International African Energy, Oil, and Gas Summit

Oando Plc’s Market Value Declines to N600 Billion Amid Sell-Off

Oando Plc has seen a steep decline in its market valuation, plummeting by approximately 51% from its peak on the Nigerian Exchange, following increased sell-off activity. The company’s total market capitalization now stands at N600.431 billion, significantly lower than its previous valuation of N1.223 trillion in 2024 when the company released its delayed earnings report. […]

Akrake Pushes for Resumption of Drilling at Sèmè Oilfield Offshore Benin

Rex International Holding anticipates the recommencement of drilling activities later this year at the shallow-water Sèmè Field, located in Block 1 offshore Benin. Akrake Petroleum Benin, in which Rex International indirectly holds an 80.14% stake, has scheduled the drilling of a vertical exploration and appraisal well by mid-2025. The objective is to evaluate multiple reservoirs […]

Woodside Declines Offshore Namibia Farm-In Opportunity

Woodside Energy has decided not to proceed with farming into Petroleum Exploration License 87 (PEL 87) in the Orange Basin, offshore Namibia. The decision means that Pancontinental Orange Pty Ltd. will retain its position as the operator of PEL 87 with a 75% interest, alongside partners Custos Investments (15%) and Namibia’s state-owned oil company, NAMCOR […]

Vitol Expands Upstream Operations with Stakes in ENI’s Congo and Côte d’Ivoire Assets

Global commodities trading giant Vitol has reached an agreement with Italian energy company ENI to acquire interests in key oil and gas assets in Côte d’Ivoire and the Republic of Congo. The deal, valued at $1.65 billion as of January 1, 2024, will be finalized with standard cash adjustments upon closing. Key Details of the […]

Global Gas Escalates Legal Battle Over Shell’s $2.4 Billion Divestment

The $2.4 billion divestment of Shell Petroleum Development Company of Nigeria Limited (SPDC) to Renaissance Africa Energy Holdings has sparked a legal dispute, as Global Gas & Refining Limited (GGRL) intensifies its efforts to challenge the transaction. Global Gas has accused Shell and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) of violating a Federal High […]

Dangote Refinery Halts Sale of Petroleum Products in Naira, Cites FX Mismatch

Dangote Petroleum Refinery has temporarily suspended the sale of petroleum products in Naira, citing a misalignment between its revenue streams and crude oil purchase obligations, which are denominated in U.S. dollars. In a statement released on March 19, 2025, the company explained that its sales in Naira had exceeded the value of Naira-priced crude oil […]

Nigerian Indies: ‘To Whom Much is Given, Much is Expected’ – Olu Verheijen

Olu Verheijen, Special Adviser to Nigeria’s President Bola Tinubu on Energy, has emphasized the government’s high expectations from indigenous oil operators who have recently acquired assets previously owned by Shell and ExxonMobil. Speaking in an interview with Africa Oil+Gas Report in Abuja, Verheijen clarified that these transactions should be seen as acquisitions rather than divestments. […]

Niger Orders Three Chinese Oil Officials to Leave the Country

Niger’s military-led government has expelled three Chinese officials working in the country’s oil sector, in what appears to be the latest move by regional military administrations to assert greater control over national resources. According to two sources familiar with the situation, the Nigerien junta ordered the directors of the China National Petroleum Corporation (CNPC), the […]

FG Commissions Nigeria’s First Modular LPG Plant, 20MW Gas Project

The Federal Government of Nigeria has officially commissioned the country’s first modular Liquefied Petroleum Gas (LPG) extraction plant alongside a 20-megawatt gas-to-power project. The projects were inaugurated by the Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, at the Otakikpo field in Rivers State. According to the minister’s post on his official […]