Angola confirms having commercial reserves of 36 critical minerals The consultant to the Minister of Mineral Resources, Petroleum, and Gas, Mankenda Ambroise, stated on Tuesday in Luanda that out of the 51 minerals considered the most critical worldwide, 36 are known in Angola and ready to enter production. Recent research has revealed that the national territory is endowed with extraordinary geological potential. Mankenda Ambroise, who delivered the opening speech at the 2nd edition of the
As the primary driver of its economy, the local content regime for the oil and gas sector in Angola is heavily dependent on a robust and efficient financial sector. Exploration and production (E&P) of the country’s oil and gas resources have set the stage for a strong economic outlook for Angola, with the country’s GDP projected to grow 5% between 2023 and 2026. As such, domestic financiers and insurers have called for increased synergy between
The Nigerian National Petroleum Corporation (NNPC) Limited has announced the resumption of an oil drilling campaign at its Wadi-B well in Nigeria’s Borno State. The drilling activities had been inactive for several decades due to a lack of sufficient commercial oil quantities. The Group Managing Director (GMD) of NNPC Limited, Mele Kyari, stated that the company will adopt a new approach to exploration and conduct a comprehensive evaluation of all frontier basins in Nigeria. This
Saudi Arabia, the world’s largest energy exporter, has seen a significant decline in its total exports, including both oil and non-oil exports, according to recent reports. Online portal Zawya stated that the country experienced a 25% year-on-year decrease, with total exports amounting to $28 billion in March, compared to $37 billion in the same period last year. Analysts attribute the decline in exports primarily to the softening of energy prices and reduced demand in Europe
Mozambique has chosen a consortium led by TotalEnergies and Electricite de France for a $4.5 billion hydropower project, as the investment in clean energy continues to rise. According to a government statement cited by Bloomberg on Friday, the project aims to construct the Mphanda Nkuwa dam, which will have a capacity of 1,500 megawatts, and an associated transmission line. The primary objective is to alleviate the power crisis in the region. The consortium includes the
In a recent annual report published on the Ministry of Mines website, it has been revealed that the Democratic Republic of Congo (DRC) exported a total of 28,306.26 kilograms of gold in 2022. The exports generated a revenue of 1.104 billion US dollars during the evaluated period. The report also highlights the dominance of KibaIi Gold and MCCR in the industrial exploitation of unrefined gold exports. KibaIi Gold accounted for 99.83% of the exports, while
Diamond exports from the Democratic Republic of Congo (DRC) generated over $145.9 million in revenue throughout 2022, according to statistical data published by the Ministry of Mines. The 2022 annual report reveals that diamond exports to the Democratic Republic of Congo amounted to 11,683,439.31 carats. Artisanal production dominated diamond production in the country during the analyzed period, accounting for more than 7,353,996.44 carats and generating a total of $83.7 million. When examining artisanal diamond mining
The Brent barrel, a reference for Angola’s oil exports, closed the week of May 22-26 at $77.14, a price that is more than $10 below the $85 taken as the baseline price in the 2023 State Budget (OGE/2023). It is worth noting that the price has been below $80 for over a month now. On April 26, precisely, the barrel was traded at $77.69, during a period when the highest high was $79.54 and the
President Mokgweetsi Masisi of Botswana has again taken aim at the longstanding partnership with diamond giant De Beers, launching a scathing attack and vowing not to settle for anything less than an improved agreement. The current deal, set to expire next month, grants Botswana a 25% share of rough diamonds mined under the partnership, while De Beers retains the majority. Negotiations for a pact renewal are underway, with Botswana pushing for a higher stake in
The Minister of State for Petroleum Resources, Chief Timipre Sylva, has announced the introduction of six new regulations derived from the Petroleum Industry Act 2021 in Nigeria. These regulations aim to promote sustainable growth in the midstream and downstream sectors of the oil and gas industry, providing clarity for industry operators and regulators. The new regulations are designed to facilitate industry expansion, economic development, and prosperity. They cover various aspects, including midstream and downstream operations,
