Offshore Africa Magazine - October 2024

In this issue

Tano Basin Imaging Underpins Ivorian Exploration

Namibia Grants Drilling Permits for 55 Oil Wells

Nigeria’s 1MMBOPD Initiative is Achievable

Tackling Ghana’s Image as Hostile Investment Destination

NEITI Confirms Nigeria's Crude Output Increased Marginally in 2023

Nigeria’s oil production in 2023 saw a marginal increase over 2022 volume, even though the decline witnessed in the industry in the past decade persists.

2 mins

Algeria Tops Oil Exploration in Africa

The latest Monthly Oil Report of the Organization of Petroleum Exporting Countries (OPEC) showed on –a year-on-year (YoY) basis, exploration dropped in Nigeria by 22% in August 2024.

1 min

Namibia Grants Drilling Permits for 55 Oil Wells

Since the Graff-1X oil discovery was made in April 2022, subsequent high profile commercial successes have confirmed Namibia’s orange Basin as one of the world’s most prospective regions for oil and gas exploration.

3 mins

Nigeria and Ghana Sign MOU on Local Content

The Nigerian Content Development and Monitoring Board (NCDMB) has signed a Memorandum of Understanding (MoU) with the Petroleum Commission of Ghana (PCG) towards developing and deepening local content regulations in Ghana’s upstream petroleum sector.

1 min

Pecan Energies Ghana CEO Makes Case for African Operators at AOW 2024

Pecan Energies Ghana CEO, Mrs. Kadijah Amoah, joined a distinguished panel to discuss “Building the African Operators of the Future” at AOW 2024 in Cape Town, South Africa.

1 min

Innovative Training with EM&I Elevates Stark Energy's Operational Readiness

Stark Energy is proud to announce the successful completion of an advanced training program by two of its personnel, facilitated by our esteemed partners, EM&I at their Macaé base, in Brazil.

1 min

Renquip Expands Global Presence and Achieves Strong Growth in 2024

RenQuip, a pioneering manufacturer of hydraulic and mechanical equipment, is proud to announce a period of significant growth and substantial global expansion.

1 min

Egypt to Boost Gas Output by 30% in 2025

Egypt plans to increase its natural gas production by approximately 30 percent, targeting 6 billion cubic feet per day by the end of 2025, up from the current 4.6 billion cubic feet per day, a government official told Offshore Africa Magazine.

2 mins

New Gas Projects to Ease Europe's Energy Woes

With many European countries scrambling to secure new gas supplies to make up for lost supplies from Russia; it is essential to ramp up investments for short-term and medium-term energy security in the region.

2 mins

Ghana's Gas Sector Grapples with Rising Demand

Ghana faces a significant expansion in the demand for natural gas to drive electricity demand (doubling in the next 10 years), and with 500 to 900 MMscfd of gas required to meet electric power generation by 2035, according to latest projections. Ghana currently receives 420 MMscfd of gas mainly from two domestic offshore fields- Jubilee and OCTP.

2 mins

Nigeria Targets 50% Gas Output Growth by 2030

Nigerian Upstream Petroleum Regulatory Commission, NUPRC said Nigeria's natural gas output will grow to 12.2 billion standard cubic feet per day by 2030, up by 52.2% from the current level of 8.0 billion cubic feet per day.

1 min

Tackling Ghana's Image as Hostile Investment Destination for Oil

Ghana has great potential for oil and gas exploration and production, but the West African nation is currently bogged down by what an oil and gas executive described as “perception of Ghana as increasingly hostile investment destination” for oil and gas.

3 mins

Tano Basin Imaging Underpins New Ivorian Exploration

Since emerging as West Africa’s new oil and gas exploration sensation, Cote d’Ivoire is vigorously pursuing a programme to acquire high-end imaging to enhance a broader understanding and de-risk the full play potential of the exciting Tano Basin.

2 mins

Nigeria's Tax reforms to unlock $10 Billion Oil Investments

The Nigerian government is aiming to attract around $5 to $10 billion in near-term investments for deep-water offshore operations with nearly introduced tax incentives in the oil and gas sector.

3 mins

Plenitude launches On the Road, the new identity of its e-mobility solutions

Plenitude marks another step forward in electric mobility with the launch of “On the Road,” unifying all its charging solutions, both domestic and on-road, under a single identity, consolidating the Be Charge integration process within the company.

1 min

South Africans Brace for Fuel Price Increase in November

Petrol and diesel price cuts expected in South Africa in November have been diminished by a weaker rand and rising global oil prices. Motorists are still lined up for a cut, but it will be much smaller than projected at the start of the month.

1 min

Africa's road map to a bigger, greener power system

Africa may be set to transform itself from a relative clean-energy laggard into a power-sector pioneer.

3 mins

Bentley Systems: Open Data Ecosystems to Advance Infrastructure Engineering

Bentley Systems, Incorporated, the infrastructure engineering software company, unveiled its vision for open data ecosystems to advance infrastructure engineering at its annual Year in Infrastructure conference.

4 mins

Sierra Leone Gets US$480 Million to Grow Power sector

Grappling with electricity supply crisis, Sierra Leone has been offered a lifeline, as the Millennium Change Corporation, a U.S state development fund has extended a $480 million five-year grant to provide reliable and affordable electricity to 4.6 million of its people.

1 min

Uganda seeks funds to add 1,600 MW of hydro capacity, official says

Uganda is seeking funds to build three hydropower plants that would add over 1,600 megawatts (MW) of capacity to help meet rising power demand, an energy official said on Wednesday.

1 min

What Drives the Gold Market?

Gold hit a record high above $2,700 per ounce in October as the prospect of more U.S. interest rate cuts and global geo-political uncertainty boosted its appeal.

2 mins

Gold price tops $2,700 for first time to extend record-breaking run

Gold topped $2,700 an ounce for the first time as concerns over escalating conflicts in the Middle East and a tight US election race prompt investors to flock to safety.

2 mins

Newcore Confirms Gold Find at New Drilling Site in Ghana

Canadian Gold Company Newcore says its recent drilling program at its 100% owned Enchi Gold Project in Ghana has encountered new resources that will foster resource growth at the mine.

2 mins

Project 1MMBOPD is Achievable, says Tony Elumelu

Nigerian President Bola Ahmed Tinubu is articulating plans to grow the country’s crude oil production by one million barrels per day in the next 12 months.

2 mins

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Offshore Africa Magazine Description:

Offshore Africa magazine is the voice of the African oil and gas industry. The publication is launched to highlight recent developments in the oil and gas sectors in Africa.