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Economy Local News Petroleum

Investors Encouraged to Build Fuel Stations

The stability of the operation of the fuel market and other petroleum derivatives should also be the responsibility of the business class, focusing on providing better services to the population. This perspective was put forward by the Vice Governor of Huambo for the Economic and Social Sector, Angelino Elavoco, at a recent seminar on encouraging the construction of new privately initiated fuel stations and the rehabilitation of out-of-service stations. Angelino Elavoco acknowledged that the enthusiasm

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International News Oil

TotalEnergies Joint Venture in Nigeria Achieves Remarkable Recovery, Restoring 275,000 bpd Production

Nigeria’s state oil firm, NNPC Ltd, announced on Sunday that it successfully restored 275,000 barrels per day (bpd) of oil production at its joint venture unit with Total Energies (TTEF.PA) following the resolution of an industrial dispute with workers. In a statement, NNPC disclosed that an agreement to suspend the industrial action had been signed among TotalEnergies, the Petroleum and Natural Gas Senior Staff Association, and the Nigerian Union of Petroleum and Natural Gas Workers.

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Diamonds Economy Mining News

The Diamond Industry Implements Innovative Measures to Counteract Price Decline

When the world’s most important diamond buyers arrived at De Beers’ offices in Botswana late last month, they were presented with a rare offer by their host: the option to buy nothing at all. De Beers markets its rough diamonds in a series of tightly scripted sales, where handpicked buyers are normally expected to take all their contracted allocations at a price set by De Beers, or face potential penalties in the future. But with

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Economy Local News Oil

Azule Energy Pioneering Oil Firm Embraces Cutting-Edge Technology

Azule Energy has recently commenced the construction of the FPSO Agogo, which will feature a Carbon Capture and Storage Unit (“CCS”), to be installed in the offshore Block 15/06 in Angola. According to a statement sent to the Jornal de Angola, the construction of the facility is being undertaken by the company “Yinson Production,” specializing in FPSO leasing. This marks the world’s first post-combustion carbon capture unit installed on board an FPSO, designed on a

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International News Oil

Completion of Africa’s Largest Oil Refinery Delayed by Several Months

The full ramp-up of Africa’s largest oil refinery, a landmark moment for crude and fuel markets both regionally and beyond, is still a long way off. The Dangote plant in Nigeria just concluded a deal to receive six million barrels of crude from December, an indication that commercial activity is close to getting underway. However, the facility is still several months from full-scale production of fuels, including high-quality gasoline, according to analysts tracking the refinery’s

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Gold News

Harmony Gold Partners with Global Leader in Gold Mining for PNG Venture

outh Africa’s Harmony Gold expressed excitement at the prospect of working with the Newmont team as its new Wafi-Golpu Joint Venture (JV) partner in Papua New Guinea (PNG). Denver-based Newmont closed its approximately $15-billion acquisition of Newcrest Mining on Monday, concluding a nearly year-long effort to purchase the Australian gold mining company. “As the largest gold mining company in the world, Newmont is an excellent partner with great credentials,” Harmony investor relations head Jared Coetzer

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Energy Gas International News

Tanzania Embraces Sustainability with a Transition from Oil to Green Vehicles

To lessen its carbon footprint, Tanzania is adopting the use of vehicles that run on compressed natural gas (CNG). Plans are underway to set up CNG refilling stations in Dar es Salaam, Morogoro, and Dodoma cities. Tanzania’s $42 billion Liquid Natural Gas (LNG) project makes the transition to natural gas-powered vehicles a viable initiative. A new revolution to reduce carbon footprint is underway. The government is rolling out a plan to cease the use of

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Economy Local News Oil

Brent falls below 80 dollars.

The price of a barrel of Brent crude oil (used as a reference for Angolan exports) was trading below $80 on Wednesday for the first time since July due to concerns about an economic slowdown that could affect global demand. Brent was down 1.99% to $79.99 per barrel, and U.S. WTI crude oil was down 2.20% to $75.67, both at their lowest levels since July. According to Lusa, at the end of June, Brent crude

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Economy Energy Local News

Chevron and Angola Join Forces to Advance Sustainable Energy Initiatives

The American multinational energy corporation, Chevron, through its Angolan subsidiary Cabinda Gulf Oil Company Limited (CABGOC) has signed a Memorandum of Understanding (MoU) with Angola to identify low carbon business opportunities. They will explore the potential of nature-based technological carbon offsets as well as biofuels, such as hydrogen and carbon capture and storage solutions, to advance Angola’s energy production and energy mix diversification for energy security, economic growth and environmental sustainability. “Through our work here,

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Diamonds Local Mining News

Lulo Unearths Its Second-Largest Diamond

The ASX-listed Lucapa Diamond Company and its partners, Endiama and Rosas & Petalas, have recovered a 235 ct diamond at their Lulo mine in Angola. Not only is it the second-largest diamond to be recovered at the mine since operations started in 2015, but it follows only a week after the recovery of a 208 ct diamond at the mine. The 235 ct diamond was recovered from Mining Block 550, which is immediately south of

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