Four hydrocarbon research and prospecting wells will be drilled in Mozambique this year. Two of the wells will be drilled in the Angoche region, one in the Búzi area and a fourth in the PT5-C area operated by Sasol, a source from the National Petroleum Institute (INP) told ‘Notícias’. This will be the second time in almost a year that drilling has been carried out in Angoche. Last year, Eni drilled a well, with negative
Angola is at the forefront of nurturing its domestic service industry within the oil and gas sector through robust local content regulations. These policies are instrumental in creating revenue streams for local service firms while enhancing their overall contribution to the industry. The Angolan government’s commitment to local content is exemplified through its Angolanization initiative, aimed at empowering national entrepreneurship by favoring local service providers in oil and gas contracts. Enshrined in official decrees such
The Republic of Congo is a mature hydrocarbon market with proven resources, including 1.8 billion barrels of oil reserves and 284 billion cubic meters of natural gas reserves. Despite this, the country’s on- and offshore territory remains underexplored and operators have been slow to add value to crude resources. However, a new gas monetization drive, coupled with several offshore exploration and development programs, presents investors with dynamic opportunities in gas processing and refining, LNG trade
The State-owned Tanzania Petroleum Development Corporation (TPDC) has successfully acquired an additional 20% stake in the Mnazi Bay natural gas project, solidifying its total share in the venture at 40%. The deal, valued at $23.6 million, was finalized through a purchase agreement signed on February 10th with Etablissements Maurel & Prom SA, an oil company that holds an 80% stake in the project and maintains veto power over its operations. Under the terms of the
The Algerian oil and gas company, Sonatrach, has recently signed a medium-term contract with the gas supplier VNG Handel & Vertrieb GmbH (VNG) for the supply of pipeline natural gas to Germany. The agreement was finalized during a recent visit by a German delegation to Algiers. Rachid Hachichi, CEO of Sonatrach, expressed satisfaction with the strengthening of energy business partnerships with Europe through this significant agreement with VNG. He stated, “We are happy to strengthen
Angola’s oil and gas industry anticipates a substantial investment influx of over $71 billion in the next five years, announced Paulino Jerónimo, President of the Board of Directors of the National Oil, Gas and Biofuels Agency (ANPG), during a press conference in Luanda. Jerónimo highlighted a significant surge in investment from approximately $5.6 billion to $12 billion between 2022 and 2023 alone, projecting robust growth for the sector. Over the past five years, the industry
Africa is poised to dominate the global high-impact well (HIW) drilling market in 2024, according to a new report released by research firm Rystad Energy. The continent is projected to undertake 13 of the 36 HIW drilling campaigns anticipated for 2024. Up to 70% of wells drilled in Africa will be in frontier and emerging basins, including the Red Sea Basin in Egypt, Angoche Basin in Mozambique and Namibe Basin in Angola, according to the
The oil and gas exploration sector in Angola is expected to benefit from an investment of over 71 billion dollars (one dollar equals KZ 830) in the next five years, as announced on Monday in Luanda by the President of the Board of Directors (PCA) of the National Agency of Oil, Gas and Biofuels (ANPG), Paulino Jerónimo. Speaking at a press conference reviewing the five years of existence of the agency, the manager stated that
Uganda is staking its future on the development of its oil and gas resources, unveiling a dual strategy that involves tapping into hydrocarbon wealth while concurrently implementing an energy transition plan financed by the profits generated from these resources. According to Uganda’s Minister of Energy and Mineral Development, Ruth Nankabirwa Ssentamu, the country anticipates a significant economic boost over the next 25 years, with oil and gas revenues injecting $8.6 billion into Uganda’s GDP as
As the 2023 U.N. Climate Change Conference, the 28th Conference of Parties (COP28) in Dubai drew to a close, the air was thick with determination among the 200 delegates. Acknowledging that the era of fossil fuels was on its last legs, they collectively pledged to hasten its demise. This was heralded as “the beginning of the end” for coal, oil, and natural gas. The nails and hammers were poised to pound the coffin of a
