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Author: Makungu Coco

Local Energy News Renewable Energy

Cuanza-Norte Positioned as Potential Hub for Green Energy Production

Cuanza-Norte Province has emerged as a promising candidate to spearhead a pilot project for green energy production, following a recent business visit by Nigerian investors to Cambambe. The mission expressed keen interest in leveraging the province’s abundant resources for the production of green hydrogen, particularly emphasizing the viability of utilizing ammonia, a key component for fertilizer production, alongside established technologies in Nigeria’s industrial sector. Fifi Ejindu, President of the Angola-Nigeria Business Council, underscored the export

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Local Oil Petroleum

First Angolan Venture Capital Company Launched to Finance national Oil Companies

On Wednesday, Luanda witnessed the inauguration of Angola’s inaugural Venture Capital Company, PetroFund, with an impressive fund of $250 million aimed at bolstering projects within the country’s oil and gas industry. Minister of Planning, Victor Hugo Guilherme, hailed PetroFund, SA as a significant milestone, showcasing the private sector’s response to governmental initiatives. Guilherme stressed the importance of supporting and financing local content companies operating in the oil sector, signaling a positive stride towards private sector

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Local News Oil Petroleum

Angola’s Oil Revenues Surge as Brent Prices Hold Steady

The price of Brent oil, a crucial benchmark for Angola’s exports, has remained steady at around $85 per barrel over the past ten days. During this period, there have been instances where barrels were sold at prices as high as $87. This current price level far exceeds the reference price of $65 per barrel set in Angola’s 2024 General State Budget, resulting in an extraordinary income of $20 per barrel. Despite slight fluctuations, such as

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Local Gas News Oil

Sonangol Extends Deadline for Porto Amboim Estaleiros Navais Concession Tender

Sonangol, the Angolan state-owned oil company, has announced an extension of the deadline for the submission of proposals for the Public Tender for the Concession of the Exploration of the Porto Amboim Estaleiros Navais (Paenal) Facilities. Initially set for March 30th, the new deadline is now May 31st. The tender, introduced in mid-December, is part of Sonangol’s restructuring strategy aimed at broadening the company’s activities. This expansion plan includes the repair, maintenance, and manufacturing of

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Local News Oil Petroleum

Afrexim Investment Fuels Growth of Cabinda Refinery

The Cabinda Refinery, slated to process 60 thousand barrels of oil per day starting December this year, received a significant investment last year from the Fund for the Development of Exports in Africa (FEDA), backed by the continental bank Afrexim. The investment is part of a broader initiative to enhance exports, spearheaded by funds established by the African Export and Import Bank (Afrexim), which have amassed over $450 million for investment in various sectors, including

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Local News Oil Petroleum

IRDP Issues Instruction on International Reference Prices for Petroleum Products

The Petroleum Derivatives Regulatory Institute (IRDP) has issued Instruction 001/2024 to identify the sources of international reference prices (Platts) for crude oil and natural gas-derived products in the second quarter of this year. The instruction applies to various aspects including the refining of crude oil, imports, logistics, distribution, and marketing of gasoline, diesel, kerosene, and liquefied petroleum gas, excluding fuel, bitumen, and lubricants. According to the document, from April to June, diesel and kerosene will

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Local News Petroleum

Fuel Smuggling Attempt Thwarted in Cabinda Province

Approximately 7,500 liters of fuel were confiscated last Saturday in Cabinda province by members of the first Border Guard Police Unit, suspected of being smuggled into the Democratic Republic of Congo (DRC). According to a press release from the Institutional Communication and Press Department of the Ministry of the Interior (MININT), the fuel seizure took place at the Tendequele Village Border Post during routine patrols near the land border with the DRC. The fuel, comprising

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International News Oil

Environmental Organizations Challenge Authorization for Oil Drilling on South African Coast

Environmental organizations, The Green Connection (TGC) and Natural Justice, have taken legal action against the environmental authorization granted to TotalEnergies Exploration and Production South Africa (Teepsa) for exploratory drilling in Blocks 5, 6, and 7 along the Cape Town and Cape Agulhas coast. The application, filed in the High Court, targets several respondents including Mineral Resources and Energy Minister Gwede Mantashe, the director-general of the Department of Mineral Resources and Energy (DMRE), and Forestry, Fisheries,

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International Gas News

WAPCo Restores Gas Delivery After Tema Facility Shutdown

The West African Gas Pipeline Company Limited (WAPCo) has successfully resumed gas delivery at Tema’s Regulating and Metering Station following a temporary shutdown due to a system glitch. According to a press statement released on Saturday, March 23, the Tema facility experienced a complete shutdown around 10:30 p.m. on Friday, resulting in electricity disruptions in areas such as Tema, Lapaz, Weija, Mallam, Kasoa Barrier, and others. After working diligently throughout the night, engineers managed to

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International News Oil Petroleum

Uganda Oil Firm Sells Fuel Post-Kenya Split

UNOC initiates petroleum product sales to oil marketing companies in Uganda and Tanzania. This is part of a broader strategy to test the waters before UNOC embarks on a direct importation agreement with the global oil titan, Vitol Bahrain. This manoeuvre signals a new era in East Africa’s energy dynamics, especially following a cooling of relations between Uganda and Kenya over fuel supply mechanisms. For years, Uganda’s fuel supply chain was heavily dependent on Kenyan

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