Category: International

Oil prices fell on Monday, driven by a renewed focus on market fundamentals as Israel and Iran downplayed the risks of an escalation of hostilities in the Middle East. Brent futures, the benchmark oil for Angola, fell 67 cents to $86.62 a barrel, while the West Texas Intermediate crude oil contract for delivery in May fell to $82.51.

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Global oil major Shell has confirmed the presence of oil deposits at the Enigma-1X well offshore Namibia. In late February 2024, Shell commenced drilling operations using Northern Ocean’s Deepsea Bollsta drilling rig as part of the firm’s Petroleum Exploration Licence 39 in Namibia. This discovery represents Shell’s fifth in the region, adding to previous successes including the Graff-1X, La Rona, Jonker-1X, and Lesedi-1X discoveries. “As part of our multi-well campaign in Namibia, Shell and its joint

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Driven on the back of road transportation, petrochemicals and aviation, global oil demand is projected to increase by more than 16 million barrels per day – rising to 116 million barrels per day – in 2045, retaining the largest share of the global energy mix at 29.5%. As such, according to OPEC’s 2023 World Oil Outlook 2045 publication, downstream investment is poised to play a significant role in meeting Africa’s energy demands and resource monetization strategies, with

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Portuguese energy company Galp Energia has concluded appraisal activities at its Mopane 1-X and 2X discoveries offshore Namibia, uncovering a potential oil reserve of at least 10 billion barrels. Testing at Mopane-1X was finalized in January, while testing at Mopane-2X took place from early March to early April this year. “The flows achieved during the well test have reached the maximum allowed limits of 14,000 barrels of oil equivalent per day, potentially positioning Mopane as an important commercial

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