West Africa

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...

The 650,000-barrel-per-day (bpd) Dangote oil refinery in Nigeria is expected to operate its gasoline-making unit at reduced rates through October after a string of issues in recent months, industry monitor IIR Energy told . About 70% of the capacity of the refinery's residual fluid catalytic (RFCC) unit, which produces 204,000 bpd of gasoline, is being used. IIR reported that the unit was closed from April 7 until May 11 due to damage to part of it, and again from May 15 through May 25 because of a mechanical problem. IIR stated that the full rate of production is not expected...

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...

The International Court of Justice dismissed Sudan's claim that the United Arab Emirates were fueling genocide by supplying arms to paramilitary groups in Darfur, saying they lacked jurisdiction. Sudan complained to the U.N.'s highest court that the UAE violated the Genocide Convention in Darfur by supporting paramilitary groups, but the UAE said it should be dismissed. The court agreed with the UAE arguments on Monday, rejected Sudan's demand for emergency measures, and ordered that the case be removed. A summary of the ruling stated that due to the lack jurisdiction, "the court's statute prohibits it from taking any positions on...

Data from industry and trade sources revealed that the share of OPEC crude oil in India's imported oil fell to a new record low during fiscal year 2024-25, as refiners continued to gorge themselves on cheaper Russian oil, which was the number one oil supplier for New Delhi for a third consecutive year. India, which is the third largest oil consumer and importer in the world, has been buying Russian oil at a discounted price after the West imposed sanctions against Moscow due to the Ukraine conflict. In the fiscal year ending March 2025, the South Asian nation imported 4.88...

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...

A survey shows that OPEC's oil production fell for a second consecutive month in January. This was due to a decline in exports, primarily from Nigeria and Iran, which offset a recovery in the United Arab Emirates, where maintenance on fields had reduced output in December. According to a survey released on Wednesday, the Organization of the Petroleum Exporting Countries (OPEC) pumped 26,53 million barrels of oil per day in December, a decrease of 50,000 bpd compared with the revised December total. Nigeria and Iran saw the biggest drops. The modest drop in production came at a time when the...

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...

Nigeria has actually stepped up its drive to punish oil theft in the Niger Delta region as it goals to increase nationwide production to 3 million barrels per day in 2025. Africa's leading oil manufacturer, which relies on the commodity for around two-thirds of state earnings and more than 90% of foreign currency revenues, has been struck by large-scale oil theft that has curbed government financial resources in the last few years. While the government estimates oil output at around 2.06 million barrels each day (bpd) in next year's budget plan, actual production hovers around 1.8 million bpd, according to...

According to a late-released decree, Burkina Faso completed the transfer of gold mining assets from the state-owned miner to the country. This finalised a process which began in August, to increase its control over mineral resources. Burkina Faso, like its neighbours Mali & Niger, is trying to gain a greater share of their resources following the revision of its mining code in 2013. The Societe de Participation Miniere du Burkina, or SOPAMIB, was established to manage and own strategic mining assets. The five assets that were transferred to the government include two gold mines and exploration licenses owned by subsidiaries...

Four sources have confirmed that Barrick Mining removed the Mali gold complex's output forecast from 2025. This is a result of a two-year dispute with West African authorities over new mining laws aimed at increasing revenue. The Loulo-Gounkoto complex, one the Canadian miner’s largest assets in Africa, has been closed since January. This is because the military-led government of Mali blocked gold exports, detained employees and seized 3 metric tons during separate negotiations for a new mining agreement with Barrick. Both sides are hoping to make at least $1 billion in revenue this year, thanks to the record-high gold prices....

Four sources have confirmed that Barrick Mining removed the Mali gold complex's output forecast from 2025. This is a result of a two-year dispute with West African authorities over a new mining law aimed at increasing revenue. The Loulo-Gounkoto complex, one the Canadian miner’s largest assets in Africa, has been closed since January. This is because the military-led government of Mali blocked gold exports, detained employees and seized 3 metric tons during separate negotiations for a new mining agreement with Barrick. Both sides are hoping to make at least $1 billion in revenue this year, thanks to the record-high gold...

In an interview with its CEO on Monday, Allied Gold said it could consider other options for a deal to supply power at its Sadiola Mine in Mali due to the surge in gold prices. In February, the gold miner had signed an agreement with UAE-based Ambrosia Investment to give Ambrosia Investment a 50% stake of the mine for the installation of a new system which would have reduced the costs. Ambrosia was supposed to pay Allied Gold $500 million and $250 million upfront in cash. The deal has not yet closed. Peter Marrone, CEO of Allied Gold, said that...

The registry office of a Malian court and one of the lawyers concerned told reporters on Monday that the hearing to determine whether Barrick Mining's Loulo-Gounkoto Gold Complex should be placed under temporary administration has been adjourned until Thursday. If granted, this would be a significant escalation in the dispute between the West African nation and the Canadian miner. Operations at the complex had been suspended in January due to a disagreement over taxes and ownership. Barrick Mining (formerly Barrick Gold) and Mali’s military-led Government have been at odds over the implementation of the new mining code since 2023. The...

Analysts and traders agree that the prospects for iron ore price are improving due to a smaller than expected global surplus in this year. However, new supply coming from the massive Simandou project, located in Guinea, remains a downside risk on a longer-term basis. More than a dozen analysts and traders interviewed at this week's Singapore International Ferrous Week said that their forecasts of oversupply for this year have been reduced from 50,000,000 tons to between 20,000,000 and 30,000,000 metric tons. The reason is that demand has been resilient this year, thanks to strong steel exports. Buyers stocked up on...

Emirates Global Aluminium (EGA)'s subsidiary in Guinea announced on Tuesday that it hopes to resume discussions with the Guinean Government, which could lead to the lifting of current measures blocking its bauxite mine operations. EGA is in a dispute over bauxite with the government. The authorities have been preventing its mining and exporting operations since October of last year. Reports stated that earlier this month it had begun a process of withdrawing EGA's mining license due to its failure to construct an alumina refining plant. Guinea Alumina Corporation, a subsidiary of EGA, said that they had always met their obligations...

A government source said on Thursday that Guinea had revoked licenses for 46 mining companies in the country. Another claimed it could have been up to 53 permits. This is seen by some analysts as a warning to the larger operators of the second largest bauxite producing nation in the world. The move coincides with a growing nationalist sentiment in Niger, Mali, and Burkina Faso where the authorities have tightened their control over their vast mineral resources since coups of 2020. The licences affected cover operations in bauxite and gold mining, as well as diamond and graphite production. However, industry...

The president of the Malian court announced on Thursday that a hearing on the Loulo-Gounkoto mine complex owned by Barrick Mining, scheduled for Thursday, has been moved to May 22. Barrick Mining (formerly Barrick Gold) and Mali’s government are at odds over the implementation of the new mining code, which raises taxes while giving Mali’s government a larger share of the gold mines. Mali's army government, along with others in West Africa says that it wants to increase revenue from the mining industry as it feels the current arrangements are unfair. Foreign multinationals will have to comply with the demands...

Orano, a French uranium mining company, announced on Tuesday that it had filed a suit with Niger courts for "arbitrary arrests, illegal detentions and unjustly confiscated property" in relation to its staff and assets. The Niger, Mali and Burkina Faso neighbours have increased pressure on foreign mining firms over the last year. They have seized assets and removed permits to ensure that all three Sahel nations assert greater sovereignty over their natural resource. Orano claimed that it was unable to reach its director of mining in Niger Ibrahim Courmo. He had been taken to the headquarters of Niger's external intelligence...

In a Monday speech to an African business conference, the Guinean prime minister announced that elections will be held in December 2025. He was attempting to reassure investors. Guinea is ruled militarily by Mamady Doumbouya. He seized power through a coup on September 20, 2021. In 2022, he proposed a transition period of two years to elections, but did not go ahead with the vote. The junta set a December 31st 2024 deadline for the return of a civil administration, but missed it. The new date was announced by Prime Minister Amadou Bah on Monday, at the Africa CEO Forum,...

Mark Bristow, CEO of Barrick Mining, said that the Canadian company spends $15 million per month to run its Mali mine. He also stated that he doesn't know where the Mali government keeps the gold they confiscated from Barrick. Bristow, in an interview with the authorities of the West African country, said that the government had reneged on an agreement at least three times and referred to the imprisonment of Barrick workers in the nation as a violation of human rights. Bristow stated, "You have four senior executives from Western companies incarcerated. This can only be described as a human...