The deadline for selling 37.47% of the shares in the Angolan oil exploration company, ACREP, via the Angolan Debt and Stock Exchange (BODIVA), has been extended until 3pm on the 15th of this month, a decision ratified by the Capital Market Commission (CMC). Initially, interested parties and investors could purchase shares between February 19th and March 1st, 2024. However, the extension is attributed to various factors, including the surge in requests for account openings towards
The Executive Board of the International Monetary Fund confirmed that 2023 was a difficult year with many challenges, but that the foundations for recovery in 2024 and contributions from 2025 have been laid. The Executive Board of the International Monetary Fund (IMF) expects economic growth in Angola to recover in the short term. This scenario will result in improved oil production and the recovery of the non-oil sector. The information is contained in the final
Mozambique broke the gold production record in 2023, with more than 1.6 tons, above the projection for last year and for 2024, budget execution data indicates. According to a report from the Ministry of Economy, cited by Lusa, with the budget execution from January to December, the country produced 1,666.4 kilograms of gold, an increase of 32% compared to 1,263.8 kilograms in 2022, already a record. Each kilogram of gold is currently worth almost 67
The Guinean Government expects the first oil prospecting hole in the country to be drilled next July, if everything goes as planned, the Minister of Natural Resources of Guinea-Bissau, Malam Sambú, announced on last week The former ambassador of Guinea-Bissau to China for many years and former Minister of Fisheries, Sambú told Lusa that the drilling work “is on track” and that this week he will be meeting with the company that will carry it
Independent oil and gas company Invictus Energy has made a natural gas and condensate discovery at its Mukuyu-2 well at the Cabora Bass project, northern Zimbabwe. “The results from Mukuyu-1 are consistent with our geological modelling of the Cabora Bassa Basin and the presence of both light oil and gas-condensate provides us with confidence as we prepare for the next phase of our appraisal program,” stated Invictus Energy Managing Director Scott Macmillan. The announcement follows
The Temane Thermal Power Station in Mozambique will commence operations this year, boosting the country’s electricity generation by 16% while fostering job creation and industrial growth. Construction of the 450 MW facility started in March 2022 and reached 65% completion in December 2023, according to Carlos Zacarias, Mozambique’s Minister of Mineral Resources and Energy. The $650 million project is Mozambique’s largest gas-fired power plant and will use gas extracted from the Pande, Temane and Inhassoro
Angola has set a target of 60% access to electricity by 2025 under the strategic plan ‘Visao 2025,’ of which solar is poised to play a central role. Supporting electrification as well as diversification, solar projects are being rolled out by the government alongside international partners and project developers. Masdar to Build 150 MW Solar Project An agreement for the development of a 150 MW solar plant was signed between Angola’s Ministry of Energy and
Diamond Standard has added former De Beers chairman and Anglo American CEO Mark Cutifani to its advisory board. Cutifani, currently chairman of Vale Base Metals, has joined Diamond Standard as the company gets ready to launch listed financial products for diamonds, it said last week. The new offering will enable investors to diversify into an under-allocated asset with significant upside potential, the New York-based company, which developed an exchange-traded diamond commodity with regulatory approval, explained.
The 7th Summit of Heads of State and Government of the Gas Exporting Countries Forum (GECF) took place in Algiers, Algeria, on March 2, 2024. During this gathering, leaders convened to endorse the Algiers Declaration, emphasizing solidarity and cooperation among member nations. Hosted by His Excellency Mr. Abdelmadjid Tebboune, President of Algeria, the summit welcomed leaders from member countries such as Bolivia, Egypt, Iran, Nigeria, and Qatar, among others. Observer and guest countries, including Angola,
The 141 MW Aba Integrated Power Project in Nigeria has been commissioned to enhance energy security in nine areas across Abia State. The power plant comprises three 47MW gas turbines, a 27km gas pipeline, rehabilitated and new substations and 140km of data communication cables. Pan-African multilateral financial institution the African Export-Import Bank (Afreximbank) provided a $50 million loan to support the completion and commissioning of the project in 2021. Prof. Benedict Oramah, President and Chairman
