Nigeria’s Economic and Financial Crimes Commission (EFCC) has uncovered an illegal oil refinery allegedly operated by Chinese nationals in Ogere, Ogun state, the agency said.
In a statement, EFCC spokesperson Dele Oyewale said the refinery was discovered during an operation conducted by operatives of the agency’s Lagos Zonal Directorate 2 on October 31.
Oyewale said the operation followed intelligence gathering and surveillance on the activities of suspected illegal sludge oil refiners.
He added that the facility had been deserted when operatives arrived.
The discovery followed an earlier operation in which the commission shut down four illegal lithium processing plants in the area.
“However, waste products from the refining process were discovered at the location,” the statement said.
“During the raid, underground tanks believed to have been used for heating and processing the sludge oil were also discovered.
“Two of the underground tanks inspected contained substances suspected to be Automotive Gas Oil (AGO), otherwise known as diesel.”
According to Oyewale, preliminary investigations showed that the operators sourced sludge oil, also known as black sludge, from Warri in Delta state and Port Harcourt in Rivers state before transporting it to the facility in Ogere for processing.
He said the operators subjected the sludge oil to intense heat, allowing lighter petroleum components to pass through a series of chambers and filters in a process believed to produce diesel for sale in the Nigerian market.
Oyewale said security personnel at the facility told investigators that the Chinese operators had not disclosed their identities or the name of the company behind the refinery.
He added that EFCC operatives had taken over the premises as investigations continued to establish the identities of the operators, ownership of the facility and the extent of the suspected illegal activities.
Crude oil prices fell sharply on Wednesday morning following the release of U.S. midterm election results, with West Texas Intermediate (WTI) trading at $87.17 a barrel and Brent crude at $94.26 a barrel.
The decline came amid political developments in the United States, where Democrats won control of both chambers of Congress in the midterm elections.
According to Reuters, investors are awaiting Washington’s next move in the U.S.-Israeli war against Iran after President Donald Trump’s Republican Party lost control of Congress.
On Wednesday, Trump said the war with Iran may have contributed to the Republican Party’s electoral defeat.
Vice President JD Vance also wrote on X that the war was responsible for the losses, adding that “any honest conversation about where we go from here must start there.”
Trump had earlier told the Financial Times that Washington had no immediate plans to strike Iran.
In a written statement, Iran’s Supreme Leader Ayatollah Ali Khamenei said U.S. hostility towards Iran would persist regardless of which political party was in power in Washington.
“The U.S. sees the end of its hegemony as distant; we see it as near,” he said.
A senior Iranian official told Reuters on Tuesday that Iran and the United States remained far from reaching an agreement to end the war.
With diesel prices remaining elevated, Washington is also taking steps to ease pressure on fuel markets.
The U.S. Department of Energy said it would loan 300,000 barrels from the Northeast Home Heating Oil Reserve to four companies, representing nearly a third of the stockpile.
The move follows pressure from senators from both parties after diesel prices surged above $6.50 a gallon.
Heating oil futures subsequently fell by around 7%.
Ghana’s Energy and Green Transition Minister Dr. John Abdulai Jinapor has urged African countries to go beyond deploying solar systems by manufacturing solar equipment and building local supply chains.
Speaking on the theme “Global Solar: Then, Now and Next” at the ninth session of the International Solar Alliance Assembly in India, Jinapor said Africa’s drive to strengthen energy security through solar power must extend beyond installation.
“This will require technology transfer, local industrial capacity and, critically, affordable long-term financing,” Jinapor said.
He said recent disruptions in global energy markets had underscored the risks of excessive dependence on imported fuels.
Solar energy offered Africa a pathway to strengthening energy security, reducing dependence on imports and building resilient economies, he said.
However, he cautioned that the continent should also become a producer of solar technology.
Jinapor said Ghana was advancing this agenda by installing solar streetlights, promoting rooftop solar and implementing policies to switch critical public facilities to solar power.
Ghana has more than 150 megawatts of utility-scale and floating solar capacity connected to the national grid, alongside off-grid solar systems supplying electricity to island communities, he said.
“Our abundant sunshine must become a catalyst for industrialisation, job creation, economic resilience and energy sovereignty,” Jinapor said.
Independent power producer Cenpower Generation Company Ltd. has agreed to revised terms under its amended and restated power purchase agreement (PPA) with the Electricity Company of Ghana, following approval by Cabinet and Parliament.
The revised PPA includes a $66 million debt waiver on the nearly $400 million in accumulated debt owed by the Government of Ghana to Cenpower, as well as a reduction in the tariff charged for power supplied to the offtaker.
Under the revised agreement, Cenpower has also been granted a 10-year extension to its existing contract.
The agreement was announced at a ceremony marking the 10th anniversary of operations at Cenpower’s 375-megawatt Kpone Thermal Power Plant.
Cenpower Board Chairman Samuel Nana Brew-Butler said the company had accepted the discount as part of a compromise to help address the country’s power sector obligations.
He said the accumulated debt had reached about $400 million at one stage, but the company had agreed to waive $66 million of the amount owed.
“If you remember, I said at one stage, what was outstanding was about $400 million, but it’s our country, so that sacrifice had to be made,” Mr Brew-Butler said.
The concession comes alongside changes to the commercial relationship between Cenpower and the government.
“As a gesture, the government also decided to give us a 10-year extension of the PPA,” he said, adding that the arrangement also involves “a reduction in the tariff we are giving.”
The deal forms part of the government’s broader efforts to restructure debts owed to power producers and renegotiate existing agreements to ease the financial burden on the electricity sector.
Vice President Professor Naana Jane Opoku-Agyemang, who attended the anniversary ceremony as the Special Guest of Honour, praised Cenpower’s contribution to Ghana’s electricity supply over the past decade.
Vice President Professor Naana Jane Opoku-Agyemang unveils the 10th anniversary plaque at the company’s operational site in Kpone.
She also highlighted the company’s community initiatives around the Kpone plant, including efforts to tackle plastic pollution along the Sega Beach shoreline.
Cenpower has also undertaken waste management and biodiversity conservation education for pupils of Paul Methodist School.
“These are all worthwhile initiatives,” Prof. Opoku-Agyemang said.
She urged the company to remain mindful of the environmental and social impact of operating a major thermal power facility.
“I encourage Cenpower to maintain its relationship with the surrounding communities and continue to pay attention to the environmental and social consequences of its operations.”
The African Export-Import Bank (Afreximbank) and the African Petroleum Producers’ Organisation (APPO) have formally announced the establishment of the Africa Energy Bank (AEB) and named Helmy Ghazi as its inaugural president.
The announcement was made at the bank’s inaugural general meeting in Abuja on Oct. 31, 2026.
The meeting also approved the appointment of the bank’s first board of directors, drawn from the public and private sectors and policy institutions across Africa.
The directors’ names were not immediately available.
The Nigeria-based bank is being established as Africa’s energy investment needs are estimated at $200 billion. Investment in power generation and transmission is needed to support industrial growth and meet demand from emerging technologies such as artificial intelligence.
Traditional lenders are scaling back financing for fossil fuel projects even as oil and gas remain central to Africa’s energy systems.
The bank aims to fill that financing gap while supporting a just energy transition across the continent.
With authorised capital of $5 billion, the bank will finance projects across the energy value chain, from exploration and production to transport, processing, refining and distribution.
It aims to expand local production capacity, reduce reliance on imported petroleum products, promote trade in energy products within Africa and increase African participation in the sector.
The bank will operate as an independent, supranational financial institution and seek investment from governments, national oil companies, financial institutions and private investors.
Tanzania’s Energy and Water Utilities Regulatory Authority (EWURA) has raised retail fuel price caps for November, citing higher shipping and insurance costs linked to the conflict in the Middle East.
Global prices for refined petroleum products fell slightly in October from September, but the conflict in the Middle East, where Tanzania sources much of its fuel, pushed up freight and insurance costs, EWURA said in a statement.
In Dar es Salaam, EWURA set the retail price caps at 4,083 Tanzanian shillings per litre for petrol, 4,128 shillings for diesel and 4,117 shillings for kerosene.
In Tanga, the caps were set at 4,149 shillings per litre for petrol, 4,194 shillings for diesel and 4,183 shillings for kerosene. In Mtwara, petrol was capped at 3,930 shillings per litre and diesel at 3,972 shillings.
EWURA said fuel retailers could set prices within the applicable caps and floors for each location. It warned that retailers who breached the limits would face legal action.
The regulator said it calculated the limits under its 2022 petroleum pricing rules, as amended in October 2023, and the 2024 amendments to the Bulk Petroleum Procurement Rules.
EWURA said fuel stations must display prices, discounts and promotions on clearly visible signs.
It encouraged motorists to buy from stations offering lower prices where they had a choice and warned that stations that failed to display prices clearly would face penalties.
ADNOC Gas has signed a five-year liquefied natural gas (LNG) supply agreement with France’s TotalEnergies to deliver up to 1.6 million tonnes of LNG, the UAE company said in a statement.
The agreement reflects TotalEnergies’ confidence in ADNOC Gas’s supply reliability and delivery record, built through a longstanding partnership, ADNOC Gas said.
“The agreement reflects the strength of our LNG business, the competitiveness of our supply offering and our ability to secure long-term partnerships that support growth, enhance resilience and create lasting value for shareholders,” ADNOC Gas Chief Executive Officer Fatema Al Nuaimi said.
Global demand for LNG continues to grow, and ADNOC Gas is well positioned to benefit from that trend, Al Nuaimi added.
The agreement comes as Abu Dhabi National Oil Company (ADNOC) advances its newly launched global LNG marketing and trading platform, which combines the LNG marketing activities of ADNOC Gas and XRG with the trading capabilities of ADNOC Trading.
The integrated platform is intended to expand access to a more diversified LNG portfolio and provide customers with more flexible supply arrangements, ADNOC Gas said.
The platform is targeting 47 million tonnes per annum of marketable LNG beyond 2030, a scale that would place it among the world’s leading LNG marketing and trading organisations, the company said.
Stéphane Michel, TotalEnergies’ president for gas, renewables and power, said the agreement marked another milestone in the companies’ longstanding partnership.
The new supply would benefit from the UAE’s strategic location between Europe and Asia and help TotalEnergies strengthen its position as a major LNG portfolio supplier, Michel said.
TotalEnergies is also a shareholder and strategic partner in ADNOC Gas.
ADNOC Gas expects the future integration of the Ruwais LNG project to significantly increase its production capacity as it seeks to expand its presence in global LNG markets and meet rising demand.
The Gambia has signed two contracts for the supply and distribution of 7,800 filled liquefied petroleum gas (LPG) cylinders to selected households across the country, as part of efforts to promote cleaner cooking fuels.
The contracts were signed on Monday, November 2, by the Ministry of Petroleum, Energy and Mines (MoPEM) under the ECOWAS LPG 20/20 Initiative, which is funded by a $300,000 grant from the ECOWAS Commission.
Under the agreements, the Gambia National Petroleum Corporation (GNPC), the project’s implementing agency, will work with two suppliers. Star Oil Gambia Limited will provide 2,600 cylinders, while Njegan Brothers Gas Company Limited will supply 5,200.
The initiative will distribute 6-kg cylinders and accessories to selected households across all regions of the country.
Speaking at the signing ceremony at Petroleum House, Minister for Petroleum, Energy and Mines Nani Juwara said the initiative would help improve household welfare, protect the environment and promote the adoption of modern cooking solutions.
Juwara said many households in the country continued to rely on traditional fuels such as firewood and charcoal, contributing to indoor air pollution, environmental degradation and pressure on forest resources.
Women and children were particularly vulnerable to exposure to smoke from traditional cooking methods, he said.
The project will also include public awareness campaigns on the benefits and safe use of LPG, as well as monitoring and impact assessments.
Permanent Secretary Abdoulie Jallow said the initiative would help address financial barriers preventing low-income households from adopting cleaner cooking technologies, particularly the upfront cost of purchasing cylinders and stoves.
Beneficiaries will be selected using established criteria and data from The Gambia’s Social Registry to ensure transparency and targeted distribution, the ministry said.
The project is expected to be implemented over four to five months following the signing of the contracts. A nationwide awareness campaign will also be conducted to promote the safe handling, storage and use of LPG.
The initiative forms part of broader regional efforts to expand access to cleaner cooking fuels and reduce reliance on traditional biomass fuels.
Shell Australia Pty Ltd, a wholly owned subsidiary of Shell plc, has agreed to sell its 16.67% non-operated interest in Australia’s North West Shelf (NWS) project to wholly owned subsidiaries of XRG P.J.S.C.
The deal carries a base consideration of $1.45 billion, subject to customary adjustments, along with an additional contingent payment linked to the achievement of certain milestones.
The transaction has an effective date of January 1, 2026, and is expected to close in 2027, subject to conditions precedent, including regulatory approvals.
“This agreement reflects our commitment to disciplined capital allocation and portfolio choices,” said Cederic Cremers, Shell’s Integrated Gas president.
The sale will allow Shell to realise value from a mature, non-operated asset as the NWS project transitions towards a third-party toll-processing model, Cremers said.
Shell said the divestment was consistent with its strategy of focusing investment on advantaged integrated gas positions.
The company said it remained committed to growing its global liquefied natural gas (LNG) business, targeting annual LNG sales growth of 4% to 5% through 2030.
Shell retains a significant presence in Australia, where it operates the Queensland Curtis LNG (QGC) project and Prelude floating LNG facility, is developing the Crux project and holds joint venture interests in Arrow Energy and Gorgon.
Ghana National Gas Company Chief Executive Judith Adjobah-Blay has urged countries with natural gas reserves to develop them to strengthen domestic energy security during global supply disruptions.
Speaking during a panel session on “The Long-Term Opportunity for Natural Gas and LNG: Supply Strategy, Contracts and Markets” at ADIPEC 2026 at the ADNEC Centre in Abu Dhabi, Adjobah-Blay said the approach would help reduce exposure to international market volatility.
“For developing economies, the priority should be to maximise domestic gas production and utilisation, using LNG primarily to address supply shortfalls, meet peak demand and provide flexibility in balancing supply and demand,” she said.
The session was moderated by Jamie Webster, partner and director at BCG’s Center for Energy Impact, and co-moderated by Jaime Ruiz-Cabrero, managing director and senior partner at BCG, the event’s strategic insights partner.
Discussions focused on how buyers and sellers are adjusting their natural gas and liquefied natural gas (LNG) strategies to balance supply security, diversification and affordability.
The panel examined the role of long-term contracts, infrastructure investment and new supply in meeting demand and strengthening resilience against future disruptions.
Panellists included Rashid Al Mazrouei, Chief Marketing and Origination Officer for LNG at ADNOC Gas; Nassim Zouari, Senior Vice president for business, gas and planning at TotalEnergies; Alessandro Bresciani, senior vice president for energy equipment at Baker Hughes; and Zubin Bamji of the World Bank’s Global Flaring and Methane Reduction Partnership.
Other speakers were Nobuo Tanaka, Executive Director Emeritus of the International Energy Agency; Neil McMahon, Managing partner at Kimmeridge; and De La Rey Venter, Chief Executive of MidOcean Energy.
Ghana Gas operates the Atuabo Gas Processing Plant, supplying liquefied petroleum gas (LPG) for domestic use and lean gas for power generation.
The company plans to expand its pipeline network by building a 278-kilometre bidirectional pipeline linking Takoradi in western Ghana to Tema, a major industrial hub, to supply gas to industries.
Russia has agreed to work with Ghana to develop a 2,000-megawatt nuclear power plant to strengthen energy security and support industrialisation, Ghana’s Foreign Ministry said.
The commitment followed bilateral talks between Ghanaian President John Dramani Mahama and Russian President Vladimir Putin during the Russia-Africa Summit in Moscow.
Nuclear energy cooperation was among six areas covered by the commitments announced by Ghana.
The ministry’s announcement did not specify the reactor technology, financing arrangements, construction timetable or location of the proposed plant.
Ghana is in the second phase of its nuclear power programme, which involves preparations for construction, including site assessment, engagement with potential vendors and the development of institutional and regulatory capacity.
The country has identified Nsuban in the Western Region as its preferred site for its first nuclear power plant, with Obotan in the Central Region as an alternative.
Detailed site characterisation and environmental studies have faced funding constraints, according to the World Nuclear Association’s October 2026 assessment.
Ghana’s engagement with potential nuclear technology suppliers predates the latest announcement.
In November 2021, Nuclear Power Ghana said 15 vendors from China, the United States, Russia, South Korea, Canada and France had expressed interest in participating in its programme.
Six proposals involved large reactors, while nine concerned small modular reactors, the organisation said at the time.
Russia also operates the Akademik Lomonosov, the world’s only operating floating nuclear power plant. Located at Pevek in Russia’s Chukotka region, the facility supplies electricity and heat and entered commercial operation in 2020. Its two reactors have a combined electrical capacity of about 70 MW.
Ghana’s announcement did not identify floating nuclear technology as an option for the proposed 2,000 MW project.
Ghana has also pursued cooperation with Chinese and U.S. partners on large-reactor and small modular reactor projects.
How the proposed Russian partnership would fit into those existing arrangements remains unclear.
The United Arab Emirates and Nigeria have called for greater investment in resilient energy infrastructure and diversified supplies to strengthen energy security amid geopolitical disruptions.
Speaking during an opening-day ministerial panel at ADIPEC 2026 in Abu Dhabi, UAE Energy and Infrastructure Minister Suhail Mohamed Al Mazrouei said spare capacity, alternative export routes and operational readiness had helped his country maintain supplies during the U.S.-Iran conflict.
“Spare capacity is part of resiliency, and having optionality is part of being resilient,” he said during the session, titled “Energy Security is National Security: Building Resilient Supply in an Uncertain World”.
“Those two things the UAE has worked on years before this war started, and it helped us,” he added.
Al Mazrouei cited the UAE’s pipeline to Fujairah, shipping fleets and preparedness as factors that supported exports during disruption linked to the closure of the Strait of Hormuz.
He said the country had at times increased supplies to some long-term customers to cover shortfalls elsewhere, although he did not disclose export volumes.
The minister praised employees at Abu Dhabi National Oil Company (ADNOC) for maintaining operations during the conflict and acknowledged the impact of higher fuel prices on consumers.
“You need to have a fighter’s DNA in order to deal with crisis,” he said.
Nigeria’s Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, said his country’s natural gas resources offered an opportunity to strengthen domestic and international energy security through supplies that did not need to pass through Hormuz.
“Natural gas is a critical asset that we intend to use to guarantee energy security and economic transformation in our dear country,” Ekpo said.
He said Nigeria’s gas reserves had risen to 215 trillion cubic feet from 209 trillion cubic feet in 2023, while domestic utilisation had increased.
However, turning those resources into reliable supplies required further investment, he said, inviting investors to develop Nigeria’s gas sector.
Al Mazrouei echoed the call.
“Invest, invest, invest in a resilient infrastructure. That’s what we need,” he said.
The discussion also examined how renewable energy could diversify supplies and reduce exposure to disruptions. Al Mazrouei said many countries, particularly in Africa, were failing to make sufficient use of their renewable resources, citing the need for policies that attract investment.
“There is a huge potential that is not utilised,” he said. “We are not utilising renewable energy enough in many countries, especially in Africa.”
Asked about rising electricity demand from artificial intelligence and data centres, Al Mazrouei said he expected the UAE to have the infrastructure and investment needed to meet future requirements. Ekpo said AI was not currently placing a major burden on Nigeria’s generation system.
Al Mazrouei said the UAE needed additional infrastructure protection and spare capacity, adding that AI could help improve planning and preparedness.
“We need the AI to help us design better, think of different scenarios, and be more resilient,” he said
The United Arab Emirates and Nigeria have called for greater investment in resilient energy infrastructure and diversified supplies to strengthen energy security amid geopolitical disruptions.
Speaking during an opening-day ministerial panel at ADIPEC 2026 in Abu Dhabi, UAE Energy and Infrastructure Minister Suhail Mohamed Al Mazrouei said spare capacity, alternative export routes and operational readiness had helped his country maintain supplies during the U.S.-Iran conflict.
“Spare capacity is part of resiliency, and having optionality is part of being resilient,” he said during the session, titled “Energy Security is National Security: Building Resilient Supply in an Uncertain World”.
“Those two things the UAE has worked on years before this war started, and it helped us,” he added.
Al Mazrouei cited the UAE’s pipeline to Fujairah, shipping fleets and preparedness as factors that supported exports during disruption linked to the closure of the Strait of Hormuz.
He said the country had at times increased supplies to some long-term customers to cover shortfalls elsewhere, although he did not disclose export volumes.
The minister praised employees at Abu Dhabi National Oil Company (ADNOC) for maintaining operations during the conflict and acknowledged the impact of higher fuel prices on consumers.
“You need to have a fighter’s DNA in order to deal with crisis,” he said.
Nigeria’s Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, said his country’s natural gas resources offered an opportunity to strengthen domestic and international energy security through supplies that did not need to pass through Hormuz.
“Natural gas is a critical asset that we intend to use to guarantee energy security and economic transformation in our dear country,” Ekpo said.
He said Nigeria’s gas reserves had risen to 215 trillion cubic feet from 209 trillion cubic feet in 2023, while domestic utilisation had increased.
However, turning those resources into reliable supplies required further investment, he said, inviting investors to develop Nigeria’s gas sector.
Al Mazrouei echoed the call.
“Invest, invest, invest in a resilient infrastructure. That’s what we need,” he said.
The discussion also examined how renewable energy could diversify supplies and reduce exposure to disruptions. Al Mazrouei said many countries, particularly in Africa, were failing to make sufficient use of their renewable resources, citing the need for policies that attract investment.
“There is a huge potential that is not utilised,” he said. “We are not utilising renewable energy enough in many countries, especially in Africa.”
Asked about rising electricity demand from artificial intelligence and data centres, Al Mazrouei said he expected the UAE to have the infrastructure and investment needed to meet future requirements. Ekpo said AI was not currently placing a major burden on Nigeria’s generation system.
Al Mazrouei said the UAE needed additional infrastructure protection and spare capacity, adding that AI could help improve planning and preparedness.
“We need the AI to help us design better, think of different scenarios, and be more resilient,” he said.
