82 illegal refineries in Nigeria were discovered and demolished between the 10th to 15th of February 2024. The Nigerian National Petroleum Company Limited (NNPCL) relayed that it uncovered these illegal operations in the south-south region of the country. Oil theft has been a major issue plaguing the country’s oil sector. Additionally, the NNPCL said on Tuesday that multiple sources had reported 223 instances during the previous week, according to a report from the Nigerian newspaper,
The price of oil is rising in major international markets due to fears of an increase in attacks on ships in the Red Sea. West Texas Intermediate (WTI), a reference for the United States, registered an increase of 0.44%, reaching 78.25 dollars per barrel. Meanwhile, North Sea Brent, crude oil traded in London and used as a reference for European imports, is rising 0.23%, reaching $83.22. Yemen’s Houthi rebels, supported by Iran, in retaliation for
Angola recently marked a significant milestone in its energy sector with the completion of seven photovoltaic plants, boosting the public electricity network by an additional 370 megawatts and extending benefits to over 500,000 inhabitants in rural areas. The Minister of Energy and Water, João Baptista Borges, unveiled this information during the inauguration of the 25th meeting of the Steering Committee of the Central African Energy Hub (PEAC) held in Luanda. In his address, Minister Borges
The Association of Angolan Petroleum Service Companies (AECIPA), representing 150 members within the Angolan oil industry, advocates for a heightened emphasis on the implementation of local content initiatives. Highlighting the strategic importance of industry efficiency, the association underscores the pivotal role of local content in supporting Angola’s goal of increasing oil production to 1.18 million barrels per day. During a recent address in Luanda, AECIPA CEO Bráulio de Brito emphasized that embracing local content fosters
In a recent direct sales process conducted by Pré-Sal Petróleo (PPSA), the Chinese oil giant CNOOC emerged as the victor, securing 500 thousand barrels of oil. This marks the third Union cargo sold under the production sharing contract for the Sépia Block, located in the Campos Sedimentary Basin off the coast of Rio de Janeiro. Under the sharing regime governing pre-salt fields, a portion of the extracted oil is allocated to the Union. With the
Sonangol disclosed its financial performance for the year 2023 last week, revealing a turnover of $10.9 billion and a net profit of $3.1 billion, a decrease from the $5.3 billion recorded in 2022. The 41.5 percent drop in profits reflects a challenging year marked by global adversities, as emphasized by the oil company. Despite facing multiple hurdles, Sonangol remains steadfast in its commitment to operational excellence. In 2023, Sonangol’s turnover experienced a decline of 18.6
The Government of Angola plans to increase gas production levels in the coming years, with the entry of a new consortium, which will explore new oil fields. The information was provided by the president of the National Oil, Gas and Biofuels Agency (ANPG). Paulino Jerónimo, who was recently reappointed for his second term at ANPG, highlighted that the new consortium for gas production in the country is made up of several companies. Their mission is to
Natural gas prices continued to fall, with a mild winter and an overproduction that caused producers in the American shale zone to try to reduce production, but oil companies that produce gas as a byproduct disrupted the plans. For commodity traders, the floor is likely around $1.50, with February prices now below $1.70 per cubic meter. This situation led Chesapeake Energy to announce in its earnings report earlier this week that it would scale back its drilling
São Tomé and Príncipe is poised to embrace a new era of sustainable energy with the launch of a cutting-edge photovoltaic plant set to produce 10 megawatts of energy. The project, unveiled last week, boasts a total investment of 60.7 million euros and enjoys co-financing from prominent entities including the World Bank, the African Development Bank, and the Bank of Japan. The Clean and Sustainable Energy Access Project, as announced by the director of the
Lewcor Holdings has leveled accusations against its Zimbabwean equity investor, RZ Murowa Holdings, alleging the unauthorized stripping of assets from the Elizabeth Bay Mine in Namibia. The Elizabeth Bay Mine, owned by Sperrgebiet Diamond Mining, commenced operations in 1911. In 2019, Namdeb Holdings sold the mine to the Lewcor Group, with plans to restart operations after it had been under care and maintenance. In 2020, RZ Murowa, a member of the Global Emerging Markets Group,
