The European Union (EU) has expressed its interest in participating in the development of the Lobito Corridor, recognizing its potential for sustainable and inclusive economic diversification, including increased household income in the region. Sylvie Millot, Head of the EU’s Southern Africa and Indian Ocean Unit, confirmed this on Friday in Benguela, following a courtesy meeting with the provincial governor of Benguela. She emphasized that the Lobito Corridor is a key priority for the EU in
Members of the Angolan Industrial Association (AIA) have emphasized the importance of conducting a feasibility study for the construction of connection branches between key large-scale production centers and the Lobito Corridor. This initiative is seen as a priority to maximize the economic benefits of this significant infrastructure, which serves both the Angolan economy and the southern region of Africa. The message was conveyed by the president of the association, José Severino, who outlined the vast
Rwanda has confirmed its first-ever oil discovery, identifying 13 reservoirs in Lake Kivu, which lies along its border with the Democratic Republic of Congo (DRC). “We have oil,” announced Francis Kamanzi, CEO of the Rwanda Mines, Petroleum, and Gas Board, during a parliamentary hearing, as reported by local media outlet Igihe. The discovery follows more than a decade of exploration efforts in the lake. Kamanzi expressed optimism about uncovering additional reserves, noting the significant oil
Botswana has renewed two prospecting licences held by London-listed Botswana Diamonds—licence numbers 224/2007 and 169/2019—for an additional two years, extending their validity to December 31, 2026. The licences cover the KX36 kimberlite discovery and several high-grade geophysical anomalies, with authorisation granted for drilling. KX36, a 3.5-hectare kimberlite pipe, boasts an indicated resource of 17.9 million tonnes at a grade of 35 carats per hundred tonnes (cpht) and an inferred resource of 6.7 million tonnes at
Brent crude oil, the benchmark for Angola’s exports, surged 3.69% on Friday to close at $79.76 per barrel for March delivery on the London Futures Market, marking its highest level in three months. The North Sea crude, a key reference for European markets, ended the session on the International Exchange at $79.76, up $2.84 from Thursday’s closing price of $76.92. During the session, Brent briefly exceeded $80 per barrel. This sharp rise follows an announcement
Oxford Economics, a British consultancy firm, forecasts that Angola’s oil production will stagnate at 1.173 million barrels per day (bpd) in 2025. This follows a 3.6% increase in 2024, which brought production to 1.170 million bpd. According to analysts cited by Lusa, Angola’s oil output saw a slight uptick in November, aligning with the government’s production targets. The consultancy estimates that crude oil production grew by 3.6% last year, reaching 1.170 million bpd, with a
The long-awaited Quilemba Solar project is poised to begin in 2025, following a recent agreement signed between Sonangol Gas & Energias Renováveis, TotalEnergies, and GreenTech. The consortium finalized an Addendum to the Complementary Technical Parts of the Energy Acquisition Agreement (CAE) with the National Electricity Transport Network (REN), enabling construction to commence. Located in Quilemba, Lubango, in Huíla Province, the project will establish a photovoltaic solar power plant with an initial capacity of 35 megawatts
Red Sky Energy, an Australian oil and gas company, has secured a 35% interest in the Sonangol-operated Block 6/24, located offshore Angola in the Kwanza Basin. This acquisition follows the signing of a risk service contract (RSC) with the Angolan National Agency for Oil, Gas, and Biofuels (ANPG). Sonangol E&P, the block’s operator, retains a 50% interest, while Red Sky Energy holds 35%, and ACREP controls the remaining 15%. Block 6/24 lies approximately 12 kilometers
South Sudan’s government has directed Dar Petroleum Operating Co. (DPOC) to restart oil production after Sudan reopened its crude export route. This development comes after months of disruption caused by a pipeline rupture and Sudan’s ongoing conflict. Oil exports from South Sudan had been reduced by half since February 2023 due to a pipeline rupture, triggered by a diesel shortage needed to dilute the crude. Crude oil accounts for over 90% of South Sudan’s revenue,
US President Joe Biden has announced a ban on new offshore oil and gas development along most US coastlines, a decision that could be difficult for President-elect Donald Trump, who has promised to boost domestic energy production, to reverse. The White House confirmed on Monday that Biden would use his authority under the 70-year-old Outer Continental Shelf Lands Act to protect federal waters off the East and West coasts, the eastern Gulf of Mexico, and
