Abu Dhabi National Oil Company (ADNOC) Distribution has agreed to acquire Shell Downstream South Africa (SDSA) from Shell South Africa Holdings in a deal with an implied enterprise value of about $1 billion (AED3.67 billion).
The acquisition includes SDSA’s network of 580 company-owned and dealer-operated fuel stations, as well as its wholesale fuel, aviation and lubricants businesses.
The enterprise value is subject to adjustments for net debt and working capital. The transaction is expected to close in 2027, subject to customary regulatory approvals and other closing conditions.
Following completion, a 28% stake in SDSA is expected to be transferred to a local empowerment partner and an employee stock ownership plan.
ADNOC Distribution will also enter into a long-term brand licensing agreement to retain the Shell brand across South Africa’s retail service stations and lubricants business.
The company said customers would continue to receive the existing Shell-branded experience under ADNOC Distribution’s ownership.
ADNOC Distribution also plans to appoint a local partner with experience in South Africa’s fuel retail sector, regulatory environment and operating requirements. The partnership will comply with South Africa’s Broad-Based Black Economic Empowerment legislation and focus on energy security, job creation and inclusive economic participation.
Chief Executive Officer Bader Saeed Al Lamki said the acquisition marked a major milestone in ADNOC Distribution’s international expansion strategy and reflected the company’s confidence in South Africa as a high-potential, well-regulated fuel retail market.
He said the deal would accelerate the company’s international expansion, diversify its portfolio and create sustainable long-term value for shareholders, partners, customers and communities.
ADNOC Distribution said South Africa’s fuel retail market offers attractive growth prospects, supported by investment in transport infrastructure and an expanding driving-age population.
It also cited the country’s transparent regulatory framework and fuel pricing mechanisms, which it said help protect margins from inflation and currency volatility.
The acquisition is expected to increase ADNOC Distribution’s earnings per share by about 6% in the first full year after the transaction closes. The company also expects the deal to generate an internal rate of return above its hurdle rate for the fuel and convenience retail business.
South Africa will become the fourth country in which ADNOC Distribution operates. The company acquired a 50% stake in TotalEnergies Marketing Egypt in 2023 and launched its fuel retail operations in Saudi Arabia in 2018.
Zimbabwe was hit by a nationwide power outage on Monday evening after a technical fault on the country’s electricity network, state-owned utility ZESA Holdings said.
ZESA said the outage occurred at about 1824 hours and was caused by a technical fault on its transmission network.
The utility said its technical teams were investigating the cause of the outage while engineers worked to restore grid stability and electricity supply as quickly as possible.
“Restoration efforts are underway, and our engineers are working to restore grid stability and bring back power in the shortest possible time,” ZESA said in a brief statement share on its Facebook page.
Zimbabwe, home to more than 17 million people, has an installed electricity generation capacity of about 2,962 megawatts (MW), but ageing infrastructure, drought-induced reductions in hydropower output and equipment failures often limit available generation to around 1,600 MW, forcing the country to import electricity from neighbouring Zambia and Mozambique and implement periodic load shedding.
The company said it would provide further updates as restoration efforts progressed and apologised for the inconvenience caused.
Nigeria’s downstream petroleum regulator said on Monday it would work with industry operators to ensure petrol prices reflect the recent decline in global crude oil prices, acknowledging that retail pump prices have yet to adjust to lower international market costs.
Speaking at a stakeholders’ meeting on cost-reflective pricing of Premium Motor Spirit (PMS) in Abuja, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Rabiu Umar, said the meeting was convened to address the gap between falling global crude prices and domestic petrol prices.
“Over the past six months, we have navigated considerable volatility in the international crude oil market. We watched prices surge due to heightened geopolitical tensions and global conflicts,” Umar said.
“Recently, we have witnessed a welcome easing of those tensions, which has driven a moderation in global crude oil prices. However, our domestic retail market has not yet adjusted to reflect these downward shifts.”
He said it was the regulator’s responsibility to examine market dynamics, identify operational bottlenecks and address the disconnect between declining replacement costs and sustained retail fuel prices.
Umar said President Bola Tinubu’s reforms had laid the foundation for a deregulated, competitive and investment-driven downstream petroleum market.
“But let me be clear: deregulation is not a licence for market distortion or unfair consumer pricing,” he said.
“It is intended to drive efficiency, maximise value and protect the public interest. Sustainable profitability for marketers and consumer welfare are not mutually exclusive.”
Umar said a similar engagement with stakeholders in the domestic gas sector two weeks earlier had resulted in a significant reduction in liquefied petroleum gas (LPG) prices, demonstrating the value of dialogue between regulators and industry operators.
He said the authority was committed to ensuring that the benefits of improved market conditions are passed on to consumers in a timely and fair manner.
The regulator is also focusing on strengthening market surveillance, improving inventory management and accelerating the operationalisation of the National Strategic Stock to enhance Nigeria’s energy security, Umar said.
He called on industry stakeholders to develop practical solutions that would sustain business viability while protecting consumers.
Namibia’s state-owned National Petroleum Corporation of Namibia (NAMCOR) has appointed Victoria Sibeya as its managing director for a five-year term, effective July 1, the company said.
Sibeya becomes the sixth substantive managing director of the national oil company.
She succeeds acting Managing Director Mtundeni Ndafyaalako, who had led the company since March 1.
A geologist by training, Sibeya has worked at NAMCOR since 2006, serving in several roles including geoscientist, asset manager and, most recently, Executive for Upstream Exploration, a position she has held since April 2019.
She holds a Master of Business Administration from the University of Aberdeen, a Master of Science in Geology from the University of Namibia, and a bachelor’s degree in geology from Nelson Mandela Metropolitan University, among other qualifications.
Read Also: Ghana: TOR Returns To Profit As Government Moves To Ring-Fence Its Legacy Debt
Sibeya previously served as Secretary for the Africa Region of the American Association of Petroleum Geologists and is currently a trustee of Namibia’s Petrofund Board of Trustees.
She has received several industry awards, including the Frontier Energy 2025 Emerging Leadership Award and the Namibia International Energy Conference (NIEC) 2026 Women in Energy Leadership Award.
NAMCOR’s board said it was confident Sibeya would provide the leadership needed to steer the company through Namibia’s evolving energy sector and strengthen its role in supporting the country’s energy security and long-term growth.
The board also thanked Ndafyaalako for serving as acting managing director until the appointment of a substantive chief executive.
Tanzania’s Energy Minister Deogratius Ndejembi met officials from France’s Ministry of Finance, the French Development Agency (AFD) and engineering company SAGECOM on Monday to discuss the second phase of the 100-megawatt Kishapu solar power project in northwestern Tanzania.
The meeting took place at the Tanzanian Embassy in Paris and focused on advancing the next phase of the solar project in Kishapu District, Shinyanga Region, the Ministry of Energy said in a statement.
Ndejembi thanked the French government and AFD for their continued support for Tanzania’s energy sector, saying the partnership had helped improve access to reliable electricity and supported the country’s economic and social development.
AFD Chief Executive Sandra Kassab welcomed the progress Tanzania has made in implementing energy projects, particularly those aimed at expanding electricity generation and increasing the use of clean energy.
She said AFD would continue working with the Tanzanian government to support the implementation of the projects and ensure they deliver benefits to the country’s citizens.
Ghana’s downstream petroleum regulator, the National Petroleum Authority (NPA), has urged fuel retail outlet operators and tanker drivers to comply with industry regulations, warning that offenders involved in illicit petroleum activities will face sanctions and prosecution.
The regulator said practices such as sourcing fuel from unauthorised suppliers, operating without the required permits and engaging in fuel siphoning could compromise fuel quality and damage the reputation of petroleum service providers.
Speaking at the second edition of the NPA Regional Downstream Compliance Workshop held in Ghana’s Central and Western regions from June 30 to July 2, NPA Director of Business Development Godwin Yaw Konu said compliance was critical to maintaining standards in the downstream petroleum sector.
“The integrity of petroleum products must be maintained for the benefit of consumers and the industry as a whole,” Konu said.
The workshop, organised by the NPA’s Business Development Directorate, brought together fuel dealers and bulk road vehicle drivers to discuss regulatory requirements, operational challenges and measures to improve compliance across the petroleum value chain.
Konu said the downstream petroleum industry makes a significant contribution to Ghana’s economy and that continued stakeholder engagement was necessary to reinforce regulatory standards.
He also advised fuel dealers to regularly monitor water levels in underground storage tanks following recent heavy rains to prevent contaminated fuel from reaching consumers.
NPA Head of Security and Intelligence Isaac Djagbetey urged petroleum service providers to source products only from authorised depots and warned against supplying fuel to illegal mining operations, locally known as galamsey.
Richard Apaloo, a senior manager with the NPA’s Inspections, Monitoring and HSSE Directorate, called on fuel dealers to keep valid regulatory documents available for inspection.
Meanwhile, Nana Afua Nuamah Bosumtwi, Head of Claims at the Unified Petroleum Price Fund (UPPF), cautioned tanker drivers against tampering with vehicle tracking systems and encouraged timely submission of transport documentation to facilitate claims processing.
Adams Baba Adams of the NPA’s Quality Assurance Directorate urged dealers to ensure fuel quality standards were maintained to protect consumers and prevent vehicle damage.
The regulator also encouraged consumers to report cases of suspected fuel under-delivery or poor product quality within 48 hours to aid investigations.
Officials from the Ghana National Fire Service conducted fire safety training and emergency response drills, while the National Road Safety Authority urged tanker drivers to adopt defensive driving practices and respect other road users to reduce accidents.
Ghana’s Minister for Energy and Green Transition, Dr. John Abdulai Jinapor, has praised the management and Board of the Tema Oil Refinery (TOR) for restoring the refinery to crude oil processing and delivering a profit before tax of GH¢1.42 billion in 2025.
Speaking at the refinery’s 18th Annual General Meeting (AGM), held at The Palms by Eagles (formerly Holiday Inn Hotel) in Accra, Dr. Jinapor said the current management and Board had demonstrated strong leadership by reviving a refinery that had remained idle for several years.
Dr. John Abdulai Jinapor, Minister for Energy and Green Transition.
“In less than two years, you have demonstrated competence by turning around a refinery that had been idle for years,” he said.
“For me, it shows that leadership means a lot. With the right kind of leadership, management, and Board, you can turn around a situation that looks insurmountable. In less than two years, you have achieved a monumental feat. This is a significant achievement.”
“I can only say thank you to you all. You have done what one can describe as unprecedented,” he added.
Read Also: BP Appoints Sam Skerry, Sonya Adams To Executive Leadership Roles
Dr. Jinapor disclosed that he had held discussions with the Minister for Finance, Dr. Cassiel Ato Forson, on the need to ring-fence the refinery’s legacy debt, particularly obligations owed to the government.
According to him, the move would provide TOR with a cleaner balance sheet, enabling it to access the financial markets to raise capital for its operations.
As of the end of December 2024, the refinery owed US$97 million to the government, US$58 million to the Ghana National Petroleum Corporation (GNPC), US$78.9 million to the Volta River Authority (VRA), US$128 million to Sahara Oil, and US$41 million to BP.
“The Minister for Finance has asked me to engage an audit firm to undertake a comprehensive assessment of all energy sector agencies. What we want to do is examine the debt, particularly debt owed to the government, so that we can ring-fence it and remove it from the balance sheet. That will enable TOR to access the financial market to raise funds,” Dr. Jinapor said.
He added that the government was also making arrangements to supply the refinery with locally produced crude oil from Ghana’s upstream petroleum sector.
He reaffirmed the government’s commitment to supporting the refinery to ensure it sustains its operations.
More than 620,000 customers across the United States were without power as of late Sunday following severe storms, with up to 2% of customers in some areas experiencing outages, according to Oilprice.com, citing PowerOutage.com.
Residents across Pennsylvania, Michigan, New York, New Jersey, Maryland, Connecticut, Virginia, and Texas were without electricity on Sunday night, according to PowerOutage.com, which tracks live power outages across the United States.
Michigan and Pennsylvania recorded the highest shares of customers without power, at 2% and 1.7%, respectively, according to the outage tracker.
Pennsylvania’s PPL Electric Utilities said it had restored power to more than 130,000 customers since the storms began this weekend, but warned that “significant work remains as crews continue repairing extensive damage and rebuilding portions of the electric system.”
The utility described the event as one of the most significant and impactful storms in its history. Since Friday, it has identified more than 2,360 locations with damage, including downed wires, broken poles, and damaged equipment.
“Due to the extensive damage caused by this storm, restoration is expected to be a multi-day effort, with restoration work continuing through July 8, 2026” PPL said.
In Michigan, DTE Energy said it estimated that 85% to 90% of affected customers would have power restored by the end of Sunday, July 5.
In New York, Con Edison said early Monday that crews had restored power to more than 166,800 of the approximately 173,700 customers affected by extreme weather, ranging from record-breaking heat to severe thunderstorms with destructive wind gusts.
The storms followed an extreme heat wave that gripped much of the United States. Late last week, PJM Interconnection, the operator of the nation’s largest electric grid, issued a maximum generation alert, urging power producers to maximize electricity generation as electricity demand surged.
OPEC+ has agreed to a further increase in oil production targets from August, the group said in a statement on Sunday, adding to global supply as oil prices ease and exports through the Strait of Hormuz continue to recover, Reuters reported.
The oil-producing group agreed during an online meeting to increase production quotas by 188,000 barrels per day (bpd) from August, on top of similar increases approved for June and July.
The seven core members of OPEC+ — which comprises OPEC members and allied producers, including Russia — have increased their output quotas from April through July by almost 800,000 bpd.
However, much of that increase has remained on paper because the US-Israeli war with Iran disrupted tanker traffic through the Strait of Hormuz, affecting exports from key OPEC+ producers, including Saudi Arabia, Kuwait and Iraq.
OPEC+ output fell to 33.13 million bpd in May, according to OPEC data, down from 42.77 million bpd in February.
Production began to recover in June as exports through the Strait of Hormuz resumed, although output remains below pre-war levels.
Despite ongoing supply disruptions, oil prices have returned to pre-war levels, weighed down by weaker Chinese imports, higher exports from producers outside the Middle East, and a record coordinated release of strategic oil reserves by the International Energy Agency.
“The group of seven kept unwinding their production cuts as widely expected,” UBS analyst Giovanni Staunovo said. “The near-term focus will remain on how many tankers manage to cross the Strait of Hormuz and how quickly demand and Chinese crude imports recover.”
A memorandum of understanding between Washington and Tehran aimed at ending the conflict has also helped convince traders that supplies will eventually return to normal.
Brent crude traded near $72 a barrel on Friday, down from recent highs of more than $120 a barrel and back to levels seen before the US and Israel launched strikes on Iran on February 28.
Beyond production targets, OPEC+ is also facing internal challenges after the United Arab Emirates left the alliance and Iraq signalled it wants a higher production quota.
OPEC+ comprises 21 members, including Iran, although in recent years only seven countries — and the UAE before its departure — have participated in monthly production management.
Those seven producers — Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman — are increasing output as part of the phased rollback of a 1.65 million bpd production cut agreed in 2023, when the UAE was still a member.
The UAE withdrew from the alliance in late April, saying it wanted to align production more closely with its capacity without the constraints imposed by the group.
From August, after accounting for the UAE’s exit on May 1, the seven remaining core members will still have around 379,000 bpd of the original production cut left to restore to the market, according to Reuters calculations.
With the August increase now agreed, the group is on track to fully unwind the 2023 production cut if it approves another increase of roughly the same size at its next meeting on August 2.
Sierra Leone President Julius Maada Bio has warned against the theft and vandalism of electricity infrastructure, saying the practices are undermining government efforts to provide reliable and sustainable power across the country.
Speaking at a presidential town hall meeting in Makeni, Bio urged citizens to protect public electricity infrastructure and refrain from damaging or stealing electrical equipment.
He said vandalism of power installations and the theft of electrical materials continue to disrupt electricity supply in Makeni and other parts of Sierra Leone.
Bio also criticised illegal electricity connections and non-payment of electricity bills, saying both practices threaten the financial sustainability of the country’s power sector.
“Electricity cannot be sustained if people continue to consume power without paying for it,” Bio said, adding that illegal connections and meter bypasses deprive the sector of revenue needed for maintenance, expansion and improved service delivery.
The president said between 60% and 70% of electricity consumed in Makeni is not paid for, placing significant financial pressure on the Electricity Distribution and Supply Authority (EDSA) and affecting its ability to provide consistent service.
“Electricity cannot be sustained if people continue to consume power without paying for it,” the President emphasized, warning that illegal connections and meter bypasses deprive the sector of much-needed revenue required for maintenance, expansion, and improved service delivery.
Despite the challenges, Bio said the government remains committed to expanding electricity generation and strengthening the country’s power infrastructure.
He said plans are underway to expand the Bumbuna Hydroelectric Project to increase electricity generation from its current capacity of about 50 megawatts to help meet rising demand.
Bio also highlighted several ongoing energy projects, including the recently commissioned 40-megawatt Newton Solar Power Plant, which he said began operations two weeks ago.
He added that the 108-megawatt Nant Power Plant, currently under construction, is expected to be connected to the national grid once completed, while a 10-megawatt solar power plant in Lungi is nearing completion and is expected to improve electricity supply in northern Sierra Leone.
Bio said the investments reflect the government’s commitment to providing stable, affordable and sustainable electricity nationwide but stressed that their success will also depend on public cooperation in protecting electricity infrastructure and paying electricity bills on time.
Nigeria has joined the International Energy Agency (IEA) as an Association country, expanding cooperation between the global energy watchdog and Africa’s largest oil producer, the agency said on Friday.
The move makes Nigeria the 14th Association country in the IEA programme, which was launched in 2015 to strengthen cooperation with major energy-producing and energy-consuming nations.
Nigeria, Africa’s most populous country with more than 240 million people, is one of the continent’s largest producers of oil and natural gas while also emerging as a fast-growing market for decentralised solar energy.
IEA Executive Director Fatih Birol said Nigeria’s admission marked an important step in strengthening cooperation on energy security, energy access and sustainable energy development.
Nigeria’s Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, welcomed the decision, saying it would deepen cooperation with the agency and support efforts to expand energy access and industrialisation across Africa.
“It is an honour for Nigeria to join this leading energy agency, and I encourage countries across Africa to strengthen their engagement with the IEA as we work together to achieve key development goals, including universal energy access and industrialisation.”
Nigeria’s growing role in international energy markets has been underscored by recent developments in its refining sector. During periods of market disruption, increased fuel exports from Nigeria helped strengthen the resilience of African and global fuel markets.
The IEA said Nigeria and the agency would work more closely on energy security, methane emissions, electricity access and broader energy policy across sub-Saharan Africa.
The decision builds on cooperation between Nigeria and the IEA dating back to 2014. In 2025, the agency, Nigeria’s Ministry of Petroleum Resources and the African Energy Commission organised a regional meeting in Abuja to advance efforts to reduce methane emissions from the energy sector.
The IEA said its Association programme now includes 14 countries and represents more than 80% of global energy demand, up from 40% when the programme was launched in 2015.
A fuel tanker driver was killed on Saturday after a tanker truck caught fire at Asutsuare Junction in Ghana’s Eastern Region, the Ghana National Fire Service (GNFS) said.
The driver’s mate was rescued from the scene and transported to Akuse Hospital for treatment, the GNFS said.
The fire service said it received a distress call at 0441 hours and immediately deployed firefighters to the scene.
Four fire engines from Somanya, VRA, Akosombo and Gbetsile responded to the incident, with the first crew arriving at 0530 hours.
Firefighters brought the blaze under control at 0603 hours and fully extinguished it at 0630 hours, according to the GNFS.
The tanker and its contents were completely destroyed in the fire.
The cause of the incident is under investigation.
BP has appointed Sam Skerry as executive vice president (EVP) for Supply, Trading & Shipping and Sonya Adams as EVP for People & Culture, with both appointments taking effect on Aug. 1, the company said.
Skerry has nearly 30 years of experience at BP and has spent much of her career leading trading businesses across oil, natural gas and derivatives.
She most recently served as senior vice president for Mergers & Acquisitions and Business Development, where she helped simplify BP’s portfolio, strengthen the balance sheet, reduce costs and support profitable growth.
Adams has more than 25 years of experience at BP and has held senior leadership roles across Asia Pacific, Europe and the UK in customers and products, finance, transformation and, most recently, as chief of staff to Chief Executive Officer Meg O’Neill.
“Sam and Sonya bring significant leadership experience to these roles,” O’Neill said in a statement.
“Sam is widely respected for her commercial and strategic insight and for her ability to navigate complex, high-profile commercial situations. As chief of staff, Sonya developed a deep understanding of the company and the levers that drive performance.”
O’Neill said Adams was passionate about the role of culture, leadership and capability in enabling strategic change and helping BP improve performance.
The company also said Deputy Chief Executive Carol Howle would retire after 26 years with BP, while Kerry Dryburgh, EVP for People, Culture & Communications, had decided to leave the company after 16 years. Both executives will leave later in the third quarter.
O’Neill thanked Howle and Dryburgh for their contributions to the company.
“Carol led the company through a critical transitional phase as interim CEO and then deputy CEO,” O’Neill said.
“With her departure, I have chosen not to replace the deputy CEO role. We have significant actions underway to streamline the organisational model and we have a focused leadership team in place.”
ExxonMobil, the American oil and gas giant, has donated $500,000 to the American Red Cross to support relief efforts following the devastating earthquakes that struck Venezuela in June 2026.
The donation will support the American Red Cross and its global Red Cross network as they provide critical humanitarian assistance to communities affected by the disaster.
According to the company, the funds will be used to address urgent humanitarian needs and support recovery efforts in the areas most affected by the earthquakes.
“Our thoughts are with the people and communities affected by the devastating earthquakes in Venezuela,” said Alvin Abraham, Global Manager of Corporate Giving at ExxonMobil. “Our contribution aims to help ensure that affected communities receive the care and resources they need.”
Donations to the American Red Cross designated for the Venezuela earthquake relief efforts will help provide a range of essential services, including emergency shelter, relief supplies, cash assistance, healthcare, safe water and sanitation, psychosocial support, family reunification services, and other forms of recovery assistance for people impacted by the earthquakes.
ExxonMobil also commended the first responders, volunteers, and community leaders working tirelessly on the ground to support relief and recovery efforts.
“The integrity of petroleum products must be maintained for the benefit of consumers and the industry as a whole,” Konu said.
The workshop, organised by the NPA’s Business Development Directorate, brought together fuel dealers and bulk road vehicle drivers to discuss regulatory requirements, operational challenges and measures to improve compliance across the petroleum value chain.
Konu said the downstream petroleum industry makes a significant contribution to Ghana’s economy and that continued stakeholder engagement was necessary to reinforce regulatory standards.
He also advised fuel dealers to regularly monitor water levels in underground storage tanks following recent heavy rains to prevent contaminated fuel from reaching consumers.
NPA Head of Security and Intelligence Isaac Djagbetey urged petroleum service providers to source products only from authorised depots and warned against supplying fuel to illegal mining operations, locally known as galamsey.
Richard Apaloo, a senior manager with the NPA’s Inspections, Monitoring and HSSE Directorate, called on fuel dealers to keep valid regulatory documents available for inspection.
Meanwhile, Nana Afua Nuamah Bosumtwi, Head of Claims at the Unified Petroleum Price Fund (UPPF), cautioned tanker drivers against tampering with vehicle tracking systems and encouraged timely submission of transport documentation to facilitate claims processing.
Adams Baba Adams of the NPA’s Quality Assurance Directorate urged dealers to ensure fuel quality standards were maintained to protect consumers and prevent vehicle damage.
The regulator also encouraged consumers to report cases of suspected fuel under-delivery or poor product quality within 48 hours to aid investigations.
Officials from the Ghana National Fire Service conducted fire safety training and emergency response drills, while the National Road Safety Authority urged tanker drivers to adopt defensive driving practices and respect other road users to reduce accidents. 
