In The Spotlight
DeepOcean's EMEA organisation will deploy Orient Adventurer. (Image source: DeepOcean)
Located approximately 60 kilometres offshore Ghana in water depths of around 1,100 metres, production from the Jubilee Field is supported by the FPSO Kwame Nkrumah
It is the central hub for offshore production and associated gas handling operations for one of West Africa's most significant offshore oil developments, with a processing capacity of more than 120,000 barrels of oil per day.
Delivering complex intervention
A gas lift riser connecting the Jubilee field's subsea system offshore Ghana with FPSO Kwame Nkrumah needs retermination, which will be initiated by DeepOcean for Tullow Ghana as part of a recently signed contract
DeepOcean's EMEA organisation will deploy its subsea construction vessel called Orient Adventurer to support the initiative, which also includes project management, engineering, riser disconnection, deck-side retermination, reconnection and pre-commissioning services.
"We have successfully deployed the Orient Adventurer on previous subsea construction projects in Ghana and are very familiar with the vessel's capabilities in the region. The vessel's vertical lay system (VLS) makes it particularly well suited for the safe and efficient deployment of the risers through the moonpool,” said Robin Mawhinney, executive vice president for DeepOcean’s EMEA region.
Orient Adventurer is back in action following a major upgrade and refurbishment programme. Its 2,500-tonne under-deck carousel and a refurbished Huisman vertical lay system (VLS) with 275-tonne top tension dynamic capacity adds to DeepOcean's fleet capability.
Longstanding presence in West Africa
While DeepOcean's team will be working on the ground in Accra, executing the project, engineering specialists will have them covered from the company's global bases as well. The offshore work will be performed during the fourth quarter of 2026.
“Riser replacement and reactivation are core competencies of our onshore and offshore teams, and we look forward to supporting Tullow in the successful delivery. Our strong local presence in Accra and Takoradi, combined with DeepOcean's technical expertise in subsea riser operations, has been instrumental in securing this award,” said Oyvind Mikaelsen, chief executive officer at DeepOcean.
DeepOcean's expertise in delivering complex subsea construction and intervention, alongside its long-standing presence in West Africa, makes the company a fitted choice for Tullow's contract. The contract will be executed by DeepOcean Ghana Limited, an indigenous Ghanaian company operating as a joint venture between DeepOcean and its local partner.
Automotive products and commercial fuels are seeing a shift in selling approach.
Drive into any South African town after dark and the brightest landmark on the horizon is rarely the town hall or the high street bank; it is the local fuel forecourt
Under a floodlit canopy backed by generator power and 24-hour security, commuters queue for barista coffee and fresh bread, families collect parcels from smart lockers, neighbours use the ATM, and music drifts across the tarmac from a busy car wash and grill.
In South Africa's regulated market, every station sells petrol at the same gazetted price and earns the same fixed retail margin of R3.20 per litre. Once bank card fees take 14% of that margin off the top, and before a dealer pays pump attendants, security guards, or generator diesel, fuel alone barely keeps the lights on. Because no station can compete on petrol price; what it takes to win across the country's 4,800 forecourts has changed. Nearly half of the visitors walking onto a South African forecourt today do not buy fuel. Winning now means owning the neighbourhood oasis.
The multinationals ranked: From biggest to smallest
Over the past three years, coastal refinery closures and multinational exits have redrawn the ownership map above the canopy. Ranked from largest to smallest across South Africa's branded retail network, a clear hierarchy has emerged as global commodity traders, Middle Eastern oil companies and legacy multinationals battle for the motorist.
- First is Vitol-backed Vivo Energy, commanding 27% of branded stations as the country's largest retail network.
- Second is Glencore-backed Astron Energy at 18%, having completed the nationwide rebrand of the former Caltex estate. What separates these two commodity-backed leaders is execution: Vivo Energy is scaling supermarket, bakery, and barista partnerships across urban and township nodes, while Astron Energy has used its rebrand and coastal supply integration to lock in highway and commercial corridor volumes.
- Third is Shell at 13% of branded stations, entering a new chapter as incoming Middle Eastern giant ADNOC Distribution brings sovereign capital aimed at convenience retail expansion.
- Fourth is French multinational TotalEnergies at 12%, holding a disciplined footprint across metropolitan arteries and farming hubs.
- Fifth is British major bp at 11%, whose long-term retail capital appetite faces growing market questions following its earlier exit from local refining and terminal assets.
- Sixth is domestic synfuels champion Sasol at 9%, punching above its station count after expanding its convenience footprint by a fifth in a single year.
Pressing all six from below are international challengers like Puma Energy alongside roughly 700 unbranded white-pump stations, representing around 15% of all forecourts nationwide. Supplied directly from coastal import terminals by independent wholesale traders, white-pump operators strip out multinational franchise royalties to win volume on price-sensitive rural and secondary routes.
Inside the network: Five tiers from largest to smallest
Yet the badge on the canopy tells only half the story. To see what separates winning stations from those closing their doors, KIPX audited over a thousand forecourts across a leading national network spanning nearly 700 towns.
Ranked from biggest to smallest, the network breaks into five operational tiers.
- First are flagship premium convenience hubs at 30% of the network, built as 24-hour destinations with branded supermarkets, bakeries, and drive-thru coffee.
- Second are modernised mid-tier convenience stores at 27%, serving everyday neighbourhood top-up shopping and quick-service food.
- Third are branded fuel-only canopies at 22%, pumping branded fuel without a corporate convenience store.
- Fourth are legacy and unbranded white sites at 14%, older stations that missed out on modern upgrades.
- Fifth are highway oasis complexes and standard sites, making up the remaining 7%.
Behind that ranking sits KIPX's central claim: property tenure decides who wins. Over 80% of the flagship and modernised convenience stores in the top two tiers sit on land owned or head-leased by the oil company. By contrast, nearly 80% of the fuel-only and legacy sites in the bottom tiers sit on dealer-owned land. Crucially, that 14% legacy tier accounts for 73% of all permanently closed stations. Because 94% of South African stations are run by single-site entrepreneurs, the rule is stark: where the multinational controls the title deed, it invests millions in a food-anchored oasis. Where the independent dealer owns the ground, corporate capital rarely arrives.
Where the battle is won: Suburbs, rural towns and townships
Conventional wisdom assumes convenience retail is purely an affluent suburban game. KIPX demographic mapping disproves that claim. Ranked from largest to smallest, metropolitan suburbs hold 48% of stations, rural and farming towns hold 35%, and townships hold 17%. More than half of the market sits outside suburban malls.
In metro suburbs, over two-thirds of stations have converted into flagship or modernised convenience hubs. In rural towns, the network splits in half, with upgraded stations acting as town lifelines for backup power, banking and fresh food. Townships are the fastest-growing battleground in South African retail: nearly half of township stations have been rebuilt into modern convenience oases, turning a floodlit, security-patrolled forecourt into the safest town square in the community.
Winning on the apron while lubricants move to the field
This shift has rewired how automotive products and commercial fuels are sold. Inside corporate convenience stores, old service bays were bricked up for bakeries and coffee bars because prepared food and coffee generate 44% of shop gross profit, whereas bottled motor oil has collapsed to 4% of turnover. Motorists stopped paying convenience-store markups for a five-litre jug of oil.
Instead, on the dealer-owned fuel-only and legacy stations without a corporate store, winning entrepreneurs built their own oasis on the apron. Smart dealers pair their pumps with hand car washes, shisanyama grills, sit-down kitchens and attached motor spares shops selling engine oil, filters, and brake pads at trade prices.
Meanwhile, commercial lubricant and bulk diesel volumes left the retail forecourt altogether. Multinationals, independent blenders and agile distributors now put technical reps on the road, delivering mobile diesel bowsers, 210-litre bulk packs, and 1,000-litre bulk containers straight into transport yards, farms, and mines on 30-day trade credit. Winning in South Africa's downstream market now requires mastering two distinct games: turning the retail forecourt into a 24-hour community oasis, while winning commercial fuel and lubricants in the customer's yard.
Valmet ensures cybersecurity in refineries from ground up.
The earliest decisions in a new oil and gas refining project often have the longest impact
Choices involving automation, supplier access, and long-term support can be difficult and expensive to change once the process has been commissioned, yet they will continue to affect reliability, maintenance and operational risk for years. OT cybersecurity is now one of those foundational decisions.
In many industrial projects, however, OT cybersecurity is still treated as something that can be handled later, after the main technology selections have been made and the system design is already moving toward detailed engineering or commissioning.
That approach simply does not work anymore. As industrial systems become more connected and cybersecurity requirements continue to expand, decisions made late in the project can create compliance issues, increase costs, complicate commissioning and leave plant owners with security gaps that are much harder to address after startup.
Oil and gas refineries rely heavily on Operational Technology because the Distributed Control System (DCS) and associated automation can extend through almost the entire refining process. That may include crude handling, distillation, cracking, reforming, hydrotreating, blending, storage and product transfer, along with pumps, compressors, valves, instrumentation, analysers and other equipment. In many refineries, the automation system is involved in nearly everything that happens from the time crude enters the facility until finished products leave it.
However, that also creates cybersecurity concerns as refiners connect more systems for remote support, process optimisation, analytics, cloud applications and other digital technologies.
In many regions, OT cybersecurity is moving beyond a matter of technical preference. Responsibilities are becoming more defined on both sides of the industrial environment. Suppliers must provide products that meet security requirements, while critical infrastructure operators must manage cybersecurity risk throughout their operations.
This shift is creating a particular challenge in Engineering, Procurement and Construction projects, where EPCs are often responsible for bringing together the many suppliers required to deliver a complete oil and gas refinery or other industrial asset.
In these projects, the EPC may be responsible for defining the cybersecurity requirements during the project and making sure suppliers meet them. However, once the plant is handed over, the owner is responsible for operating the system securely and maintaining that security over time.
It is like first making a product and then putting the quality in afterwards. It doesn’t work that way. Cybersecurity needs to be taken into consideration from the star.
Cost of late cybersecurity decisions
Once the system architecture is already established, new cybersecurity requirements can be difficult to accommodate without creating additional complexity. Compliance may require new components, changes to existing interfaces and workflows or exceptions that leave the overall system more difficult to operate and maintain.
The cybersecurity requirements also continue after the project is complete. Although the EPC may still deliver the project on time, any compromises made during design can remain with the owner for the next 20 to 30 years. This is particularly important in OT, where industrial systems cannot be patched, modified, or rebooted with the same freedom as conventional IT systems.
In an OT system, a known vulnerability may remain open for some time before the patch can be installed. Software updates in an industrial control system are rarely immediate. Before anything is installed, the automation supplier must determine whether the update applies, test it against the control system, and confirm that it will not interfere with operations.
Even after that work is completed, the plant may not be able to install the update until the next scheduled outage or maintenance window. Until then, the vulnerability remains, which means some other form of protection is required.
This is where support after commissioning becomes critical. Valmet, a worldwide provider of process technologies, automation systems and services, for example, can continue to manage that risk through patch assessment, vulnerability management, monitoring, endpoint protection, and lifecycle support for its automation systems.
OT/IT integration raises the stakes
With modern automation platforms like Valmet DNAe, cybersecurity is built into the underlying architecture. The platform was developed to support IT/OT convergence, with industrial-standard interfaces and edge technology providing connectivity from field-level sensors through to cloud applications. This allows data to move across the system and supports the use of digital intelligence and AI-based tools at different levels of the operation.
Communication and data management are organised through the Trusted Information Framework, or TIF, which forms the foundation of the Valmet DNAe Distributed Control System. Security measures including authentication, role-based access control, encryption, endpoint protection and audit trails are incorporated into that framework.
The company’s services are designed to support the entire cybersecurity lifecycle. This includes determining which patches are required for specific automation systems, testing those patches before they are recommended to customers, and supporting deployment when the operating schedule allows. It also includes vulnerability monitoring, antivirus protection, network detection, secure access management, backup and recovery planning, compliance reporting, and periodic testing as long as the system remains in operation.
Today, cybersecurity belongs in the earliest project conversations because the decisions made during design will remain with the oil and gas refinery long after commissioning. When those questions are left until the end, the refinery may still operate as intended, but securing and maintaining it will usually become more difficult and more expensive.
VAALCO Energy has completed its Phase 3 offshore drilling programme in Gabon, bringing the ETSEM-3H development well into production and demobilising the Borr Norve drilling rig from the SE Etame platform
The company has also commenced drilling activities under the Baobab Phase 5 campaign offshore Côte d’Ivoire
At the SE Etame field in Gabon, the ETSEM-3H well was drilled and completed in an attic location, targeting 300 metres of net pay in high-quality Gamba reservoir sands along its lateral wellbore. The well achieved a stabilised initial production rate of approximately 2,000 gross barrels of oil per day (BOPD), equivalent to 1,140 BOPD net to VAALCO.
With ETSEM-3H completed, the Phase 3 drilling programme has concluded, and the Borr Norve rig has been removed from the field.
Offshore Côte d’Ivoire, work has begun on the Baobab Phase 5 drilling programme, with the operator batch-setting the top-hole sections of the planned wells. Once the top-hole sections have been drilled across the programme, the wells will be completed and brought into production sequentially.
The campaign comprises four production wells, three water-injection wells and two workovers. VAALCO expects the first new producer to come online towards the end of 2026, with the programme anticipated to support significant production growth in 2027.
George Maxwell, VAALCO’s Chief Executive Officer, commented, “We are pleased with the results of the ETSEM-3H development well, which was landed in an attic location within the SE Etame field, and is now on production at about 2,000 gross BOPD (1,140 BOPD net to Vaalco). This represents the final well in our successful Phase 3 drilling campaign, and the drilling rig has now been demobilized from the field. In Côte d’Ivoire, following the successful re-start of the Baobab field during the second quarter, we have now commenced the Phase 5 drilling campaign with batch-setting the top-hole sections of the new wells. The current plan for the Phase 5 drilling campaign consists of four producers, three water injectors and two workovers. We expect to have the first new producer online near the end of the year, with meaningful production increases expected in 2027. Our continued success and organic project pipeline support Vaalco’s strategic focus on growing production, reserves and value for our shareholders.”
In the execution process of large-scale oil and gas projects, engineering timelines are constantly threatened by certification bottlenecks. Addressing this critical pain point, European ATEX lighting leader ZALUX has announced a major expansion of its testing capabilities, designed to streamline compliance and accelerate project delivery
ZALUX has officially expanded the scope of its Witness Testing Laboratory in Spain, audited by the French National Institute for Industrial Environment and Risks (INERIS). The facility is now fully equipped to perform in-house enclosure testing according to EN 60079 norms for "Ex e" (increased safety) and "Ex t" (dust ingress protection) equipment, alongside thermal and electromagnetic compatibility (EMC) testing.
"By bringing these critical assessments entirely in-house under witness testing protocols, we are able to reduce R&D and certification cycles," explains Daniel San Bernardino, ZALUX business development manager ATEX & EPC. "This optimises our processes and reduces development times while maintaining the precision, reliability, and traceability required by the ATEX sector."
When asked what makes ZALUX a strategic partner for Middle East EPCs and operators, San Bernardino highlights the company's dual-regional strength:
"We are more than a manufacturer; we are a long-term partner. With a long list of reference international projects, we are an approved vendor for ADNOC, Saudi Aramco, or Qatar Energy and EPCs like Petrofac and SAIPEM. Additionally, our branch in the Dubai Airport Freezone (DAFZA) allows us to provide closer support to regional customers. This local support is combined with certified European manufacturing in our INERIS-audited Spanish facility."
ZALUX at ADIPEC
At ADIPEC, ZALUX will showcase its robust Ex Zones 1 and 2 luminaires. Visitors can explore the flagship STRONGEx G2, a chemical-resistant linear luminaire operating up to 55°C with up to 182 lm/W efficacy and up to 100,000 hours lifespan, alongside the OREx high-bay family, engineered for extreme temperatures from -32°C to +75°C. Together with the rest of the portfolio, these high-efficacy solutions are built to maximise energy savings and lower operational overheads.
By combining rapid in-house testing, certified European manufacturing, and a strategic regional office, ZALUX continues to solidify its position as the preferred partner for global EPCs and oil and gas end-users.
Discover ZALUX’s high-performance luminaires at ADIPEC in Hall 16.
Khaled Salah, vice president - Africa, AVEVA. (Image source: AVEVA)
Since the outbreak of the US-Iran war, the oil industry has been forced to reckon with one of the most challenging operating environments in decades
With supply now disrupted on two fronts – the Strait of Hormuz and the Red Sea – crude prices have hit US$100 in recent months as markets react to every military strike and diplomatic tweet.
For Africa, the Red Sea disruption brings its own costs. UNCTAD previously found that diversions around the Cape of Good Hope add more than ten days to delivery times on average, which strains companies that operate with limited inventories. Disruption-related surcharges are also pushing up landed costs at Africa’s Indian Ocean ports, according to an analysis by Bloomsbury Intelligence and Security Institute (BISI).
Refiners and producers are grappling with supply-chain bottlenecks, higher freight costs, and growing signs of demand erosion as sustained high energy prices dampen spending.
The industry is no stranger to complex global supply chains. But the new challenge requires companies to adapt to a market where both supply and demand can pivot with speed.
Unpredictable times
In this operating environment, every piece of information counts – across suppliers, logistics providers, operations teams and customers.
By knitting together a comprehensive minute-by-minute operational snapshot of the global energy landscape, companies can predict, analyze and react to volatile energy conditions with optimal precision.
In the five months since the start of the conflict, Brent crude has traded in a range from roughly 6 percent below its pre-war level to almost 50 per cent above it. This geopolitical landscape creates complex challenges for producers and refiners.
Equally, periods of volatility create significant commercial openings for companies that can respond faster than the market. A sudden spike in crude prices can all create a short-lived window for higher margins.
Companies operating from connected data can rapidly adjust production plans and redirect cargoes, turning market turbulence into a source of competitive advantage.
Building resilience and agility
Historically, energy companies have been primarily motivated by efficiency and cost margins. While those objectives still stand, organizations are increasingly finding that resilience and agility are key performance differentiators.
Companies become more resilient when they operate from a common view of data and performance. To use a boating analogy, we're all navigating the same storm. Some organizations have cargo ships, others have yachts. The conditions are the same for everyone – what differs is how well-equipped each vessel is to withstand rough seas.
Connected operational systems help organizations build a stronger boat. Increasingly, that means looking beyond any single company and to every entity who touches the barrel.
Seeing the big picture
In what has been described by experts as the ‘age of permacrisis’, supply shocks often overlap or occur simultaneously. For example, disruption in Hormuz, renewed Red Sea attacks, or tighter sanctions on Russian exports can affect crude availability and shipping routes within hours – and sometimes all at once.
Refineries process blends and crude slates sourced from multiple regions, each with distinct physical properties and refining characteristics. Texas crude behaves differently from Saudi crude. Saudi crude behaves differently from Abu Dhabi crude. Venezuelan crude behaves differently again.
Historically, engineering teams would manually run a limited number of operational scenarios. Now connected AI systems can run thousands of crude blend combinations simultaneously while incorporating crude prices, refined product prices, electricity costs, operational constraints and regional market demand – determining in near real-time exactly which combination will generate the highest profitability possible.
Connection in action
Abu Dhabi National Oil Company (ADNOC) offers an example of connected operations in practice. The energy giant has combined data from production assets, pipelines, terminals and operations teams into a shared operational environment.
The platform integrates more than 10 million data tags across 120-plus dashboards, giving decision-makers a single operational view of the business. The system generates US$60-US$100mn in savings through optimized operations across 14 subsidiaries, enabling the company to respond faster when market conditions or supply chains shift.
In a broader sense, the highest-performing organisations globally are being recognised not just for productivity, but for supply chain resilience and their ability to connect data across entire value chains.
According to McKinsey analysis of the World Economic Forum Global Lighthouse Network, organisations that digitally connect suppliers, operations and customers experienced eight times less revenue shock following the pandemic than their peers.
Those connected value chains also achieved 50 percent faster new-product introduction by improving visibility and coordination across the network.
Digitising relationships
Industrial resilience is rapidly shifting from being an internal capability to a network capability. Competitive advantage is increasingly determined by how well producers, refiners, suppliers, logistics providers and technology partners operate from a common understanding of data and performance.
In the last decade, industrial companies prioritized digitizing assets. The next phase will see digitising relationships come to the forefront.
The article has been written by Khaled Salah, vice president – Africa, AVEVA
Nigeria’s Dangote Petroleum Refinery has just announced a staggering US$4.73bn net profit for the first nine months of 2026.
The global petroleum refining landscape is undergoing a monumental shift, driven by geopolitical volatility and the emergence of massive new downstream infrastructure in developing markets.
At the centre of this transformation is Nigeria’s Dangote Petroleum Refinery, which has just announced a staggering US$4.73bn net profit for the first nine months of 2026. This dramatic financial turnaround arrives precisely as the organisation asks investors for US$1.6bn in what is slated to be the largest initial public offering (IPO) in African history.
Global Supply Disruptions and the Refining Catalyst
Historically, West Africa has relied heavily on imported refined fuels from Europe, the United States, and the Middle East to meet its domestic energy requirements. However, recent geopolitical tensions, most notably the Iran war, have severely disrupted Middle Eastern refining operations and petroleum product exports.
These supply chain bottlenecks have sent global product margins sharply higher throughout the year, with a particularly intense spike in the profitability of diesel and jet fuel. Rather than falling victim to these shortages, newly commissioned infrastructure in West Africa has capitalised on the supply vacuum. By ramping up output, facilities in the region have begun exporting refined products directly into these global shortages, including significant jet fuel shipments successfully routed to Western Europe.
A Historic Financial Turnaround
Just a year ago, the Lagos-based mega-refinery was still absorbing heavy commissioning costs, posting a US$117.2mn loss during the same nine-month period. Today, the operational reality paints a drastically different picture. By successfully processing greater volumes of crude oil and capturing elevated refining margins on the global market, the company has transformed its balance sheet at an unprecedented pace.
The facility's fiscal transformation is underscored by several key performance metrics:
-
Revenue Growth: Total revenue more than doubled year-on-year, surging from US$9.19bn to an impressive US$22.48bn.
-
EBITDA Expansion: Earnings before interest, taxes, depreciation, and amortisation skyrocketed to US$5.52bn, up from just US$627.6mn a year earlier.
-
Cash Flow Generation: Operating cash flow reached US$3.68bn through September, compared with a mere US$364.7mn previously.
-
Debt Reduction: The organisation finished the period with US$650.8mn in net cash, completely reversing the US$1.73bn in net debt it carried the previous year.
-
Liquidity: Total cash holdings for the enterprise have now reached a robust US$6.69bn.
Africa’s Largest Initial Public Offering
These exceptional financial figures have landed right in the middle of the refinery’s highly anticipated IPO. The company is actively seeking to raise US$1.6bn in a public offering that places an overall valuation on the refinery of approximately US$47bn.
The market response has been exceptionally strong. Initially scheduled to close on the 13th of October, the subscription period has been officially extended through the 27th of October. This two-week extension was necessitated after heavy and enthusiastic investor demand effectively overwhelmed several Nigerian investment platforms when the offering first opened to the public.
Securing Regional Independence and Future Expansion
The capital generated from the IPO is already earmarked partly for the facility's next ambitious expansion phase. While the 700,000-barrel-per-day (bpd) refinery was already running near 660,000 bpd earlier this year—up from its original 650,000 bpd design—leadership has set a far higher target. By 2029, the company intends to double its total refining capacity to 1.4 million bpd. Once completed, this expansion would firmly position the Lagos complex among the very largest single-train refineries in the world.
Beyond the raw financial success, the strategic impact on the regional economy cannot be overstated. The facility has successfully and substantially cut West Africa’s historical dependence on imported fuel. Today, Nigerian product exports are increasingly displacing the millions of barrels that previously arrived via long-haul shipping routes. From navigating early commissioning hurdles to boasting billions in cash reserves and a line of eager investors, the enterprise has rapidly rewritten the narrative of African downstream energy production.
Nigeria’s Dangote Petroleum Refinery has just announced a staggering US$4.73bn net profit for the first nine months of 2026.
The global petroleum refining landscape is undergoing a monumental shift, driven by geopolitical volatility and the emergence of massive new downstream infrastructure in developing markets.
At the centre of this transformation is Nigeria’s Dangote Petroleum Refinery, which has just announced a staggering US$4.73bn net profit for the first nine months of 2026. This dramatic financial turnaround arrives precisely as the organisation asks investors for US$1.6bn in what is slated to be the largest initial public offering (IPO) in African history.
Global Supply Disruptions and the Refining Catalyst
Historically, West Africa has relied heavily on imported refined fuels from Europe, the United States, and the Middle East to meet its domestic energy requirements. However, recent geopolitical tensions, most notably the Iran war, have severely disrupted Middle Eastern refining operations and petroleum product exports.
These supply chain bottlenecks have sent global product margins sharply higher throughout the year, with a particularly intense spike in the profitability of diesel and jet fuel. Rather than falling victim to these shortages, newly commissioned infrastructure in West Africa has capitalised on the supply vacuum. By ramping up output, facilities in the region have begun exporting refined products directly into these global shortages, including significant jet fuel shipments successfully routed to Western Europe.
A Historic Financial Turnaround
Just a year ago, the Lagos-based mega-refinery was still absorbing heavy commissioning costs, posting a US$117.2mn loss during the same nine-month period. Today, the operational reality paints a drastically different picture. By successfully processing greater volumes of crude oil and capturing elevated refining margins on the global market, the company has transformed its balance sheet at an unprecedented pace.
The facility's fiscal transformation is underscored by several key performance metrics:
-
Revenue Growth: Total revenue more than doubled year-on-year, surging from US$9.19bn to an impressive US$22.48bn.
-
EBITDA Expansion: Earnings before interest, taxes, depreciation, and amortisation skyrocketed to US$5.52bn, up from just US$627.6mn a year earlier.
-
Cash Flow Generation: Operating cash flow reached US$3.68bn through September, compared with a mere US$364.7mn previously.
-
Debt Reduction: The organisation finished the period with US$650.8mn in net cash, completely reversing the US$1.73bn in net debt it carried the previous year.
-
Liquidity: Total cash holdings for the enterprise have now reached a robust US$6.69bn.
Africa’s Largest Initial Public Offering
These exceptional financial figures have landed right in the middle of the refinery’s highly anticipated IPO. The company is actively seeking to raise US$1.6bn in a public offering that places an overall valuation on the refinery of approximately US$47bn.
The market response has been exceptionally strong. Initially scheduled to close on the 13th of October, the subscription period has been officially extended through the 27th of October. This two-week extension was necessitated after heavy and enthusiastic investor demand effectively overwhelmed several Nigerian investment platforms when the offering first opened to the public.
Securing Regional Independence and Future Expansion
The capital generated from the IPO is already earmarked partly for the facility's next ambitious expansion phase. While the 700,000-barrel-per-day (bpd) refinery was already running near 660,000 bpd earlier this year—up from its original 650,000 bpd design—leadership has set a far higher target. By 2029, the company intends to double its total refining capacity to 1.4 million bpd. Once completed, this expansion would firmly position the Lagos complex among the very largest single-train refineries in the world.
Beyond the raw financial success, the strategic impact on the regional economy cannot be overstated. The facility has successfully and substantially cut West Africa’s historical dependence on imported fuel. Today, Nigerian product exports are increasingly displacing the millions of barrels that previously arrived via long-haul shipping routes. From navigating early commissioning hurdles to boasting billions in cash reserves and a line of eager investors, the enterprise has rapidly rewritten the narrative of African downstream energy production.
Khaled Salah, vice president - Africa, AVEVA. (Image source: AVEVA)
The survey will span across 34,000 kms offshore Egypt. (Image source: TGS)
Energy data and intelligence provider, TGS, has partnered with Egyptian Natural Gas Holding Company (EGAS), to initiate a large-scale 2D seismic reimaging campaign, the EGY-2DRE2026 project
The survey will span across 34,000 kms offshore Egypt, which will be further integrated to the GeoStreamer 2016, 2018 and 2023 surveys. The compilation will comprise other available conventional 2D data as well, building single and consistent regional framework for interested operators to refer to across the offshore basins. The vast and insightful dataset will be fed into an advanced velocity model building and pre-stack depth migration workflow, including TGS' proprietary DM-eFWI technology, to generate credible images of pre-, intra- and post-Messinian salt intervals in high definition.
The reimaged dataset that spans offshore Nile Delta, Herodotus Basin, and wider Eastern Mediterranean Basin will support clients to better resolve these intervals, giving a sharper, basin-wide structural framework to support prospect identification and maturation. This will play a significant role in decision making for operators to channelise exploration budgets in the right direction ahead of upcoming licensing rounds.
To support resource development, TGS has lately been taking up region-specific projects in Africa that aligns with a rising global demand for basin-wide reimaging and data integration across frontier and mature basins globally.
Final products for a priority subset of 2D lines are scheduled for delivery in Q2 2027, with the remaining full project scheduled for completion in Q1 2028.
"EGY-2DRE2026 will give our customers a modern, regionally consistent view of a basin that has historically been difficult to image beneath its complex Messinian section," said David Hajovsky, Executive Vice President, Multi-Client at TGS. "By combining our latest imaging technology with the depth and breadth of our existing coverage, we're able to de-risk exploration decisions and support our customers as they evaluate future opportunities in this highly prospective part of the Egyptian offshore."
The project is supported by industry funding.
Offshore Sao Tome and Príncipe is a challenging subsurface environment. (Image source: TGS)
In the execution process of large-scale oil and gas projects, engineering timelines are constantly threatened by certification bottlenecks. Addressing this critical pain point, European ATEX lighting leader ZALUX has announced a major expansion of its testing capabilities, designed to streamline compliance and accelerate project delivery
ZALUX has officially expanded the scope of its Witness Testing Laboratory in Spain, audited by the French National Institute for Industrial Environment and Risks (INERIS). The facility is now fully equipped to perform in-house enclosure testing according to EN 60079 norms for "Ex e" (increased safety) and "Ex t" (dust ingress protection) equipment, alongside thermal and electromagnetic compatibility (EMC) testing.
"By bringing these critical assessments entirely in-house under witness testing protocols, we are able to reduce R&D and certification cycles," explains Daniel San Bernardino, ZALUX business development manager ATEX & EPC. "This optimises our processes and reduces development times while maintaining the precision, reliability, and traceability required by the ATEX sector."
When asked what makes ZALUX a strategic partner for Middle East EPCs and operators, San Bernardino highlights the company's dual-regional strength:
"We are more than a manufacturer; we are a long-term partner. With a long list of reference international projects, we are an approved vendor for ADNOC, Saudi Aramco, or Qatar Energy and EPCs like Petrofac and SAIPEM. Additionally, our branch in the Dubai Airport Freezone (DAFZA) allows us to provide closer support to regional customers. This local support is combined with certified European manufacturing in our INERIS-audited Spanish facility."
ZALUX at ADIPEC
At ADIPEC, ZALUX will showcase its robust Ex Zones 1 and 2 luminaires. Visitors can explore the flagship STRONGEx G2, a chemical-resistant linear luminaire operating up to 55°C with up to 182 lm/W efficacy and up to 100,000 hours lifespan, alongside the OREx high-bay family, engineered for extreme temperatures from -32°C to +75°C. Together with the rest of the portfolio, these high-efficacy solutions are built to maximise energy savings and lower operational overheads.
By combining rapid in-house testing, certified European manufacturing, and a strategic regional office, ZALUX continues to solidify its position as the preferred partner for global EPCs and oil and gas end-users.
Discover ZALUX’s high-performance luminaires at ADIPEC in Hall 16.
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First gas from NT-1 and NT-2 is targeted for December.
The giant Ntorya gas field development in Tanzania is anticipated to deliver vital domestic energy supplies, alleviate local energy poverty, and drive long-term industrial and economic growth for the country
Tanzanian government authorities have recognised the urgency of the project's advancement and to make sure there is no delay, an optimised timetable has been established in consultation with the joint venture partners involved in the field's development. Designed with an aim to achieve first gas production by December, the packed schedule includes critical well workovers, testing, and accelerated drilling. Fully funded field operations and pipeline infrastructure integration will prepare the site for production generation.
Aminex has reached an agreement on the sequencing and implementation of the Ntorya gas development following a meeting convened by the Tanzanian Ministry of Energy
Key stakeholders convene
Representatives of the Ministry of Energy, the Petroleum Upstream Regulatory Authority (PURA), the Tanzania Petroleum Development Corporation (TPDC), ARA Petroleum Tanzania Limited (APT), the operator of the Ruvuma PSA, and Aminex's wholly owned subsidiary, Ndovu Resources Limited (Ndovu) were present at the meeting.
While the government did not approve the operator's proposal to extend and delay the project timetable, it did confirm a revised implementation schedule with all the parties involved. This schedule comprises workover of the Ntorya-1 well (NT-1) in October, the testing of the Ntorya-2 well (NT-2) in November and the drilling of a newly planned NT-Central well (NT-C) in December.
First gas from NT-1 and NT-2 is targeted for December. Drilling of the Chikumbi-1 well (CH-1) is to proceed after NT-C is drilled. Following the change of management at ARA Petroleum LLC and a technical reappraisal of the Ntorya project, APT had proposed bringing forward NT-C, previously planned as a development well for a later phase of field development, in place of CH-1, with the drilling of CH-1 deferred. The revised implementation schedule plans to drill the NT-C first, followed by the drilling of CH-1.
It was also confirmed at the meeting that the Ntorya to Madimba pipeline will be completed in time to receive first gas from the Ntorya field in December 2026.
APT confirmed to the parties that it had all necessary funds to carry out the revised programme for the development of the Ntorya field.
The parties agreed that APT should execute the planned activities in accordance with the revised implementation schedule and without unnecessary delay. The revised programme will now be progressed through the formal Joint Venture approval process in accordance with the Joint Operating Agreement.
Economic impact of the project
Charles Santos, executive chairman of Aminex, said, "I would like to thank Dr James Mataragio, Permanent Secretary for Petroleum at the Ministry of Energy, for convening the meeting last week and for the constructive approach taken by all parties. Our focus now is on working together to implement the agreed programme and deliver first gas without further delay.
"The revised implementation programme establishes clear near-term operational milestones, targets first gas for December 2026 and provides for the drilling of a newly planned well, NT-Central, while ensuring that the CH-1 well is also drilled.
"Together, these activities form just the beginning of the development of the giant Ntorya field which is expected to deliver large volumes of gas supplies to Tanzanians, helping alleviate energy poverty, boost industrial development and fuel Tanzania's economic growth."
Puma Energy Ghana boosts LPG distribution through local partnerships.
The coming months will see a significant increase in operational activity at Ntorya.
Africa’s refining landscape is diverging.
Africa’s refining landscape is entering one of its most consequential periods in decades
Across the continent, governments and investors are pursuing sharply different paths. While some are building new mega refineries, others are rehabilitating ageing assets, and several have shut down or abandoned refining altogether. The result is a fragmented energy security map in which a handful of states are moving toward product independence while others are becoming more vulnerable to global supply shocks.
This divergence raises a central question for Africa’s energy future: how will these refinery outcomes reshape regional product flows, commercial stability and long-term energy security?
Refinery revival model in Nigeria
No country illustrates the scale of Africa’s refining ambitions more clearly than Nigeria. After decades of dependence on imported refined products, the country is now positioned to become a regional product hub.
The Dangote effect
The Dangote Refinery -- Africa’s largest -- marks a structural shift in West Africa’s energy landscape. Designed to process hundreds of thousands of barrels per day, it has the potential to:
∙ Significantly reduce Nigeria’s import bill
∙ Stabilise domestic fuel supply
∙ Create export opportunities to Ghana, Togo, Benin, Cameroon and beyond
∙ Ease pressure on foreign exchange markets
Even partial operationalisation has already altered expectations across the region.
Port Harcourt rehabilitation
Alongside Dangote, the rehabilitation of the Port Harcourt refinery signals a renewed commitment to restoring legacy capacity. While timelines have shifted, the project remains symbolically and strategically important. If successful, it will complement Dangote by providing additional domestic supply and reducing reliance on imported products.
Strategic impact
Nigeria is moving from a position of chronic import dependence toward potential net exporter status. This shift could reshape West African product flows and strengthen regional energy security -- provided operational stability is achieved.
Incremental expansion and rehabilitation in Angola
Angola represents a quieter but equally important refinery story. As one of Africa’s major crude producers, its reliance on imported refined products has long been a structural contradiction.
Upgrading existing capacity
Angola has invested in upgrading its existing refining infrastructure to improve efficiency and expand output. These efforts aim to reduce import dependence and stabilise domestic supply.
New projects in development
The government has also advanced plans for new refining capacity, seeking to diversify its downstream sector and capture more value domestically.
Strategic impact
Angola’s incremental approach is gradually strengthening its energy security. While not transformative on the scale of Nigeria, it represents a steady move toward greater self sufficiency and reduced exposure to global price volatility.
Refineries closing in South Africa
South Africa offers a stark contrast. Once home to several major refineries, the country has seen its domestic refining capacity collapse.
Import dependency
By 2022–2023, all major crude refineries -- including Sapref, Enref and PetroSA’s Mossel Bay plant -- were shut or mothballed. The result is a country of South Africa’s economic size relying almost entirely on imported refined products.
Economic and infrastructure consequences
The impact has been significant:
∙ Aviation fuel shortages
∙ Bitumen shortages affecting construction
∙ Price volatility across petrol and diesel markets
∙ Heightened vulnerability to global shipping disruptions, including Red Sea tensions
Strategic impact
South Africa’s experience underscores the risks of losing domestic refining capacity. It highlights why refinery revival efforts elsewhere in Africa carry strategic weight.
Uganda's refinery story
Uganda provides a different kind of refinery story -- one shaped by geopolitics, financing pressures and environmental concerns.
The abandoned Lake Albert refinery
Uganda initially planned a refinery in the Lake Albert region to process its crude domestically. Despite years of negotiation, the project stalled due to:
∙ Financing challenges
∙ Investor withdrawal
- Geopolitical pressures
- Shifting commercial priorities
Pivot to the EACOP pipeline
Instead of a refinery, Uganda pivoted to the East African Crude Oil Pipeline (EACOP) through Tanzania. The pipeline is:
∙ More costly financially
- More environmentally sensitive
- Socially disruptive with displacement and resettlement challenges
- Still leaving Uganda dependent on imported refined products
Strategic impact
Uganda’s case shows how refinery failure can lead to long-term energy insecurity. It also illustrates how geopolitical and financial dynamics shape infrastructure outcomes across Africa.
Regional energy security
The combined effect of these refinery trajectories is a reshaped continental energy landscape.
West Africa
Nigeria’s refinery revival could stabilise regional product supply and reduce reliance on European imports. If successful, it may become the anchor of West Africa’s product market.
Southern Africa
South Africa’s refinery collapse has created regional vulnerability, with neighbouring states exposed to supply disruptions and price swings.
East Africa
Uganda’s pipeline strategy increases crude export potential but does not address product security. Kenya’s earlier refinery closure adds to regional import dependence.
North Africa
Countries like Egypt, Algeria and Morocco continue to upgrade and expand refining capacity, maintaining a more stable downstream environment.
Commercial, geopolitical and social implications
Commercial
∙ Domestic refining reduces import bills
∙ FX pressures ease when product imports decline
- Pricing reforms become more politically manageable
- Investment flows shift toward downstream infrastructure
Geopolitical
- International investors from the West, Middle East and China shape project outcomes
- Regional competition for product markets intensifies
- Maritime security risks influence supply chains
Social and environmental
- Refinery projects create employment and industrial development
- Pipeline projects raise displacement and environmental concerns
- Communities experience both benefits and burdens of energy infrastructure
Africa’s refining future
Africa’s refining landscape is diverging, not converging. Some states are building resilience through new or rehabilitated refineries, while others are becoming more dependent on imported products. The next decade will determine whether the continent emerges as a regional refining hub or remains vulnerable to external supply shocks.
What is clear is that refinery decisions made today will shape Africa’s energy sovereignty for decades to come.
The article has been written by Elijah Paul RukidiMpuuga, FCIArb (UK), founder and principal, Equitas Dispute Resolution Group, LLC
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The MoU was signed in China. (Image source: NNPC)
The event will convene the global energy industry in Abu Dhabi. (Image source: dmg events)
Held under the patronage of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, in his capacity as Ruler of Abu Dhabi, ADIPEC 2026 will take place in Abu Dhabi from 2 to 5 November 2026 at ADNEC Centre Abu Dhabi
The event will mobilise investment in resilient and intelligent energy systems, with confirmed participation from ministers, CEOs and senior leaders across energy, technology, finance and industry.
The event will convene the global energy industry in Abu Dhabi as the world enters a new era of rising energy demand, geopolitical volatility, infrastructure constraints and the rapid expansion of artificial intelligence (AI), underscoring the critical importance of energy security to economic stability and growth.
As the world's largest energy conference and exhibition, and drawing on the UAE's position as a reliable energy supplier, long-term investment partner and global hub for technology and industry, ADIPEC 2026 will bring together policymakers, producers, investors, technology leaders and customers to turn shared priorities into practical action.
Across its conferences and exhibition, participants will align priorities, advance commercial partnerships and accelerate the projects and solutions needed to support secure, reliable and affordable energy supplies and long-term growth.
Among the early confirmed speakers for ADIPEC 2026 are: His Excellency Suhail Mohamed Al Mazrouei, Minister of Energy and Infrastructure, UAE; His Excellency Eng. Karim Badawi, Minister of Petroleum and Mineral Resources, Arab Republic of Egypt; His Excellency Saleh Kharabsheh, Minister of Energy and Mineral Resources, Hashemite Kingdom of Jordan; Rt. Hon Ekperikpe Ekpo, Minister for State for Petroleum Resources (Gas), Nigeria; Wael Sawan, CEO, Shell; Patrick Pouyanne, Chairman & CEO, TotalEnergies; Meg O'Neill, CEO, bp; Richard Jackson, President and CEO, Oxy; Claudio Descalzi, CEO, ENI; Christian Bruch, President and CEO, Siemens Energy; Wang Yuetao, Chairman, Zhenhua Oil; Olivier Le Peuch, CEO, SLB; Lorenzo Simonelli, Chairman and CEO, Baker Hughes; Horacio Marín, Chairman of the Board and CEO, YPF; Dr Angela Wilkinson, Secretary General and CEO, World Energy Council; Aliko Dangote, President & CEO, Dangote Group; Hunter Hunt, Chairman and CEO, Hunt Energy Holdings; Stuart Bradie, Chair of the Board, President and CEO, KBR; Dr Olivier Oullier, CEO and Co-founder, Inclusive Brains; and Prof. Haruhiko Ando, CEO, Japan Cooperation Center for Petroleum and Sustainable Energy.
Abdulmunim Al Kindy, Chairman of ADIPEC 2026, said, “Recent volatility has reaffirmed a simple truth: energy security is economic stability. As demand rises and AI transforms both the energy sector and the economies it powers, the world must invest ahead of demand, diversify supply and strengthen the infrastructure, technology and capabilities that keep energy moving.
“ADIPEC 2026 will focus on what the next energy system needs most: growth, reliability, intelligence and delivery. By bringing together policy, capital, technology and industry in Abu Dhabi, we will help advance the investments, projects and partnerships required to provide more energy, more securely and affordably, while supporting global economic growth.”
New for 2026, ADIPEC's Strategic Conference has been redesigned around the forces reshaping global energy, from rising demand and energy security to infrastructure, investment, AI, industrial execution and workforce capability.
Across 11 programmes and more than 380 sessions, ministers, CEOs, investors, policymakers and technology leaders will examine the decisions, partnerships and capital needed to expand energy supply, accelerate infrastructure delivery and strengthen long-term system performance.
New Strategic Conference programmes include Energy Security & Resilience; Policy, Regulation & Governance; Upstream; Clean Power, Molecules & Carbon Management; Grids, Infrastructure & Industrial Execution, and Workforce & Skills.
Existing programmes have also been updated to reflect the priorities shaping energy's next phase, including AI, Digital & Technology Innovation and Downstream, Chemicals & Industrial Value Chains.
The 11 Strategic Conference programmes are complemented by the Technical Conference, with its SPE Technical and Downstream Technical programmes, which together represent the world's largest gathering of technical energy engineers and experts to transform strategy into operational delivery.
Christopher Hudson, President, dmg events (organisers of ADIPEC), said, “As the global energy landscape continues to evolve, ADIPEC's role as a platform for dialogue, collaboration and commercial engagement has never been more important. Rising energy demand, supply constraints and rapid technological advancement underscore the need to bring industry leaders together to align priorities, mobilise investment and accelerate the projects and technologies required to support long-term energy security and economic growth.
“The strong early momentum behind ADIPEC 2026 reflects the industry's recognition of both the scale of the opportunity and the urgency for action. By convening policymakers, investors, technology leaders and energy producers in Abu Dhabi, ADIPEC will help strengthen partnerships, advance innovation and support the delivery of the secure, reliable and affordable energy systems the world needs.”
The ADIPEC Exhibition will serve as a global marketplace where connections translate into commercial outcomes. In 2025, the event generated US$53 billion in value through more than 49,000 deals, demonstrating its role in advancing investment, partnerships and project delivery.
With more than 2,250 companies already confirmed to participate – including 54 NOCs, IOCs, NECs and IECs – across 16 halls and 30 country pavilions, ADIPEC 2026 is set to be one of the most influential gatherings in the global energy industry, bringing together the technologies, collaboration and investment opportunities shaping the future of energy. Four specialised zones will connect market-ready technologies and solutions with customers, investors and partners, helping move projects from opportunity to execution.
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