The West African nation of Benin has blocked China’s first shipment of crude oil from Niger amid an ongoing border dispute with Niger following a coup that has put a military junta in power and shaken relations with other African nations.
Energas West Africa CEO David Pappoe Jr. will speak at the Invest in African Energy (IAE) forum in Paris next month, spotlighting opportunities for local service companies within Africa’s growth markets.
Since 2020, there have been military coups in Burkina Faso, Mali, and Niger. Potential spillover of conflicts to the coastal West African countries could endanger some oil projects and deter foreign investment, according to report by analyst – Tsvetana Paraskova, writing for Oilprice.com.
Since 2020, there have been military coups in Burkina Faso, Mali, and Niger.
Potential spillover of conflicts to the coastal West African countries could endanger some oil projects and deter foreign investment.
The EU and US have promised support to Western African governments to counter the spillover of insecurity from the Sahel.
As major discovery comes to light
Italy’s oil and gas giant Eni, has made a new significant hydrocarbon discovery in block CI-205 off the coast of Côte d’Ivoire, West Africa.
He said Ghana’s fuel specifications, which are set at a sulphur content of 50 parts per million (ppm) in fuel was the cleanest in the West African sub-region.
Europe’s oil refineries are stepping up crude purchases following a surge in the price of diesel and disruptions to imported shipments from the Middle East. The situation is driving up the cost of physical barrels of oil.
U.S. crude can’t compete now in Asia because freight rates have made it too expensive.
Due to the higher freight costs, WTI Crude is now $1 a barrel more expensive than Abu Dhabi’s Murban, versus small discounts or parity in prices last week.
For example, India is looking to buy more term supplies from Saudi Arabia and from West African producers as the world’s third-largest crude oil importer is always on the hunt for bargains for its crude supply.
West Africa Oil and Gas Upstream Market: Growth and Trends Analysis
The West Africa Oil and Gas Upstream Market is anticipated to register a Compound Annual Growth Rate (CAGR) of approximately 6.7% during the period 2020-2025.
The Bulk Oil Storage and Transportation (BOST) has said it will continue to explore new markets within West Africa for petroleum products while preparing to transition from a purely oil and gas company to a full energy company.