oil

Turkey to Secure Up to 90% of Somalia’s Oil and Gas Revenue, Document Reveals MOGADISHU, Somalia — In a scenario raising both eyebrows and questions, Turkey is set to receive a striking 90% of the revenues from Somalia's offshore oil and gas endeavors, as revealed in a document published by the Nordic Monitor on Tuesday. This agreement, signed on July 19, 2024, between the Turkish Petroleum Corporation and the Somali Petroleum Authority, has…

Navigating a Strategic Shift: Indonesia’s Changing Oil Dynamics In an era where global trade dynamics are in constant flux, Indonesia's recent pivot away from crude oil exports to Nigeria marks a pivotal moment in international economic relations. This decision stems from Indonesia's attempts to rectify its trade imbalance with the United States and sidestep a daunting 32% tariff on its exports. It’s a well-calibrated move, yet it raises several questions about the future of Nigeria’s oil revenues and its standing within…

Turkey Expands Energy Exploration in Bulgaria and Beyond In a noteworthy development for the energy sector, Turkey is currently engaged in negotiations to explore lucrative oil and gas opportunities in Bulgaria. This initiative, highlighted by Energy Minister Alparslan Bayraktar, signals Turkey's ambitious plans not only for Bulgaria but also for Iraq and Libya. Turkey's state-owned energy enterprise, Turkiye Petrolleri AO (TPAO), is poised to ink an agreement next month with a foreign partner—whose identity remains…

Nigeria's Oil Export Prospects: A Strategic Move with Tüpraş In a significant move aimed at enhancing its oil export ambitions, Nigeria has found a promising partner in Turkey’s largest refinery, Tüpraş. This partnership not only indicates a shift in export strategies but also highlights the importance of global energy markets in driving national economic objectives. As Nigeria strives to capitalize on its oil resources, Tüpraş is set to become a key buyer of Nigerian crude oil, ushering in a new chapter in this…

Mogadishu (AX) — In an exciting development for Somalia’s energy sector, the country’s Ambassador to the United States, Dahir Hassan Arab, made a significant announcement on Tuesday. He declared that Somalia is officially open for oil drilling and exploration, extending a formal invitation to U.S. energy companies to reinvigorate their participation in Somalia’s hydrocarbon industry. Expressing his enthusiasm, Ambassador Arab shared on social media platform X, stating, “Proud to announce that Somalia is officially open 4…

In recent weeks, the oil industry has faced a series of dynamic shifts, influenced by global activities that ripple through economies far and wide. Amongst these shifts, Donald Trump's recent tariff policy casts a long shadow, driving significant decreases in global crude oil prices. It's a complex web where the actions in one corner of the world set off reactions in others—almost like the sophisticated dance of dominos, unpredictable yet meticulously precise.…

Imagine starting every day knowing that your nation is one of the powerhouses of oil production in Africa. Nigeria, for instance, has always held a pivotal role in this delicate dance of numbers and barrels. Just in March, Nigeria's oil production averaged about 1.40 million barrels per day (mbpd). If we flip back a page to the previous month, February, there was a slight uptick, with production averaging 1.465 million barrels per day. Interesting how these small fluctuations can tell a story, isn’t it?…

The Maritime Partnership: Türkiye's Endeavor with Somalia In a world where alliances shape the contours of global power, Türkiye and Somalia have embarked on a captivating journey of cooperation through the ambitious offshore energy partnership initiated in March 2024. This potent alliance heralded the arrival of Türkiye's seismic vessel, now diligently engaged in conducting intricate 3D surveys within Somali waters. A step paramount for nations looking to optimize energy resources, this venture unfolds with layers of…

Turkey Signs Onshore Oil Exploration Deal with Somalia Amid Security Concerns In an era of dynamic international collaborations, yet another compelling chapter unfolds between Turkey and Somalia. On Thursday, the two nations came together to ink a groundbreaking agreement that charts paths into the uncharted territories of onshore oil and gas exploration. This momentous occasion, held in the heart of Ankara, extends seismic survey rights to Turkey’s state-run energy titan across three…

In a pivotal move, the Federal Ministry of Finance recently confirmed the continuation of a policy that's been off the radar for a few months—the Crude and Refined Product Sales in Naira initiative. This decision came hot on the heels of a high-powered conclave led by a Technical Sub-Committee. Sometimes, the paths taken to conserve resources and bolster local industries can be quite the labyrinth. Do you remember wanting to unravel a knotty problem yourself? That's what this initiative seeks to do for…