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International News Oil Petroleum

Mozambique Approves Offshore Oil and Gas Exploration Contracts

The Mozambique government has given the green light for concession contracts for oil and gas exploration in vital blocks A6-E, A6-G, A6-D, S6-A, and S6-B. CNOOC Ltd. and Mozambique’s ENH have clinched offshore deals. As per Mozambique’s national regulatory body, the Instituto Nacional de Petróleo (INP), exploration activities will encompass acquiring over 26,000 km2 of 3D seismic data, drilling a minimum of four deepwater research wells, and conducting geoscientific studies in the Save and Angoche

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International News Oil Petroleum

South Sudan Seeks Investors for New Oil Refinery

South Sudan’s national oil company Nilepet is calling on investors to secure funding for the construction of an oil refinery in the country’s Block 5A. According to Director General of Finance, Services and Administration at Nilepet Dr. Matiok Santino Akuei, the project has amassed a total investment of $29 million, with the refinery’s estimated initial costs currently standing at $3 billion. As such, the seventh edition of the nation’s official energy event South Sudan Oil

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International Gas News

Mauritania’s Energy Service Zone Project to Propel Gas Sector and Economic Growth

Mauritania is poised to become Africa’s third-largest gas exporter with the imminent production from the Grande Tortue Ahmeyim (GTA) gas field. Major industry players such as bp, Total Energies, and Shell are actively exploring Mauritania’s basin, while the government is prioritizing the full exploitation of the country’s gas potential until 2030. As part of this strategy, Mauritania has launched the Energy Service Zone project in Nouakchott under its Gas Master Plan initiated in 2022. A

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International News Oil Petroleum

UNOC Begins Petroleum Product Sales to Uganda, Tanzania

Uganda National Oil Company (UNOC) has begun distributing limited quantities of petroleum products to its subsidiaries in Tanzania and Uganda. Uganda’s fuel distribution network is currently dependent on Kenya, importing roughly $2 billion worth of petroleum per year, for which Kenya Pipeline Company handles at least 90% of the cargoes. As a result, UNOC has signed a five-year supply deal to import fuel directly from energy trader Vitol Bahrain for distribution to consumers. Last November,

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Local News Oil

Sonangol Kulumbimbi Ship Recognized for Environmental Innovation

The Sonangol Kulumbimbi ship has been honored in the 2023 edition of “Significant Ships,” an annual publication by the British Royal Institution of Naval Architects. This recognition celebrates vessels over 100 meters long and highlights the ship’s exceptional navigability and environmental conservation efforts. Sonangol, in collaboration with Hyundai Samho Heavy Industries (HSHI), has constructed the Sonangol Kulumbimbi with a strong focus on innovation and environmental responsibility. Measuring 274 meters in length, 48 meters in width,

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Local News Oil Petroleum

Angola Urged to Invest in New Oil Projects to Prevent Shortages

Heitor Carvalho, Director of the Economic Research Center at the Lusíada University of Angola (CINVESTEC), emphasized the urgent need for new oil investments to prevent a potential shortage of crude oil by 2033. Speaking during the presentation of the Economic Report for the Third Quarter of 2023 in Huambo, Carvalho warned that Angola faces the risk of oil depletion within the next nine years if proactive measures are not taken to develop new reserves. Carvalho

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Local Energy News Renewable Energy

Cuanza-Norte Positioned as Potential Hub for Green Energy Production

Cuanza-Norte Province has emerged as a promising candidate to spearhead a pilot project for green energy production, following a recent business visit by Nigerian investors to Cambambe. The mission expressed keen interest in leveraging the province’s abundant resources for the production of green hydrogen, particularly emphasizing the viability of utilizing ammonia, a key component for fertilizer production, alongside established technologies in Nigeria’s industrial sector. Fifi Ejindu, President of the Angola-Nigeria Business Council, underscored the export

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Local News Oil Petroleum

Angola’s Oil Revenues Surge as Brent Prices Hold Steady

The price of Brent oil, a crucial benchmark for Angola’s exports, has remained steady at around $85 per barrel over the past ten days. During this period, there have been instances where barrels were sold at prices as high as $87. This current price level far exceeds the reference price of $65 per barrel set in Angola’s 2024 General State Budget, resulting in an extraordinary income of $20 per barrel. Despite slight fluctuations, such as

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Local Gas News Oil

Sonangol Extends Deadline for Porto Amboim Estaleiros Navais Concession Tender

Sonangol, the Angolan state-owned oil company, has announced an extension of the deadline for the submission of proposals for the Public Tender for the Concession of the Exploration of the Porto Amboim Estaleiros Navais (Paenal) Facilities. Initially set for March 30th, the new deadline is now May 31st. The tender, introduced in mid-December, is part of Sonangol’s restructuring strategy aimed at broadening the company’s activities. This expansion plan includes the repair, maintenance, and manufacturing of

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Local News Oil Petroleum

Afrexim Investment Fuels Growth of Cabinda Refinery

The Cabinda Refinery, slated to process 60 thousand barrels of oil per day starting December this year, received a significant investment last year from the Fund for the Development of Exports in Africa (FEDA), backed by the continental bank Afrexim. The investment is part of a broader initiative to enhance exports, spearheaded by funds established by the African Export and Import Bank (Afrexim), which have amassed over $450 million for investment in various sectors, including

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