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Author: Makungu Coco

Oil Economy News

Brent Oil Prices Fall Amid Global IT Issues

The price of Brent crude oil, a key benchmark for Angolan exports, dropped by 2.91% to $82.63 per barrel for September delivery on the London futures market today. This sharp decline in European crude coincided with widespread computer issues in Microsoft’s Windows systems following a failed update of the CrowdStrike cybersecurity platform. These problems affected various sectors globally, including airports, air transport, hospitals, and communication systems. Despite the Russian government’s statement today that Ukraine’s decision

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Local News Transport and Logistics

Angolan Development Plan Focuses on Enhancing the Lobito Corridor

The operationalization of the Lobito Corridor, and the integration of the Benguela Railway (CFB) with the Luanda Railway (CFL) and Namibe Railway (CFN) via branch lines, represents a cornerstone of Angola’s National Development Plan (PDN). This plan aims to diversify the country’s revenue sources and improve citizens’ quality of life. This perspective was shared by economists, businesspeople, and academics interviewed by Jornal de Angola, six months after the consortium of Transfigura, Mota Engil, and Lobito

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Local News Transport and Logistics

Angolan Ambassador Invites Investment in Lobito Corridor at Cape Town Forum

The Angolan ambassador to South Africa, Rui Orlando, last week invited international investors to invest in infrastructure projects in the Lobito Corridor, Benguela, to drive economic growth in Angola and the region. This call to action was made during the 8th International Infrastructure Forum in Africa, organized by Infrastructure Africa in partnership with the African Infrastructure Association and the African Union Development Agency (AUDA-NEPAD). Speaking at one of the forum’s panels at the Cape Town

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Local News Oil

Etu Energias Acquires Major Oil Stakes in Angola for $443 Million

PAC Capital Limited announced that Etu Energias has purchased Galp Energia’s interests in three offshore Angolan blocks for $443 million. The acquisition includes Galp’s 5% non-operating stake in Block 32, a 9% non-operating stake in Block 14, and a 4.5% non-operating stake in Block 14K. Edson R. Dos Santos, Chairman and CEO of Etu Energias, highlighted the significance of the deal: “The successful collaboration between all parties was crucial for this transaction, marking Etu Energias’

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International News Oil

Namibia Poised for Economic Boom with Oil Discoveries

Namibia is on the brink of an economic transformation, driven by significant oil discoveries off its Atlantic coast. At the bustling Walvis Bay port, workers are preparing for a surge in activity as oil exploration equipment is staged alongside typical consignments of minerals and vehicles. Recent successes by TotalEnergies SE, Shell Plc, and Galp Energia SGPS SA have highlighted Namibia’s potential as a major new oil province. Since early 2022, drilling in the region has

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International News Oil

Nigeria to Become Net Exporter of Petroleum Products by December, Says NNPC

The Nigerian National Petroleum Company (NNPC) Limited has announced that Nigeria is set to become a net exporter of petroleum products by December 2024. Mele Kyari, the Group Chief Executive Officer (GCEO) of NNPC, attributed this forecast to positive developments in the energy and gas sectors. Kyari made this announcement during a session with the Senate Committee on Finance, chaired by Senator Sani Musa. He highlighted several key indicators supporting this projection, including the imminent

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Energy

Chappal Energies Acquires 10% Stake in TotalEnergies’ Nigerian Assets for $860 Million

Chappal Energies has secured a 10% stake in TotalEnergies EP Nigeria Limited’s oil and gas assets for $860 million, pending final contractual and regulatory approvals. The deal involves TotalEnergies’ non-operated interests in onshore and shallow water assets within the Shell Petroleum Development Company (SPDC) joint venture in Nigeria’s Niger Delta. The transaction is anticipated to close by December 31, 2024. This acquisition includes a 10% interest in 15 oil mining leases (OMLs) and two major

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Local Economy News Oil

Angola’s Oil Production Increases in June

In June, Angola’s oil production totaled 34.6 million barrels, averaging 1.155 million barrels per day (MBPD). This represents a 0.87% increase from May’s output of 1.108 MBPD. According to PetroAngola’s Monthly Petroleum Bulletin, Block 17 led production with an average of 393,655 barrels per day (KBPD), followed by Block 32 at 154,960 KBPD, and Block 0 at 147,205 KBPD. Gas production also saw a rise, reaching 87,230 million cubic feet (MMSCF) in June, or a

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Local News Oil Renewable Energy

Etu Energias Aims to Lead in Renewable Energy with Solar Initiatives

Etu Energias aspires to become the leading renewable energy provider in the country, a goal announced last Friday by the company’s Board of Directors President, Edson dos Santos, during the “Coffee with Journalists” event in Vila do Soyo. Edson dos Santos outlined the company’s strategy to prioritize solar panel installations to replace fossil fuels. He emphasized that this shift aims to mitigate the environmental and health impacts of fossil fuels while offering a more cost-effective

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Energy

Rio Tinto’s Diavik Mine Reports 28% Drop in Diamond Production Amid Operational Disruptions

Diamond production at Rio Tinto’s Diavik mine in Canada fell by 28% year-on-year in the second quarter, following a temporary suspension of operations due to a bereavement period for workers involved in a plane crash. The mine produced 702,000 carats during the three months ending June 30, according to a statement from Rio Tinto on Tuesday. This decline was partly due to a tragic accident in January, where a small plane carrying workers to the

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