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Local Expos & Events News Oil

ExxonMobil Invests Over $100 Million in Angola’s Social Projects

Over the past 30 years, American multinational ExxonMobil has invested more than $100 million in social projects across Angola, according to Katrina Fisher, the company’s Country Manager for Angola. In an exclusive interview with Energy Capital & Power during the fifth edition of the Angola Oil & Gas Conference, Fisher highlighted that these investments have primarily supported healthcare initiatives and STEM (Science, Technology, Engineering, and Mathematics) education. “Just this past year, we launched two major

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News Renewable Energy

Renewable Energy Jobs Surge to 16.2 Million in 2023, Led by China

In 2023, global employment in the renewable energy sector reached 16.2 million jobs, up from 13.7 million in 2022. This data comes from the report “Renewable Energy and Jobs: Annual Review 2024,” co-published on October 1, 2024, by the International Renewable Energy Agency (IRENA) and the International Labor Organization (ILO). The report notes that 2023 marked the strongest annual increase in job creation within the renewable energy sector. China led the way, accounting for 7.4

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International News Oil

Chevron Sells Athabasca Oil Sands and Duvernay Shale Assets to Canadian Natural Resources for $6.5 Billion

Chevron has announced the sale of its assets in the Athabasca Oil Sands and Duvernay Shale to Canadian Natural Resources for $6.5 billion. The all-cash deal, part of Chevron’s plan to divest $10-15 billion in assets by 2028, is expected to close in the fourth quarter of 2024. The assets, located in Alberta, Canada, contributed 84,000 barrels of oil equivalent per day (boepd) to Chevron’s production in 2023. The Duvernay Shale, one of Canada’s most

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Diamonds Local News

Angola Faces Challenges with Diamond Clients Due to Russian Ties

Angola’s state-owned diamond producer, Endiama, acknowledged that some clients are hesitant to engage due to its partnership with Russia’s Alrosa PJSC. However, the company emphasized that its diamond production is not subject to Western sanctions. Alrosa, the Russian diamond giant, holds a 41% stake in Angola’s Catoca mine and a controlling interest in the Luele mine. Endiama Mining SA, which owns the majority shares in both mines, has made recent management changes to strengthen its

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Diamonds International News

Lucara Diamond Sells Clara Digital Sales Platform to Founders for $3 Million

Canada-based Lucara Diamond has sold its 100% interest in the Clara rough diamond sales platform to its original founders, led by the HRA Group of Companies and Lucara’s CEO, Eira Thomas. The Clara platform, a digital marketplace for rough diamonds, is designed to modernize the diamond trading process by connecting buyers and sellers through advanced technology. Clara offers verification technologies that integrate provenance and traceability services, providing greater transparency and trust in transactions of individual

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Local Infrastructure News

Zambia Secures $50 Million from BADEA for Kalabo-Sikongo-Angola Border Road Project

Zambia has signed a cooperation agreement with the Arab Bank for Economic Development in Africa (BADEA), securing a $50 million investment for the construction of the Kalabo-Sikongo-Angola Border Road in Western Province. The agreement was formalized in Riyadh, Saudi Arabia, by Zambia’s Minister of Finance and National Planning, Dr. Situmbeko Musokotwane, and BADEA President, Dr. Sidi Ould Tah. Alongside the road project, a $500,000 capacity-building initiative was also agreed upon to support the training of

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Oil Gas International News

African Energy Bank Nears Completion with 45% of $5 Billion Initial Capital Raised

African hydrocarbon-producing nations have successfully raised 45% of the $5 billion required to establish the African Energy Bank (AEB). This pan-African institution is designed to address the financing gap for oil and gas projects, a challenge heightened by the withdrawal of several international donors from fossil fuel investments. According to credible sources, the funds for the project have been secured by African nations, with Angola, Ghana, and Nigeria emerging as the largest contributors. “The funds

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Diamonds International News

Rio Tinto Unveils 2024 ‘Beyond Rare’ Tender Featuring Historic Argyle Diamonds

Rio Tinto has launched its 2024 ‘Beyond Rare’ tender, the second in its Art Series collection, showcasing 48 exceptional lots of rare diamonds. This year’s collection, titled ‘Colour Awakened,’ features seven historic diamonds from Australia’s now-closed Argyle diamond mine, which operated from 1983 to 2020. The “old masters” consist of seven round brilliant-cut pink and red diamonds, ranging from 0.60 to 2.63 carats. Each was unearthed from the Argyle mine over a decade ago, with

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International News Petroleum

Ethiopia Allocates $175 Million for Fuel Imports Amid Dollar Shortages

The National Bank of Ethiopia has allocated $175 million in foreign exchange to the state-owned Ethiopian Petroleum Supply Enterprise to cover upcoming fuel import payments, as the country continues to grapple with severe dollar shortages. Ethiopia, which spends approximately $4 billion annually on fuel imports, has faced growing financial strain due to the COVID-19 pandemic and a two-year civil war that ended in late 2022. To alleviate these pressures, Ethiopia is set to receive $345

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Local Economy News Oil

AECIPA President Highlights Oil Industry’s Role in Angola’s Economic Diversification

The growth of Angola’s oil industry is driving economic improvements and contributing to diversification across sectors, particularly in industries and agriculture, according to Braulio de Brito, president of the Association of Companies Providing Services in the Angolan Oil Industry (AECIPA). In an interview with Lusa during the Angola Oil & Gas Conference, de Brito stated, “The expansion of the oil industry translates into growth for the Angolan economy, promoting diversification and encouraging the development of

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