Dangote Refinery has announced a reduction in the ex-depot price of premium motor spirit (PMS), commonly known as petrol, to N899.50 per litre. This follows a previous price adjustment to N970 per litre on November 24. Anthony Chiejina, Group Chief Branding and Communications Officer for Dangote Group, highlighted that the price cut is aimed at providing relief to Nigerians during the festive season. He stated, “To alleviate transport costs during this holiday season, Dangote Refinery
Brent oil futures for delivery in February 2025 closed at $73.14 yesterday, down from $73.91 at the start of the trading session. This decline represents a 1.04% decrease, translating to a drop of approximately 77 cents. In the 2025 State Budget (OGE), effective from January 1, the government has set a reference price of $70 per barrel and aims to maintain production above 1.1 million barrels per day. According to Reuters, the oil and gas
Angola’s Minister of Mineral Resources, Petroleum, and Gas, Diamantino Pedro Azevedo, has been named “African Minister of the Year 2024” by Leadership Magazine, a UK-based publication. According to sources from Jornal Economia & Finanças in the editorial office of Leadership Magazine, the official announcement is expected in the coming hours or within a few days. Minister Azevedo won the “African Government Minister of the Year 2024” category, competing against ministers from Nigeria, Rwanda, and Djibouti.
In November, Angola produced over 33.8 million barrels of oil, averaging approximately 1.1 million barrels per day, according to the National Agency for Oil, Gas, and Biofuels (ANPG). The official monthly report on oil production, accessed by VerAngola, revealed that the country achieved a total of 33,841,872 barrels during the month. “Angola’s oil production for November was 33,841,872 barrels, which corresponds to a daily average of 1,128,062 barrels per day (BOPD), surpassing the projected 1,073,910
Houston-based VAALCO Energy has signed a contract with UK-based Borr Drilling to provide a jack-up rig for its 2025/2026 drilling program off the coast of Gabon. This partnership signals a rise in offshore drilling activity across Africa and reflects the increasing trend of international collaboration in the continent’s energy sector. As the energy landscape evolves, the upcoming Invest in African Energy (IAE) Forum in Paris next May will provide a vital platform for fostering such
Angolan President João Lourenço visited South Africa last week to strengthen economic ties and explore strategic partnerships between the two nations. The visit aimed to enhance bilateral trade and investment, focusing on key sectors such as energy, mining, infrastructure, and logistics. Discussions centered on maximizing the benefits of the African Continental Free Trade Agreement, advancing mineral beneficiation strategies, and leveraging Angola’s Lobito Trans-Africa Corridor as a model for regional integration. Both countries also explored cross-border
Shell, through its Nigerian subsidiary Shell Nigeria Exploration and Production Company Limited, has made a Final Investment Decision (FID) on the Bonga North Deepwater Development in Nigeria. This project, an extension of the active Bonga field in OML 118, is aimed at sustaining production at the Bonga facility, with first oil expected by 2030. The Bonga North project is designed to achieve a production capacity of 100,000 barrels per day. It includes the development of
Canada-headquartered Lucara Diamond Corp has named two extraordinary diamonds recovered at its Karowe mine in Botswana. The 2,488-carat diamond, found in August, has been named Motswedi, which means “a water spring” or “the flow of underground water that emerges to the surface, offering life and vitality” in the local Setswana language. The 1,094-carat diamond, discovered in September, has been named Seriti, meaning “aura” or “presence” in Setswana. “We are incredibly proud to announce the naming
ASX-listed Burgundy Diamond Mines, the operator of the Ekati Mine in Canada, achieved $93 million in revenue from two successful diamond sales cycles in the fourth quarter of 2024. Q4 Sales Highlights Burgundy CEO Kim Truter highlighted the strong performance of Ekati’s ethically sourced diamonds: “Ekati’s ethically produced G7 product sold well this quarter, achieving $106 per carat in the latest sale. While this number reflects a higher-quality parcel of goods, we also observed gains
The National Agency for Oil, Gas, and Biofuels (ANPG) has announced that the Agogo Full Field (Block 15/06), CLOV (Block 17), Begonia (Block 17/06), Greater Infills, Plutonium (Block 18), and KARI (Block 32) projects will begin production in 2025. These are among the key assets to help maintain oil production above one million barrels per day until 2027, as outlined in the ANPG’s report presented at the X Consultative Council of the Ministry of Mineral
