I’ve read with either great interest or dismay, several informed and uninformed comments about the current Aliko Dangote – NNPC brouhaha. Make no mistake about it. This is a battle that has gone viral and taken the global business, financial, and diplomatic community by storm.

I can not ever recall an attempt of this magnitude by a State-owned company such as NNPC that is designed to discourage, discredit, and destroy a business enterprise of this size, influence, and impact. Never.

The NNPC has been quick to roll out its official spokespersons and political and media backers. Their aspersions have been fast and furious. In some instances, their logic and rebuttals have just not sounded credible.

Some members of the public, giddy with delight, continue to denigrate Aliko and the Dangote Group. Rather than deal with the exact and immediate nature of Aliko’s problems with NNPC, they throw up spurious statements about ‘karma,’ and Aliko’s alleged monopolistic business tendencies.

Others, sensing that there is much more to this ugly public spat than meets the eye, have defended Aliko as most right-thinking entrepreneurial and business-minded Nigerians would.

The stakes are high. Whether we like it or not,

1. This is a massive de-marketing of Nigeria, investment wise.

Proverbially, money only goes where it is made comfortable. Markets and investment analysts always respond to signals. And this one is not good, nor does it bode well for Nigeria.

Africa and Nigeria, in particular, suffer rightly or wrongly from an asymmetry of perception and information. Ours is a narrative that is in constant need of improvement. Consequently, if you have ever been part of a Nigerian investment road show, you will realize how challenging it is to convince global investors that the country is a desirable investment destination.

The current drama plays right into the preconceived narrative about Nigeria – a nation where those who sacrifice, indeed become the sacrifice, as someone has already rightly commented.

2. Outside of the Federal Government of Nigeria, Aliko Dangote is the largest employer of labor in Nigeria. Hundreds of thousands of Nigerians depend on the Dangote Group for jobs and a decent living. They are paid on time and not owed a salary arrears, as is the case with some unmentionables. Many more are direct and indirect beneficiaries of Dangote enterprises across several value chains in the country.

3. In the daily economic, financial, social, and development landscape of Nigeria, Aliko Dangote is a force to be reckoned with. This is an undeniable fact. Referring to Aliko as a ‘monopolist’ in the oil refining business is one of the most laughable comments I have heard.

Aside from the huge financial burden (one that has turned Aliko’s hair completely grey in the span of less than a year), the vision, boldness, and logistical genius that it has taken to set up this refinery, is simply mind boggling. As a visionary leader and entrepreneur, he has my greatest respect.

Regrettably, Nigeria is one of the only countries I know of where those producing nothing and doing nothing take perverse delight in pulling down the accomplished and successful. I guess doing so psychologically detracts from their own failures or their abject lack of accomplishment. If you have lived, worked, or invested in Nigeria long enough, you will be quite familiar with this phenomenon and those it describes.

At a great cost to Nigerian taxpayers, the country owns and runs four abysmally non-preforming oil refineries in Kaduna, Port Harcourt, and Warri. Scandalously, for decades, Nigeria has spent millions, if not billions of dollars, ‘upgrading’ these elephant projects to no avail.

What Nigeria has done and continues to do with its oil sector is a scandal of epic proportions. We are one of the world’s leading producers of crude oil, yet it has pleased and profited some to ensure that Nigeria daily exports its raw crude and then re-imports it into the country as refined finished products. Sometimes, Nigeria’s reality is stranger than fiction. But then, sadly, it is what it is.

The cost to Nigeria in lost revenues, foreign exchange, jobs, and business opportunities is unquantifiable. Yet, the status quo means nothing to some, nor does it move the hearts of the powers that be. For many, the end justifies the means … whatever means possible.

Caught in the middle are millions of Nigerians who daily suffer the indignity of poverty in the midst of plenty. That is the tragedy of Nigeria and the current spat between two key players.

The saga provides his Excellency, the President of the Federal Republic of Nigeria, Ashiwaju Bola Ahmed Tinubu (GCFR), whose mercurial business mindset is legendary, the opportunity to –

• Wade in, intervene, calm nerves, and ensure peace prevails.

• Sanitize Nigeria’s oil sector (a perennial challenge that I am sure even Angels will ask God to be reassigned from), and

• Quickly bolster global investor confidence.

I wish the Federal Government, the Dangote, Group, and the good people of Nigeria, all the best.

The post The De-Marketing of Nigeria As An Investment Destination: The NNPC – Aliko Dangote Saga appeared first on African Leadership Magazine.

Dr. Seinye O. B. Lulu-Briggs, the Chairman and Chief Executive Officer of Moni Pulo Limited, has been honoured for her exceptional leadership and philanthropic efforts at the 14th African Business Leadership Awards (ABLA) 2024. This distinguished recognition, presented by the African Leadership Magazine, celebrates her outstanding contributions to the oil and gas industry and community development in Nigeria.

Under Dr. Lulu-Briggs’ leadership, Moni Pulo Limited (MPL) has achieved a stellar safety record of over 5 million man-hours without loss of time to injury at the OML 114 Agbani Field Production Facility. Her innovative approach to Corporate Social Responsibility aligns investments with community needs, setting a benchmark in the industry and influencing the design of the Petroleum Industry Act 2021’s Host Community Development Trust. MPL was the first operator in Akwa Ibom to establish and fund a trust, facilitating sustainable development projects in host communities.

Dr. Lulu-Briggs is the founder of the O.B. Lulu-Briggs Foundation, which has profoundly impacted over 1.5 million lives through initiatives in healthcare, elder care, clean water access, education, and entrepreneurship. She is a prominent advocate for widows and their children, providing them with skills training, business support, and scholarships. Her collaboration with the African Women Lawyers Association and the International Federation of Women Lawyers (FIDA) has expanded legal and humanitarian support for underserved women and children facing gender-based violence.

Dr. Lulu-Briggs’ contributions to Nigeria’s oil and gas sector and her commitment to social development have been recognized by the African Leadership Magazine. This acknowledgment proves her dedication to fostering sustainable growth and improving the lives of those in her community.

The African Business Leadership Awards are renowned for celebrating excellence in leadership, innovation, and impact on the continent’s economic development. These awards highlight individuals, companies, and institutions that demonstrate outstanding corporate practices and leadership in Africa’s business sector, aligning with the magazine’s tradition of showcasing often overlooked aspects of Africa’s businesses and leaders.

The award ceremony was a major highlight of the ALM Africa Summit London 2024, a platform for high-level networking, collaboration, and forming strategic partnerships to address challenges and drive change in Africa. Established in 2016, the summit showcases innovative projects and best practices aligned with the continent’s development goals.

The 2024 edition of the African Leadership Magazine Africa Summit, themed “Africa Unleashed: Navigating Disruptions, Enhancing Opportunities,” provided a strategic platform for leaders to discuss sustainable development pathways. Esteemed speakers and attendees shared valuable insights, experiences, and success stories, further inspiring participants to seek new strategies and partnerships for advancing Africa’s prosperity.

About African Leadership Magazine

The African Leadership Magazine, published by the African Leadership Organization in the UK (Company No. 07435198), presents Africa’s narrative from an authentic perspective to a global audience. Since its launch in August 2008, it has become a leading pan-African publication on leadership, reaching international investors, business executives, policymakers, and multilateral agencies across Africa, the Middle East, Asia, Europe, and the US.

Over 16 years, the magazine has established itself as a trusted partner for African leaders in business, politics, and diplomacy. Through its global events, it has facilitated investments and successful partnerships, promoting Africa-led businesses and fostering collaboration with international stakeholders.

Media Contact:

King Richard Igimoh
Group Editor
African Leadership Magazine
editor@africanleadership.co.uk

For more information visit www.africanleadership.co.uk

The post Seinye Lulu-Briggs Receives Award for Transformative Leadership in Oil and Gas at ABLA 2024 appeared first on African Leadership Magazine.

Here’s a spotlight on the major oil and gas producers in Africa:

Angola: A Rising Giant

According to the 2023 Monthly Oil Market Report (MOMR), “Angola recorded 1.06 million barrels per day (bpd) of crude production, up from 972,000 bpd recorded.” Angola has surged to the forefront of African oil production, surpassing Nigeria in recent years.  Also, reports from Energy Capital & Power, Also, reports from Energy Capital & Power, Angola’s oil production rose to 1.175 million bpd, up from 1.162 million bpd in 2022. This impressive output is backed by substantial proven oil reserves exceeding 9 billion barrels.  The Angolan government is actively working to unlock the full potential of its hydrocarbon sector through new exploration initiatives and policy reforms.  A six-year licensing round aims to attract investment and expertise for further exploration, while policy changes aim to streamline operations and incentivize production growth.

Nigeria: A Long-Standing Leader

In recent years, Nigeria has recorded a surge in pipeline vandalism and crude oil theft incidents in its oil-producing region, a development that worsened the nation’s revenue challenge but the nation has remained a significant player in African oil production, despite Angola’s recent rise.  In 2022, Nigeria produced an estimated 1.02 million bpd.  With a long history of oil exploration and development, Nigeria boasts proven oil reserves exceeding 36 billion barrels. 2023 Monthly Oil Market Report (MOMR) reports stated that an output of 999,000 bpd in April compared to 1.3 million bpd in March. The April output figure represented the lowest production rate the nation has recorded in 2023. Despite these hurdles, Nigeria is actively seeking to diversify its oil and gas sector, with a growing focus on natural gas production and utilization.

Algeria: A North African Powerhouse

North Africa is well-represented among Africa’s top oil and gas producers. Algeria holds the third position, producing approximately 970,000 bpd in 2022.  Algeria also boasts significant natural gas reserves, making it a major supplier to Europe.  The country’s hydrocarbon sector is a crucial source of revenue for the government, funding social programs and infrastructure development.  However, Algeria, like other oil-dependent economies, faces the challenge of diversifying its revenue streams in the face of a potentially fluctuating oil market.

Libya: A Nation with Immense Potential

Algeria is among the leading oil producers and exporters worldwide. Amounting to over 12 billion barrels, its proven crude oil reserves are the third-largest in Africa after those of Libya- Statista.com reports. Libya’s oil production capacity is substantial, with estimates suggesting a potential output.  However, political instability and ongoing conflict have hampered production in recent years.  In 2022, Libya’s oil production averaged around 946,000 bpd.  Despite these challenges, Libya holds significant proven oil reserves exceeding 48 billion barrels, making it a country with immense potential once stability is restored.

Egypt: A Longstanding Producer with Diversified Resources

Egypt has a long history of oil and gas exploration and production.  In 2022, the country produced an estimated 556,440 bpd of oil.  However, Egypt’s significance extends beyond oil, with the country also being a major producer of natural gas.  Recent discoveries of large natural gas fields in the Zohr region have bolstered Egypt’s position as a key energy player in the region.  The country is actively developing its natural gas infrastructure and export capabilities, aiming to become a major supplier to Europe and beyond.

Republic of the Congo

The Republic of Congo, also known as Congo-Brazzaville, holds a significant position among African oil producers.  Production estimates for 2022 suggest an output of around 350,000 bpd.  The country’s oil wealth plays a crucial role in its economy, but concerns exist regarding revenue distribution and the need for diversification.  The government is increasingly focusing on developing its natural gas resources and utilizing its oil revenue for infrastructure development and social programs.

Equatorial Guinea: A Smaller Player with Big Impact

Equatorial Guinea, despite its relatively small size, is a significant oil producer in Africa.  Estimates suggest the country produced around 120,000 bpd of oil in 2022.  Oil revenue has fueled rapid economic growth in Equatorial Guinea, but challenges remain regarding income inequality and sustainable development.  The government is exploring ways to leverage its oil wealth for broader economic development and improve living standards for its citizens.

Gabon: A Mature Oil Producer

Gabon is a mature oil producer in Africa, with a long history of exploration and development.  Production estimates for 2022 suggest an output of around 180,000 bpd.  While oil remains a significant contributor to Gabon’s economy, the country is actively seeking diversification to reduce its dependence on a single resource.  This includes exploring its natural gas reserves and investing in renewable energy sources to meet future energy needs.

South Sudan: A Newcomer with Growing Potential

South Sudan, having gained independence in 2011, is a relatively new entrant in the oil and gas production scene in Africa.  Despite ongoing challenges, the country boasts substantial oil reserves estimated at over 3.6 billion barrels. Production in 2022 is estimated at around 161,000 bpd.  South Sudan’s oil sector plays a crucial role in its economic development, but achieving political stability and managing oil revenue effectively will be essential for long-term prosperity.

Ghana: A Rising Star in West Africa

Ghana’s emergence as an oil producer in 2010 marked a significant development for the West African nation.  Production estimates for 2022 suggest an output of around 200,000 bpd.  The discovery of the Jubilee Field in 2007 propelled Ghana into the ranks of oil-producing countries.  The government is working to leverage its oil revenue for infrastructure development, education, and healthcare, while also exploring its natural gas reserves for domestic use and potential export.

READ ALSO: AfDB’s stride on Education: Nigeria, Malawi in focus

Additionally, in terms of overall production, Africa produced around 332 million metric tons of oil, which included crude oil, shale oil, oil sands, and natural gas liquids (NGLs). Despite a slight decrease from the previous year, oil remains a vital economic driver for these countries.

When it comes to exports, Nigeria was not only the largest producer but also the largest crude oil exporter in Africa. Algeria and Libya also had substantial export volumes, contributing to North and West Africa’s nearly 10% share of the global oil exports.

While oil and gas remain dominant players in Africa’s energy sector, the future is likely to see a shift towards diversification.  The growing focus on renewable energy sources like solar and wind power, along with the increasing importance of natural gas for cleaner electricity generation, points towards a more balanced energy mix. Additionally, there’s a growing need for African nations to address environmental concerns associated with oil and gas production.

The post The place of Africa in global oil and gas production appeared first on African Leadership Magazine.

The Energy Landscape in Africa

Africa is endowed with abundant renewable energy resources, including solar, wind, hydro, and geothermal power. However, a significant portion of the population still lacks access to electricity, particularly in rural and remote areas. The reliance on traditional biomass for cooking and heating contributes to deforestation and indoor air pollution, posing significant health and environmental risks. To address these challenges, African countries are increasingly focusing on diversifying their energy mix, promoting renewable energy deployment, and enhancing energy efficiency measures.

Challenges in Financing Africa’s Energy Transition:

Limited Access to Capital: Many African countries face difficulties in accessing sufficient capital for energy projects due to factors such as limited domestic financial resources, high borrowing costs, and perceived investment risks.

Policy and Regulatory Uncertainty: Inconsistent policy frameworks and regulatory environments can deter investors and undermine confidence in the market, leading to a lack of long-term investment commitments.

Project Bankability: The bankability of energy projects in Africa is often hindered by factors such as inadequate project preparation, weak institutional capacity, and uncertainties surrounding revenue streams and off-take agreements.

Despite these challenges, innovative financing models are emerging to catalyze investment in Africa’s energy sector:

Public-Private Partnerships (PPPs): PPPs involve collaboration between government entities and private sector investors to develop and operate energy infrastructure projects. PPPs can leverage the strengths of both sectors, mitigate risks, and attract private capital for large-scale projects such as power generation plants and transmission networks.

Blended Finance: Blended finance combines public and private capital to fund projects with both commercial and social objectives. Multilateral development banks, impact investors, and philanthropic organizations play a crucial role in providing concessional finance and risk-mitigation instruments to attract private investment in renewable energy projects.

Green Bonds: Green bonds are debt instruments specifically earmarked to finance climate-friendly projects, including renewable energy development, energy efficiency improvements, and sustainable infrastructure. African governments and corporations are increasingly tapping into the green bond market to raise capital for clean energy initiatives while demonstrating their commitment to environmental sustainability.

Energy Access Funds: Energy access funds focus on expanding electricity access to underserved communities by investing in off-grid and mini-grid solutions. These funds provide patient capital, technical assistance, and capacity-building support to energy enterprises, enabling them to scale up operations and reach remote areas where traditional grid extension is not feasible.

Crowdfunding and Peer-to-Peer Lending: Digital platforms are facilitating crowdfunding and peer-to-peer lending for renewable energy projects in Africa. Individuals and institutions can invest directly in solar installations, wind farms, and other clean energy initiatives, democratizing access to investment opportunities and fostering community participation in the energy transition.

However, there have been several successful examples demonstrating the effectiveness of innovative financing models in driving Africa’s energy transformation:

The Azura-Edo IPP in Nigeria: The Azura-Edo Independent Power Project (IPP) is a landmark example of a successful PPP in Africa’s energy sector. The 459 MW gas-fired power plant, developed under a PPP framework, has significantly improved electricity supply reliability in Nigeria and attracted private investment worth over $900 million.

Off-Grid Energy Access: Companies like M-KOPA Solar and d.light have deployed innovative financing models, such as pay-as-you-go (PAYG) solar solutions, to provide affordable and clean energy access to off-grid households across Africa. By leveraging mobile money platforms and flexible payment plans, these companies have reached millions of customers and unlocked economic opportunities in rural areas.

Renewable Energy Auctions: Countries like South Africa have implemented competitive bidding processes for renewable energy projects, attracting private investment through transparent and competitive auctions. The Renewable Energy Independent Power Producer Procurement Program (REIPPPP) has successfully contracted over 6,000 MW of renewable energy capacity, driving down costs and accelerating the deployment of wind and solar projects.

Financing models play a crucial role in Africa’s energy transformation journey, unlocking investment opportunities, driving innovation, and accelerating the adoption of clean energy solutions. Governments, development institutions, and the private sector must collaborate to address the financing gap, strengthen regulatory frameworks, and enhance project bankability to realize the full potential of Africa’s renewable energy resources. By leveraging innovative financing mechanisms and fostering inclusive partnerships, Africa can achieve energy security, promote sustainable development, and mitigate the impacts of climate change for future generations.

Through these financing mechanisms and collaborative efforts, Africa can not only bridge the energy access gap but also pave the way for a greener, more resilient, and prosperous future for its people.

The post Financing Models Driving Africa’s Energy Transformation appeared first on African Leadership Magazine.

On Wednesday, Middle East Business Intelligence (MEED), reported that as soon as the NOC’s next monthly budget is solidified, the country will prioritize a $3-billion offshore expansion project as part of Libya’s goal of reaching oil production of around 1.4 million bpd for this year.

Offshore expansion plans come as Libyan media announced on Wednesday that production and exports in the Oil Crescent would resume, with protesters allegedly agreeing to lift a blockage that has lasted for three weeks, leading the NOC to declare force majeure on two oil fields, including its largest–Al Sharara–and key export terminals.

In a tweet late on Tuesday, Libyan prime minister-designate Fathi Bashagha said that militias had agreed to lift the blockade of key oil facilities.

However, there is no indication that the blockade has been lifted, and the NOC has not come out with an official statement; just hours before Bashagha made his statement, Oil Minister Mohammed Oun told Bloomberg that an agreement to reopen the oil taps had not been met.

The blockade results from disputes over the distribution of oil revenues in the country, with Bashagha, backed by the eastern parliament and, nominally, by General Haftar and forces from the Libyan National Army (LNA), wielding control over the Oil Crescent for production and exports.

In contrast, the current interim Prime Minister, Abdul Hamid Dbeibah, controls the Central Bank in Tripoli, where oil revenues are sent.

Dbeibah refuses to stand down, and Bashagha has been unable to assume leadership in Tripoli.

Offshore expansions would help both increase Libyan oil reserves and insulate some oil resources from faction-backing militias with the power to start and stop production.

The $3-billion offshore project belongs to Mellitah Oil & Gas Company–a joint venture between Eni and the NOC.

The monthly budget that will determine the ability to prioritize this project will come from the Libyan emergency package of $7.9 billion approved by the government of Dbeibah for the NOC for this year.

“Contractors have been assured that making progress with this project will be a priority once the money is available,” MEED cited unnamed sources close to the project.

(Oilprice.com)

The post Libya Eyes Offshore Oil Expansion Amid Onshore Force Majeure appeared first on African Leadership Magazine.

The modest rebound in growth is driven mostly by the recent rise in oil prices, which has benefitted the region’s oil exporters while putting pressure on the budgets of oil importers. The rebound also reflects the impact of modest reforms and stabilization efforts undertaken in some countries in the region.

The slow pace of growth, however, will not generate enough jobs for the region’s large youth population. New drivers of growth are needed to reach the level of job creation required.

The latest edition of the bi-annual MENA Economic Monitor, entitled ‘A New Economy for the Middle East and North Africa’, offers a roadmap for unlocking the enormous potential of the region’s large and well-educated youth population by embracing the new digital economy.

Broader and bolder reforms will be needed to achieve this goal, along with critical investments in digital infrastructure. It will require the reorientation of education systems toward science and technology, the creation of modern telecommunications and payments systems, and a private-sector driven economy governed by regulations that encourage rather than stifle innovation.

“Far too many of the region’s young men and women are unemployed,” said Ferid Belhaj, World Bank Vice President for the Middle East and North Africa Region. “This challenge will continue to grow unless it is turned into an opportunity. The current growth momentum is a chance to increase the speed and ambition of reforms. The focus should be on building a modern economy that leverages new technology and is driven by the energy and innovation of young people.”

The report indicates that the foundations already exist for a shift toward the digital economy. There is widespread adoption of new digital and mobile technologies among the region’s youth.

Yet, due to a combination of regulatory obstacles and the lack of key infrastructure, the ubiquitous hand-held devices are mostly used for accessing social media rather than for launching new enterprises. The report also identifies ‘green shoots’ of the new, digital economy. These include the ride-hailing app Careem that has grown from a start-up to a billion-dollar company creating thousands of jobs across MENA and beyond.

New digital platforms are also connecting job seekers and employers, providing vocational training, and hosting start-up incubators. The challenge now is to create the conditions for these green shoots to grow and multiply.

“Countries in the region possess all the ingredients they need to leapfrog into the digital future,” said Rabah Arezki, World Bank Chief Economist for the Middle East and North Africa Region and lead author of the report.

“The key is making sure young people are taught the skills needed for the new economy, have access to tools such as digital payments, and that obstacles to innovation are removed. It will require governments acting on many fronts, and pulling multiple policy levers, but the rewards in growth and jobs will be more than worth it.”

The report recommends setting out goals, such as achieving parity with advanced economies in information and communications technology by 2022. These sorts of bold objectives can serve to unite governments, citizens and the private sector in the collective effort needed to achieve the ambitious agenda.

The effort would transform MENA economies and help to ensure that millions of the region’s young people can find good jobs and contribute to the region’s growth with their skill and creativity.

In its economic outlook, the report forecasts that regional growth will continue to improve modestly, to an average of 2.8% by the end of 2020. There is the ongoing risk that instability in the region could worsen and dampen growth, but the region’s oil exporters are expected to benefit from oil prices and demand that will remain high.

Domestic reforms to increase revenues and contain public spending, such as in Saudi Arabia, will also contribute to growth in oil exporters. The region’s oil importers are expected to benefit from reforms to manage public expenditures, rising trade with Europe and China, and financial inflows from MENA oil exporters.

Egypt’s growth is expected to reach 5.8% in 2020 driven by a reform program that has included the liberalization of the exchange rate, rationalized energy subsidies, and increased social protection for the poor.

Overall, reforms in the region have led to cumulative savings of nearly US$180 billion, mostly in oil exporting countries, providing government’s additional financial space to continue economic reforms.

The post World Bank projects 2% growth in the MENA region appeared first on African Leadership Magazine.

Details of the figures contained in the June 2018 edition of the Monthly NNPC Financial and Operations Reports, released today also indicated that the crude oil export sales contributed $274.95 million which translates to 66.08 per cent of the dollar transactions compared with $244.72million contribution in the previous month.

The export Gas sales for the month amounted to $141.12million, the report said.

The 35th Edition of the Monthly NNPC Financial and Operations Report indicated that the corporation undertook the repairs of raptured gas pipeline which supplies gas to most thermal electricity generating plants in the country, leading to appreciable leap in power generation.

In all, a total of 744million standard cubic feet of gas per day (mmscfd) was delivered to the gas fired power plants in the month of June 2018 to generate an average power of about 2,970MW compared with the May 2018, where an average of 742mmscfd was supplied to generate 2,940MW.

A total of 211.51billion cubic feet (bcf) of natural gas was produced in the month of June 2018, translating to an average daily production of 7,056.22mmscfd.

For the period between June 2017 and June 2018, a total of 3,080.90 bcf of gas was produced, representing an average daily production of 7,826.41mmscfd.

During the period under review, Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 69.35 per cent, 21.77 per cent and 8.88 per cent respectively, to the total national gas production.

Out of the 209.55bcf of gas supplied in June 2018, a total of 113.08bcf of gas was commercialized, comprising of 36.23bcf and 76.85bcf for the domestic and export market respectively.

This translates to a total supply of 1,207.74mmscfd of gas to the domestic market and 2,561.70 mmscfd of gas supplied to the export market for the month, implying that 53.96 per cent of the average daily gas produced was commercialized while the balance of 46.04 per cent was re-injected, used as upstream fuel gas or flared.

The gas flare rate was 10.33 per cent for the month under review, that is, 721.83mmscfd, compared with the average gas flare rate of 10.4per cent, that is, 813.37mmscfd for June 2017 to June 2018.

In the downstream sub-sector, 1,194.93million litres of petrol were supplied into the country through the Direct-Sale-Direct-Purchase (DSDP) arrangements as against the 1,096.45million litres of petrol supplied in May 2018.

The petroleum products (petrol, diesel & kerosene) production by the domestic refineries in June 2018 amounted to 205.73million litres compared to 161.91million litres in May 2018.

The post [Nigeria] Oil and gas export sales up 35% to $416m appeared first on African Leadership Magazine.

Oil minister Gabriel Obiang Lima said the license extensions, which would be negotiated later in September and October, could impact operations by U.S. oil major ExxonMobil, Kosmos Energy, Marathon Oil and Noble Energy.

“We expect all of them to have an understanding that we do want serious investment in activities and if that is not happening … some of the extensions they will be asking for will not be handed over,” Obiang Lima told Reuters at an African oil and power conference.

Equitorial Guinea, an OPEC member and Sub-Saharan Africa’s third-largest oil producer, relies mainly oil and gas exports to power its economy.

“The objective is that we have a large amount of foreign direct investment in country. The expectation is a minimum of $2 billion must be invested across the entire industry, from operating, management and drilling,” he said.

Obiang Lima also said the country would be launching a new bidding round in January for oil and gas exploration in both onshore and in ultra-deep areas.

At the same time it will launch a bidding round for gold, diamonds and bauxite, following an aero-magnetic survey of half of the continental Rio Muni area where around 2,000 boreholes to get samples were drilled.

“There will be three options on the bid. There will be full exploration on areas where there is no data, exploration on areas that we already have data and samples then on areas with already confirmed resources,” he said.

The post Equatorial Guinea to launch new oil and gas bid round in January appeared first on African Leadership Magazine.