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International News Oil

Shell Strikes Oil in Enigma-1X Well, Expanding Namibia’s Hydrocarbon Potential

Shell has announced a significant oil discovery in the Enigma-1X well, marking the sixth successful well in Namibia’s PEL.39 license in the Orange Basin. The exploration efforts, conducted using the semi-submersible rig Deepsea Bollsta since February 27, 2024, have yielded promising results. Enigma-1X is situated 15 kilometers south-southeast of Shell’s Jonker-2A appraisal well. This discovery is part of Shell’s second multi-well exploration and appraisal campaign initiated in December 2022. It follows the successful Graff-1 discovery,

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International News Renewable Energy

Ivory Coast Boosts Renewable Energy with New Solar Projects

The Ivory Coast is set to begin construction of the $63.5 million Ferke Solar power plant in Sokoro, which will have an installed capacity of 52 MW. Announced by government spokesperson Amadou Coulibaly in April, the project will commence in the second quarter of 2024 and is expected to be operational by the third quarter of 2025. Named Ferke Solar, the project stems from an agreement signed in January 2024 with renewable energy company PFO Africa

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International News Oil

OPEC Expresses Enthusiasm for Namibia’s Oil Potential at Energy Conference

OPEC Secretary General Haitham Al Ghais expressed excitement about a potential partnership with Namibia during the Namibia International Energy Conference (NIEC) in Windhoek this week. Namibia is gearing up for its first oil production from offshore discoveries by 2030, with development programs underway. With offshore production, Namibia is poised to become Africa’s fourth-largest oil producer. Al Ghais stated, “OPEC stands ready to support Namibia in this exciting new chapter of development. We are eager to

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International Exploration News Oil

ReconAfrica to Drill Naingopo Exploration Well in June

Canadian oil and gas company ReconAfrica will start drilling its first exploration well, Naingopo, in the Damara Fold Belt region of northeast Namibia in June 2024. Utilizing the Jarvie-1 rig, the project will target an estimated 163 million barrels of unrisked prospective oil resources or 843 billion cubic feet of unrisked prospective natural gas resources. The drilling will span approximately 90 days, reaching depths of around 12,500 feet or 3,800 meters, the company’s exploration update indicates. Brian Reinsborough, President

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International Energy Expos & Events News

NAMCOR Showcases Namibia’s Petroleum Potential at International Energy Conference

The National Petroleum Corporation of Namibia (NAMCOR) underscored Namibia’s burgeoning petroleum potential during a technical session at the Namibian International Energy Conference held on Tuesday. Namibia boasts four recognized offshore basins and two onshore basins, with over 30 exploration wells drilled thus far. Recent discoveries such as Venus-1 by TotalEnergies and Graff-1X by Shell have affirmed the presence of a viable petroleum system in Namibia’s deepwater regions. Victoria Sibeya, Executive: Upstream Exploration at NAMCOR, emphasized

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Local Gas News Oil Petroleum

Diesel prices will cost 200 kwanzas per liter from this Tuesday

A liter of diesel will cost 200 kwanzas from zero o’clock today, the 23rd, according to a statement from the Petroleum Derivatives Regulatory Institute released on Monday. According to the document, the measure is part of the gradual adjustment until 2025 of the public sale prices of petroleum products to market levels. “The Petroleum Derivatives Regulatory Institute informs, on the other hand, that the prices of gasoline, illuminating oil and liquefied petroleum gas, also known

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Economy Local News

IMF reviews Angola’s growth in 2023 from 0.5% to 0.9% of GDP

International Monetary Fund (IMF) economist Thibault Lemaire, who coordinated the report on sub-Saharan Africa, said that Angola’s growth in 2023 has been revised upwards, from 0.5% to 0.9% of Gross Domestic Product (GDP). “Angola’s real GDP growth last year was 0.9%,” said Thibault Lemaire, quoted by Lusa, adding that the slowdown compared to 2022 was motivated by the decline in oil production and prices. Asked about the difference between the 0.5% for 2023, presented in

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Local Economy News

Expert considers the country’s growth to be sustained in the non-oil sector

The economist at the International Monetary Fund (IMF), who coordinated the report on sub-Saharan Africa, Thibault Lemaire, considered, this Monday, that Angola’s growth this year is supported by the non-oil sector and predicts high inflation. “The Angolan economy remained resilient last year; after recovery in 2021 and 2022, in 2023 it was hit hard by a decline in oil production and prices, coinciding with the end of the moratorium on debt payments, following of the

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Economy Local News

Kwanza gains ground on the Euro

The Kwanza appreciated against the Euro, in the period from 7 to 21, 1.6 percent, reducing from 901.5 per note to 887.5, respectively. When compared to the intermediate week (the 14th), the appreciation of the Angolan currency is even greater, as on that date each Euro note cost 885.2 kwanzas. In relation to the US Dollar, the national currency lost slightly, rising from the previous 832.00 kwanzas to 833.00 kwanzas. In week 14, there was

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