“Oil is in transition. Everybody who has any assets should be pumping like there’s no tomorrow. I will lay a red carpet for anybody who wants to drill and pump oil because, in the next decade or two, the world would have made a transition to renewables,” Graphic Online quotes the president.

He criticised the previous administration for regulatory delays and disputes that he said discouraged investment in the oil sector. He cited long-running tensions with companies such as Tullow Oil and ENI, which he claims disrupted operations and led to disinvestment.

“ENI was held in contempt, and they had to move all their expatriate management to Côte d’Ivoire. Now the company is back and they are drilling again," he said.

Data from Ghana’s Public Interest and Accountability Committee (PIAC) shows that crude oil production declined to 48.25 million barrels in 2023, down from 71.44 million barrels in 2019, largely due to reduced investment in new wells.

Despite advocating for increased oil production, the president reaffirmed Ghana’s commitment to renewable energy targets. Under the Renewable Energy Act, at least 10% of the country’s energy mix must come from renewable sources.

For the first time , crude oil has surpassed soybeans to become Brazil’s leading export, accounting for 13.3% of the nation’s total export volume.

Petrobras President Magda Chambriard described the shift as “a significant milestone” in Brazil’s export trajectory.

However, beneath this surge in crude shipments lies a concerning structural vulnerability, Brazil’s insufficient domestic refining capacity.

Despite being among the top ten oil-producing countries globally, Brazil exports over half (52.1%) of its oil output in unrefined form. Much of that crude oil returns to the country in the form of imported fuels such as gasoline and diesel. Currently, Brazil imports approximately 10% of its gasoline and a staggering 25% of its diesel requirements.

“For a very, very long time, these guys have made a lot of money from oil imports,” Semafor quotes Dangote, adding, “They are determined to see that our refinery does not work easily.”

The Dangote Refinery, located in Lagos State and with a capacity to process 650,000 barrels of crude oil per day, began distributing petrol to Nigerians in September 2024. However, it has encountered multiple setbacks, including difficulties sourcing local crude, a surprising challenge for a country that is Africa’s largest crude oil producer.

“We’re fighting, and the fight is not yet finished,” Dangote told the audience. “But I have been fighting all my life and I am ready, and hundred percent sure I will win at the end of the day.”

The refinery is one of Africa’s most ambitious industrial undertakings, and its success is viewed as critical to reducing Nigeria’s reliance on fuel imports, curbing foreign exchange outflows, and strengthening local energy security.