Monday, 2 November 2026

A new lender for African oil and gas projects, the Africa Energy Bank (AEB), has been set up by the African Export-Import Bank (Afreximbank) and the African Petroleum Producers' Organization (APPO), carrying $5 billion in authorized capital, according to World Oil.

The launch came at the bank's first general meeting, held in Abuja, Nigeria, on Oct. 31, World Oil reported.

AEB lending will run across the oil and gas value chain, from upstream exploration and production through to refining and distribution, with stated aims that include cutting reliance on imported petroleum products, World Oil reported.

The bank is meant to cover financing that conventional lenders have withdrawn as they step back from fossil fuels, according to World Oil.

Major OPEC+ nations reaffirmed plans to keep oil production quotas unchanged in December, according to World Oil, as conflict in the Middle East continues to curb part of the group's output.

A subgroup of seven countries led by Saudi Arabia and Russia will hold its current production targets, World Oil reported, citing a statement issued after a video conference on Sunday.

The decision follows earlier signals from the Organization of the Petroleum Exporting Countries and its allies that they would pause quota increases through the end of this year. Those earlier increases came in a series of modest steps over the six months through August, according to World Oil.

World Oil reported that TotalEnergies has struck fresh and widened deals with three state oil firms to curb methane emissions: Petronas in Malaysia, Sonangol in Angola and Oil India Ltd. (OIL).

OIL and TotalEnergies will carry out a second round of field surveys in India using AUSEA (Airborne Ultralight Spectrometer for Environmental Application), the drone-mounted methane sensor developed by TotalEnergies, according to World Oil.

Sonangol and TotalEnergies signed a memorandum of understanding in Angola to work together on methane reduction and decarbonization.

TotalEnergies also joined Petronas, the Japan Organization for Metals and Energy Security (JOGMEC) and JGC Corp. on a collaboration agreement to build out SEA METEC (Southeast Asia Methane Emissions Technology Evaluation Center).

US gasoline prices rose 34.2% and heating oil jumped 74.2% over the preceding 12 months, according to the October 14 Consumer Price Index. The index showed overall prices up 3.7% over the same period, with energy costs driving much of the increase.

The price gains were attributed largely to oil and gas trade disruptions stemming from US and Israeli military involvement in Iran, according to the Consumer Price Index data.

Average US gasoline prices had surpassed their peak during the Biden administration as of Monday, according to AAA data analyzed by Politico.

Two directors of GB News, which has advocated for the new Rosebank and Jackdaw oil and gas fields, hold shares in the firms behind the projects, according to DeSmog.

At the end of June, Paul Marshall's hedge fund Marshall Wace held Shell stock valued at USD 16.3 million, or about GBP 12.3 million, DeSmog reported, citing filings to the U.S. Securities and Exchange Commission.

Lord Agnew owns an Equinor stake worth at least GBP 100,000, according to his parliamentary register.

The disclosures land as the projects draw political scrutiny. SNP MSP Jack Middleton asked Russell Findlay whether all tax revenue raised from Jackdaw and Rosebank should be ring-fenced for investment in the North East of Scotland, according to The National.

Judge Barmann found that California's categorical well-stimulation ban lacked substantial evidence and a rational connection to reducing greenhouse gases, and he vacated the regulation.

According to the New York Post, the judge held that CalGEM's determination that a categorical ban was reasonably necessary to reduce greenhouse gases was not supported by substantial evidence.

The New York Post reported that CalGEM admitted in October 2024 that it had imposed a shadow ban to avoid the legally required rulemaking process.

American oil companies earned USD 130 billion in profits between April and September, up from less than USD 47 billion in the same period a year earlier, according to the New York Times. The figure draws on six months of financial results covering more than 50 companies, including Chevron, Exxon Mobil, and Valero.

ExxonMobil, Shell, and Chevron together earned just over USD 36 billion in the quarter.

NPR reported that the surge in earnings was largely due to the war in Iran disrupting the global oil supply.

The UK Government approved development of the Jackdaw gas field on 21 October 2026, according to Caithness Business.

The field is expected to lift UK domestic gas production by around 6% at its peak, Caithness Business reported.

Over its lifetime, Jackdaw could contribute approximately GBP 2.9 billion to the UK economy, according to the same report.

The future of Rosebank, a larger oil and gas development west of Shetland, remains unresolved, Caithness Business said.

The Crude Oil Refiners Association of Nigeria (CORAN) supports the Federal Government's plan to supply domestic refineries with crude through forward contracts, while rejecting a proposed petrol price ceiling that lacks a mechanism to recover excess costs, according to The Times Nigeria.

The petrol market shifts at month-end. The Nigerian National Petroleum Company Limited (NNPC) set October 31, 2026 as the last day of its NGN 66-per-litre petrol discount, according to National Daily. That report noted fuel costs for motorists and businesses could climb from November.

In electricity, President Bola Ahmed Tinubu cited the issuance of NGN 728.979 billion in bonds to settle debts owed to participating power generation and gas companies, according to The Nation. He credited Akin Odeyemi, Managing Director of Nigeria Bulk Electricity Trading Plc (NBET), with resolving the obligations.

U.S. fuel prices spiked after President Donald Trump decided to attack Iran, according to CNBC.

The national average gasoline price stood at $4.20 a gallon on Friday, CNBC reported.

Diesel, which CNBC described as critical to transportation and agriculture, has surged about 70% over the past year, according to the outlet.

North American Blue Energy Partners (NABEP) said its in-country fleet in Venezuela will reach 41 of the 60 rigs it announced earlier this month, during November 2026.

NABEP reported production of 223,509 barrels of oil equivalent per day on October 19, up from about 200,000 barrels of oil equivalent per day in August.

The company said its near-term goal for its expanding Venezuelan operations is to increase oil production to more than 1 million barrels per day.

Dangote Petroleum Refinery and Petrochemicals attracted investor applications valued at NGN 2.15 trillion, or USD 1.58 billion, in what it describes as "The People's IPO", according to Sahara Reporters.

The applications came from 120 countries across six continents, including all 54 African countries.

The offer closed on October 27, 2026, according to Sahara Reporters. It involved 4.1 billion ordinary shares priced at NGN 525 each.