.99 trillion (~$36.6 billion) 2025 federal budget, built on a $75 per barrel oil price benchmark, has received a much-needed boost today. ICE Brent futures, against which Nigeria’s Bonny Light is benchmarked, surged over 10% intraday, ultimately closing up 5.7% at $73.29 per barrel. This marks the largest single-day gain since February 2022…
Global oil prices jumped above $70 per barrel for the first time in six months following Israel’s targeted airstrikes on Iran, reigniting fears of a wider conflict in the Middle East. Brent futures rose as high as $74.43 per barrel and WTI to $73.8 on Friday, June 13, as traders reacted to heightened geopolitical risks…
Egyptian fertilizer producers were forced to halt operations on Friday due to a sharp decline in natural gas imports from Israel, as tensions between Israel and Iran escalated. The supply disruption followed the suspension of operations at major Israeli gas fields after Israel launched military strikes on Iranian nuclear facilities and missile factories. To stabilize…