Independent oil and gas company Afentra has announced that its final acquisition of Angola’s National Oil Company (NOC) Sonangol’s stake in the country’s offshore Block 3/05 will be pushed from June to July 2023. Sonangol has obtained approval for the license extension in May and is now seeking the necessary government approvals for the transaction. In April 2022, Afentra signed Sales and Purchase Agreements (PSAs) with Sonangol to acquire non-operated interests in the producing Blocks
Angola’s Head of State, H.E. President João Lourenço, has announced that the inauguration of Luanda’s new Dr. António Agostinho International Airport – named for the country’s first president – will take place by December 2023. Speaking during a site visit this week, H.E. President Lourenço acknowledged significant advancements made towards the infrastructure, emphasizing the impact that a new international airport will have on Angola’s aviation sector and overall socioeconomic development. “I can confirm that there
The Angola Liquefied Natural Gas (LNG) project, one of the largest energy projects in Africa, shipped its 400th cargo of LNG this month. Coinciding with the 10th anniversary of the 5.2 million ton per annum project’s first cargo delivery in 2013, this significant milestone demonstrates the project’s reliability as a competitive supplier of LNG to the global market. Angola LNG’s momentous cargo was loaded onto a 160,000 cubic meter LNG carrier, berthed at the country’s Soyo terminal on 13
Oil prices continued to slide due to concerns about global demand, following a higher-than-expected interest rate hike in the UK and warnings of future rate increases in the US. Brent futures dropped by 51 cents, or 0.4%, settling at $73.76 per barrel, while US West Texas Intermediate (WTI) crude futures fell by 42 cents, or 0.6%, reaching $69.09 per barrel. The Bank of England’s decision to raise interest rates by half a percentage point raised
Shell will open its first gas station in Saudi Arabia’s capital city Riyadh later this year after the British energy firm signed an agreement with Asyad Holding Group, as part of the Saudi Energy Ministry’s efforts to bring international companies into the Kingdom. The agreement will pave the way for Shell International to open its fuel stations in the fourth quarter of this year, the ministry said in a press release. It added that the deal is the result of the efforts of Saudi Arabia’s permanent executive
China’s CNOOC is planning offshore oil and gas development in Tanzania in partnership with the state-owned Tanzania Petroleum Development Corp. This move comes as Tanzania aims to enhance the development of its natural resources. According to Tanzanian Energy Minister January Makamba, the collaboration will focus on deep-sea blocks 4/1B and 4/1C, which are currently held by TPDC. These blocks are situated near substantial gas fields that were discovered by a consortium of international energy companies
The price of Brent crude oil, which serves as a reference for Angolan exports, for delivery in August, ended Thursday on the London futures market with a 3.89% decrease, reaching $74.13. The unexpected half percentage point increase in the benchmark interest rate by the Bank of England has raised concerns about a reduction in oil demand growth, according to analysts. This concern countered the optimism that had driven prices in the previous session, thanks to
Mauritania possesses natural resources of world-class quantity and quality, including gas, solar and wind renewables, and minerals. These three pillars form an integrated and synergetic strategy adopted by the government to establish the country as an energy and steel hub for the local, regional, African, and international markets. Within this context, SMH is actively involved in various projects, both in the exploration and development stages. In terms of exploration, we are collaborating with partners Shell
Saudi Arabia has unveiled its proposal to host Expo 2030 to the General Assembly of the Bureau International des Expositions (BIE) in Paris. The Saudi plan, presented by the Kingdom’s delegation led by Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah, outlines a comprehensive strategy for the event with a budget allocation of $7.8 billion and a theme focused on global togetherness. Riyadh, the capital city of Saudi Arabia, is prepared to welcome
Countries across Africa are taking significant steps to address the energy crisis and increase access to electricity, particularly in sub-Saharan Africa, where 43% of the population still lacks access to electricity. The continent is embracing the potential of renewable energy sources and seeking to leverage its vast reserves of critical minerals necessary for the global energy transition. To facilitate this transition, African nations are implementing policies that consider the energy crisis, climate change, and the
