Connexion

Gazprom offers Pakistani company Nigerian assets to boost Asian expansion

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.

Partagez:

Facing a $6.9bn loss in 2023 following a significant reduction in its European market share, Gazprom is actively exploring new business opportunities. The Russian energy firm is now offering petroleum and gas assets located in Nigeria to Pakistan’s Oil and Gas Development Company Limited (OGDCL). This proposal is part of Gazprom’s strategy of expanding into Asia, where the company seeks to strengthen its position by leveraging its African resources. This information emerged from Pakistani media following recent discussions in Moscow between Pakistan’s Energy Minister, Ali Pervaiz Malik, and Gazprom representatives.

Strategic assets in Nigeria

The Nigerian assets covered by this proposal are currently owned or operated by Gazprom as part of its longstanding partnership with the Nigerian National Petroleum Company Limited (NNPC Ltd). Since 2009, Gazprom and NNPC Ltd have cooperated within a joint venture named Nigaz, which initially announced investments of $2.5bn aimed at energy development in Nigeria. This partnership primarily targeted exploration and development of new petroleum and gas fields, as well as building related infrastructure. To date, no official statement regarding this potential asset sale has been made by Nigerian authorities.

A necessary repositioning towards Asia

According to Minister Malik’s statements, a potential partnership with OGDCL could also establish a strategic platform for Gazprom’s offshore exploration activities in Pakistan. Expansion into Asia represents a key initiative for the Russian company, which faces substantial contraction in its European operations due to economic sanctions related to the Ukraine conflict. The offer to Islamabad thus appears to accelerate Gazprom’s establishment in Asian markets, considered essential. The Russian firm, however, has yet to officially disclose precise details of the proposal, leaving several questions regarding the exact conditions of the envisioned agreement.

Gazprom continues its internationalisation efforts amid challenging financial circumstances, actively seeking alternatives to compensate for heavy European market losses. The strategic relevance of the Nigerian assets within this expansion project remains to be clarified by the involved parties.

  • Populaires ​
Cadiz signs with Hoku Energy and targets $10mn annual revenues in California
Octopus Energy launches $60 million fund for African energy
TerraPower raises $650 million with NVIDIA for modular reactors
Indonesia and Russia strengthen strategic partnership on civil nuclear energy
France sets renewable energy target of 200 TWh by 2030
PermRock Royalty Trust distributes $539,693 following decline in oil sales
PermRock Royalty Trust announces a monthly distribution of $539,693 to unit holders, impacted by reduced oil volumes and prices in April, partly offset by increased natural gas sales.
Permian Basin Royalty reduces June distribution due to high costs
Permian Basin Royalty Trust announces a reduced distribution for June due to ongoing excess costs at Waddell Ranch properties and lower volumes from Texas Royalty Properties.
Norway: Johan Castberg oil field reaches full capacity in three months
Three months after starting production, Norway’s Johan Castberg oil field, located in the Barents Sea, reaches its full capacity of 220,000 barrels per day, significantly increasing energy supplies to Europe.
Iraq Suspends Oil Projects Amid Regional Conflict and Strained Logistics
The Middle East conflict forces Iraq to delay certain oil developments, disrupting field operations despite temporary stability in production and exports amid growing logistical tensions.
United States Identifies 29 Billion Barrels Untapped Through New Technologies
New U.S. estimates reveal nearly 29 billion barrels of oil and 392 Tcf of technically recoverable natural gas on federal lands, marking significant progress since the last assessment in 1998.
UK Sanctions 20 “Shadow Fleet” Tankers and Rosneft Marine
The United Kingdom tightens sanctions against Russia's oil sector by targeting twenty tankers operating in the "shadow fleet" and Rosneft Marine, amid rising crude prices exceeding the G7-imposed price cap.
Vallourec secures $50mn OCTG contract for drilling operations in Qatar
French manufacturer Vallourec will supply Qatar with premium OCTG tubes in a contract worth an estimated $50 million, supporting the planned expansion of oil and gas operations by 2030.
SBM Offshore secures FPSO operations contract with TotalEnergies in Suriname
SBM Offshore has secured an operations and maintenance contract from TotalEnergies for the FPSO GranMorgu unit, the first such project in Suriname, covering operational preparation and post-production maintenance for at least two years.
Maurel & Prom strengthens presence in Angola with strategic offshore acquisition
Maurel & Prom acquires additional stakes in two offshore oil blocks in Angola, consolidating its existing assets for an initial sum of $23mn, potentially rising based on market developments and production performance.
Weakened by sanctions, Iran loses influence on the global oil market
Long a major player in OPEC, Iran sees its influence on the oil market significantly reduced due to US sanctions, Israeli strikes, and increasing reliance on exports to China.
Syria resumes petroleum exports from strategic Banias refinery
After several months of interruption following a major political upheaval, Syria's Banias refinery has shipped its first cargo of refined products abroad, marking a partial revival of its energy sector.
ExxonMobil secures strategic licence extension for Angola’s Block 17
ExxonMobil and its partners have extended the production sharing contract for Block 17 in Angola, securing the continued operation of major infrastructure in a key offshore asset for Africa’s oil sector.
Egypt announces second oil discovery at Abu Sannan in three months
Egypt’s General Petroleum Company discovers a new oil field in Abu Sannan, producing 1,400 barrels per day, confirming growing interest in this mature Western Desert region.
South Sudan seeks China’s assistance to revive its oil fields
The South Sudanese government is collaborating with Chinese group CNPC to reactivate several major oil fields, aiming to stabilise national production affected by political instability and ongoing technical difficulties.
TotalEnergies buys 25 % of 40 US offshore licences from Chevron
TotalEnergies takes 25 % of a portfolio of 40 exploration permits on the US Outer Continental Shelf, deepening its partnership with Chevron in the Gulf of Mexico’s deepwater.
Oil: OPEC maintains forecasts, Russia below production quota
OPEC confirms global oil demand estimates for 2025-2026 despite slightly adjusted supply, while several members, including Russia, struggle to meet their production targets under the OPEC+ agreement.
European Union Hesitates to Independently Lower Russian Oil Price Cap
Facing anticipated refusal from G7 countries to lower the Russian oil price cap to $45, the European Union weighs its options, leaving global oil markets awaiting the next European sanctions.
Dangote opens its refinery to Nigerian distributors starting August 15
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.
Hydrocarbon pollution: Rømø closes beaches at peak tourist season
The sudden appearance of hydrocarbon clusters has forced the closure of beaches on the Danish island of Rømø, triggering an urgent municipal investigation and clean-up operation to mitigate local economic impact.
Cenovus Energy restarts full production at Christina Lake site
Canadian company Cenovus Energy has fully resumed oil sands production at its Christina Lake site following a wildfire-related shutdown in Alberta.

LEGAL

FOSSILS

POLICY

RENEWABLE

PLUS

© XMARKET PUBLISHING

Welcome

Your subscription

Included in this subscription:

COMMUNICATE ON ENERGYNEWS