Benin Oil Export Set for 330,000 Barrels

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BENIN · ENERGY

The first Benin oil export from its revived offshore field is set for this weekend, after the old field shut down in 1998. About 330,000 barrels of Sèmè crude are due to load on Sunday 1 and Monday 2 November 2026 for the Netherlands.

For US readers, this Benin oil export is a tiny cargo but a notable first. A new West African producer is entering the market, and its buyer is the trading arm of oil major Shell.

What Is Due to Load on 1 and 2 November

Shipping plans made public on 30 October 2026 say the tanker Kriti Jade will take on about 330,000 barrels of Sèmè crude. Loading is set for Sunday 1 and Monday 2 November, and the ship is bound for the Netherlands.

The cargo is larger and later than first planned. Earlier plans spoke of 250,000 barrels in October, so the new volume is 80,000 barrels higher.

Shell Trading, the oil-trading arm of the oil major Shell, won the right to lift the oil after a call for expressions of interest. It will collect and move Beninese crude for three years and send it to the group’s refineries in the Netherlands.

Who Runs the Sèmè Field

The Sèmè field lies offshore in Block 1, about 551 square kilometres of water only 20 to 30 metres deep. The operator is Akrake Petroleum Benin, a company controlled by Rex International Holding, which is listed in Singapore.

Akrake holds 76% of the block under a production sharing contract signed in December 2023. Benin’s state holds 15% and Octogone Trading, a private partner, holds 9%.

Production runs through a converted rig, Stella Energy 1, and a floating storage vessel, Kristina. Rex International reported first oil from the AK-2H well in February 2026, and oil began flowing into the storage vessel in early March.

A Small Cargo With a Long History

Sèmè was found by a US firm, Union Oil, in the late 1960s and first developed by the Norwegian company Saga Petroleum. It produced about 22 million barrels between 1982 and 1998, then stopped when oil sank to about US$14 a barrel.

An independent review published in March 2025 put the field’s proven and probable reserves at 10.9 million barrels. At that size, Sèmè is a modest field by African standards, far smaller than the giants off Nigeria or Angola.

The restart was slower than hoped, as drilling problems delayed production into 2026. In February 2026 Akrake’s parent firm, Lime Petroleum, began reviewing its options for the Benin business.

How Big Is 330,000 Barrels

At the current output of about 3,000 barrels a day, 330,000 barrels equal roughly 110 days of production. That is below the 5,000 to 6,000 barrels a day the operator hopes to reach.

The world uses roughly 100 million barrels of oil a day, so this cargo covers only a few minutes of global demand. Its weight is symbolic: the Benin oil export proves the field works, and it gives the country a first sale of its own crude.

Not to Be Confused With Niger Oil

Benin’s coast already sees crude tankers for another reason. Since 2024, oil from landlocked Niger has flowed by pipeline to the Sèmè-Kraké terminal near the border with Nigeria and left by ship.

That pipeline oil belongs to Niger and its partners, not to Benin. The cargo due this weekend is Benin’s own field crude, which reaches the ship through the Akrake storage vessel.

What It Means for US Readers

US energy traders and investors watch every new West African grade, because supply from the region competes with US crude in European and Asian markets. One cargo will not move prices, but a three-year deal with a major trader shows the oil has a buyer.

No US-listed company is in the project, so direct exposure for American investors is limited. The main link is Shell’s role as buyer, which also signals that West Africa’s smaller basins still draw capital.

For the wider region, this Benin oil export means the country joins Nigeria and Ghana as an oil seller in the Gulf of Guinea. Readers can compare it with oil output in Guyana, another newcomer that started small.

What Is Not Known

The sale price and the discount to benchmark crude have not been disclosed. The operator also has yet to agree final operating terms with the state, including charges for offshore production and storage equipment.

No one has said how much the Benin oil export will bring the treasury, since the state holds only 15%. It is also unclear when the next cargo will load, and whether the field can rise toward 5,000 barrels a day.

More: Africa news in English, every day from The Rio Times.

Frequently Asked Questions

When is the Benin oil export due?

About 330,000 barrels are due to load on Sunday 1 and Monday 2 November 2026. The tanker Kriti Jade is expected to carry them to the Netherlands.

Who is buying the oil?

Shell Trading won a call for expressions of interest and will lift Benin’s crude for three years. The oil goes to the group’s refineries in the Netherlands.

Is Benin a big oil producer?

No. The Sèmè field makes about 3,000 barrels a day, a tiny share of world supply. Its reserves were estimated at 10.9 million barrels in 2025.

Who owns the Sèmè field?

Akrake Petroleum Benin, controlled by Singapore-listed Rex International, holds 76%. Benin’s state holds 15% and the firm Octogone Trading holds 9%.

Why did the first cargo slip from October?

Early plans spoke of 250,000 barrels in October. The loading was later fixed for 1 and 2 November at a larger 330,000 barrels.

Sources: Rex International Holding, Benin: Block 1 Sèmè Field (ownership, reserves review, field history), October 2026; Rex International Holding, investor announcements on Akrake Petroleum Benin, 2026.

Editorial responsibility: Matthias Camenzind, Editor-in-Chief · Editorial standards · Report an error