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International News Oil Petroleum

Liberty Petroleum Secures 3 Deepwater Blocks in Somalia

U.S.-based exploration company Liberty Petroleum signed Production Sharing Agreements (PSA) for three deepwater blocks in Somalia. Through its subsidiary Petro Quest Africa, Liberty Petroleum will explore Blocks 131, 190 and 206. The PSAs allow for a five-year exploration period and grant Liberty Petroleum approval to conduct evaluations and 3D seismic surveys. The data will determine drilling viability. “We are aware of the responsibility that now lies on our shoulders to explore and hopefully develop the

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Oil International News

BW Energy Commences Production at Hibiscus South Well in Offshore Gabon

Oil and gas company BW Energy has initiated production at the DHBSM-1H well, situated in the Hibiscus South Field on the Dussafu license offshore Gabon, just five months after its discovery. Currently yielding between 5,000 and 6,000 barrels of oil per day (bpd), the well is projected to recover approximately 6.6 million barrels from a total oil in place of around 22 million barrels. John Hamilton, CEO of Panoro Energy, a partner in the Dussafu

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Diamonds International News

Lucara Diamond Corp Reveals Karowe Underground Expansion Feasibility Study Results

Canada-based Lucara Diamond Corp has released the findings of an updated feasibility study on the Karowe Underground Expansion Project (UGP), outlining an estimated preproduction capital cost of $683 million. Situated in north-central Botswana, the Karowe UGP is anticipated to yield $1.1 billion in cash flow, prolong the Karowe mine’s lifespan by 15 years, and recover 6.8 million carats over its operational duration. Karowe, known for producing four diamonds weighing over 1,000 carats each from its

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Diamonds International News

De Beers rough Diamond sales increase to US$430m

De Beers Group reported that rough diamond sales increased from US$374 million in the last cycle to US$430 million in the second 2024 sales cycle. The Group released the provisional rough diamond sales figure quoted for Cycle 2 on Wednesday.According to De Beers, the figures represent the expected sales value for the period and remain subject to adjustment based on final completed sales. De Beers Group CEO Al Cook said it was pleasing to see

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Local News Oil Petroleum

Etu Energias Launches Lubricant Line in Angola

Etu Energias, Angola’s largest private oil company, has inaugurated a lubricant production line in collaboration with Glide Technology, a prominent petroleum product producer in the region. The partners have established a joint venture company to spearhead the development of a state-of-the-art lubricant production facility in Luanda, the capital of Angola. With a production capacity of 1,000 tons per month, the facility is set to commence construction in 2025, requiring an investment of $5 million. Anticipating

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Local News Technology & Innovation

Angola and Estonia Sign Digital Cooperation MoU

Angola and Estonia have taken a significant step towards enhancing collaboration in the digital sector by signing a memorandum of understanding (MoU). President João Lourenço and his Estonian counterpart, President Alar Karis, formalized the agreement during President Karis’s official visit to Luanda on March 8. The MoU aims to foster cooperation between the two nations in digital technology, with a focus on knowledge sharing and expertise exchange. Estonian digital entrepreneurs will play a pivotal role

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Local Economy News

IMF defends continued removal of Fuel subsidies this year

The International Monetary Fund (IMF) considers that the Government will continue with the gradual removal of fuel subsidies, as long as the process is accompanied by mitigation measures, such as the direct transfer of income to the vulnerable population, in order to offset the effects adverse, declared, this Monday, in Luanda, the resident representative of the financial institution. Victor Lledo added, in the presentation of the Article IV assessment report (from the IMF to member

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Economy Local News

Central bank increases exposure to the Euro

The National Bank of Angola (BNA) plans to increase exposure to the Euro, in a decision explained by the return to positive interest rates in the European monetary bloc and geopolitical factors that have led central banks to diversify reserves. “The BNA intends to increase exposure to the Euro, but not necessarily to the detriment of other currencies,” declared the central bank in a statement cited by Reuters. “For a decade, the Euro was in

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Local Gas News Oil

Sonangol Takes Lead in Methane Reduction and Rural Gas Project

Sonangol, Africa’s leading oil producer, has made history by becoming the first African company to join the “Aiming For Zero” initiative, spearheaded by the Oil and Gas Climate Initiative (OGCI). This groundbreaking commitment aims to significantly reduce methane emissions from oil and gas facilities, aligning with global climate objectives outlined in the Paris Climate Agreement. With nearly 100 companies onboard, including Sonangol, the initiative strives to achieve near-zero methane emissions by 2030. By joining this

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Local News Transport and Logistics

Lobito Corridor attracts financial aid to 370 companies

The “Diversifica Mais” initiative, launched by the Ministry of Planning in Luanda, aims to drive economic diversification and job creation along the Lobito Corridor. This project is set to support 370 companies operating within the corridor, while offering technical assistance to an additional two thousand enterprises. Led by project director Laércio Cândido, Diversifica Mais aims to increase private investment and foster growth among micro, small, and medium-sized enterprises. With a projected timeline extending until 2029,

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