“We are here to listen to you, to understand your concerns, assess our partnership, and explore how we can further strengthen it,” he said.
The President stressed that regular engagement between government and private sector actors is essential for mutual benefit and sustainable economic growth, adding that the meeting would serve as a foundation for continuous dialogue.
Chief Minister Dr David Moinina Sengeh said the meeting was convened at the President’s initiative, underscoring the importance of oil marketing companies as major contributors to the country’s economy and development agenda.
Sierra Leone: President Holds Talks With Oil Companies, Reaffirms Commitment To Private Sector Growth
President of Sierra Leone, Dr Julius Maada Bio, has engaged with oil marketing companies (OMCs) operating in the country, reaffirming his administration’s commitment to strengthening private sector growth through sustained dialogue and partnership.
During the meeting, the President emphasised the critical role oil marketing companies play in the national economy, noting that the sector directly affects the daily lives of Sierra Leoneans and therefore requires deliberate government attention.
“This year, I am not only acting; I want to act with haste. If we are to work together, we must continue to engage in dialogue,” the President stated, according to the Sierra Leone News Agency.
Describing the oil marketers as key development partners, President Bio said the engagement was aimed at listening to stakeholders’ concerns, reviewing the state of the partnership, and jointly identifying ways to strengthen collaboration.
“We are here to listen to you, to understand your concerns, assess our partnership, and explore how we can further strengthen it,” he said.
The President stressed that regular engagement between government and private sector actors is essential for mutual benefit and sustainable economic growth, adding that the meeting would serve as a foundation for continuous dialogue.
Chief Minister Dr David Moinina Sengeh said the meeting was convened at the President’s initiative, underscoring the importance of oil marketing companies as major contributors to the country’s economy and development agenda.
“We are here to listen to you, to understand your concerns, assess our partnership, and explore how we can further strengthen it,” he said.
The President stressed that regular engagement between government and private sector actors is essential for mutual benefit and sustainable economic growth, adding that the meeting would serve as a foundation for continuous dialogue.
Chief Minister Dr David Moinina Sengeh said the meeting was convened at the President’s initiative, underscoring the importance of oil marketing companies as major contributors to the country’s economy and development agenda.
Nigeria: Reforms Attract $5.3bn In Upstream Petroleum Investment In 2025
Africa’s largest crude oil producer, Nigeria, attracted $5.3 billion in upstream capital investment in 2025, accounting for about 38 per cent of all major project sanctions on the continent over the past 24 months.
This was disclosed by the Special Adviser to the President on Energy, Olu Verheijen, in a post on X earlier this week.
She said the surge occurred despite an 18 per cent overall decline in upstream spending across Sub-Saharan Africa, signalling a decoupled growth trajectory for Nigeria’s energy sector.
Between 2015 and 2023, Nigeria attracted only 4 per cent (about $5 billion) of sanctioned African Final Investment Decisions (FIDs), accounting for just six of the 44 upstream petroleum projects approved during that period.
However, in just the past two years (2024–2025), the country has secured 38 per cent of the continent’s major projects, attracting about $8 billion in capital through five high-impact project sanctions.
The turnaround follows reforms introduced under the Petroleum Industry Act (PIA), which have helped reverse the trend and enabled Nigeria to secure five of the eight upstream projects sanctioned across the continent in 2025.
“The administration’s data-driven benchmarking has propelled Nigeria into the top quartile of global jurisdictions for investment competitiveness. With the Bonga North and Ubeta gas developments also advancing, the Presidency expects this momentum to carry into 2026.
“As Nigeria enters a new cycle of upstream investment, we must strengthen local content as a catalyst for smooth and timely project delivery. Regulators must shed legacy mindsets and act as enablers of speed, clarity, and efficiency,” Verheijen concluded.
Shell, Exxon Cancel Sale Of UK North Sea Natural Gas Assets To Viaro Amid Regulatory Review
Shell and ExxonMobil have cancelled a proposal to sell their North Sea natural gas assets to upstart firm Viaro Energy, Bloomberg has reported.
According to a statement issued by Shell, the oil majors were unable to complete the transaction to sell the strategic Bacton onshore gas terminal and 11 offshore facilities to Viaro, owned by oil tycoon Francesco Mazzagatti, due to a protracted regulatory review by the North Sea Transition Authority (NSTA).
The regulator said it required additional information from Viaro before making a decision.
“The parties have worked hard and in close alignment to try and complete this transaction over many months, but despite this being a fully funded opportunity, the completion conditions were not met as commercial and market conditions evolved, and we mutually agreed not to proceed,” Mazzagatti said last Wednesday.
In 2024, Shell said the transaction was expected to be completed in 2025.
The NSTA, which was recently granted expanded powers to oversee mergers and acquisitions in the North Sea, said it was “waiting to receive the additional information requested from the purchasing party to make a decision.”
The deal included the Bacton terminal on England’s east coast, which Shell has described as being of “strategic national importance.”
The terminal is the sole entry point for gas from Belgium and the Netherlands and supplies as much as one-third of the UK’s gas demand.
Mazzagatti, Viaro’s founder, is facing criminal charges in Italy and civil forgery and fraud allegations in the UK. He has denied all allegations.
The collapse of the deal has paused an acquisition streak that made Viaro the most prolific buyer of UK oil and gas assets over the past five years, according to data compiled by Bloomberg. The decision also follows a ruling by the London Court of Appeal late last year in relation to a joint venture with an Abu Dhabi firm, in which judges overturned an earlier judgment in favour of Mazzagatti.
Shell and Exxon must now decide whether to pursue alternative buyers. Exxon has otherwise been reducing its UK asset footprint.
A multi-year process to divest the Bacton assets saw Shell narrow bidders to three finalists, Bloomberg reported in 2023. Ithaca Energy Plc and Perenco SA were shortlisted alongside Viaro.
Since announcing the deal, Shell has spun off its UK North Sea business and merged it with Equinor’s operations to create the basin’s largest independent fossil fuel producer under a new company, Adura.
Shell remains the operator of the assets.
Malawi: EGENCO Board Members Tour Power Stations
The newly appointed Board of Directors of the Electricity Generation Company (Malawi) Limited (EGENCO) has toured the company’s power stations in the Southern and Central regions to gain firsthand insight into power generation operations and ongoing projects.
Led by Board Chairperson Justin Saidi, who is also Chief Secretary to the Government, the Board toured the Mapanga Diesel Power Plant, as well as the Kapichira, Nkula, and Tedzani hydropower stations between January 3 and 4, 2026.
The tour continued on January 13, 2026, with visits to the Kanengo Diesel Power Plant and the Salima Solar Power Project.
Speaking at the end of the tour, the Board Chairperson commended EGENCO employees for their dedication and assured them of the Board’s full support.
“Thank you for the great work that you are doing. As your Board, we are available to provide any support that will enable the country to have power throughout the day,” Saidi said.
The EGENCO Board was appointed in December 2025 and has since commenced its official duties.
EGENCO’s Board Chairperson (first left) interacts with EGENCO’s Director of Operations and other Board Members during the tour.
EGENCO’s Board Chairperson (first left) interacts with EGENCO’s Director of Operations and other Board Members during the tour.
Ghana: Petrol Prices Fall To GH¢9.99, Diesel To Around GH¢11 Per Litre
Oil Marketing Companies (OMCs) in Ghana have begun reducing pump prices for petrol and diesel in the second pricing window of January 2026.
As of Friday morning, January 16, 2026, two leading OMCs—GOIL and Star Oil—had adjusted their prices, with other OMCs expected to follow before the close of trading today or tomorrow.
Market leader Star Oil Ghana is selling petrol (RON 91) at GH¢10.97 per litre and petrol (RON 95) at GH¢12.54 per litre, while diesel is being sold at GH¢10.97 per litre.
GOIL PLC is selling petrol (RON 91) at GH¢9.99 per litre and petrol (RON 95) at GH¢13.97 per litre, while diesel is selling at GH¢11.21 per litre.
During the first pricing window, Star Oil sold petrol (RON 91) at GH¢10.86 per litre, diesel at GH¢11.96 per litre, and petrol (RON 95) at GH¢13.56 per litre.
GOIL sold petrol (RON 91) at GH¢10.99 per litre, diesel at GH¢11.96 per litre, and petrol (RON 95) at GH¢13.97 per litre during the same period.
The latest adjustments show that GOIL reduced petrol prices by GH¢1.00 and diesel by 75 pesewas, while Star Oil reduced petrol prices by 89 pesewas and diesel by 99 pesewas.
The decline in fuel prices is attributed to the continued appreciation of the local currency, the cedi, against major foreign currencies, as well as the fall in refined petroleum product prices on the international market.
Ghana: Petrol, Diesel And LPG Prices To Fall Again By 2–5% In January – COMAC
Fuel prices are expected to decline for a second consecutive period in January, beginning Friday, January 16, according to projections by the Chamber of Oil Marketing Companies (COMAC).
The chamber said petrol prices are expected to fall by between 1.26% and 2.30%, diesel by 1.97% to 2.10%, and LPG by 3.10% to 5.09%.
“These reductions are driven by the appreciation of the Ghana cedi and the decline in international petroleum product prices,” COMAC said in its January 2026 Pricing Outlook.
Unlike many African countries, fuel prices in Ghana are reviewed every two weeks.
During the first pricing window of January 2026, which ended on January 15, petrol sold for between GH¢10.45 and GH¢12.50 per litre, while diesel sold for between GH¢11.35 and GH¢12.99 per litre. LPG sold for between GH¢12.32 and GH¢13.91 per kilogram.
On the international front, although crude oil prices surged, refined petroleum product prices continued to soften over the period. Petrol declined by 1.07%, diesel by 0.68%, and LPG by 3.40%.
The cedi strengthened from GH¢11.52 to GH¢10.90 against the US dollar, representing a 5.71% gain, according to COMAC.
The expected reductions should provide additional relief to consumers, following price cuts already recorded in the first pricing window of January.
Ghana: NPA Assesses Restart Of Crude Refining At Tema Oil Refinery, Commends Management For Rapid Revamp Of State Asset
Ghana’s downstream petroleum regulator, the National Petroleum Authority (NPA), led by its Chief Executive Officer, Edudzi Tameklo, Esq., on Thursday paid a working visit to the Tema Oil Refinery (TOR) following the recent restart of crude refining at the facility, which had been dormant for more than six years.
The restart follows major maintenance work at the refinery.
The CEO, accompanied by his deputies and other senior officials of the Authority, toured key operational facilities to assess progress and verify compliance following the NPA’s approval for the refinery to resume operations.
The refinery is currently processing 28,000 barrels per stream day, and management hopes to bring additional units back online to increase processing capacity to 45,000 barrels per stream day and eventually 55,000 barrels per stream day.
During a meeting with the Managing Director of TOR, Edmond Kombat, Esq., and the general management team, TOR management expressed appreciation for the NPA’s instrumental support in the refinery’s revival.
The Managing Director noted that effective laycan management has resulted in fully stocked tanks—clear evidence of improved operational efficiency.
Commending TOR’s leadership and workforce, Mr. Tameklo reaffirmed his commitment to championing the refinery’s restoration, stating: “I will be the number one champion for the need to support TOR, because if TOR is working, it makes my work easier.”
Drawing on insights from his recent visit to the Dangote Refinery, Mr. Tameklo highlighted the imperative for scale, efficiency, and modernisation. He underscored the importance of automation, noting that “no one should be sent to go and turn a valve.”
He further stressed the shared responsibility of the NPA and TOR to safeguard plant integrity, cautioning that approvals must be grounded in safety and operational readiness: “We must be mindful of our responsibility to ensure that we do not say ‘proceed’ when what is required is ‘stop work’, because the integrity of the plant must not be compromised.”
Mr. Tameklo also emphasised the broader impact of TOR’s revival on Ghana’s downstream petroleum sector, including enhanced price stability and significant foreign exchange savings through reduced reliance on imported petroleum products.
The visit concluded with a facility tour to confirm that TOR is operational and fully compliant with regulatory requirements.
TOR management expressed sincere appreciation to the CEO and management of the NPA for their continued support.
The Tema Oil Refinery’s return to full operations is expected to deliver substantial national benefits, including strengthened energy security, stabilised fuel prices, job creation, and improved foreign exchange management.
Mr. Tameklo also emphasised the broader impact of TOR’s revival on Ghana’s downstream petroleum sector, including enhanced price stability and significant foreign exchange savings through reduced reliance on imported petroleum products.
The visit concluded with a facility tour to confirm that TOR is operational and fully compliant with regulatory requirements.
TOR management expressed sincere appreciation to the CEO and management of the NPA for their continued support.
The Tema Oil Refinery’s return to full operations is expected to deliver substantial national benefits, including strengthened energy security, stabilised fuel prices, job creation, and improved foreign exchange management.
South Africa: Eskom Saves R16bn In Diesel Costs In 2025 As Power System Stability Improves
South Africa’s power utility, Eskom, saved R16 billion (equivalent to approximately US$979,218,240.00 ) in diesel costs by the end of 2025 due to improved reliability of its coal-fired power plants, which enabled a safe reduction in the use of open-cycle gas turbines (OCGTs).
In a statement, Eskom noted that diesel usage continues to decline at the beginning of 2026.
According to the utility, its Generation Recovery Plan, which commenced in April 2023, has enabled South Africa to return from the holiday break with a structurally stronger power system entering 2026 than at any point in the past five years.
This includes an additional 4,400 MW of capacity available compared to the same period last year.
Eskom also noted that the passage of the Debt Relief Act in 2023 provided R254 billion, significantly easing financial pressure on the utility’s balance sheet.
This support enabled Eskom to make critical investments and carry out planned and preventative maintenance, thereby improving operational efficiency and system reliability—benefits now being felt across South Africa.
“The big picture, through the peaks and troughs of delivering the Generation Recovery Plan, is that Eskom has moved from a heavily constrained power system to an increasingly stable one—a system that can reliably deliver 24/7, 365 baseload power. We will now maintain and build on these early gains through a rigorous focus on operational reliability and sustainability. It has been ‘short-term pain for long-term gain’, and I would like to thank the country for its understanding and support, as well as our employees for continuing to deliver on our strategy,” said Eskom Group Chief Executive, Dan Marokane.
“A reliable power system is not just measured in megawatts (MW); it is measured in investor confidence. Eskom’s improved performance has contributed to South Africa receiving its first credit rating upgrade in two decades, while the risk rating associated with Eskom’s 2033 bonds has declined—providing early indications that investors are warming to the turnaround,” Marokane added.
Nigeria Misses OPEC+ Oil Quota For Fifth Straight Month
Nigeria’s crude oil production slipped in December from November as Africa’s top producer continues to struggle to pump to its full OPEC+ output quota amid operational challenges in its upstream sector.
Nigeria’s crude oil production fell to 1.422 million barrels per day (bpd) in December, down from 1.436 million bpd in November, according to figures reported by the country’s authorities to OPEC and included in OPEC’s latest Monthly Oil Market Report (MOMR).
By Nigeria’s own admission, it failed to produce to its 1.5 million bpd quota under the OPEC+ agreements, for the fifth consecutive month.
OPEC’s secondary sources, however, have higher estimates, and according to these, Nigeria’s crude oil production rose from 1.491 million bpd in November to 1.5 million bpd in December.
Nigeria’s state-owned oil and gas company NNPC reported crude oil and condensate production of 1.6 million bpd for November 2025, up by 1.3% from October levels.
NNPC includes condensate in its output figures, but OPEC does not, and the quotas exclude condensate production.
Going forward, NNPC plans to “Intensify collaboration with our partners through year-end and into 2026 to ensure improved production performance, maximise infrastructure uptime, and maintain high facility maintenance standards across all our assets.”
NNPC is set to increase oil production to 2 million bpd over the next two years, its executive vice president for upstream, Udy Ntia, said in November 2025.
By 2030, NNPC will be pumping 3 million barrels daily, according to the official.
Nigeria has been pumping more crude and drilling more new wells than it has in years, thanks to reforms under President Bola Tinubu that are finally leading to more cash flowing into the upstream industry.
Daily output of crude and condensate has climbed to between 1.7 million and 1.83 million barrels, while active rigs surged from 31 in January to 50 by July.
Tanzania: Zambia, Tanzania Energy Ministers Meet In Dar es Salaam For High-Level Petroleum Security Talks
Tanzanian Energy Minister, Hon. Deogratius John Ndejembi, and his Zambian counterpart, Hon. Makozo Chikote, are meeting in Dar es Salaam, the capital of Tanzania, for a high-level bilateral engagement focused on petroleum-related matters.
The meeting aims to strengthen cooperation between the two countries in advancing energy security and sustainability.
It is also being attended by senior officials from both governments to deliberate on petroleum supply, infrastructure management, and policy coordination, with the objective of enhancing regional energy security and ensuring a stable and reliable fuel supply.
The Zambian delegation, led by the Minister of Energy, includes Deputy Secretary to the Cabinet Oliver Kalabo; Permanent Secretary for Energy at the Ministry of Energy, Professor Ephraim Munshifwa; representatives from the Attorney General’s Office; and the Chairperson of the Energy Regulation Board (ERB).
The composition of the delegation underscores the strategic importance Zambia attaches to the discussions, particularly regarding the coordinated management of shared petroleum infrastructure.
A key focus of the engagement is the TAZAMA Pipeline, jointly owned by Zambia and Tanzania and regarded as a cornerstone of bilateral cooperation in the petroleum sector.
Constructed in the late 1960s to secure Zambia’s fuel supply, the pipeline stretches approximately 1,710 kilometres from Dar es Salaam to Ndola.
Both countries reaffirmed their shared commitment to safeguarding and modernising the pipeline to support a reliable petroleum supply, promote economic development, and further deepen the long-standing bilateral ties between Zambia and Tanzania.
Ghana: Fuel Levy Has Contributed To Electricity Supply Stability – Government
Ghana’s Minister for Government Communications, Felix Kwakye Ofosu, has stated categorically that proceeds from the recently introduced levy on petroleum products have been utilised effectively and have contributed significantly to stabilising electricity supply in the country.
The levy, passed under the Energy Sector Levies (Amendment) Act, 2025, imposes a charge of one Ghana cedi (GH¢1) per litre on petroleum products purchased by consumers, effective June 16, 2025.
The government introduced the levy to raise additional funds for fuel purchases for thermal power plants and to help settle outstanding debts in the energy sector.
However, the policy has faced calls for greater transparency from some stakeholders.
Despite concerns raised by sections of the public, the government proceeded with the implementation.
Speaking at the Government Accountability Series in Accra on Wednesday, January 14, Kwakye Ofosu explained that the primary objective of the GH¢1.00 fuel levy was to address the tariff shortfall created by the high cost of liquid fuels used to power thermal plants—costs that had not been adequately factored into the electricity tariff structure.
“The estimate shows that, on a yearly basis, about US$1.2 billion is required to import liquid fuels for firing thermal plants. If no deliberate effort is made to bridge this gap, it will pose serious challenges, even as steps are being taken to resolve the numerous problems we inherited in the sector,” the Minister said.
He indicated that the Ministry of Finance would provide details on collections from the GH¢1.00 fuel levy in its annual reports to Parliament on petroleum receipts and through the general budget accounting for each year.
“But what is clear is that the levy has been put to good use and has contributed significantly to stability in the power sector,” he said. “When we assumed office, there were challenges with electricity supply. I believe all of us can attest that power has been stable for several months now, and we have not experienced the outages that many feared would occur.”
On the issue of energy-sector debt, Kwakye Ofosu noted that the Ministry of Finance had issued a statement confirming that approximately US$1.4 billion in debt owed to the energy sector had been cleared. He clarified that the statement did not suggest that this amount represented the total outstanding debt, but rather that a substantial portion had been settled within a year, providing significant relief to sector players.
He attributed earlier challenges partly to poor adherence to the cash waterfall mechanism, which is designed to ensure equitable liquidity distribution among sector participants.
“For a long time, some players in the sector—particularly independent power producers (IPPs)—were not receiving commensurate payments,” he said. “The Minister for Finance and the Minister for Energy have ensured strict adherence to this arrangement, which is why funds are now flowing to all players, contributing to the stability we are witnessing.”
Kwakye Ofosu stressed that the statement on debt clearance underscored the government’s commitment to paying down energy-sector liabilities. He added that efforts would continue to clear the remaining debt and to open up financing opportunities within the sector to ensure long-term sustainability.
UK Awards Record Offshore Wind Capacity In Latest Auction
The UK on Wednesday awarded a record-breaking 8.4 gigawatts (GW) capacity of offshore wind in its latest auction round, which puts Britain “firmly on track to achieve its clean power mission by 2030,” the government said.
The Contracts for Difference AR7 auction secured offshore wind capacity capable of generating enough clean electricity to power the equivalent of 12 million UK homes.
“The results deliver the biggest single procurement of offshore wind energy in British and European history – confounding the global challenges facing the industry – a major vote of confidence in the UK’s new era of energy sovereignty and abundance,” the UK government said in a statement.
Projects in all parts of the UK, including Scotland and the first Welsh project to win a contract in more than a decade, won in the offshore wind tender.
The government also noted that offshore wind is cheaper to build and operate than new gas-fired power generation.
In new figures published on Wednesday using the LCOE industry metric, the cost of building and operating a new gas fired power station is £147, or $198, per megawatt hour (MWh).
By contrast, the results for fixed offshore wind in today’s auction were £90.91, or $122, per MWh on average.
That’s 40% cheaper than the cost of building and operating new gas-fired generation, the UK government said.
With the latest record-breaking auction, Britain is “taking back control of its energy, and lowering bills for good,” the cabinet noted.
The UK aims to have at least 43 GW of offshore wind by 2030 to meet its clean power target. To compare, current offshore wind capacity is 16.6 GW while another 11.7 GW is under construction.
Despite the offshore wind auctions returning back on track, the UK will find it very challenging to connect all these projects to the grid and have it running 95% on clean energy, including renewables and nuclear, analysts say.
Togo: WEN-Africa Concludes Conference On Gender Inequalities In Energy
The Women in Energy Network-Africa (WEN-Africa) has concluded its 2026 conference in Lomé, the capital of the Republic of Togo.
The conference focused on reducing gender inequalities in the energy sector.
The event brought together institutional partners under the theme: “Addressing Gender Inequalities in Energy: Partnerships for Sustainability.”
The conference, which ended on Wednesday, included panel discussions led by partner institutions and energy sector representatives from several African countries.
Speakers highlighted WEN-Africa’s mission and progress since its launch, and shared partner experiences.
Participants also reviewed the benefits of joining the platform, existing best practices, and the impact of partnerships in narrowing gender gaps in the energy sector in sub-Saharan Africa.
The conference was attended by several dignitaries, including Kwawu Mensan Gaba, the World Bank’s Energy Global Practice Manager for Western and Central Africa, and Robert Koffi Messan Eklo, Togo’s Minister Delegate for Energy and Mineral Resources.
Gaba said the platform aims to strengthen women’s participation in energy policy, planning, and operations, build technical and leadership skills, and foster partnerships that support inclusive and sustainable energy development.
He added that the initiative also seeks to help women and young people use energy access to develop economic activities, support education, improve health outcomes, and drive innovation in their communities.
Eklo welcomed the Lomé meeting as a step toward greater equality in the sector.
“By gathering here in Lomé, we are taking a collective step to ensure that Africa’s energy transition is not only clean and resilient but also inclusive and gives women their full place,” he said.
Launched in February 2024, WEN-Africa is supported by the World Bank and aims to increase women’s participation and employment in Africa’s energy sector in partnership with international institutions.
Nigeria: TotalEnergies To Sell 10% Stake In Renaissance JV To Vaaris
TotalEnergies EP Nigeria, a subsidiary of the French multinational oil and gas company TotalEnergies, has signed a Sale and Purchase Agreement (SPA) with Vaaris Resources JV Co. Ltd. for the sale of its 10 per cent non-operated interest in the Renaissance JV licences in Nigeria.
The Renaissance JV, formerly known as the SPDC JV, is an unincorporated joint venture comprising Nigerian National Petroleum Company Limited (55 per cent), Renaissance Africa Energy Company Ltd. (30 per cent, operator), TotalEnergies EP Nigeria (10 per cent) and Agip Energy and Natural Resources Nigeria (5 per cent). The JV holds 18 licences in the Niger Delta.
Vaaris Resources JV Co. Ltd. is a consortium of Nigerian oil and gas players made up of three marginal field operators and three industry service providers.
In a statement issued on Wednesday, TotalEnergies said that under the agreement with Vaaris, TotalEnergies EP Nigeria will sell its 10 per cent participating interest, together with all related rights and obligations, in 15 Renaissance JV licences that are mainly oil-producing.
Production from these licences represents approximately 16,000 barrels of oil equivalent per day as TotalEnergies’ share in 2025.
The agreement further provides that TotalEnergies EP Nigeria will transfer to Vaaris its 10 per cent participating interest in the remaining three Renaissance JV licences, which are primarily gas-producing—OML 23, OML 28 and OML 77—while TotalEnergies will retain full economic interest in these licences. These assets currently account for about 50 per cent of Nigeria LNG’s gas supply.
The completion of the transaction remains subject to customary conditions, including regulatory approvals.