World Set for Oil Surplus in 2025 Amid Weak Demand, Says IEA The International Energy Agency (IEA) has projected a global oil surplus for 2025, with supply expected to surpass demand despite ongoing production cuts from OPEC+. Rising output from the United States and other non-OPEC+ countries, combined with sluggish demand, is driving this anticipated…
Impact Oil & Gas Finalizes Offshore Namibia Stake Sale to TotalEnergies for $99 Million. Impact Oil & Gas has successfully completed the farm-out of its interests in blocks 2912 and 2913B offshore Namibia to TotalEnergies. The transaction, which includes a $99 million cash payment to Impact, covers its share of costs incurred on these blocks…
Nigeria Sets January 28, 2025, for Launch of $5 Billion Africa Energy Bank The Nigerian government has announced January 28, 2025, as the official start date for the $5 billion Africa Energy Bank, to be headquartered in Abuja. The announcement was made by Nicholas Ella, Nigeria’s Permanent Secretary of the Ministry of Petroleum Resources and…
China’s CNOOC Signs Contract to Develop Iraq’s Block 7 Oil Field China National Offshore Oil Corporation (CNOOC) Ltd has announced a landmark contract with Iraq’s state-owned Midland Oil Company to spearhead exploration, development, and production at Iraq’s Block 7 oil field. This partnership underscores China’s expanding energy footprint in the Middle East. The contract grants…
Chinese Solar Firms Ramp Up Investment to Meet Africa’s Renewable Energy Demand Chinese solar firms are increasingly focusing on Africa’s renewable energy market, tapping into the continent’s abundant solar potential and addressing critical electricity shortages. Industry leaders discussed the trend at the recent China-EU-Africa Green Energy Development Forum, noting the continent’s favorable conditions for solar…
Oil Prices Slip on Rising U.S. Crude Inventories Amid Ongoing Middle East Tensions. Oil prices declined on Wednesday following data indicating a larger-than-expected increase in U.S. crude inventories. Despite this, crude futures remain up approximately 3% this week, as traders remain vigilant about the escalating conflict in the Middle East. As of 0917 GMT, Brent…
PPP Model Key to Maritime Infrastructure Development in Nigeria – NIMASA DG Mobereola Dr. Dayo Mobereola, Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), has highlighted the necessity of adopting the Public-Private Partnership (PPP) model to drive infrastructural development in Nigeria’s maritime sector. Speaking during a meeting with Dr. Jobson Oseodion Ewalefoh, Director-General…
Oil Prices Drop on Rising U.S. Supply, While Middle East and Hurricane Risks Limit Declines. Oil prices fell by over $1 per barrel on Wednesday as a surge in U.S. crude inventories tempered concerns about supply disruptions linked to ongoing Middle East tensions and Hurricane Milton in the U.S. Brent crude futures dropped $1.21, or…
NNPC Ltd and Chevron Complete Asset Conversion, Target 165,000 BOPD by December 2024. The Nigerian National Petroleum Company Limited (NNPC Ltd) and Chevron Nigeria Limited (CNL) have finalized the conversion of their joint venture (JV) assets to align with the Petroleum Industry Act (PIA) 2021, a landmark development aimed at enhancing Nigeria’s oil and gas…
South Africa Gears Up for LPG Boom Amid Rising Electricity Prices South Africa’s liquefied petroleum gas (LPG) industry is set for significant growth as new distribution hubs, increased electricity prices, and a transition from dirtier fuels drive demand, according to industry executives. With state utility Eskom planning a 36% electricity tariff hike next year, LPG…
