Namibia’s oil and gas sector will now be managed under the Office of the President, moving from the Ministry of Mines and Energy. The shift aims to maximize national benefits from the country’s emerging petroleum industry. President Netumbo Nandi-Ndaitwah announced the decision on Saturday while unveiling her new Cabinet. “The new emerging industries of oil and gas need to be managed in a manner that maximizes benefits for all Namibians. Therefore, the management of these
Financial rating agency Fitch Ratings has stated that the resumption of TotalEnergies’ Liquefied Natural Gas (LNG) project in Mozambique this year could pave the way for ExxonMobil’s long-awaited final investment decision on a major LNG development in the country’s north. “The resumption of construction on TotalEnergies’ LNG project could facilitate a final investment decision (FID) on ExxonMobil’s proposed $30 billion LNG project. This partially onshore project would drive economic growth during its construction phase,” Fitch
Libya has initiated its first open licensing sale since 2007, offering 22 acreages for exploration and development. The available blocks include 11 offshore and 11 onshore sites, with undeveloped discoveries estimated to contain at least 2 billion barrels of oil equivalent (BBOE) in hydrocarbon resources, according to the National Oil Corporation (NOC). To support the licensing process, NOC has compiled extensive geological and geophysical datasets using advanced digital tools. Libya is reported to hold approximately
Libya has launched its first open licensing round in nearly two decades, offering 22 blocks for oil and gas exploration and development. The National Oil Corporation (NOC) is making available 11 offshore and 11 onshore acreages, with estimated undeveloped discoveries containing at least 2 billion barrels of oil equivalent (BBOE) in hydrocarbon resources. To streamline the bidding process, NOC has compiled extensive geological and geophysical datasets using advanced digital tools. Libya is estimated to hold
The U.S. Export-Import Bank has approved a nearly $5 billion loan to restart the long-stalled Mozambique LNG project, marking a significant step toward resuming development led by French oil giant TotalEnergies. Initially expected to be operational by 2029, the project faced major setbacks after Islamist insurgents attacked the Cabo Delgado region, forcing TotalEnergies to declare force majeure and halt construction. The U.S. Export-Import Bank originally committed $4.7 billion to the $20 billion project under the
The African Energy Chamber (AEC) has welcomed the U.S. Export-Import Bank’s (EXIM) decision to reauthorize a $4.7 billion loan, originally approved under the Trump administration, to support Mozambique’s Liquefied Natural Gas (LNG) project. Led by TotalEnergies, the $20 billion Mozambique LNG project had stalled in 2021 due to security concerns in the Cabo Delgado province. With renewed financial backing, the project is now set to move forward, positioning Mozambique as a key player in the
Global demand for natural gas is projected to rise by 32% by 2050, increasing from 4,018 billion cubic meters (bcm) in 2023 to 5,317 bcm, according to the latest Gas Exporting Countries Forum (GECF) Global Gas Outlook 2050 report, released on March 10. The report attributes this growth to economic expansion in developing economies and a global population increase to 9.8 billion by 2050. By the late 2030s, natural gas will surpass coal as the
President Nangolo Mbumba has defended Namibia’s dual pursuit of oil exploration and renewable energy, emphasizing that the country’s energy strategy aligns with global climate commitments, including the Paris Agreement. Amid concerns about the contradiction between fossil fuel projects and decarbonization efforts, Mbumba stressed that Namibia’s newly discovered oil resources will support a sustainable energy transition. “The development of our newly discovered oil resources is not contradictory to our decarbonization agenda. It is part of a
Libya’s National Oil Corporation (NOC) has launched its first public tender for oil and gas exploration since 2008, marking a major step toward reopening the country’s energy sector to international investment after years of political instability and operational challenges. The official presentation of the tender will take place in Tripoli this evening, where NOC officials will outline available exploration opportunities for foreign oil companies. This move comes as Libya struggles with hydrocarbon production setbacks, including
Angola’s oil and gas industry is experiencing renewed global interest as international energy companies seek to tap into the country’s vast reserves. With rising global energy demand, Angola is positioning itself as a key player, according to Alcides Andrade, Executive Administrator of the National Agency for Petroleum, Gas, and Biofuels (ANPG). Speaking at CERAWeek in Houston, Andrade announced that Angola has secured over $60 billion in commitments for upcoming projects, attracting both established and new
