Ghana’s Energy Ministry has recently hinted at an arrangement where Nigeria would supply natural gas to Ghana, which Ghana would then use to generate electricity. Instead of paying for the gas in cash, Ghana would export some of the electricity back to Nigeria and other neighbours as a form of barter trade.
Nigeria has signed a production-sharing contract (PSC) with TotalEnergies and local firm South Atlantic Petroleum for two offshore blocks, in a step to boost exploration and attract investment under its new oil framework.
During a state visit to Brasilía this week, Nigerian President Bola Tinubu focused on deepening economic cooperation and unlocking strategic partnerships, and welcomed Petrobras’s planned re-entry into the Nigerian market. The two countries signed five Memoranda of Understanding covering trade, energy, aviation, science and finance, signaling a shift from symbolic ties to practical, high-impact collaboration.
First E&P signed a deal with the Tanzania Petroleum Development Corp. last month for the technical assessment and potential development of the Mnazi Bay North Block in southern Tanzania, near fields where vast gas reserves were found in Mozambique.
“The new refinery in Nigeria and some issues in securing domestic supplies played a role for those unique flows earlier this year. But going forward, with the refinery now aiming to secure domestic flows, and probably looking at other crude grades, it is difficult to forecast if the volume flowing from the U.S. to Nigeria will persist,” agreed Giovanni Staunovo, an analyst at UBS.
African exploration and production company Petralon Energy is on track to boost Nigerian crude production by a further 2,500 barrels per day (bpd), following drilling activities at the Dawes Island field, according to a news release from the African Energy Chamber. The company has recently completed a new well at the field, aligning with plans to maximize output at the field. Operated by Petralon Energy subsidiary Petralon 54 Limited, the field is situated in Petroleum Prospecting License (PPL) 259.
Shell announced last December the final investment decision for the development of the Bonga North deep-water project. The project will be a subsea tie-back to the Shell-operated Bonga Floating Production Storage and Offloading (FPSO) facility.
Four months after scrapping the fuel subsidies, Tinubu established the Presidential Compressed Natural Gas Initiative (PCNGI) to drive CNG adoption and ease Nigeria into a cleaner energy era. Experts say mass adoption of CNG will reduce greenhouse gas emissions, improve air quality and cut maintenance costs.
President Bola Ahmed Tinubu has signed a new executive order introducing performance-based tax incentives to reduce project costs and boost investment in upstream oil and gas operations, the Special Adviser to the President on Energy Olu Verheijen announced on Thursday.
TotalEnergies SE has signed a deal to sell its 12.5 percent stake in Nigeria’s OML118 production sharing contract, which contains the producing Bonga field, to Shell PLC for $510 million.
The French company, through subsidiary TotalEnergies EP Nigeria Ltd., derived 11,000 barrels of oil equivalent a day (boed) from its share of production in the block, mainly oil, in 2024.