ReconAfrica Prepares to Drill Largest Oil and Gas Prospect in Namibia’s PEL 73

Reconnaissance Energy Africa Ltd (ReconAfrica) has announced it is on schedule to drill its largest oil and gas prospect to date—Prospect I—within Petroleum Exploration Licence 073 (PEL 73) in northeastern Namibia. The company confirmed that the well is expected to be spudded this quarter, targeting substantial prospective resources in both oil and natural gas. “We remain on track to spud the well this quarter and are looking forward to unlocking the significant potential of the

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Namibia’s Offshore Oil Discoveries Face Challenges Due to High Gas Content

Namibia’s promising offshore oil discoveries are facing a significant obstacle to full-scale development due to high levels of associated gas, according to global consultancy Wood Mackenzie. Ian Thom, Research Director for Sub-Saharan Africa Upstream at Wood Mackenzie, discussed the challenges of developing Namibia’s offshore resources at a recent industry event. While Namibia has gained significant attention as a key oil frontier in Africa, Thom cautioned that the complexity of developing these offshore fields could be

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Africa Energy Bank Gains Momentum with Key Contributions from Nigeria, Angola, and Ghana

Nigeria, Angola, and Ghana have successfully fulfilled their capital commitments to establish the Africa Energy Bank (AEB), a financial institution aimed at bridging the funding gap in Africa’s oil and gas sector. This achievement represents 44% of the total funding required from the African Petroleum Producers Organisation (APPO) members to initiate the bank’s operations. Dr. Omar Farouk Ibrahim, Secretary General of APPO, made the announcement at the recent Congo Energy & Investment Forum. With an

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Angola Accelerates Gas-to-Power Initiatives to Strengthen Energy Security and Domestic Capacity

Angola is intensifying its efforts to integrate natural gas into its energy mix, targeting a 25% share to reduce reliance on diesel and improve energy security. While significant developments in the gas sector are expanding domestic supply, challenges such as infrastructure gaps, regulatory hurdles, and investment constraints need to be addressed for the country to fully realize its gas-to-power potential. A key part of Angola’s gas-to-power initiative is the expansion of gas-fired power generation, including

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ONGC Videsh Commits ₹1,500 Crore to Revive Mozambique LNG Project

ONGC Videsh Ltd. (OVL), the international arm of India’s national oil company, has approved a ₹1,500 crore investment to accelerate the development of its joint venture in Mozambique’s offshore gas reserves. The funding will support the Mozambique Area 1 LNG project, a $20 billion initiative in which OVL holds a 10% stake. Despite previous delays due to security concerns, the project is set to move forward as TotalEnergies, the project operator, is expected to lift

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ONGC Videsh Advances Offshore Gas Project in Mozambique

ONGC Videsh Ltd (OVL) is making progress on its offshore gas exploration project in Mozambique, where on-ground activities have resumed, officials confirmed. The OVL board recently approved an investment of ₹1,500 crore into the joint venture (JV) there. OVL, the international arm of India’s state-owned Oil and Natural Gas Corporation (ONGC), holds a 10% stake in the $20 billion “Offshore Area 1” LNG project. The project has been under force majeure since April 2021 due

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Namibia Shifts Oil and Gas Oversight to Presidency for Greater National Benefit

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

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TotalEnergies’ LNG Restart May Spur ExxonMobil’s $30 Billion Investment in Mozambique

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

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Libya Launches Open Licensing Sale for 22 Oil and Gas Acreages

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

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Libya Opens First Licensing Round Since 2007 to Attract Global Investors

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

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