oil

Afreximbank: A Catalyst for Change in Africa’s Energy Sector In a noteworthy development, Prof. Benedict Oramah, President and Chairman of the Board at Afreximbank, recently shared significant strides the organization has made during the closing session of its 32nd Annual Meetings. His insights offered a profound glimpse into how targeted financial interventions can reshape an entire continent's energy landscape. Oramah introduced the concept of what he refers to as “African Best…

Aliko Dangote: A Vision for Transparent Growth In an exciting move that has the potential to reshape the landscape of African commerce, Aliko Dangote, Africa's wealthiest individual, has unveiled plans to list his colossal Nigerian oil refinery on the stock market by the end of 2026. This ambitious strategy aims not only to broaden the investor base but also to address lingering concerns around the monopoly power of his conglomerate. Speaking during the African Export-Import Bank’s annual general meeting in Abuja, Dangote…

Insights from the Latest OPEC Report: Navigating the Changing Landscape of Oil Prices The latest report from the Organization of the Petroleum Exporting Countries (OPEC) unveiled some intriguing insights into the dynamics of global oil markets. In May, the OPEC Reference Basket (ORB) saw a notable decline, falling by $5.36—or 7.8%—to settle at $63.62 per barrel. The fluctuation in oil prices invariably affects economies and consumers alike, leaving one to ponder: what does this mean for the average individual and the…

Exploring New Frontiers: Sierra Leone's Offshore Seismic Survey Sierra Leone stands at a crucial juncture, embarking on its first offshore 3D seismic survey in almost a decade. The aim? To uncover the vast potential nestled beneath the waves of its offshore oil basin. This six-week survey is not just a technical endeavor; it signifies a pivotal step towards demystifying the oil-rich subsea landscape that many experts believe holds great promise. Conducted in collaboration with the esteemed energy consulting…

Setting the Stage: Ethiopia’s New Chapter in Oil Exports Ethiopia has taken a significant stride forward in its economic development by joining the ranks of Africa's oil-exporting nations. This pivotal moment places Ethiopia alongside established producers like Nigeria, Angola, Algeria, and Libya, marking the dawn of a new era in its energy aspirations and economic landscape. It invites us to ponder: how will this transition reshape not just Ethiopia, but the entire Horn of Africa? The announcement was made by…

Recent developments in the Middle East have sharply escalated tensions, particularly following the U.S. strike on Iran's nuclear facilities this past Sunday. The strike has raised immediate concerns about potential retaliation from Tehran. Yet, the immediate implications extend beyond defense and security; they seep into the very fabric of global commerce and economy. The prospect of Iran blocking shipping within the Strait of Hormuz—a threat the country has frequently made—could send tremors…

The High Court in London has delivered a significant ruling, establishing that Shell plc and its former Nigerian subsidiary must be held accountable for long-standing oil pollution in the Niger Delta. This decision signals not only a potential shift in legal precedents but also raises critical questions about corporate responsibility in environmental matters. In this instance, the Bille and Ogale communities in Rivers State have brought forth serious allegations. They assert that the infrastructure owned by Shell has led to…

Market Observations: Navigating Turbulent Waters In the ever-changing landscape of global markets, recent developments have captured the attention of investors. International benchmark Brent crude oil futures initially surged by 5.7%. However, as the day unfolded, these gains moderated, settling at a robust 2% increase, which translated to a price of $78.52 per barrel. The fluctuations were not merely numbers on a screen; they resonated with the underlying tensions affecting oil supply and geopolitical…

Nuclear Concerns and Market Reactions: A Complex Landscape “IRAN CANNOT HAVE A NUCLEAR WEAPON. I have reiterated this time and time again! It is imperative that everyone evacuates Tehran immediately!” These emphatic words have stirred significant dialogue, igniting fears and sparking debate across global forums. The tension surrounding Iran's nuclear ambitions casts a long shadow over the economic landscape. Within this context, we see fluctuations in oil prices that reflect…

New Oil and Gas Discovery in Egypt's Western Desert The Egyptian General Petroleum Corporation (EGPC) has made an exciting announcement regarding a new oil and gas discovery in the Abu Sennan brownfield located in Egypt's Western Desert. The news was officially released by the Ministry of Petroleum and Mineral Resources, marking yet another chapter in Egypt's ongoing quest for energy independence. Spanning over two-thirds of Egypt’s land area, the Egyptian Western Desert is a vast…