Nigeria

Bola Tinubu, the Nigerian president, said at a press briefing with his Brazilian counterpart that Petrobras should be able return to Nigeria quickly. Petrobras started operations in Nigeria in deep waters near the Niger Delta in 1998. It sold its stakes over 10 years ago in order to raise money for domestic projects. Nigeria has worked to solve some of the issues that have limited its oil and gas production since then. "We have a large gas reservoir." "I don't understand why Petrobras should not return to Nigeria as a partner as soon as possible," Tinubu said at a press...

Bola Tinubu, Nigerian president, said that Brazil's Petrobras oil company, which left Nigeria in 2005, should be able return quickly. The visit was part of a 2-day trip to strengthen ties. Petrobras started operations in Nigeria in the deep waters of the Niger Delta in 1998. It sold its stakes over 10 years ago in order to raise money for domestic projects. Nigeria has since then been crackingdown on the issues that have limited oil production. "We have a large gas reservoir." "I don't understand why Petrobras should not return to Nigeria as a partner as soon as possible," Tinubu...

According to a filing in court, Dangote Refinery retracted its lawsuit over fuel imports against Nigeria's midstream, downstream, and petroleum regulator, as well as several fuel importers including the state-owned NNPC Ltd. Africa's biggest refinery sought to annul fuel import licenses issued to NNPC Ltd., AYM Shafa Ltd., A.A. Rano Ltd., T. Time Petroleum Ltd., 2015 Petroleum Ltd., and Matrix Petroleum Services Ltd. The refinery also demanded 100 billion naira (66 million dollars) in damages. Dangote Refinery filed a lawsuit claiming that the Nigerian Midstream and Downstream Petroleum Regulatory Agency was violating the laws by issuing gasoline import permits to...

MacDonald Dzirutwe Two sources confirmed on Wednesday that the refinery in Nigeria, Dangote Petroleum, will build storage tanks in Namibia for at least 1.6 millions barrels of gasoline or diesel to be supplied to southern Africa. This move demonstrates the refinery’s ambition to dominate the fuel supply market in Africa, and beyond. It could reshape energy trade flows and increase access to refined products in southern African countries. Aliko Dangote is Africa's richest person. He built a $20 billion refinery that produces 650,000 barrels of oil per day. It started operating last year. Since then, it has increased production and...

The International Monetary Fund (IMF) said that Nigeria must adapt its budget for 2025 to lower oil costs and increase cash transfers in order to protect the most vulnerable sections of its population. The IMF released the results of the routine "Article IV", assessment of Nigerian economic policies. It said that the economic growth was steady, but low per capita and the inflation remained high. The Fund forecast that Nigeria's economy will grow at a rate of 3.4% in this year, and 3.2% by 2026. Axel Schimmelpfennig is the mission chief of the Fund for Nigeria. He said: "The international...

IIR Energy, an industry watchdog, said that the Dangote oil refining plant in Nigeria, which is one of the largest refineries in the world, will operate its gasoline production unit with reduced output until October due to a series of problems in recent months. The 650,000-barrel-per-day (bpd) refinery, which opened last year, is currently running its 204,000 bpd gasoline-producing residual fluid catalytic cracking (RFCC) unit at about 70% of capacity, IIR said. IIR reported that the unit was closed from April 7 until May 11 due to damage to part of the unit, and again from May 15 through May...

The Nigerian president Bola Tinubu signed an executive order that introduces a framework based on performance for operators in the oil sector. This is designed to tie tax incentives to cost savings that can be verified. The new Upstream Petroleum Operations cost Efficiency Incentives order 2025 will provide tax relief to operators who implement cost reductions that are industry standard in shallow-water, onshore and deep-offshore fields. The tax credit will not exceed 20% of the operator's tax liability. Tinubu stated in a press release that "This Order sends a message to the world: We are building an efficient and competitive...

Yusuf Tuggar, Nigeria's foreign minister, said that the country is in talks with Petrobras about exploring its deep-water oil acreage, after years of the Brazilian oil giant leaving the nation. Petrobras has ceased operations in Nigeria but is keen to return. "They said they wanted frontier acreage on deep water," Tuggar, a vice president's statement quoted as saying. Brazil will host both the BRICS Summit and the COP30 meeting this year, after hosting the G20 last year. Nigeria will promote investment during these summits, as it seeks to strengthen ties with Brazil, particularly in the areas of energy, culture, health...

According to IIR, Nigeria's Dangote Oil refinery has cancelled maintenance for June at its 204,000 barrels of gasoline per day unit because it completed planned work during an unplanned shut-down from April 7 to 11th. According to Kpler, a shipping trade analytics company, during the unplanned outage the Dangote Refinery increased its exports for residual products, such as straight-run fuel oil, but decreased exports for finished products, such as jetfuel and gasoil. Kpler data shows that Nigeria's fuel imports increased by 24% in April, to 157,000 barrels per day. Dangote originally planned to close its gasoline-making residue liquid catalytic Cracking...

According to a summary shared by a source in the market, Nigeria's Dangote refinery released a tender Tuesday for 128,000 metric tonnes of residual fuel oil to be sold in April. Summary showed that the 650,000 barrels per day (bpd), Dangote refinery, will close its tender on Wednesday, 1200 GMT. It is looking for buyers of 88,000 tons low-sulfur straight run fuel oil, and 40,000 tonnes of slurry for loading between April 10-12. The refinery didn't immediately respond to our request for comment. According to IIR, Dangote's 204,000 barrels per day gasoline production unit will be shut down for 30...

The government has granted permission to Russia's biggest oil companies to continue gasoline sales until the end February. This extends a waiver that was due to expire this Friday. The Russian government lifted the temporary ban at the end of November on gasoline exported by the majority of producers. However, the restrictions were extended to other exporters, such as independent traders or re-sellers until January 31. These restrictions will continue to be in effect in February. The first ban on gasoline imports was implemented in March of last year in response to a steep rise in wholesale fuel costs and...

Nigeria and the United States signed an agreement on Friday to repatriate about $52.88 million in possessions forfeited by previous Nigerian oil minister Diezani AlisonMadueke and her partners. The agreement breaks the ice for the first repatriation to Nigeria of properties outside the West African nation linked to Alison-Madueke. Nigerian Justice Minister Lateef Fagbemi stated the arrangement with the U.S. enables the repatriation of approximately $52.88. million arising from the loss of the Galactica assets,. linked to the previous Petroleum Resources Minister Diezani. Alison-Madueke and her partners. The agreement follows a 2017 civil grievance filed by the. U.S. Justice Department...

IIR Energy, a company that monitors the industry, told its clients on Thursday that repairs may cause the gasoline unit of Nigeria's Dangote refinery, which produces 650,000 barrels per day, to be closed for 2-3 months. This could result in a tighter market for gasoline. The unit was shut down around August 29 due to catalyst leaks. IIR Energy stated that the refinery intends to try to restart the Residue-Fluidized Catalytic Crushing Unit (RFCCU), which produces 204,000 bpd, on September 20, although major repairs and replacement of equipment could keep the unit closed for months. First reported on Wednesday, Dangote’s...

Nigeria's Dangote Group announced on Saturday that David Bird, an ex-Shell executive and former CEO of the 0Q8 Refinery in Oman was appointed as chief executive officer of its refinery division and petrochemicals. The company is accelerating its pan-African expansion strategy. Bird's appointment, which took effect on 1 August, brings with it over 30 years of experience in the industry, including 14 years at Shell, where he was responsible for the $12 billion Prelude project. His appointment coincides with the expansion of Dangote's $20-billion refinery complex, which is the largest single-train facility in the world, in Lagos after its commissioning...

The head of the refinery announced on Monday that the Nigerian Dangote Oil Refinery, Africa's biggest, could start operating at full capacity within 30 days. The 650,000-barrel-per-day refinery built by Nigerian billionaire Aliko Dangote in Lagos began processing crude into products, including diesel, naphtha and jet fuel, in January last year and started processing petrol in September. The company aims to compete against European refiners at full capacity, but has struggled to find enough crude locally. Edwin Devakumar said that the Dangote oil refining plant was currently running at 85% of its capacity. "We can reach 100 percent in just...

India's November crude imports revealed Middle Eastern oil at a 9month high while Russia accounted for its smallest share in 3 quarters, ship tracking data obtained from sources showed. Refiners in India have actually been making a pig of on cheaper Russian oil regardless of problems postured by sanctions targeted at lowering Moscow's. oil profits to money its war in Ukraine. The world's third biggest oil importer and consumer in. November delivered in 13% less Russia oil compared with October at. 1.52 million barrels per day (bpd), about 32% of India's total. intake, the information revealed. It imported 2.28 million...

India's month-to-month oil imports from Russia fell by 18.3% to about 1.7 million barrels each day (bpd) in August from the previous month due to lower crude processing by some refiners, tanker information gotten from trade sources showed. In contrast, China stepped up purchases of Russian oil last month, reclaiming the area of Moscow's leading oil client after India became the greatest purchaser for the very first time in July. The share of Russian oil in India's August imports declined to about 36% after rising for five straight months, the information showed. In July, Russian oil accounted for about 44%...

Nigeria's significant Dangote oil refinery is reselling freights of U.S. and Nigerian crude, 4 trade sources familiar with the matter said on Friday. 3 of the sources stated the reoffer was linked to technical issues at the refinery. A Dangote executive, asked about the offers and talk in the market that the refinery is having operational concerns affecting the unrefined distillation system, said the CDU functions. The refinery began production in January and will be the biggest in Africa and Europe when it reaches full capacity. It might overthrow what has actually been an extremely rewarding Europe-to-Africa fuel trade and...

Nigeria's Dangote refinery is in talks with Libya to protect crude for the 650,000 barrels per day (bpd) plant and will likewise look for Angolan oil, a senior executive stated, as it looks for to overcome issues with domestic supplies. The $20 billion refinery, constructed by Africa's wealthiest man Aliko Dangote on the borders of Lagos is Africa's biggest, and is designed to end Nigeria's dependence on imported fuels because of inadequate refining capacity. Given that Dangote began operations in January, it has been unable to get adequate unrefined supplies in Nigeria, which, although Africa's biggest oil producer, is battling...

Kazakhstan resumed gas exports in May that had actually been on hold since May 2022, sending 2,000 metric tons of the fuel to Georgia in May, 3 market sources familiar with the matter stated on Wednesday. Kazakhstan banned fuel exports 2 years ago to protect its domestic market from fuel lacks. Before the ban was introduced, in April 2022, Kazakhstan delivered some 26,000 tons of gas to foreign markets. Prior to this Kazakhstan likewise suspended fuel exports in 2021, while in 2020 its fuel exports totaled up to 494,000 tons. The Condensate refinery, an independent refinery in Kazakhstan, was granted...

Russia became the top oil provider to India throughout the 2023/24 for a. second year in a row, squeezing the market share of Middle. Eastern and OPEC producers to historical lows, ship tracking data. from industry sources revealed. New Delhi has been gorging on Russian oil sold at a discount rate. after Western countries avoided purchases and imposed sanctions on. Moscow over its intrusion of Ukraine. As an outcome Russia is now. the top provider to the world's third-largest oil importer. India has actually continued to buy Russian oil regardless of problems. posed by a raft of sanctions aimed at...