Tullow Oil Plc has reported a loss after tax of $61 million for the first half of 2025, reversing a profit of $196 million recorded in the same period last year, amid declining revenues and lower realised oil prices. Revenue for the period declined sharply to $524 million from $759 million in H1 2024, driven...
Category: Oil and Gas
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Crude Oil and Refined Products Market Review and Outlook
Heightened geopolitical tensions and hikes in supply-risk premiums resulted in a temporary surge in crude oil prices in June by about 13%. This was largely due to the impact of the Israel–Iran conflict that resulted in the Parliament of Iran threatening the closure of the Strait of Hormuz, which accounts for about 20% of the...
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Guyana gasoline prices now lowest in the Caribbean region.
Guyana recorded the lowest gasoline price in the Caribbean region in July, well below the global average, according to data shared by the Energy Chamber of Trinidad and Tobago last Thursday. The Chamber’s analysis, which drew on figures from globalpetrolprices.com, shows that gasoline in Guyana retailed at approximately US$0.81 per litre in July, compared to...
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Namibia picks South African nuclear tech for Walvis Bay oil refinery.
Namibia has selected South African-developed nuclear technology to power a new oil refinery planned for Walvis Bay, with the project set to be driven by the Dune 7 Special Purpose Vehicle and backed by the Namibian government. The refinery, designed to process 300,000 barrels per stream day (BPSD), will utilise the High Temperature Modular Reactor...
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Where to find oil and gas in the Philippines: Proven reservesIncreased exploration, drilling pace
According to Statista, citing official Department of Energy (DoE) data, the island nation holds 139 million barrels of “proven” reserves, as of 2024. That’s equivalent to an estimated market value of $9.61 billion (based on mid-2025 oil market data). There could be more.The Philippines is said to be “sitting” on a gold mine of untapped...
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Exxon Signs Oil Deal in Libya
Exxon has inked a preliminary deal for exploration at four offshore blocks in Libya after a decade of absence from the country. The news was reported by Libya’s National Oil Corporation, which said the U.S. supermajor will conduct a detailed technical study of the blocks that are located off the country’s northwest coast and the...
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Dangote Refinery Saves Nigeria $20bn in Fuel Import, Report Shows
The 650,000 barrels per day capacity Dangote Petroleum Refinery in the Ibeju-Lekki area of Lagos is currently bailing the Federal Government out of a pressing financial crisis with the steady supply of foreign currencies, Business Hallmark can report shows. The continued flow of FX to the refinery owned by Africa’s richest man, Alhaji Aliko Dangote,...
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Importation of toxic fuel deals a major blow to Dangote’s fight for market share.
According to current statistics from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), marketers have recommenced large-scale imports of refined petroleum products, bypassing domestic refining possibilities, most notably the $20 billion Dangote Petroleum Refinery in Lekki. Marketers in Nigeria have resumed large-scale imports of refined petroleum products due to domestic refining limitations, including underutilization...
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BP hails Brazil block as its largest global oil and gas find in 25 years
BP (BP.L), opens new tab has made its largest global oil and gas discovery in 25 years in Brazil’s Santos basin, it said on Monday, in what may be a major boost for the British company’s strategic shift away from renewable energy to refocus on fossil fuels.BP is seeking to bolster oil and gas in...
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Nigeria needs a bankable case for energy investment – Ojulari
Bayo Ojulari, the group managing director of the Nigerian National Petroleum Company Limited (NNPC) has called for a coordinated, strategic approach to make Nigeria’s energy sector more attractive to global investors, stating that “Nigeria needs a bankable case for energy investments.” Speaking at the 2025 Society of Petroleum Engineers (SPE) International Conference in Lagos, Ojulari...