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Local Economy News Oil

Angola Approves Tax Incentives for High-Risk Offshore Oil Blocks to Boost Investment

25, June, 202625, June, 2026

Angola grants new tax incentives for Chevron, TotalEnergies and BP oil blocks to attract upstream investment The Angolan government has approved additional tax incentives for four offshore oil blocks in a move aimed at attracting investment into areas considered to carry high operational complexity and significant geological risk. The decision was taken during an extraordinary session of the Council of Ministers held on Monday at the Presidential Palace, chaired by President João Lourenço. The measures

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Local Energy News Oil

Angola Urged to Accelerate Energy Diversification as Oil Production Decline Looms

25, June, 202625, June, 2026

Angola must invest in electricity exports and prepare for post-oil economy, warns Antonio Costa Silva Former Portuguese Economy Minister António Costa Silva has urged Angola to urgently accelerate economic diversification and prepare for a post-oil future, warning that declining production from mature oil fields could significantly impact the country’s revenues in the coming years. Speaking in Luanda during the presentation of a Deloitte banking sector report, Costa Silva noted that Angola could face an estimated

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Local Corporate News Oil

Sonangol Secures $2.65 Billion Bank Financing to Support Operations and Investment Plans

23, June, 202623, June, 2026

Angola’s Sonangol Raises $2.65 Billion from International Banks to Fund Operations and Refinery Expansion Angola’s national oil company, Sonangol, has secured a US$2.65 billion financing package from a consortium of international banks to support its operational needs and ongoing capital investment programme, according to a company spokesperson cited by Reuters. Sonangol, Angola’s largest energy company, operates across the full hydrocarbons value chain, including crude oil and natural gas exploration, production, and downstream activities. Bankers involved

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International News Oil

Libya Oil Output Hits Highest Level Since 2013, Nears 1.5 Million Barrels Per Day

23, June, 202623, June, 2026

Libya Crude Production Surges to 1.49 Million Barrels as NOC Targets 1.5 Million and Foreign Oil Firms Return Libya’s oil production has risen to its highest level since 2013, with total crude and condensate output reaching approximately 1.49 million barrels per day. The milestone strengthens the country’s position among Africa’s leading oil producers as international energy companies gradually return to its upstream sector. The National Oil Corporation (NOC) reported output of 1,487,723 barrels per day,

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Local Corporate News Oil

Angola Secures $5.1 Billion Investment for Major Greater PAJ Offshore Oil Development

23, June, 202623, June, 2026

Angola Approves $5.1 Billion Greater PAJ Offshore Oil Project to Boost Production and Extend Oil Lifespan Angola has secured a significant vote of confidence in its oil sector after Azule Energy and its partners approved the US$5.1 billion Greater PAJ offshore development, one of the country’s largest upstream investments in recent years. The Final Investment Decision (FID), announced in Luanda, paves the way for development across offshore Blocks 31 and 31/21, an area estimated to

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Corporate News Local Oil

Equinor Acquires 30% Stake in Angola Offshore Block 16/21 in Deal with TotalEnergies

23, June, 202623, June, 2026

Equinor Takes 30% Stake in Angola’s Block 16/21 as TotalEnergies Retains Operatorship in New Offshore Agreement Equinor has signed an agreement with TotalEnergies to acquire a 30% participating interest in offshore Block 16/21 in Angola. Under the terms of the deal, TotalEnergies will retain full operatorship of the block. The transaction is subject to approval by the relevant Angolan authorities before it can be finalized. Block 16/21 is currently in the exploration phase and has

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International Corporate News Oil

Shell Reports Promising Oil Findings at Merlin-1X Well Offshore Namibia

23, June, 202623, June, 2026

Shell, QatarEnergy and NAMCOR Record Strong Oil Discovery at Merlin-1X Well in Namibia’s Orange Basin Shell, in partnership with QatarEnergy and NAMCOR, has announced encouraging exploration results from the Merlin-1X well drilled in Petroleum Exploration Licence (PEL) 0039 offshore Namibia. The findings mark a further step in Shell’s evaluation of the Orange Basin block, with the well successfully reaching the Coniacian geological play. According to initial assessments, Merlin-1X delivered the strongest subsurface results recorded so

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International News Oil Petroleum

DRC Government Orders Relocation of Fuel Depots from Residential Areas in Kinshasa

23, June, 202623, June, 2026

Kinshasa Fuel Depots to Be Moved to N’sele as DRC Strengthens Safety and Modernizes Hydrocarbon Infrastructure The Congolese government has launched a major initiative to reorganize petroleum product storage in Kinshasa, aiming to improve urban safety and modernize the country’s hydrocarbon supply chain. During an inspection visit to the communes of Kalamu and Limete, Minister of State for Hydrocarbons Acacia Bandubola announced that fuel depots currently operating in residential neighborhoods will be relocated to a

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International News Oil

Middle East Tensions Push Global Energy Security Back to the Forefront, IMF Warns

23, June, 202623, June, 2026

IMF Warns Strait of Hormuz Disruption Could Trigger Global Oil Supply Shock and Price Spikes Rising tensions in the Middle East are once again placing global energy security at the center of economic concerns, according to an analysis by the International Monetary Fund (IMF) published in its Finance & Development section. The IMF warns that any effective disruption or closure of the Strait of Hormuz represents one of the most significant risks to global oil

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Corporate News Diamonds International

Petra Diamonds Restructures South African Operations as Nearly 1,800 Jobs Come Under Threat

21, June, 202621, June, 2026

Petra Diamonds Puts Finsch Mine Into Business Rescue, Retrenchments at Cullinan Could Threaten 1,800 Jobs South Africa’s diamond mining industry is facing renewed pressure after Petra Diamonds placed its Finsch Diamond Mine under business rescue and launched retrenchment proceedings at its Cullinan operation, placing nearly 1,800 jobs at risk. The developments have sparked concern across the mining sector and drawn strong criticism from the National Union of Mineworkers (NUM), which is urging the government to

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