On Wednesday, the Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, stated that fuel pricing is the “main variable” driving smuggling in Angola. He advocated for adjusting fuel prices to align with those of neighboring countries. “The primary factor in fuel smuggling is the price difference between us and our neighboring countries. This disparity significantly motivates smuggling. If we eliminate that variable, what will smuggling be for?” Azevedo remarked during the opening of a
Angola’s Ministry of Mineral Resources, Oil and Gas and the Ministry of Hydrocarbons of the Democratic Republic of the Congo (DRC) have signed a revised agreement for the co-development of offshore Block 14. The agreement was formalized during the opening ceremony of the Angola Oil & Gas (AOG) 2024 conference in Luanda on October 2, with Angola’s Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, and DRC’s Minister of Hydrocarbons, Aime Sakombi Molendo, in
Angola’s national oil company, Sonangol, reaffirmed its commitment to sustainable hydrocarbon development during the Angola Oil & Gas (AOG) conference this week. In an “In-Conversation with” session, Sonangol CEO Sebastião Gaspar Martins emphasized that the company will not abandon oil and gas; instead, it aims to advance decarbonized oil and gas development. By investing in upstream oil and gas production while prioritizing low-carbon projects, Sonangol intends to increase national crude output while diversifying and decarbonizing
Angola’s national oil company, Sonangol, has signed an agreement with energy companies Conjuncta, CWP, and Gauff for the development of the Barro da Dande green hydrogen project. The agreement, finalized during the Angola Oil & Gas conference on Wednesday, encompasses the design, licensing, financing, engineering, and construction of the facility. Located in the municipality of Barro da Dande, the green hydrogen project aims to produce up to 1,200 tons of ammonia for export to the
Chevron will supply 600 million standard cubic feet of gas per day to the Angola LNG (ALNG) facility by the end of 2024. This development is tied to the Sanha-Lean Gas Connection (SLGC) Project, operated by Chevron’s local subsidiary. The project is set to deliver lean gas to the ALNG onshore plant, with first production expected by Q4 2024. The announcement was made by Billy Lacobie, Managing Director of Chevron’s Southern Africa Strategic Business Unit,
British Petroleum Exploration, a subsidiary of BP, has partnered with ADNOC International Limited to establish a joint venture that will acquire specific rights to BP’s natural gas concession contracts in Egypt. This collaboration, disclosed to the Egyptian Competition Authority (ECA), focuses on the exploration, extraction, and marketing of natural gas and condensates from designated fields in the country. In August, the Ministry of Petroleum and Mineral Resources announced that the Egyptian Natural Gas Holding Company
Algeria, along with two other African nations, is set to resume discussions to advance the Trans Saharan Gas Pipeline (TSGP), a proposed 4,000 km gas pipeline aimed at delivering natural gas to Europe. Algerian Energy Minister Mohamed Arkab announced plans to meet with the oil ministers of Nigeria and Niger to discuss the project’s progression. Following a meeting with Niger’s Oil Minister, Sahabi Oumarou, Arkab described the TSGP as a “strategic” initiative poised for realization.
At the BRICS Energy Ministers Conference, Minister of Electricity and Renewable Energy Mahmoud Esmat outlined Egypt’s ambitious objectives, aiming for renewable energy to constitute over 42% of the country’s energy mix and to capture 5-8% of the global green hydrogen market by 2040. In his opening remarks at the conference in Moscow, Esmat emphasized Egypt’s commitment to transitioning to sustainable energy sources, leveraging the country’s abundant solar and wind resources. He explained that Egypt’s strategy
In a bid to strengthen its foreign reserves, Tanzania has called upon the country’s gold exporters to contribute to national efforts. According to Reuters, Tanzania’s mining regulator has mandated all gold-exporting companies to allocate at least 20% of their gold to the Central Bank of Tanzania (BoT). This initiative aims to support the bank’s strategy to diversify its foreign reserves. The central bank began acquiring gold from local traders and miners in the previous fiscal
In global finance, few metrics carry as much weight as a country’s foreign exchange and gold reserves. These reserves are like a financial safety net, helping countries weather economic storms, stabilize their currencies, and handle international debts. In global finance, few metrics carry as much weight as a country’s foreign exchange and gold reserves. These reserves are like a financial safety net, helping countries weather economic storms, stabilize their currencies, and handle international debts. At
