oil

The Revival of Libya's Petroleum Sector: A New Era of Opportunities The landscape of global energy is shifting, and at the center of this transformation lies Libya, a North African country rich in oil and gas resources. Major players in the industry, including ExxonMobil, Chevron, TotalEnergies, and Eni, are beginning to take note of the country's revitalized petroleum sector. It's a change ripe with promise, both for Libya and for the international energy market. Recently, Masoud…

Libya's Energy Sector Seeks Rebirth: A New Dawn on Exploration In a pivotal moment for Libya, a consortium of 37 international energy giants, including heavy-hitters like Chevron Corp. and TotalEnergies SE, is competing for exploration rights in what marks Libya's first energy tender since the tumultuous aftermath of the 2011 conflict. With aspirations to rejuvenate its oil sector, Libya is actively seeking foreign investments—and the stakes couldn't be higher. "It feels like a turning…

In a significant development for the global energy landscape, Chevron Corp. and TotalEnergies SE are among 37 international firms competing for exploration rights in Libya's inaugural energy tender since the upheaval in 2011. This tender represents an essential step for the North African nation as it endeavors to rejuvenate its faltering oil sector and attract valuable foreign investments. Other prominent players, including Eni SpA and ExxonMobil, have also shown interest, according to Massoud Seliman, the…

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…