Sonangol reinforced its positioning in the Oil and Natural Gas sector, with an increase in production from operated blocks and the resumption of onshore oil exploration activity, declared the chairman of the Board of Directors, when announcing the relevant facts of the company’s evolution during the year. In a New Year’s message addressed to the company’s workers, released yesterday December 28, Sebastião Gaspar Martins highlights, in the field of onshore exploration (on land), the drilling
Angola’s current account balance remained in surplus, standing at US$2.5 billion in the third quarter of 2023, with Portugal being considered the second largest exporter to the country. According to the Balance of Payments and International Investment Position Report, cited by Lusa, referring to the third quarter of 2023 from the National Bank of Angola, the behavior of the current account was influenced, “essentially, by the increase in the balance of the goods account and
Africa’s leading oil producers are seeking to increase their market share on the back of rising upstream investment and efforts to enhance production at existing fields. While output remains limited – with several African member countries falling below their OPEC production quotas – 2023 saw multiple discoveries made and new developments come online, which could serve to increase production baselines. In its “Monthly Oil Market Report,” OPEC highlights Africa’s top oil producers and sheds light
Dangote Oil Refining Company has received another 1 million barrels of oil from Shell International Trading and Shipping Company Limited (STASCO), as it plans to commence production of petroleum products. This shipment arrives two weeks after the receipt of the initial cargo, which consisted of one million barrels from NNPCL. The latest cargo, which sailed to the facility’s Single-Point Mooring (SPM) has increased total deliveries to about two million barrels. This oil batch constitutes a
Namibia has been announced as the host country of the inaugural Global African Hydrogen Summit next September. According to the Namibia Investment Promotion and Development Board, the three-day summit will bring together global leaders, government officials, industry experts, project developers, investors and technologists to drive investments into bankable hydrogen and green energy projects. Green hydrogen is expected to play a crucial role in the global energy transition, particularly in hard-to-abate sectors like steel manufacturing and
Home to 39% of global renewable energy potential, Africa’s green energy sector offers lucrative opportunities for foreign companies and developers looking to diversify their portfolios, in line with COP28 commitments. For the Middle East, the African continent offers Gulf countries the ability to establish themselves as renewable energy market leaders, while exercising technical expertise and generating returns on investment. Africa is only beginning to understand the full potential of its renewable energy resources. The African
TotalEnergies has expressed its readiness to invest six billion dollars in Nigeria’s oil and gas sector, focusing on natural gas and offshore projects. This follows a recent meeting in Abuja between Nigerian President, Bola Ahmed Tinubu, and TotalEnergies CEO, Patrick Pouyanné. Since his inauguration last May, President Tinubu has been active in implementing reforms aimed at attracting foreign investment, particularly in the upstream sector. For TotalEnergies, Nigeria accounts for 8-10% of the French major’s global
The Republic of Congo and Nigeria, Africa’s leading oil producers and members of the Organization of the Petroleum Exporting Countries (OPEC), have affirmed their commitment to efforts by OPEC and OPEC+ and its member countries to stabilize the global oil market in 2024 and beyond. During the 36th OPEC and non-OPEC Ministerial Meeting held in November, the organization and its member countries, reached an agreement with participating countries over the production quota for 2024. As
Sonangol inaugurated, on Friday December 22, in Luanda, a gas station with a photovoltaic energy source, an investment of 254 thousand dollars that constitutes the first of a project of 17 that the company will replicate throughout the country from 2024. The company, which is implementing its energy transition strategy, employs 102 photovoltaic panels at the Anduri Supply Station, located in the municipality of Icolo e Bengo, Estrada Nacional 230, 120 kilometers from the center
The State’s 16.63 percent stake in ACREP, an Angolan oil exploration company, is privatized through an issue of shares, an Initial Public Offering (OPI) authorized by order of the President of the Republic, João Lourenço. The document, published in Diário da República dated December 12, states that the stake, held indirectly by the State, through the Savings and Credit Bank (BPC), is sold under the Privatization Program (PROPRIV) , in March extended to the period
