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Oil Gas International News

SOCAR President Discusses Oil and Gas Cooperation with Republic of Congo Official

Rovshan Najaf, President of the State Oil Company of Azerbaijan (SOCAR), held a meeting with Francoise Joly, Presidential Adviser for International Strategy of the Republic of Congo, to explore opportunities for cooperation across the oil and gas sector. During the discussion, Najaf and Joly explored potential collaboration avenues, including oil and oil-based products trading, human capital development, and other mutual interests. The officials also delved into Azerbaijan’s global energy projects, SOCAR’s multinational operations, and potential

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International Gas News Oil

Eni Finalizes $300 Million Asset Sale Deal with Perenco in Republic of Congo

Italian multinational energy company Eni has successfully concluded a $300 million deal for the sale of select upstream assets to oil and gas firm Perenco in the Republic of Congo. The agreement, initially announced in June 2023, aligns with Eni’s strategic objective of optimizing its operations and concentrating on significant upstream projects within the country. In a press release, Eni emphasized its dedication to harnessing the Republic of Congo’s extensive gas resources, particularly through initiatives

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International Gas News

Mozambique Adopts Law for Natural Gas Export Revenue

Mozambique’s council of ministers has approved a decree establishing legislation for a sovereign wealth fund. The fund will be tasked with managing revenues from an estimated $91.7 billion in natural gas exports in the coming decades. Under the new law, 40% of liquefied natural gas revenues will finance the fund during its first 15 years, with the remaining portion allocated to the national budget. Subsequently, a balanced allocation between savings and expenditures will be implemented.“The

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Oil Gas Local News

Sonangol Takes Lead in “Aiming for Zero Methane” Initiative

Sonangol, Angola’s national oil company, has made history by becoming the first African oil producer to join the “Aiming for Zero Methane” initiative. This global effort, led by the Oil and Gas Climate Initiative (OGCI), aims to drastically reduce methane emissions in the oil and gas industry. In a recent statement, Sonangol announced its commitment to achieving nearly zero methane emissions from its oil and gas operations by 2030. Gaspar Martins, President of Sonangol’s Board

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Local Gas News Oil Petroleum

OPEC Forecasts Slight Decline in Angola’s Oil Production for 2025

The Organization of Petroleum Exporting Countries (OPEC) forecasts a slight decrease of 0.04 percent in Angola’s oil production for 2025, with output falling to under 1.1 million barrels per day. According to OPEC’s latest monthly report, non-OPEC countries are expected to see a growth in oil and gas production by 1.4 million barrels per day in 2025. However, Angola is among the few countries expected to experience a decline, along with Mexico. Angola’s decision to

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International Gas News

Mozambique Approves Sovereign Wealth Fund Legislation for Natural Gas Earnings

Mozambique’s Council of Ministers recently approved legislation for the nation’s new sovereign wealth fund, marking a pivotal step in managing the anticipated earnings from its burgeoning natural gas exports, valued at around $91.7 billion. This move aligns with Mozambique’s efforts to enhance governance and transparency, particularly crucial after facing financial scrutiny and international financing challenges since 2016. The legislation, a key component of an economic reform program supported by the International Monetary Fund, aims to

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Local Gas News Oil

Angola Invites Chinese Investors to Explore Hydrocarbon Opportunities

Angola’s Minister of Mineral Resources, Oil, and Gas, Diamantino Azevedo, extended an invitation to Chinese entrepreneurs in Beijing on Saturday, March 16th to consider investing in the country’s hydrocarbon sector. The Economic Forum organized by the Ministry of Mineral Resources, Oil, and Gas (MIREMPET) in China showcased investment prospects in Angola’s oil and gas industry, garnering significant interest from Chinese firms and investors. In his address, Minister Azevedo emphasized the diversity of investment opportunities, ranging

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Gas International News

East Africa Sets Sights on Becoming an LPG Hub

With more than 900 million Africans using biomass fuel and kerosene for cooking, liquefied petroleum gas (LPG) has emerged as a highly attractive and viable clean cooking solution. While still a fossil fuel, LPG burns more efficiently and produces fewer carbon emissions than wood, charcoal or kerosene. The fuel is both easy to store and transport, as well as able to meet Africa’s clean cooking needs reliably and to scale. East Africa is one region

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Gas International

3 Benefits Gas will Bring to Zimbabwe

Zimbabwe has one of the largest underexplored interior rift basins in Africa and is strategically located in close proximity to resource-rich acreage in neighboring Mozambique. Given this potential, the country is making great strides to unlock the full potential of its resources, with an exploration campaign led by independent oil and gas company Invictus Energy already showing promising results. The company recovered four hydrocarbon samples at the onshore Cabora Bassa project in December 2023, effectively

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Local Gas News Oil

Sonangol Takes Lead in Methane Reduction and Rural Gas Project

Sonangol, Africa’s leading oil producer, has made history by becoming the first African company to join the “Aiming For Zero” initiative, spearheaded by the Oil and Gas Climate Initiative (OGCI). This groundbreaking commitment aims to significantly reduce methane emissions from oil and gas facilities, aligning with global climate objectives outlined in the Paris Climate Agreement. With nearly 100 companies onboard, including Sonangol, the initiative strives to achieve near-zero methane emissions by 2030. By joining this

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