The Nigerian National Petroleum Company Limited (NNPC Ltd.) has launched a new crude oil grade, the Utapate blend, into the global market. Sourced from Oil Mining Lease (OML) 13, which is fully operated by NNPC Ltd.’s upstream subsidiary NEPL, the Utapate crude oil blend began operations in July 2024, with its first shipment destined for Spain. Located offshore Akwa Ibom State, Nigeria, the Utapate blend currently produces 28,000 barrels per day (bpd), with the potential
The efficient operation of the Lobito Corridor is poised to significantly boost Angola’s economy by accelerating the export of ornamental rocks from the southern region to global markets, according to economist and researcher Agostinho Mateus from the Technical and Economic Research Center of the Lusíada University of Angola (CINVESTEC). Mateus emphasized the Lobito Corridor as a “strategic infrastructure” crucial for Angola’s economic development. He highlighted its role in facilitating international trade, driving regional economic growth,
Angola’s fuel sales volume in the second quarter reached 1.22 million metric tons, marking a 3% increase compared to the previous quarter, according to the Petroleum Derivatives Regulatory Institute (IRDP). The report, released yesterday, highlights that state-owned Sonangol continues to dominate the market with a 62.3% share, followed by Puma Energy (21.9%). The remaining 15.8% is divided among Sonangalp (7.2%), Total Energies Marketing Angola (6.6%), and Etu Energias (1.7%). The data shows a significant 38%
Diamond sales in Angola have recently dropped to less than 55% of the expected average price, according to Laureano Paulo, the Executive Administrator for Mining Operations at the National Diamond Company of Angola (ENDIAMA). Speaking at a semi-annual review workshop in Dundo, Lunda-Norte province, Paulo highlighted the challenges facing the diamond sub-sector, noting that current market conditions are far from satisfactory. “Sales today are falling between 30% and 55% below the planned price. For example,
The foundation stone for Sonangol’s new headquarters in Cabinda was laid yesterday, marking a significant step towards improving the company’s operational efficiency and creating employment opportunities for local residents. This milestone was highlighted by Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, who emphasized that the new facility will not only provide better working conditions for employees but also streamline various company functions under one roof. The upcoming building, which will accommodate around 100
The Hydrocarbons and Mining sectors are pivotal for Angola’s economic development and diversification, emphasized Diamantino Azevedo, Minister of Mineral Resources, Oil and Gas, during a presentation in Luanda. Speaking at the 1st edition of Conversas-Economia-100 Makas, themed “The Future of Oil, Gas, and Critical Minerals,” Azevedo outlined the ministry’s strategic program for 2023-2027. Azevedo noted that the Oil sector accounted for 93.66% of Angola’s global exports this year, while mining contributed 4.65%. Together, hydrocarbons represented
Angola is enhancing its energy security with the development of three new refineries, raising its capacity to 400,000 barrels per day (bpd). The Cabinda refinery is set to be commissioned by the end of 2024, followed by the Lobito and Soyo refineries from 2025 onwards. According to a statement published in the Angola Oil & Gas (AOG) 2024 pre-conference program, specialist consulting company CITAC Africa will present a workshop titled “Demand and Supply Trends for
TotalEnergies and Bujagali Energy Ltd. have signed an agreement to invest in energy projects in Uganda, reflecting TotalEnergies’ commitment to renewable energy across Africa and supporting the continent’s energy transition. The agreement includes TotalEnergies acquiring a 28.3% stake in the Bujagali hydropower plant in Jinja, Uganda, which has a capacity of 250 MW and significantly contributes to the country’s electricity supply. Additionally, TotalEnergies will acquire minority stakes in two other projects under development in Rwanda
Gem Diamonds has unearthed a 145.55-carat rough diamond from its Letšeng mine in Lesotho, marking the ninth stone over 100 carats found this year. The high-quality, type II diamond was discovered on August 3, the company announced on Wednesday. This follows the recovery of a 123.20-carat and a 172.06-carat diamond in June, and a 212.49-carat stone in May. Additionally, in April, Gem Diamonds extracted two type IIa diamonds weighing 169.15 and 118.74 carats, and in
Libya has initiated a partial shutdown of production at its largest oil field, Sharara, according to three individuals with direct knowledge of the operations. As of Saturday night, output at the Sharara field decreased by 30,000 barrels per day to 230,000. The reduction followed orders to partially shut down production, said the sources, who requested anonymity as they are not authorized to speak to the media. The reason for the shutdown and the timeline for
