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Local Exploration News Oil

Angola and Vietnam Strengthen Oil Exploration Efforts in Etosha Okavango Basin

Angola’s National Agency for Petroleum, Gas, and Biofuels (ANPG) has signed a memorandum of understanding (MoU) with Vietnamese company Xuan Thiên Group (XTG) to explore the oil potential of the Etosha Okavango Basin. The agreement, signed in Luanda, marks a significant step toward assessing the region’s hydrocarbon resources. Key Highlights of the Agreement 🔹 Exploration Scope: The study will cover approximately 300,000 square kilometers in the Etosha/Okavango Basin.🔹 Seismic Data Acquisition: The project includes obtaining

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International Corporate News Exploration Oil

Pancontinental Invests Over $5M in Namibia’s PEL 87 Exploration

Pancontinental has invested more than $5 million in the exploration of PEL 87 in Namibia’s Orange Basin during the first licence period. Awarded in early 2018, PEL 87 is a joint venture permit covering 10,970 km², with an eight-year exploration term divided into three periods, plus possible extensions. It can be converted into a production licence under pre-agreed terms. The permit is currently in its first additional exploration phase. Located on-trend with major hydrocarbon discoveries

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Corporate News Local News Oil

Afentra in Talks to Acquire Angolan Oil Blocks from Etu Energias

Afentra plc has confirmed ongoing negotiations to acquire interests in Blocks 3/05 and 3/05A from Etu Energias, though a final agreement is not yet guaranteed. The company intends to finance the acquisition using existing cash reserves, pending regulatory and government approvals. In collaboration with Sonangol and joint venture partners, Afentra is developing a strategic plan to boost production, expand reserves, and maximize asset value in these blocks. As an upstream oil and gas company, Afentra

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Oil Gas

Libya Opens First Licensing Round Since 2007 to Attract Global Investors

Libya has launched its first open licensing round in nearly two decades, offering 22 blocks for oil and gas exploration and development. The National Oil Corporation (NOC) is making available 11 offshore and 11 onshore acreages, with estimated undeveloped discoveries containing at least 2 billion barrels of oil equivalent (BBOE) in hydrocarbon resources. To streamline the bidding process, NOC has compiled extensive geological and geophysical datasets using advanced digital tools. Libya is estimated to hold

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Energy

Egypt and Norway Strengthen Energy Cooperation Advancing Green Ammonia Project

Egypt’s Minister of Petroleum and Mineral Resources Karim Badawi met with Norway’s Ambassador to Egypt Hilde Klemetsdal and Terje Pilskog, CEO of Norwegian renewable energy company Scatec, to discuss expanding cooperation in green energy. The talks focused on Scatec’s ongoing green ammonia production project in Damietta Governorate, which utilizes green hydrogen to support Egypt’s transition to sustainable energy. Badawi highlighted the strong partnership between Egypt and Norway emphasizing Norway’s advanced technologies and their role in

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International Energy

Ghana and Japan Sign $13.44 Million Grant to Boost Power Stability in Tamale

Ghana and Japan have signed a $13.44 million grant agreement to improve electricity supply stability in Tamale and surrounding areas. The grant will fund the construction of a primary power substation, along with a control room, transformers, and sub-transmission lines, to enhance electricity distribution in the region. The two-year project will be overseen by the Northern Electricity Distribution Company (NEDCo). Finance Minister Dr. Cassiel Ato Baah Forson signed the agreement on behalf of Ghana, while

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Oil International News

Libya’s Mabruk Oilfield Resumes Production After a Decade

Mabruk Oil Operations has restarted production at Libya’s Mabruk oilfield after a ten-year shutdown, the Tripoli-based Government of National Unity (GNU) announced on Wednesday, March 12, 2025. Production resumed on Sunday at an initial rate of 5,000 barrels per day (bpd), with plans to increase output to 7,000 bpd by the end of March and 25,000 bpd by July. To enhance operational efficiency, operators began transferring crude to the nearby Al-Bahi field on Tuesday, strengthening

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Diamonds International News

Namibia Faces N$6 Billion Drop in Diamond Tax Revenue Amid Market Slump

The Namibia Revenue Agency (NamRA) anticipates a N$6 billion decline in tax revenue from the diamond sector this year due to weak global prices. NamRA Commissioner Sam Shivute attributed the shortfall to the struggling diamond market but highlighted that increased tax collections from the mining, fishing, and tourism sectors had helped mitigate the impact. “We have collected N$83 billion for the 2024/2025 financial year. Despite losing N$6 billion in diamond tax revenue, we are still

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Local Gold Mining

Angola Warns Gold Miners in Cabinda Over Non-Compliance

Most mining companies operating in Angola’s Cabinda province, particularly in the gold sector, risk losing their exploration licenses due to non-compliance with government regulations, warned Angola’s Secretary of State for Mineral Resources, Jânio Corrêa Víctor, on Saturday. Speaking to the press during a two-day working visit to Cabinda, Víctor revealed that out of 11 licensed gold projects in the province, only one has delivered tangible results, while the rest remain inactive. He noted that Angola

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Local News Oil

Angola’s Oil Tax Revenues Rise 25.35% in January

Angola’s oil tax revenues reached 975.88 billion kwanzas in January, a 25.35% increase from the 779 billion collected in December, according to the Ministry of Finance. This growth was driven by gas tax payments, which contributed 148.64 billion kwanzas, alongside increases in concessionaire revenues and petroleum production tax, which rose by 24.78% and 26.86% to 570.56 billion kwanzas and 43.70 billion kwanzas, respectively. Despite this revenue boost, oil exports and the average price per barrel

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