Backbone Infrastructure Nigeria Limited is investing $15bn to develop a 500,000-barrel-per-day oil refinery in Ondo State, a major project aimed at boosting Nigeria’s refining capacity.
Oil, the world's major source of energy, generates geopolitical tensions. Venezuela has the largest reserves, followed by Saudi Arabia, but renewable energies are threatening this dominance. Middle Eastern countries play a key role in this industry.
The African Export-Import Bank extends the Nigerian oil company’s facility, providing room to accelerate drilling and modernisation by 2029 as international lenders scale back hydrocarbon exposure.
The Anglo-Dutch company maintains its oil and gas operations on the African continent, betting on offshore exploration and the reactivation of onshore fields, while the institutional and regulatory context remains uncertain.
Shell revises downward its forecasts for the second quarter of 2025, anticipating notably a decline in Integrated Gas and Upstream segments, impacted by reduced volumes and lower profitability in several major activities.
Gazprom, affected by a historic $6.9bn loss in 2023, is offering Pakistani state-owned firm OGDCL its petroleum assets in Nigeria to strengthen its presence in Asia’s energy market, according to Pakistani sources.
Starting August 15, the Dangote refinery will directly supply gasoline and diesel to Nigerian distributors and industries, expanding its commercial outlets and significantly reshaping the energy landscape of Africa's leading oil producer.
Global CO₂ emissions reach a record level in 2024, while Europe reports a local decrease but significantly outsources its pollution to emerging economies, revealing a pronounced gap between stated ambitions and economic realities.
