Saudi Arabia and Kuwait announce 'highly significant' oil discovery in neutral zone
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Zawya
4 hours ago
- Zawya
Oando Achieves 63% Production Growth, Posts ₦1.72 Trillion Revenue in H1 2025
Oando ( Africa's leading indigenous energy solutions provider has published its unaudited results for the six months ended 30 June 2025. The company's upstream business recorded strong production performance with a 63% year-on-year growth averaging 37,012 boepd in H1 2025. This includes crude oil production up 77% to 10,479 bopd, gas volumes up 54% to 25,399 boepd, and NGL production up 375% to 1,135 bpd. The company attributes this performance to the consolidation of the NAOC JV interest and improved uptime across key assets The Group reported revenue of ₦1.72 trillion, representing a 15% decline driven by lower trading activity and weaker realised prices, despite stronger upstream contributions. Gross Profit fell by 28% to ₦59 billion reflecting both a topline contraction and changing segment mix. Nevertheless, the company maintained a Profit-After-Tax of N63 billion, consistent with the result recorded in H1, 2024. Following, its recent acquisition of Nigerian Agip Oil Company (NAOC) from Italian oil giant, Eni, the company has focused heavily on infrastructure upgrades, production optimisation, and integration of the NAOC asset base leading to increased capital expenditure increase of ₦44 billion. Additionally, Oando's commitment to safety is demonstrated by achieving zero lost-time injuries (LTIs) and recording 12.3 million LTI-free hours, underscoring its continued excellence in HSE performance. The Trading subsidiary increased its crude oil liftings to 14 cargoes (12.9 MMbbl) in H1 2025, compared to 10 cargoes (10.6 MMbbl) in H1 2024, reflecting improved offtake execution. Speaking on the 2025 half year results, Group Chief Executive, Oando PLC, Wale Tinubu CON, commented ' In H1 2025, we advanced our growth agenda in our upstream division, the primary driver of the Group's performance, by achieving a 63% year-on-year increase in production volumes. This was driven by the successful consolidation of NAOC's assets, early gains from our optimization programme and our assumption of operatorship, which enabled us implement holistic security measures amid improved community relations, resulting in enhanced infrastructure reliability, higher production volumes, and greater operational resilience.' 'Our trading segment faced headwinds which exerted pressure on the entity's revenue and the Group's topline as a result of declining PMS imports into the country due to rising local refining capacity from Dangote Refinery, a positive development that enhances Nigeria's energy security and self-sufficiency. In response, we diversified our crude offtake sources, optimized trade flows, and expanded into LNG and metals. These initiatives are already gaining traction and will support stronger performance in H2.' He added. Similarly, another independent player Aradel Holdings Plc, released its H1, 2025 unaudited financials and reported revenue of ₦368.1 billion, up 37.2% and Profit after Tax of ₦146.4 billion, up 40.2% driven by stable average production volumes. Additional highlights in the first half of the year include the company securing operatorship of Block KON 13 in Angola, marking its strategic entry into the Kwanza Basin and a significant step in expanding its upstream footprint Africa. Looking ahead, the company is preparing for capital restructuring initiatives, including an equity raise and debt conversions, which it plans to present at the upcoming Annual General Meeting and Extraordinary General Meeting scheduled to hold in August. These plans follow the successful upsizing of the RBL 2 facility to $375 million, strengthening its financial flexibility to accelerate development of the Group's expanded 1 billion boe upstream portfolio. Looking forward, Tinubu remarked ' As we enter the second half of the year, our priorities are clear: accelerate upstream monetization through drilling and production assurance, strengthen trading performance, and execute our capital restructuring initiatives to restore balance sheet flexibility. With a focused strategy and a clear execution roadmap, we remain committed to delivering sustained value to our shareholders.' Oando has set its sights on maintaining full-year production of 30,000–40,000 boepd, driven by a balanced capital program of 3 new wells and 6 rig-less interventions. The company's trading guidance includes 25–35 MMbbl crude oil and 750,000–1,000,000 MT refined products. Additionally, Oando projects capex of $250–270 million focused on drilling, infrastructure, and ESG projects, with a 20% cost reduction goal. Distributed by APO Group on behalf of Oando PLC.
Zawya
7 hours ago
- Zawya
The U.S. International Development Finance Corporation (DFC) to Highlight United States (U.S.) Capital Mobilization for Africa at Houston Energy Forum
The U.S. International Development Finance Corporation (DFC) is set to take the stage at the U.S.–Africa Energy Forum (USAEF) in Houston next month, with Director Selam Demissie confirmed as a featured speaker. Her participation comes at a pivotal moment as the DFC deepens its commitment to mobilizing U.S. private capital into Africa's energy and critical minerals sectors, particularly in underfinanced markets. Despite being resource-rich and technically viable, many African energy projects continue to face challenges reaching financial close, held back by a lack of early-stage capital, limited credit guarantees and high perceived political risk. This financing gap continues to stall progress across upstream and midstream segments, particularly in markets where private investors remain cautious. The DFC is stepping into this space with the clear goal of derisking investment environments and making U.S. participation not only viable, but attractive. Through its suite of financial tools – including political risk insurance, debt financing and equity investment – the DFC is uniquely positioned to provide the kind of blended finance packages that catalyze private sector involvement. Its products are designed specifically to absorb risk where commercial lenders will not, helping to crowd in capital for large-scale energy and infrastructure projects. By offering coverage of up to $1 billion per project, the DFC protects investors against challenges such as expropriation, political violence and currency inconvertibility – barriers that often delay or derail investments in complex African markets. One of the DFC's recent moves was its $553 million loan to support the rehabilitation and upgrade of the Lobito Atlantic Railway, which stretches over 1,300 kilometers from the border of the Democratic Republic of Congo (DRC) to the Angolan coast. This investment includes rail infrastructure and port facilities, designed to enable the efficient transport of critical minerals, such as cobalt and copper, from the DRC to global markets. The corridor represents a major shift in regional logistics strategy – offering a competitive and secure alternative to existing routes – and speaks to a broader U.S. push to build more resilient and transparent supply chains for critical materials central to the energy transition. The DFC's participation at USAEF also signals that its focus extends beyond minerals. In the energy sector, the DFC has extended political risk insurance to gas and infrastructure projects, including in markets like Mozambique, where it played a role in supporting early-stage development of LNG facilities despite significant security and operational challenges. These efforts highlight how U.S. development finance can help move forward energy projects that might otherwise remain stalled in frontier markets. At USAEF 2025, the DFC's participation underscores its expanding role in Africa's energy and critical minerals sectors. The agency's growing footprint reflects a clear recognition of Africa's pivotal role in the future of global energy systems and supply chains. By providing risk-tolerant capital for infrastructure such as gas processing, terminals and transport corridors, the DFC is helping to catalyze private investment and strengthen U.S. economic and strategic engagement across the region. Distributed by APO Group on behalf of Energy Capital&Power. For tickets, sponsorship opportunities and more information, please contact sales@ or visit Join us in Houston to connect with the leaders shaping Africa's energy landscape and experience the momentum that drives ECP's events worldwide.
Zawya
8 hours ago
- Zawya
Saudi Aramco and Sonatrach cut OSPs for LPG in August by 5-10%
Algeria's Sonatrach and Saudi Arabia's state oil producer Aramco cut official selling prices (OSPs) for liquefied petroleum gas in August by 4.6-10.1% due to rising supply and weaker demand on the global markets, traders said. Saudi Aramco cut its August OSP for propane by $55 per ton to $520 and for butane also by $55 per ton to $490 . Propane and butane are types of LPG with different boiling points. LPG is mainly used as a fuel for cars, heating and as a feedstock for other petrochemicals. Sonatrach's August OSP for propane was stable at $445 per metric ton , while OSP for butane was cut by $20 per ton to $415 per ton . Aramco's OSPs for LPG are used as a reference for contracts to supply LPG from the Middle East to the Asia-Pacific region. Sonatrach's OSPs are used as benchmarks for the Mediterranean and Black Sea region, including Turkey.
