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Assala Energy finds 8 meters of hydrocarbons in Gabon; Nigeria resolves OPL 245 dispute, targeting 500 million barrels; oil markets volatile amid Middle East tensions.
Assala Energy confirmed 8 meters of hydrocarbons in Gabon’s Magoga-1 well within the Gamba Sandstone formation, with both wells completed successfully; technical evaluation is underway to assess reservoir and fluid properties, with no decision yet on commerciality.
In Nigeria, a deal between President Tinubu and Eni’s CEO ended an ICSID arbitration, converting OPL 245 into two development and two exploration licenses for Nigerian Agip, with NNPC and Shell as partners, aiming to develop the Zabazaba and Etan fields using a 150,000 bopd FPSO and 200 MMSCFD gas export via Nigeria LNG, targeting up to 500 million barrels of reserves, while Eni increased its stake in OML 118 to 15%.
Global oil markets remain volatile due to escalating U.S.-Israel-Iran tensions, raising fears of supply disruptions, especially in the Strait of Hormuz, affecting African energy exports, shipping, refining, and pricing.
Assala Energy encuentra 8 metros de hidrocarburos en Gabón; Nigeria resuelve la disputa OPL 245, con un objetivo de 500 millones de barriles; los mercados petroleros son volátiles en medio de las tensiones en Oriente Medio.