<?xml version="1.0" encoding="UTF-8"?><rss version="2.0" xmlns:content="http://purl.org/rss/1.0/modules/content/" xmlns:wfw="http://wellformedweb.org/CommentAPI/" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:atom="http://www.w3.org/2005/Atom" xmlns:sy="http://purl.org/rss/1.0/modules/syndication/" xmlns:slash="http://purl.org/rss/1.0/modules/slash/" > <channel> <title>oil Archives • The Electricity Hub</title> <atom:link href="https://theelectricityhub.com/tag/oil/feed/" rel="self" type="application/rss+xml" /> <link>https://theelectricityhub.com/tag/oil/</link> <description>Collating and Disseminating Credible Power Industry Data and Information</description> <lastBuildDate>Fri, 14 Mar 2025 09:09:44 +0000</lastBuildDate> <language>en-US</language> <sy:updatePeriod> hourly </sy:updatePeriod> <sy:updateFrequency> 1 </sy:updateFrequency> <generator>https://wordpress.org/?v=6.7.2</generator> <image> <url>https://theelectricityhub.com/wp-content/uploads/2020/11/cropped-NEH-32x32.png</url> <title>oil Archives • The Electricity Hub</title> <link>https://theelectricityhub.com/tag/oil/</link> <width>32</width> <height>32</height> </image> <item> <title>Trump Tightens Sanctions, Cuts Russian Energy Transactions</title> <link>https://theelectricityhub.com/trump-tightens-sanctions-cuts-russian-energy-transactions/</link> <comments>https://theelectricityhub.com/trump-tightens-sanctions-cuts-russian-energy-transactions/#respond</comments> <dc:creator><![CDATA[Oshionameh Ajayi]]></dc:creator> <pubDate>Fri, 14 Mar 2025 09:09:38 +0000</pubDate> <category><![CDATA[Carbon Emissions]]></category> <category><![CDATA[Distribution]]></category> <category><![CDATA[Energy Storage]]></category> <category><![CDATA[International News]]></category> <category><![CDATA[News]]></category> <category><![CDATA[Prospects & Challenge]]></category> <category><![CDATA[energy transactions]]></category> <category><![CDATA[oil]]></category> <category><![CDATA[Russia]]></category> <category><![CDATA[Trump]]></category> <category><![CDATA[United States]]></category> <guid isPermaLink="false">https://theelectricityhub.com/?p=101350</guid> <description><![CDATA[<p>The Trump administration ended a key license allowing U.S. energy transactions with Russian financial institutions, aiming to increase pressure on Russian President Vladimir Putin to reach a peace deal in… </p> <p>The post <a href="https://theelectricityhub.com/trump-tightens-sanctions-cuts-russian-energy-transactions/">Trump Tightens Sanctions, Cuts Russian Energy Transactions</a> appeared first on <a href="https://theelectricityhub.com">The Electricity Hub</a>.</p> ]]></description> <content:encoded><![CDATA[ <ul class="wp-block-list"> <li class="">The Trump administration ended a key license allowing U.S. energy transactions with Russian banks, cutting off their access to U.S. payment systems.</li> <li class="">The move increases pressure on Russian President Vladimir Putin to negotiate peace in Ukraine, following broader U.S. sanctions targeting Russia’s energy sector.</li> <li class="">The U.S. Treasury plans further sanctions on Russian oil companies, building on previous restrictions to weaken Russia’s economy.</li> </ul> <p class="">The Trump administration ended a key license allowing U.S. energy transactions with <a href="https://www.reuters.com/business/energy/us-treasury-confirms-expiration-russian-energy-financing-license-2025-03-13/">Russian financial </a>institutions, aiming to increase pressure on Russian President Vladimir Putin to reach a peace deal in Ukraine.</p> <p class="">The U.S. Treasury confirmed the expiration of General License 8L at 12:01 a.m. EDT on March 12. The license had permitted U.S. energy transactions with Russian banks like Sberbank, VTB, and the Central Bank of Russia. Without it, these banks lost access to U.S. payment systems, escalating the financial restrictions.</p> <p class="">President Joe Biden’s administration issued the license shortly after Russia invaded Ukraine in February 2022, intending to prevent a surge in global oil prices. It allowed limited financial transactions for energy deals with Russian banks.</p> <p class="">U.S. Treasury Secretary Scott Bessent criticised Biden’s Russia sanctions, arguing they focused too much on stabilising oil prices. Bessent urged stricter measures from the beginning.</p> <p class="">A Trump administration spokesperson reiterated the administration’s goal of ending the war in Ukraine. “We remain committed to stopping the fighting and encouraging peace talks,” the spokesperson said. “Our sanctions serve as a crucial tool in this effort.”</p> <p class="">The sanctions also prohibited U.S. dollar transactions with Russian energy companies like Gazprom Neft and Surneftegas. Additionally, they targeted 183 vessels that transported <a href="https://theelectricityhub.com/?s=Russian+oil">Russian oil</a>, many of them part of the “shadow fleet”—older tankers operated by non-Western companies.</p> <p class="">ClearView Energy Partners, an energy research group, warned that the license’s expiration could disrupt oil purchases by some countries still buying from Russia.</p> <p class="">According to a source familiar with the situation, the U.S. Treasury plans further sanctions on Russian oil companies and oilfield service providers. These new measures would build on those already imposed by the Biden administration, which has steadily tightened restrictions on Russia since the war began.</p> <p class="">The energy-related sanctions form part of a broader U.S. strategy to isolate Russia financially. The Treasury has targeted multiple sectors, including banking and defence, to weaken Russia’s ability to sustain its military efforts.</p> <p class="">Ending General License 8L signals a tougher stance by the Trump administration on Russia, increasing pressure on Putin to seek peace. This decision adds to the growing international efforts to force Moscow to end its military aggression in Ukraine.</p> <p class="">As the conflict continues, the U.S. and its allies fine-tune their sanctions, targeting key sectors of the Russian economy to cripple its war effort. The latest move on <a href="https://theelectricityhub.com/?s=energy+transactions">energy transactions</a> increases the financial strain on Russia’s economy, which is already weakened by global sanctions.</p> <p>The post <a href="https://theelectricityhub.com/trump-tightens-sanctions-cuts-russian-energy-transactions/">Trump Tightens Sanctions, Cuts Russian Energy Transactions</a> appeared first on <a href="https://theelectricityhub.com">The Electricity Hub</a>.</p> ]]></content:encoded> <wfw:commentRss>https://theelectricityhub.com/trump-tightens-sanctions-cuts-russian-energy-transactions/feed/</wfw:commentRss> <slash:comments>0</slash:comments> </item> <item> <title>Chevron Exit Fuels Venezuela’s Crisis</title> <link>https://theelectricityhub.com/chevron-exit-fuels-venezuelas-crisis/</link> <comments>https://theelectricityhub.com/chevron-exit-fuels-venezuelas-crisis/#respond</comments> <dc:creator><![CDATA[Oshionameh Ajayi]]></dc:creator> <pubDate>Mon, 03 Mar 2025 15:02:46 +0000</pubDate> <category><![CDATA[Distribution]]></category> <category><![CDATA[Energy Storage]]></category> <category><![CDATA[International News]]></category> <category><![CDATA[News]]></category> <category><![CDATA[On-Grid]]></category> <category><![CDATA[Prospects & Challenge]]></category> <category><![CDATA[Chevron]]></category> <category><![CDATA[economic crisis]]></category> <category><![CDATA[oil]]></category> <category><![CDATA[Oil Production]]></category> <category><![CDATA[tariff]]></category> <category><![CDATA[Venezuela]]></category> <guid isPermaLink="false">https://theelectricityhub.com/?p=100440</guid> <description><![CDATA[<p>The Trump administration cancelled Chevron’s operating license in Venezuela, raising concerns about worsening the country’s economic crisis and changing U.S.-Venezuela relations. Analysts now consider several possible outcomes. Chevron plays a… </p> <p>The post <a href="https://theelectricityhub.com/chevron-exit-fuels-venezuelas-crisis/">Chevron Exit Fuels Venezuela’s Crisis</a> appeared first on <a href="https://theelectricityhub.com">The Electricity Hub</a>.</p> ]]></description> <content:encoded><![CDATA[ <ul class="wp-block-list"> <li class="">Chevron’s exit threatens Venezuela’s fragile economy, potentially worsening oil production and exports.</li> <li class="">Venezuela could face deeper financial troubles as the government loses crucial revenue from Chevron’s operations.</li> <li class="">U.S. consumers are unlikely to feel the impact, with alternative oil sources available, but Venezuela risks further economic collapse without Chevron.</li> </ul> <p class="">The <a href="https://energynews.pro/en/end-of-chevrons-licence-in-venezuela-what-consequences-for-the-economy-and-international-relations/">Trump administration</a> cancelled Chevron’s operating license in Venezuela, raising concerns about worsening the country’s economic crisis and changing U.S.-Venezuela relations. Analysts now consider several possible outcomes.</p> <p class="">Chevron plays a critical role in Venezuela’s oil industry, producing about 25% of the country’s oil through joint ventures with state-owned PDVSA. Venezuela holds the world’s largest crude oil reserves and relies heavily on oil exports. Chevron’s exit could severely affect <a href="https://theelectricityhub.com/?s=oil+production">oil production</a> and exports, which are vital to the economy.</p> <p class="">Venezuela’s economy has sharply declined for years. Its GDP dropped nearly 80% between 2014 and 2021. Oil production reached 3 million barrels per day in 2002, dropping below 400,000 barrels by 2020. Chevron generates $150 million to $200 million per month for the Venezuelan government, and losing this revenue could worsen the financial situation. Economist Leonardo Vera from the Central University of Venezuela warns that the cancellation could turn a slight recovery into a severe downturn.</p> <p class="">The U.S. will likely avoid significant consequences from this decision. Jorge Piñon of the Energy Institute at the University of Texas believes that American consumers won’t feel the impact, as oil imports from Canada could replace Venezuela’s supply. However, PDVSA relies heavily on foreign partners to sustain oil production. Chevron’s withdrawal, like that of Exxon and Conoco, could cause further declines in oil output and deepen Venezuela’s economic troubles.</p> <p class="">Chevron’s license received a six-month renewal in February 2025, leaving room for negotiations before the August review. Francisco Monaldi, an expert on Latin American energy, expects discussions between U.S. and Venezuelan officials. Washington could apply pressure with economic sanctions or <a href="https://theelectricityhub.com/?s=tariff">tariff</a> changes, as with Colombia and Mexico. However, progress will depend on mutual concessions and shared benefits.</p> <p class="">Venezuela’s oil industry is already in dire straits. The government’s financial stability hinges on its ability to produce and export oil. A further decline in production would reduce government revenue, making it more challenging to fund services and meet debt obligations.</p> <p class="">The coming months will prove crucial for Venezuela. The outcome of negotiations and Chevron’s final license review could reshape the country’s oil sector and deepen its economic crisis. Without Chevron as a partner, Venezuela risks losing crucial cash flow, harming its economy. In contrast, U.S. consumers may not notice the change, as other oil sources remain available.</p> <p class="">As Venezuela’s economic and political landscape evolves, international partnerships in the oil industry will play a key role in shaping the country’s future. Whether negotiations between the U.S. and Venezuela can prevent further economic decline remains uncertain.</p> <p>The post <a href="https://theelectricityhub.com/chevron-exit-fuels-venezuelas-crisis/">Chevron Exit Fuels Venezuela’s Crisis</a> appeared first on <a href="https://theelectricityhub.com">The Electricity Hub</a>.</p> ]]></content:encoded> <wfw:commentRss>https://theelectricityhub.com/chevron-exit-fuels-venezuelas-crisis/feed/</wfw:commentRss> <slash:comments>0</slash:comments> </item> <item> <title>Dangote Refinery Fuels Nigeria with 33 Million Litres Daily</title> <link>https://theelectricityhub.com/dangote-refinery-fuels-nigeria-with-33m-litres-daily/</link> <comments>https://theelectricityhub.com/dangote-refinery-fuels-nigeria-with-33m-litres-daily/#respond</comments> <dc:creator><![CDATA[Oshionameh Ajayi]]></dc:creator> <pubDate>Fri, 07 Feb 2025 08:49:02 +0000</pubDate> <category><![CDATA[Distribution]]></category> <category><![CDATA[Energy Storage]]></category> <category><![CDATA[News]]></category> <category><![CDATA[Nigerian Senate]]></category> <category><![CDATA[On-Grid]]></category> <category><![CDATA[Prospects & Challenge]]></category> <category><![CDATA[West Africa]]></category> <category><![CDATA[Dangote]]></category> <category><![CDATA[Dangote refinery]]></category> <category><![CDATA[energy sector]]></category> <category><![CDATA[jet fuel]]></category> <category><![CDATA[NESG]]></category> <category><![CDATA[Nigeria]]></category> <category><![CDATA[oil]]></category> <category><![CDATA[PMS]]></category> <guid isPermaLink="false">https://theelectricityhub.com/?p=99712</guid> <description><![CDATA[<p>The Dangote Refinery now produces 33 million litres of Premium Motor Spirit (PMS) daily, meeting Nigeria’s estimated daily PMS consumption. The refinery has also increased its capacity to 550,000 barrels… </p> <p>The post <a href="https://theelectricityhub.com/dangote-refinery-fuels-nigeria-with-33m-litres-daily/">Dangote Refinery Fuels Nigeria with 33 Million Litres Daily</a> appeared first on <a href="https://theelectricityhub.com">The Electricity Hub</a>.</p> ]]></description> <content:encoded><![CDATA[ <ul class="wp-block-list"> <li class="">Dangote Refinery now produces 33 million litres of PMS daily, matching Nigeria’s consumption needs and achieving 550,000 barrels per day capacity.</li> <li class="">NESG Chairman Niyi Yusuf praises Dangote’s $20 billion investment and urges the government to support more domestic projects for economic growth.</li> <li class="">Dangote calls for improved infrastructure and private sector growth, emphasising the need to protect local industries and create jobs.</li> </ul> <p class="">The Dangote Refinery now produces 33 million litres of Premium Motor Spirit (<a href="https://businessday.ng/news/article/dangote-refinery-attains-peak-pms-production-of-33m-litres-a-day/">PMS</a>) daily, meeting Nigeria’s estimated daily PMS consumption. The refinery has also increased its capacity to 550,000 barrels per day, showing rapid growth since its launch last year.</p> <p class="">The management announced these achievements on Tuesday during a visit by the Nigerian Economic Summit Group (NESG) directors to the refinery’s control room in Lagos. NESG Chairman Niyi Yusuf led the delegation and praised the refinery for boosting <a href="https://theelectricityhub.com/?s=Nigeria%E2%80%99s+fuel+supply">Nigeria’s fuel supply</a> and reducing import dependence.</p> <p class="">The refinery’s Mild Hydrocracking (MHC) unit operates at 120% capacity, while the Continuous Catalytic Reforming Unit (CCRU) performs at 90%. These units improve output and convert heavy naphtha into valuable products.</p> <p class="">In addition to meeting local demand, the refinery has exported two shipments of <a href="https://theelectricityhub.com/?s=jet+fuel">jet fuel</a> to Saudi Aramco, marking its entry into the global market.</p> <p class=""><strong>NESG Applauds Dangote’s Investment</strong></p> <p class="">During the tour, NESG Chairman Yusuf highlighted the refinery’s impact on Nigeria’s economy. He commended Aliko Dangote for building the $20 billion refinery, the world’s largest single-train refinery. Yusuf urged the government to encourage more investments of this scale to help Nigeria achieve its $1 trillion economy goal.</p> <p class="">“We must focus on domestic investments to achieve a $1 trillion economy. While others create leisure islands, Dangote is dredging to secure Nigeria’s future,” Yusuf said. “This refinery, fertiliser plant, and petrochemical complex are monumental for our economy.”</p> <p class="">Yusuf called on the government to prioritise local investors and industries, saying these investments will drive industrialisation and support Small and Medium Enterprises (<a href="https://theelectricityhub.com/?s=SMEs">SMEs</a>).</p> <p class="">“Nigeria is becoming a dumping ground for foreign goods,” Yusuf said. “With a population of over 230 million, we cannot rely on imports to meet our needs.”</p> <p class=""><strong>Dangote Calls for More Private Sector Involvement</strong></p> <p class="">Dangote emphasised the crucial role of the private sector in solving Nigeria’s problems. He stated that job creation through industrialisation remains key to addressing the country’s challenges.</p> <p class="">“When the private sector thrives, the government also benefits. For example, 52% of every naira generated by Dangote Cement goes to the government,” Dangote said. He also stressed the need for better infrastructure, as investors often have to cover the costs of providing essential services like power, roads, and ports.</p> <p class="">Dangote highlighted the example of the Benin Republic, which limits cement imports to protect its local industries. He urged Nigeria to take similar measures to safeguard domestic industries from foreign competition.</p> <p class="">The NESG team toured the fertiliser plant and admired the advanced technology and expertise of the young Nigerian engineers managing the facility. They also commended Dangote’s determination to overcome challenges and build a significant project.</p> <p class="">The Dangote Refinery’s success boosts <a href="https://theelectricityhub.com/?s=Nigeria%E2%80%99s+energy+sector">Nigeria’s energy sector</a> and economy. It demonstrates the transformative power of private sector investment and moves Nigeria closer to self-sufficiency in key industries.</p> <p>The post <a href="https://theelectricityhub.com/dangote-refinery-fuels-nigeria-with-33m-litres-daily/">Dangote Refinery Fuels Nigeria with 33 Million Litres Daily</a> appeared first on <a href="https://theelectricityhub.com">The Electricity Hub</a>.</p> ]]></content:encoded> <wfw:commentRss>https://theelectricityhub.com/dangote-refinery-fuels-nigeria-with-33m-litres-daily/feed/</wfw:commentRss> <slash:comments>0</slash:comments> </item> <item> <title>Trump’s Energy Move Slashes Nigeria’s Oil Prospects</title> <link>https://theelectricityhub.com/trumps-energy-move-slashes-nigerias-oil-prospects/</link> <comments>https://theelectricityhub.com/trumps-energy-move-slashes-nigerias-oil-prospects/#comments</comments> <dc:creator><![CDATA[Oshionameh Ajayi]]></dc:creator> <pubDate>Tue, 21 Jan 2025 08:23:51 +0000</pubDate> <category><![CDATA[Carbon Emissions]]></category> <category><![CDATA[Distribution]]></category> <category><![CDATA[Energy Storage]]></category> <category><![CDATA[Energy Transition]]></category> <category><![CDATA[News]]></category> <category><![CDATA[On-Grid]]></category> <category><![CDATA[Prospects & Challenge]]></category> <category><![CDATA[West Africa]]></category> <category><![CDATA[Fuel Scarcity]]></category> <category><![CDATA[Nigeria]]></category> <category><![CDATA[oil]]></category> <category><![CDATA[oil products]]></category> <category><![CDATA[oil revenue]]></category> <category><![CDATA[Petroleum products]]></category> <category><![CDATA[Trump]]></category> <guid isPermaLink="false">https://theelectricityhub.com/?p=99082</guid> <description><![CDATA[<p>U.S. President Donald Trump plans to issue an executive order and declare a national energy emergency to boost domestic oil production, which could hurt Nigeria’s oil revenue. Global oil prices,… </p> <p>The post <a href="https://theelectricityhub.com/trumps-energy-move-slashes-nigerias-oil-prospects/">Trump’s Energy Move Slashes Nigeria’s Oil Prospects</a> appeared first on <a href="https://theelectricityhub.com">The Electricity Hub</a>.</p> ]]></description> <content:encoded><![CDATA[ <ul class="wp-block-list"> <li class="">As global oil prices fall, Trump’s planned energy policies could reduce Nigeria’s oil revenue.</li> <li class="">U.S. oil imports from Nigeria, valued at $4.73 billion in 2023, may decline further with Trump’s focus on boosting domestic production.</li> <li class="">PETROAN secured fuel supply agreements with Dangote Refinery and NNPC to ensure a stable petrol supply during the festive season.</li> </ul> <p class="">U.S. President Donald Trump plans to issue an executive order and declare a national energy emergency to boost domestic oil production, which could hurt <a href="https://www.vanguardngr.com/2025/01/us-oil-imports-from-nigeria-to-drop-as-trump-plans-energy-emergency-order/">Nigeria’s oil revenue</a>. Global oil prices, including Nigeria’s Bonny Light, dropped to $80 per barrel from $83.</p> <p class="">According to a Vanguard Newspaper report, traders await Trump’s energy policy details after his inauguration, hoping for market clarity. The U.S. once imported large amounts of Nigerian crude oil, but shale oil and government policies drastically reduced those imports. The U.S. imported $4.73 billion worth of oil from Nigeria in 2023 despite this.</p> <p class="">Energy experts predict further drops in Nigeria’s oil revenue in 2025 if Trump’s policy increases U.S. oil production. Dr Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise (CPPE), explained that higher U.S. production would raise global supply, pushing prices down.</p> <p class="">“If oil prices fall, Nigeria’s revenue will decline, but businesses could benefit from cheaper fuel,” Yusuf said. He noted that lower prices would reduce the cost of <a href="https://theelectricityhub.com/?s=petroleum+products">petroleum products</a> like petrol and diesel, helping businesses but hurting government earnings.</p> <p class="">Yusuf also suggested that Trump could ease the Russia-Ukraine conflict, further affecting global oil markets. “If Trump lifts sanctions on Russia and increases <a href="https://theelectricityhub.com/?s=oil+production">oil production</a>, prices will drop again. This will reduce Nigeria’s revenue but lower energy costs for businesses,” he said.</p> <p class="">Energy analyst Dr Bala Zakka believes Trump’s policies will push Nigeria to refine more oil locally. “Trump’s plan to cut U.S. oil imports might force Nigeria to boost its refining capacity, adding more value to our economy,” Zakka said.</p> <p class="">The National President of the Oil and Gas Service Providers Association of Nigeria (OGSPAN) urged Nigeria to reduce its reliance on oil exports and diversify its economy. “Every country adjusts its policies to grow its economy. Nigeria must follow this path,” he said.</p> <p class="">In other developments, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) guaranteed that petrol supplies would remain stable during the festive season. PETROAN reached a new supply agreement with Dangote Refinery and NNPC Limited’s Port Harcourt refinery to ensure fuel availability.</p> <p class="">Dr Joseph Obele, PETROAN’s National Public Relations Officer, outlined a plan to prevent fuel shortages. “Nigerians can travel easily during the holidays without worrying about <a href="https://theelectricityhub.com/?s=fuel+scarcity">fuel scarcity</a>,” Obele said.</p> <p class="">Following a successful business meeting between PETROAN and Dangote Refinery management, both parties agreed on strategies to maintain fuel availability throughout the season. PETROAN President Dr Billy Gillis-Harry praised Dangote Group’s Vice President, Devakumar V. G. Edwin, for ensuring petroleum products will reach Nigerians.</p> <p class="">The agreement aims to avert fuel shortages and ensure smooth travel during the year-end festivities.</p> <p>The post <a href="https://theelectricityhub.com/trumps-energy-move-slashes-nigerias-oil-prospects/">Trump’s Energy Move Slashes Nigeria’s Oil Prospects</a> appeared first on <a href="https://theelectricityhub.com">The Electricity Hub</a>.</p> ]]></content:encoded> <wfw:commentRss>https://theelectricityhub.com/trumps-energy-move-slashes-nigerias-oil-prospects/feed/</wfw:commentRss> <slash:comments>1</slash:comments> </item> <item> <title>Nigeria’s December 2024 Oil Production Falls Short of OPEC Quota</title> <link>https://theelectricityhub.com/nigerias-oil-production-reached-1-667-mbpd-in-december-2024-a-7-38-year-on-year-increase-but-still-fell-short-of-opecs-1-5-mbpd-quota/</link> <comments>https://theelectricityhub.com/nigerias-oil-production-reached-1-667-mbpd-in-december-2024-a-7-38-year-on-year-increase-but-still-fell-short-of-opecs-1-5-mbpd-quota/#comments</comments> <dc:creator><![CDATA[Niniola Odeyemi]]></dc:creator> <pubDate>Mon, 13 Jan 2025 11:48:03 +0000</pubDate> <category><![CDATA[News]]></category> <category><![CDATA[Off-Grid]]></category> <category><![CDATA[Prospects & Challenge]]></category> <category><![CDATA[Watt Page]]></category> <category><![CDATA[West Africa]]></category> <category><![CDATA[Africa]]></category> <category><![CDATA[Nigeria]]></category> <category><![CDATA[oil]]></category> <category><![CDATA[Oil and Gas]]></category> <guid isPermaLink="false">https://theelectricityhub.com/?p=98758</guid> <description><![CDATA[<p>Nigeria’s daily average oil production in December 2024 reached 1.667 million barrels per day (mbpd), marking a 7.38% year-on-year increase from the 1.552 mbpd recorded in December 2023. However, despite… </p> <p>The post <a href="https://theelectricityhub.com/nigerias-oil-production-reached-1-667-mbpd-in-december-2024-a-7-38-year-on-year-increase-but-still-fell-short-of-opecs-1-5-mbpd-quota/">Nigeria’s December 2024 Oil Production Falls Short of OPEC Quota</a> appeared first on <a href="https://theelectricityhub.com">The Electricity Hub</a>.</p> ]]></description> <content:encoded><![CDATA[ <ul class="wp-block-list"> <li>Nigeria’s oil production reached 1.667 mbpd in December 2024, a 7.38% year-on-year increase, but still fell short of OPEC’s 1.5 mbpd quota.</li> <li>Despite efforts to boost output, challenges such as pipeline vandalism and oil theft continue to hinder Nigeria’s oil industry and its ability to meet OPEC targets.</li> </ul> <p>Nigeria’s daily average <a href="https://theelectricityhub.com/nigerian-government-partners-with-uk-universities-to-strengthen-oil-and-gas-sector/">oil production</a> in December 2024 reached 1.667 million barrels per day (mbpd), marking a 7.38% year-on-year increase from the 1.552 mbpd recorded in December 2023. However, despite this improvement, the country’s output failed to meet the production quota set by the Organization of Petroleum Exporting Countries (OPEC), which stands at 1.5 mbpd, excluding condensates.</p> <p>The Nigerian Upstream Petroleum Regulatory Commission <a href="https://www.nuprc.gov.ng/">(NUPRC)</a> reported that while oil output increased in December 2024 compared to the same month in 2023, the country’s oil production fell 1.35% from the previous month’s 1.69 Mbps. This drop reflects the ongoing challenges in maintaining consistent output levels despite efforts to ramp up production.</p> <p>Nigeria produced 51.69 million barrels in December 2024, a slight increase of 1.9% compared to 50.71 million barrels in November 2024. The highest oil output for the month was recorded at Forcados Terminal, which produced 8.49 million barrels, followed by Bonny Terminal with 7.78 million barrels and Qua Iboe with 4.15 million barrels. However, the NUPRC also revealed that when excluding condensate, the daily production rate stood at 1.484 mbpd, further underscoring Nigeria’s struggle to meet OPEC’s target.</p> <p>Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, attributed the increase in production to removing regulatory bottlenecks and greater collaboration among stakeholders. Lokpobiri highlighted efforts to boost production in line with President Bola Tinubu’s directive to stabilise and increase oil output to sustainable levels. Despite these efforts, Nigeria’s production has consistently underperformed against OPEC’s targets.</p> <p>While the increase in output has been hailed as a success, pipeline vandalism, oil theft, and illegal refining continue to undermine Nigeria’s oil industry. The government has acknowledged that these illicit activities have contributed to a 5.6% drop in production from the October 2024 peak of 1.8 mbpd, with November 2024 output dipping to 1.7 mbpd. Reports from major oil companies, including Shell, have indicated that illegal activities, such as crude theft and sabotage, cause most spills and production interruptions in the Niger Delta.</p> <p>Despite these challenges, Nigeria has attracted significant investor interest in its oil and gas sector, bolstered by the Petroleum Industry Act 2021. The 2024 Licensing Round, which saw several new oil and gas assets awarded to international and indigenous companies, reflects renewed confidence in the sector. However, analysts note that Nigeria’s ability to meet its OPEC production quota will depend heavily on overcoming ongoing security challenges and ensuring a more stable operating environment for oil companies.</p> <p>Nigeria has made progress in increasing its oil production from previous lows, but it continues to fall short of OPEC’s expectations. As the country strives to balance domestic needs with international commitments, it faces an uphill battle in achieving sustainable and economically viable production levels.</p> <p>The post <a href="https://theelectricityhub.com/nigerias-oil-production-reached-1-667-mbpd-in-december-2024-a-7-38-year-on-year-increase-but-still-fell-short-of-opecs-1-5-mbpd-quota/">Nigeria’s December 2024 Oil Production Falls Short of OPEC Quota</a> appeared first on <a href="https://theelectricityhub.com">The Electricity Hub</a>.</p> ]]></content:encoded> <wfw:commentRss>https://theelectricityhub.com/nigerias-oil-production-reached-1-667-mbpd-in-december-2024-a-7-38-year-on-year-increase-but-still-fell-short-of-opecs-1-5-mbpd-quota/feed/</wfw:commentRss> <slash:comments>1</slash:comments> </item> <item> <title>Seplat Energy to Boost Nigeria’s Oil Production by Reviving 400 Dormant Wells</title> <link>https://theelectricityhub.com/seplat-energy-plans-to-increase-its-daily-oil-production-from-50000-bpd-to-120000-bpd-by-revitalizing-over-400-dormant-wells-in-nigeria/</link> <comments>https://theelectricityhub.com/seplat-energy-plans-to-increase-its-daily-oil-production-from-50000-bpd-to-120000-bpd-by-revitalizing-over-400-dormant-wells-in-nigeria/#respond</comments> <dc:creator><![CDATA[Niniola Odeyemi]]></dc:creator> <pubDate>Thu, 09 Jan 2025 09:14:47 +0000</pubDate> <category><![CDATA[News]]></category> <category><![CDATA[Off-Grid]]></category> <category><![CDATA[Watt Page]]></category> <category><![CDATA[West Africa]]></category> <category><![CDATA[Nigeria]]></category> <category><![CDATA[oil]]></category> <category><![CDATA[Seplat Energy]]></category> <guid isPermaLink="false">https://theelectricityhub.com/?p=98547</guid> <description><![CDATA[<p>Seplat Energy is taking decisive steps to revive over 400 dormant oil wells in Nigeria, aiming to boost production significantly. According to an interview with Financial Times, key executives from… </p> <p>The post <a href="https://theelectricityhub.com/seplat-energy-plans-to-increase-its-daily-oil-production-from-50000-bpd-to-120000-bpd-by-revitalizing-over-400-dormant-wells-in-nigeria/">Seplat Energy to Boost Nigeria’s Oil Production by Reviving 400 Dormant Wells</a> appeared first on <a href="https://theelectricityhub.com">The Electricity Hub</a>.</p> ]]></description> <content:encoded><![CDATA[ <ul class="wp-block-list"> <li>Seplat Energy plans to increase its daily oil production from 50,000 bpd to 120,000 bpd by revitalizing over 400 dormant wells in Nigeria.</li> <li>Following its $1.28 billion acquisition of ExxonMobil’s assets, Seplat aims to rejuvenate idle wells through facility upgrades and equipment repairs to boost Nigeria’s oil output.</li> </ul> <p>Seplat Energy is taking decisive steps to revive over 400 dormant oil wells in Nigeria, aiming to boost production significantly. According to an interview with Financial Times, key executives from <a href="https://theelectricityhub.com/seplat-energy-ceo-roger-brown-highlights-the-need-for-improved-energy-access-in-nigeria-to-drive-job-creation-prosperity/">the company</a>, Eleanor Adaralegbe, the Chief Financial Officer (CFO), and Samson Ezugworie, the Chief Operating Officer (COO), outlined the ambitious plans for rejuvenating the country’s idle oil wells.</p> <p>Adaralegbe revealed that Seplat’s strategy includes ramping up the company’s daily production from the current 50,000 barrels per day (bpd) to approximately 120,000 bpd within the next six months. The London-listed firm believes that the underinvestment in these assets has left significant room for growth and development. “The assets have had very minimal investments until now. We expect that once we come in, there will be an opportunity to grow that much further,” she explained.</p> <p>This plan follows Seplat’s acquisition of <a href="https://corporate.exxonmobil.com/">ExxonMobil’s</a> assets in Nigeria, valued at $1.28 billion, marking a key milestone for the company. The deal, finalized in late 2024, allows Seplat to expand further its footprint in the Nigerian oil and gas industry, including rejuvenating numerous underutilized oil wells.</p> <p>Samson Ezugworie, COO of Seplat, also discussed the company’s challenges and approach to revitalizing Nigerian oil assets. He pointed out that out of the more than 600 wells drilled by Seplat, less than a third, or approximately 200, are currently in production. Ezugworie emphasized the need for substantial time and investment to bring many idle wells back into production. “We have significant idle wells that need to be rejuvenated and brought back into production within a short time,” he said.</p> <p>The company has identified key measures to restart these wells, including upgrading facilities, repairing equipment, and optimizing well completions. These actions are expected to restore many wells that have been inactive for several years due to a lack of investment.</p> <p>Seplat’s plan to rejuvenate Nigeria’s idle wells is part of its broader strategy to increase its oil output and solidify its position as a leading energy producer in the country. By tapping into these previously underdeveloped assets, the company aims to enhance its profitability and contribute to Nigeria’s oil production capacity, which has declined recently.</p> <p>Seplat’s efforts to restore these wells reflect a broader trend in Nigeria’s oil sector, where companies are investing in revitalizing idle assets to offset declining production levels and meet the country’s growing energy demands.</p> <p>The post <a href="https://theelectricityhub.com/seplat-energy-plans-to-increase-its-daily-oil-production-from-50000-bpd-to-120000-bpd-by-revitalizing-over-400-dormant-wells-in-nigeria/">Seplat Energy to Boost Nigeria’s Oil Production by Reviving 400 Dormant Wells</a> appeared first on <a href="https://theelectricityhub.com">The Electricity Hub</a>.</p> ]]></content:encoded> <wfw:commentRss>https://theelectricityhub.com/seplat-energy-plans-to-increase-its-daily-oil-production-from-50000-bpd-to-120000-bpd-by-revitalizing-over-400-dormant-wells-in-nigeria/feed/</wfw:commentRss> <slash:comments>0</slash:comments> </item> <item> <title>Adnoc Acquires Covestro for €12B, Strengthens Diversification in Europe</title> <link>https://theelectricityhub.com/adnoc-acquires-covestro-for-e12b-strengthens-diversification-in-europe/</link> <comments>https://theelectricityhub.com/adnoc-acquires-covestro-for-e12b-strengthens-diversification-in-europe/#respond</comments> <dc:creator><![CDATA[Oshionameh Ajayi]]></dc:creator> <pubDate>Sat, 05 Oct 2024 16:40:47 +0000</pubDate> <category><![CDATA[Carbon Emissions]]></category> <category><![CDATA[Energy Storage]]></category> <category><![CDATA[Energy Transition]]></category> <category><![CDATA[International News]]></category> <category><![CDATA[News]]></category> <category><![CDATA[On-Grid]]></category> <category><![CDATA[Sustainable Development]]></category> <category><![CDATA[Sustainable Transport]]></category> <category><![CDATA[ADNOC]]></category> <category><![CDATA[Electric Vehicles]]></category> <category><![CDATA[Germany]]></category> <category><![CDATA[oil]]></category> <category><![CDATA[Sustainability]]></category> <guid isPermaLink="false">https://theelectricityhub.com/?p=94674</guid> <description><![CDATA[<p>Adnoc, the UAE’s national oil company, has acquired German chemical giant Covestro for €12 billion. This purchase strengthens Adnoc’s strategy to diversify away from oil amid market volatility. Adnoc pays… </p> <p>The post <a href="https://theelectricityhub.com/adnoc-acquires-covestro-for-e12b-strengthens-diversification-in-europe/">Adnoc Acquires Covestro for €12B, Strengthens Diversification in Europe</a> appeared first on <a href="https://theelectricityhub.com">The Electricity Hub</a>.</p> ]]></description> <content:encoded><![CDATA[ <ul class="wp-block-list"> <li>Adnoc acquires Covestro for €12 billion, expanding into high-performance materials and diversifying beyond oil.</li> <li>Covestro gains a €1.17 billion capital boost from Adnoc to enhance competitiveness and support technological development.</li> <li>Adnoc strengthens its presence in Europe, positioning itself in growing sectors like electric vehicles and thermal insulation.</li> </ul> <p>Adnoc, the UAE’s national oil company, has acquired German chemical giant <a href="https://energynews.pro/en/adnoc-acquires-covestro-for-12-billion-euros-as-part-of-its-diversification-strategy/">Covestro</a> for €12 billion. This purchase strengthens Adnoc’s strategy to diversify away from oil amid market volatility. Adnoc pays €62 per share, a 54% premium on Covestro’s stock before acquisition rumours surfaced in June 2023. The company uses its cash reserves to finance the deal, showcasing its financial strength.</p> <p>Covestro, a leading producer of advanced materials, now serves as Adnoc’s platform for high-performance materials, including <a href="https://theelectricityhub.com/?s=electric+vehicles">electric vehicles</a>, adhesives, and thermal insulation products. These industries are increasing in Europe and Asia. By expanding into these sectors, Adnoc aims to secure its presence in industries critical to its future development, moving beyond oil revenues.</p> <p>The German chemical industry faces challenges as high energy costs and weakened demand affect major players like BASF and Bayer. Covestro, once part of Bayer, has experienced shrinking margins. Adnoc’s takeover brings stability to the company and signals potential foreign acquisitions in Germany’s chemical sector. Companies facing similar struggles increasingly seek partnerships with external investors.</p> <p>Adnoc’s shift to chemicals highlights its goal to reduce dependence on oil. The company follows a trend of Gulf firms diversifying into non-oil markets, especially in Europe, where demand for innovation and advanced technologies grows.</p> <p>Covestro will gain significantly from Adnoc’s investment. As part of the deal, Adnoc commits €1.17 billion to boost Covestro’s capital by 10%. This capital injection aims to enhance Covestro’s competitiveness and support its technological development projects, giving the company a much-needed lift in a challenging market.</p> <p>This acquisition also signals growing geopolitical influence from Gulf nations in European industries. Adnoc’s move into non-oil sectors reflects the UAE’s broader efforts to reposition itself within the global economy. However, Germany’s financial regulator, BaFin, must still approve the deal before it can close.</p> <p>Investors see this acquisition as a chance to create synergies between Adnoc’s oil assets and Covestro’s expertise in advanced materials. The merger’s success will depend on how well the two companies align their operations and corporate cultures. Adnoc intends to leverage Covestro’s strengths to establish a more substantial presence in global chemical markets, focusing on Europe and Asia.</p> <p>This acquisition fits into a larger strategy by Gulf countries to diversify their economies. Through the Covestro deal, Adnoc secures a stronger foothold in Europe while positioning itself in sectors critical to the global shift toward <a href="https://theelectricityhub.com/?s=sustainability">sustainability</a> and advanced technologies. This move marks a new chapter in Adnoc’s growth, demonstrating its commitment to transforming into a more diversified and resilient enterprise.</p> <p>The post <a href="https://theelectricityhub.com/adnoc-acquires-covestro-for-e12b-strengthens-diversification-in-europe/">Adnoc Acquires Covestro for €12B, Strengthens Diversification in Europe</a> appeared first on <a href="https://theelectricityhub.com">The Electricity Hub</a>.</p> ]]></content:encoded> <wfw:commentRss>https://theelectricityhub.com/adnoc-acquires-covestro-for-e12b-strengthens-diversification-in-europe/feed/</wfw:commentRss> <slash:comments>0</slash:comments> </item> <item> <title>Nigeria’s Oil and Gas Sector is Poised for a $10 billion Investment Surge</title> <link>https://theelectricityhub.com/nigeria-is-targeting-10-billion-in-oil-and-gas-investments-over-the-next-12-18-months-and-new-reforms-are-aimed-at-enhancing-the-sectors-investment/</link> <comments>https://theelectricityhub.com/nigeria-is-targeting-10-billion-in-oil-and-gas-investments-over-the-next-12-18-months-and-new-reforms-are-aimed-at-enhancing-the-sectors-investment/#respond</comments> <dc:creator><![CDATA[Niniola Odeyemi]]></dc:creator> <pubDate>Sun, 01 Sep 2024 15:31:17 +0000</pubDate> <category><![CDATA[News]]></category> <category><![CDATA[Off-Grid]]></category> <category><![CDATA[Watt Page]]></category> <category><![CDATA[Africa Energy Week]]></category> <category><![CDATA[gas]]></category> <category><![CDATA[Nigeria]]></category> <category><![CDATA[oil]]></category> <guid isPermaLink="false">https://theelectricityhub.com/?p=92786</guid> <description><![CDATA[<p>Nigeria, aiming to attract $10 billion in oil and gas investments over the next 12-18 months, has introduced a series of reforms designed to enhance the investment climate and governance… </p> <p>The post <a href="https://theelectricityhub.com/nigeria-is-targeting-10-billion-in-oil-and-gas-investments-over-the-next-12-18-months-and-new-reforms-are-aimed-at-enhancing-the-sectors-investment/">Nigeria’s Oil and Gas Sector is Poised for a $10 billion Investment Surge</a> appeared first on <a href="https://theelectricityhub.com">The Electricity Hub</a>.</p> ]]></description> <content:encoded><![CDATA[ <ul class="wp-block-list"> <li class="">Nigeria is targeting $10 billion in oil and gas investments over the next 12-18 months, and new reforms are aimed at enhancing the sector’s investment climate and governance.</li> <li class="">The <a href="https://theelectricityhub.com/dangote-cement-plc-has-announced-a-significant-step-towards-adopting-cleaner-energy-in-nigeria-with-plans-to-deploy-1500-compressed-natural-gas-cng/">Dangote Refinery,</a> Africa’s largest, began operations in late 2023. It positions Nigeria as a net exporter of refined petroleum products and boosts its foreign exchange earnings.</li> </ul> <p class="">Nigeria, aiming to attract $10 billion in oil and gas investments over the next 12-18 months, has introduced a series of reforms designed to enhance the investment climate and governance within the sector. </p> <p class="">These changes will be spotlighted at the upcoming African Energy Week: Invest in African Energy 2024 conference, where an Invest in Nigeria Energies roundtable will showcase the country’s energy sector opportunities.</p> <p class="">The discussion will feature Nigeria’s Minister of State for Petroleum Resources, Heineken Lokpobiri; Abdulrazaq Isa, Chairman of the Independent Petroleum Producers Group of Nigeria; and Farouk Ahmed, CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority. The session will also include representatives from major international oil companies like ExxonMobil and Chevron.</p> <p class="">Recent federal policies, coupled with the ongoing implementation of the <a href="https://pia.gov.ng/wp-content/uploads/2022/08/PIA-2021_compressed-1.pdf">Petroleum Industry Act</a>, aim to rejuvenate Nigeria’s energy sector and reinforce its status as Africa’s leading crude oil producer. Key reforms include streamlining contracting procedures by raising approval thresholds for Production Sharing Contracts (PSCs) and Joint Operating Agreements (JOAs) to $10 million, simplifying processes, and extending third-party contracts from three to five years. </p> <p class="">These changes are expected to accelerate project cycles, supporting Nigeria’s goal of increasing oil production to 4 million barrels daily.</p> <p class="">Nigeria also focuses on boosting gas monetisation, refining, and infrastructure investments. New gas reforms include tax incentives for non-associated gas projects and a 25% tax deduction for qualifying equipment used in gas projects. These measures have already spurred significant investments, such as the $550 million<a href="https://www.blackridgeresearch.com/blog/what-is-fid-final-investment-decision"> Final Investment Decision</a> (FID) by TotalEnergies and the Nigerian National Petroleum Corporation for the Ubeta gas field. </p> <p class="">Gas from this field will supply the Nigeria LNG liquefaction plant, with production set to begin in 2027, supporting the country’s transition to low-cost, low-emission projects.</p> <p class="">Nigeria has made strides in deregulation in the downstream sector to improve fuel availability and affordability, eliminate subsidies, and enhance efficiency. The recently operational Dangote Refinery, Africa’s largest capacity of 650,000 barrels per day, is expected to transform Nigeria into a net exporter of refined petroleum products. This refinery stabilises domestic fuel prices, reduces import dependency, and boosts foreign exchange earnings.</p> <p class="">Nigeria’s policy reforms are paving the way for new investments in refining capacity, petrochemical complexes, distribution infrastructure, and gas processing and storage facilities, further supporting the country’s ambitious energy sector goals.</p> <p>The post <a href="https://theelectricityhub.com/nigeria-is-targeting-10-billion-in-oil-and-gas-investments-over-the-next-12-18-months-and-new-reforms-are-aimed-at-enhancing-the-sectors-investment/">Nigeria’s Oil and Gas Sector is Poised for a $10 billion Investment Surge</a> appeared first on <a href="https://theelectricityhub.com">The Electricity Hub</a>.</p> ]]></content:encoded> <wfw:commentRss>https://theelectricityhub.com/nigeria-is-targeting-10-billion-in-oil-and-gas-investments-over-the-next-12-18-months-and-new-reforms-are-aimed-at-enhancing-the-sectors-investment/feed/</wfw:commentRss> <slash:comments>0</slash:comments> </item> <item> <title>Vital Energy Expands Permian Footprint in $1.1 Billion Acquisition Deal</title> <link>https://theelectricityhub.com/vital-energy-in-partnership-with-northern-oil-and-gas-inc-has-finalized-a-major-agreement-to-acquire-permian-assets-from-point-energy-partners-for-1-1-billion/</link> <comments>https://theelectricityhub.com/vital-energy-in-partnership-with-northern-oil-and-gas-inc-has-finalized-a-major-agreement-to-acquire-permian-assets-from-point-energy-partners-for-1-1-billion/#respond</comments> <dc:creator><![CDATA[Niniola Odeyemi]]></dc:creator> <pubDate>Mon, 29 Jul 2024 12:46:16 +0000</pubDate> <category><![CDATA[International News]]></category> <category><![CDATA[Watt Page]]></category> <category><![CDATA[gas]]></category> <category><![CDATA[oil]]></category> <category><![CDATA[Vital Energy]]></category> <guid isPermaLink="false">https://theelectricityhub.com/?p=90607</guid> <description><![CDATA[<p>Vital Energy, in partnership with Northern Oil and Gas Inc., has finalized a major agreement to acquire Permian assets from Point Energy Partners for $1.1 billion. Under the terms of… </p> <p>The post <a href="https://theelectricityhub.com/vital-energy-in-partnership-with-northern-oil-and-gas-inc-has-finalized-a-major-agreement-to-acquire-permian-assets-from-point-energy-partners-for-1-1-billion/">Vital Energy Expands Permian Footprint in $1.1 Billion Acquisition Deal</a> appeared first on <a href="https://theelectricityhub.com">The Electricity Hub</a>.</p> ]]></description> <content:encoded><![CDATA[ <ul class="wp-block-list"> <li>Vital Energy and Northern Oil and Gas Inc. have agreed to buy Permian assets from Point Energy Partners for $1.1 billion, expanding their operations in the Permian Basin.</li> <li>The acquisition will add 30,000 barrels per day to Vital Energy’s output and increase its total land holdings by 16,300 acres, strengthening its presence in the region.</li> <li>This deal reflects a larger trend of consolidation in the U.S. shale sector, as companies look to streamline operations.</li> </ul> <p>Vital Energy, in partnership with Northern Oil and Gas Inc., has finalized a major agreement to acquire Permian assets from Point Energy Partners for $1.1 billion. Under the terms of the deal, Vital Energy will purchase 80% of the assets, while Northern Oil and Gas will acquire the remaining 20%, with the transaction being all-cash.</p> <p>This acquisition is part of a broader trend of consolidation within the shale sector, following significant megadeals like <a href="https://corporate.exxonmobil.com/news/news-releases/2024/0503_exxonmobil-completes-acquisition-of-pioneer-natural-resources">Exxon’s acquisition of Pioneer Natural Resources and Chevron’s acquisition of Hess Corp over the past year. </a>These consolidations aim to enhance efficiency and competitiveness in a sector grappling with diminishing untapped resources.</p> <p>The assets acquired by Vital Energy are expected to increase their daily output by 30,000 barrels per day and expand their total acreage by 16,300 net acres. This move underscores the company’s strategic growth initiative in one of the most prolific oil and gas regions in the United States.</p> <p>According to Enverus data, mergers and acquisitions in the U.S. oil and gas industry reached a record $51 billion in the first quarter of the year, with a significant focus on Permian assets. Analysts anticipate regulatory approvals despite potential challenges, emphasizing the industry’s need to address inventory scarcity amid heightened demand for energy assets.</p> <p>Private equity-backed firms are actively participating in these transactions, capitalizing on robust market demand to optimize their asset portfolios. This dynamic market environment reflects ongoing efforts by companies to strengthen their positions in the evolving U.S. shale landscape.</p> <p>The post <a href="https://theelectricityhub.com/vital-energy-in-partnership-with-northern-oil-and-gas-inc-has-finalized-a-major-agreement-to-acquire-permian-assets-from-point-energy-partners-for-1-1-billion/">Vital Energy Expands Permian Footprint in $1.1 Billion Acquisition Deal</a> appeared first on <a href="https://theelectricityhub.com">The Electricity Hub</a>.</p> ]]></content:encoded> <wfw:commentRss>https://theelectricityhub.com/vital-energy-in-partnership-with-northern-oil-and-gas-inc-has-finalized-a-major-agreement-to-acquire-permian-assets-from-point-energy-partners-for-1-1-billion/feed/</wfw:commentRss> <slash:comments>0</slash:comments> </item> <item> <title>Galp Calls for Partner to Develop Namibia Oil Block</title> <link>https://theelectricityhub.com/galp-call-sfor-partner-to-develop-namibia-oil-block/</link> <comments>https://theelectricityhub.com/galp-call-sfor-partner-to-develop-namibia-oil-block/#respond</comments> <dc:creator><![CDATA[Martins Eze]]></dc:creator> <pubDate>Tue, 30 Apr 2024 15:50:41 +0000</pubDate> <category><![CDATA[Carbon Emissions]]></category> <category><![CDATA[News]]></category> <category><![CDATA[Southern Africa]]></category> <category><![CDATA[Galp Energia]]></category> <category><![CDATA[Namibia]]></category> <category><![CDATA[oil]]></category> <guid isPermaLink="false">https://theelectricityhub.com/?p=87358</guid> <description><![CDATA[<p>Portugal’s Galp Energia has stated that they will need a partner to develop a prolific oil find in Namibia as it is “beyond its financial means” to keep an 80 per… </p> <p>The post <a href="https://theelectricityhub.com/galp-call-sfor-partner-to-develop-namibia-oil-block/">Galp Calls for Partner to Develop Namibia Oil Block</a> appeared first on <a href="https://theelectricityhub.com">The Electricity Hub</a>.</p> ]]></description> <content:encoded><![CDATA[ <ul class="wp-block-list"> <li class="">Portugal’s Galp Energia has stated they will need a partner to develop a prolific oil find in Namibia.</li> <li class="">The company said last week that it had completed the first phase of exploration in the Mopane field.</li> </ul> <p class="">Portugal’s Galp Energia has stated that they will need a partner to develop a prolific oil find in <a href="https://theelectricityhub.com/?s=Namibia">Namibia</a> as it is “beyond its financial means” to keep an 80 per cent stake in the exploration block that includes the Mopane field, CEO Filipe Silva said.</p> <p class="">Silva added, “We will prioritise a partner that is keen to develop the prospects quickly, and that will fund the capex.”</p> <p class="">The company said last week that it had completed the first phase of exploration in the Mopane field and estimated it could have at least 10 billion barrels of <a href="https://theelectricityhub.com/?s=oil">oil</a>.</p> <p class="">The firm noted,<em> “We are confident that Namibia will bring another exciting growth avenue to Galp,” the CEO said, adding that the Mopane complex “is going to be a multiple FPSO development” that would require tens of billions of dollars, which “is not expected to be funded by Galp.”</em> FPSOs are vessel-based production and storage platforms.</p> <p class="">“<em>It is critical the market understands that when we start with (a stake of) 80 per cent, we have a lot of leeway to go down, be diluted over time and bring somebody else to fund the project,</em>” he said.</p> <p>The post <a href="https://theelectricityhub.com/galp-call-sfor-partner-to-develop-namibia-oil-block/">Galp Calls for Partner to Develop Namibia Oil Block</a> appeared first on <a href="https://theelectricityhub.com">The Electricity Hub</a>.</p> ]]></content:encoded> <wfw:commentRss>https://theelectricityhub.com/galp-call-sfor-partner-to-develop-namibia-oil-block/feed/</wfw:commentRss> <slash:comments>0</slash:comments> </item> </channel> </rss>