AI is changing the future of research, but not in the way we think
Omar Al-Ubaydli is director of economics and energy studies at Derasat in Bahrain and a columnist for The National
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Oando Profit-After-Tax up 267% to N220 billion in FY2024 Audited Results
Oando PLC ( Africa's leading integrated energy company listed on both the Nigerian Exchange Group (NGX) and Johannesburg Stock Exchange (JSE), posted robust Audited Full Year (FY) 2024 financial results with a 44% increase in revenue to N4.1trillion compared to N2.9 trillion in FY 2023. In the upstream, Oando's production witnessed a 3% increase to 23,727 boepd; made up of crude oil production which increased by 27% to 7,558 bopd, while NGL production and gas decreased respectively by 35% to 156 bpd, and 5% to 16,013 boepd. The company's 2P reserves grew 95% year-on-year to 983 MMboe (2023: 505 MMboe), representing a 188% reserves replacement ratio and underscoring the strength of the company's upstream portfolio post-acquisition. The company also reported a sustained operational uptime of 86%, supporting off-take reliability and reducing deferred production. Similarly, other indigenous players have also reported significant revenue growth following the recent wave of International Oil Company divestments. Seplat recorded a revenue of ₦1.65 trillion, representing a 137% increase from 2023, while Aradel posted ₦581.2 billion in revenue, a 162% increase compared to the previous year. Speaking on the company's upstream performance, Group Chief Executive, Oando PLC, Wale Tinubu said, ' 2024 was a defining year for Oando, with the successful acquisition and integration of NAOC marking the culmination of a decade-long strategic growth journey which has significantly deepened our upstream portfolio, resulting in our assumption of operatorship of the OML 60–63 series and the doubling of our working interest in the assets from 20% to 40%, as well as our 2P reserves from 500 million barrels of oil equivalent to 1 billion barrels.' In the downstream, Oando's trading subsidiary reported that it sold 20.7 million barrels of crude oil in 2024; a 37% decline from 2023 due to structural changes in the Nigerian oil market. Additionally, refined product volumes declined by 64% to just over 599 kMT, due to weakened domestic demand, driven by the challenging macroeconomic in-country. Projections for global oil prices and demand in 2025 remain uncertain due to persistent macroeconomic and trade policy uncertainties. JP Morgan pegs Brent to peak at $66/bbl in 2025 and $58/bbl in 2026 while the U.S. Energy Information Administration's (EIA) predictions project Brent crude oil prices to fall from an average of $81 per barrel (b) in 2024 to $74/b in 2025 and $66/b in 2026 citing an increase in global production coupled with slower global demand growth. Within its renewable energy business, the company continued to advance its clean energy agenda recording measurable progress across multiple verticals. By the end of 2024 the electric mass transit programme had covered 121,145 km, transported over 205,000 passengers, displacing 163,546 kg of CO₂ emissions and saving more than 60,000 litres of diesel. Other notable achievements include signing MoUs for wind projects with Cross River and Edo State as well as launching a geothermal feasibility study in collaboration with NNPC, exploring the conversion of mature wells to renewable power assets. As the company continues to integrate its expanded portfolio following its most recent strategic acquisition, current projections show it's gone into 2025 with strong momentum and clear ambition. Tinubu remarked 'Looking ahead, 2025 will be our year of execution. Our key priorities shall include unlocking synergies from the acquisition, addressing above-ground security risks through the implementation of a revamped security framework aimed at curbing the persistent theft of oil, cost optimization, balance sheet restructuring, enhancing operational efficiency, and leveraging technology to improve productivity across our operations. In our bid to ramp up production towards achieving our target of 100,000 bopd and 1.5 tcf of gas by 2029, we shall pursue a dual-track approach of rig-less interventions and well workovers, complemented by an aggressive drilling program. We are excited by the opportunities that lie ahead and remain committed to delivering enhanced shareholder returns, shared prosperity and maintaining our position as a leading player in Africa's evolving energy landscape.' The published audited FY 2024 results also include approximately four months of contribution from Nigerian Agip Oil Company (NAOC), following the completion of the acquisition on August 22, 2024. Following this, the company has set a production guidance of 30,000–40,000 barrels of oil equivalent per day (boepd) in its 2025 outlook. This aligns with its post-acquisition optimisation plans to maximise portfolio value and supports its four-year target of reaching 100,000 barrels per day. It is evident that local players, particularly those that have become operators following the recent IOC divestments, are increasingly well-positioned to drive the future of the Nigerian energy sector. These indigenous companies possess unique insights and contextual experience that enable them to more effectively manage onshore and shallow water assets. This shift is expected to generate a ripple effect across the economy by increasing local employment, enhancing capacity development, and improving government revenue through taxes retained within the country, revenue that was previously repatriated to the home countries of the International Oil Companies (IOCs). Distributed by APO Group on behalf of Oando PLC.
Zawya
12 hours ago
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Levene Energy to Spotlight Nigeria's Energy Diversification Prospects at African Energy Week (AEW) 2025
Yinka Adelodun, Executive Director of the Gas and Power Division at Levene Energy Holdings, will speak at this year's edition of African Energy Week: Invest in African Energies, highlighting Nigeria's evolving energy landscape and the role of integrated private sector players in advancing energy security and sustainability. Adelodun's participation reflects Levene Energy's pivotal role in driving Nigeria's energy diversification, particularly across the gas and renewables sectors. With over 80 million Nigerians still lacking access to electricity and proven natural gas reserves of 210 trillion cubic feet, the company is helping to harness domestic resources to support industrialization, power generation and inclusive energy access. At AEW: Invest in African Energies, Adelodun will contribute to strategic discussions and project showcases, spotlighting key investment and partnership opportunities within Nigeria's energy value chain. In the gas sector, Levene Energy is expanding midstream infrastructure through its subsidiaries. The company holds franchise licenses from the Nigeria Gas Marketing Company Limited for gas distribution in the Ibeju-Lekki and Badagry-Seme areas. Through its subsidiary Aegon Distribution Limited, Levene is also constructing pipelines for NNPC Gas Marketing, supporting the transportation of low-carbon gas as a substitute for diesel and addressing growing domestic demand. In the oil sector, the company is strengthening sustainability through She-Val Engineering, which provides emission reduction services for upstream projects. Levene Energy also owns two bitumen exploration and production assets in Ogun State, enhancing its vertically integrated model spanning upstream, midstream, and downstream operations. Levene Energy is further contributing to Nigeria's renewable energy ambitions through its partnership with the Rural Electrification Agency, focused on implementing rural generation projects and manufacturing solar PV systems in Ikotun. Coming into AEW 2025, Levene Energy is well-positioned to present its multi-sector investment portfolio and engage with partners to scale up energy solutions across Nigeria and beyond. 'Levene Energy is a strong example of how African companies can drive expertise and service delivery across the entire energy value chain. The company's 10-year footprint in Nigeria demonstrates the transformative impact of integrating oil, gas and renewable resources to achieve sustainable development,' said Oré Onagbesan, Program Director for AEW 2025. Distributed by APO Group on behalf of African Energy Chamber. About AEW: Invest in African Energies: AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit for more information about this exciting event.
Zawya
13 hours ago
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Renergen Chief Executive Officer (CEO) Joins African Energy Week (AEW) 2025 Ahead of Virginia Phase 2 Project Start
Stefano Marani, CEO of gas producer Renergen, is set to discuss the company's South African projects and investment pipeline at the African Energy Week (AEW): Invest in African Energies 2025 conference. Taking place September 29 to October 3 in Cape Town, the event is the largest of its kind on the continent. As a major helium producer in South Africa, Renergen is well-positioned to lead discussions around opportunities for gas-driven growth in the country. As South Africa's only onshore gas producer, Renergen operates the Virginia Gas Project in the country's Free State province. The project – which restarted phase one operations in 2024 – produces 350 kg of liquid helium per day in tandem with a 2,700 gigajoules of LNG per day. Phase two is expected to begin in 2026, significantly increasing capacity. At AEW: Invest in African Energies 2025, Marani is expected to share insights into the role the project will play in South Africa's helium market. Providing an update on the project, Marani will delve into the impact investments in gas will have across the region. AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit for more information about this exciting event. In May 2025, Renergen announced that U.S.-based ASP Isotopes made an offer to acquire 100% of Renergen's shares through a share-for-share offer. The acquisition, which is expected to close in Q3, 2025, will combine ASP Isotopes' expertise in isotope enrichment with Renergen's helium production capabilities, creating a company positioned to scale-up production and support South Africa's helium demand. The acquisition creates opportunities for horizontal business expansion, allowing the company to tap into strategic industries such as healthcare, nuclear, semiconductors and rocketry. The transaction also signals a strategic step for ASP Isotopes' expansion and comes as the company plans a second listing on the Johannesburg Stock Exchange later this year. In addition to creating a more integrated supply chain in South Africa, the acquisition provides an opportunity for Renergen to accelerate the development of the Virginia Gas Project. Phase two of the project comprises an expansion of current operations through several initiatives. These include drilling approximately 350-450 new productive wells; the construction of a gas gathering network of pipelines; the development of a 32,000 million British thermal units of LNG and 894 million cubic feet of liquid helium; as well as the deployment of 35 road tankers. As such, the project is expected to play an important part in meeting South Africa's demand for liquid helium while introducing a new source of fuel to the market through LNG. The Virginia Gas Project also produces LNG and Renergen aims to increase output to support domestic market growth. 'Gas is not a transition fuel for countries such as South Africa; it is a destination fuel. The country has significant amounts of natural gas reserves, most of which are underdeveloped. But companies such as Renergen are leading the way towards unlocking these resources and are expected to play an instrumental part in supporting South Africa's economic growth. Projects such as the Virginia Gas Project are vital for the country and more investments across the gas value chain will support sustainable growth in South Africa,' stated Tomás Gerbasio, VP Commercial and Strategic Engagement, African Energy Chamber. Distributed by APO Group on behalf of African Energy Chamber.
