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Author: Makungu Coco

Local News

Angola’s President Defends Hydrocarbon Development Amid Global Climate Crisis

Angolan President João Lourenço acknowledged the severity of the global climate crisis while emphasizing the right of hydrocarbon-producing countries to develop their resources for the benefit of their citizens. Speaking at the opening of the 5th Angola Oil & Gas (AOG) conference in Luanda, Lourenço stressed the importance of balancing resource development with environmental responsibility. He recognized the harmful effects of climate change but underscored that hydrocarbon-producing nations, like Angola, should continue to develop their

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Diamonds Local News

Angola to Auction 44 Special Diamonds in Online Bidding Event

Angola’s state-owned diamond marketing company, Sodiam, announced the electronic auction of 44 special diamonds, each weighing approximately 10.80 carats. The evaluation sessions will take place from October 7th to 16th, with bidding set to close at 10:00 am local time on the final day. According to Sodiam’s statement, the auction is being organized in collaboration with Trans Atlantic Gem Sales and is open to customers in Sodiam’s database with expertise in trading special stones. Viewing

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International Corporate News Gas Oil

Eni Secures Strong Interest for New LNG Project in Mozambique Amid Financing Challenges

Eni SpA has garnered substantial interest for its upcoming floating liquefied natural gas (LNG) project in Mozambique, even as international lenders face increasing pressure to reduce investments in fossil fuels. Luca Vignati, Eni’s director of upstream operations, revealed in a recent interview that the new project is expected to cost around the same as the $7 billion Coral South plant, which was inaugurated in 2022. Vignati indicated that investment decisions for the new LNG plant

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International Oil Petroleum

Financial Struggles Hamper Fuel Imports in Mozambique

Several oil companies in Mozambique have been unable to import fuel in recent months due to financial difficulties, according to Moisés Paulino, the National Director of Hydrocarbons and Fuels. As reported by Carta de Moçambique, these companies have accumulated significant debts, causing disruptions in the fuel import process managed by the Mozambican Importer of Petroleum Products (IMOPETRO). Paulino highlighted that some companies’ inability to pay has created challenges, including debts to international suppliers, the government,

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International Corporate News Gold Mining Projects

Triton Minerals to Acquire Promising Gold and Copper Project in Mozambique

Triton Minerals Ltd (ASX:TON) has entered into a binding Memorandum of Understanding (MOU) to acquire up to 80% of the Aucu gold and copper project in Mozambique’s central-west Tete province. Spanning 588 square kilometers, the project is strategically located near existing infrastructure and active gold and coal mining operations. It lies approximately 45 kilometers from Tete, the provincial capital, and just 200 kilometers south of Africa Lion Gold’s Chifunde Gold project. The area’s well-established mining

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International News Oil

DRC Cancels Licensing Round for 27 Oil Blocks Amid Controversy and Irregularities

The Democratic Republic of Congo (DRC) has canceled its 2022 licensing round for 27 oil blocks, aimed at tapping into the country’s vast oil and gas reserves. The announcement came via a statement posted on the hydrocarbons ministry’s X (formerly Twitter) account on October 11, citing several reasons for the cancellation, including late submissions, irregular offers, and insufficient competition. Hydrocarbons Minister Aime Sakombi Molendo stated, “Given the above, I am obliged to declare the cancellation

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International News Oil

Dangote to Begin Crude Oil Production in Nigeria by 2025

Aliko Dangote, the Nigerian industrialist behind the country’s first private oil refinery, is now expanding into crude oil exploration. Initially scheduled for late 2024, the launch of Dangote’s oil production is now set to begin in 2025, according to a report by S&P Global Commodity Insights. The report highlights that production at Dangote’s two oil properties, located in the Niger Delta’s Oil Mining Leases (OMLs) 71 and 72, will commence at around 20,000 barrels per

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International News Oil

Nigeria Partners with South Korea to Build Refineries Amidst Efforts to Revive Oil Infrastructure

In an effort to rejuvenate its ailing oil production infrastructure, Nigeria is partnering with South Korea to build several oil refineries across the country. For decades, Nigeria has been heavily reliant on imported petroleum products, but the recent launch of the Dangote refinery marks a significant shift in the nation’s energy landscape. A consortium of South Korean investors has finalized a deal with the Nigerian government to construct four refineries, according to The Punch. Heineken

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International News Oil

Belemaoil Resumes Operations at Nigeria’s OML 55 After Three-Year Shutdown

Belemaoil Producing, a Nigerian independent oil producer, has successfully resumed operations at its Oil Mining Lease (OML) 55 after a three-year suspension caused by damage from theft. In February 2015, Belemaoil acquired OML 55 from Chevron Corp. The lease is located about 40 km west of the Bonny oil export terminal, in a swampy to shallow water region. Operations were halted in 2021 due to extensive oil theft along the delivery line to the Bonny

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International News Oil

Monitor Exploration Partners with Exito Energy to Advance Owambo Basin Exploration

Monitor Exploration Ltd. (MEL), through its subsidiary Mel Oil and Gas Exploration Namibia (MELN), has entered a partnership with Exito Energy Resources to boost exploration activities within Exito’s Petroleum Exploration Licence (PEL) 105 in Namibia’s Owambo Basin. The collaboration aims to combine the expertise and resources of both companies to unlock the hydrocarbon potential in the region. The partnership will focus on integrating remote sensing data with existing gravity, magnetic, geochemical, and passive seismic information

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