Luanda – On Monday, Brent crude oil opened trading at USD 72.87 per barrel on the international market, marking a 0.5% decline compared to the previous session on Sunday. Crude oil futures for delivery in April closed on Sunday at USD 72.86 per barrel, with a minimum price of USD 72.72 and a maximum of USD 72.96, according to the specialized website “investing.com.” Last week, oil prices experienced a dip due to concerns that ongoing
The United States has reaffirmed its commitment to continuing investments along the Lobito Corridor, confirmed the U.S. Chargé d’Affaires in Angola and São Tomé and Príncipe during his visit to Huambo on Tuesday. James Story, after meeting with Governor Pereira Alfredo, stated that his three-day visit to the Lobito Corridor projects is part of an initiative that includes 16 ambassadors from various countries. This visit aims to demonstrate the U.S. government’s commitment to supporting the
Australian mining company MetalsGrove has signed a Binding Term Sheet to acquire three gold exploration permits in Ivory Coast, marking its official entry into the country. The acquisition includes the Vavoua, Vavoua West, and Kounahiri West prospects. Under the agreement, MetalsGrove will secure an 80% stake in Vavoua and 90% stakes in Vavoua West and Kounahiri West. The permits cover a 950 km² area along the same geological trend as the 3.8-million-ounce Abujar Gold Mine,
ONGC Videsh Ltd. (OVL), the international arm of India’s national oil company, has approved a ₹1,500 crore investment to accelerate the development of its joint venture in Mozambique’s offshore gas reserves. The funding will support the Mozambique Area 1 LNG project, a $20 billion initiative in which OVL holds a 10% stake. Despite previous delays due to security concerns, the project is set to move forward as TotalEnergies, the project operator, is expected to lift
Pan-African technology company Cassava Technologies has partnered with Microsoft to launch a renewable energy training initiative in South Africa, aimed at equipping local communities with the skills needed to advance renewable energy solutions and support the country’s energy transition. As part of the initiative, training hubs will be established in Cape Town and Johannesburg, offering programs focused on renewable energy development, energy efficiency, and microgrids. The initiative will prioritize women and youth, helping them develop
Botswana government officials are set to meet with South Africa’s electricity ministry this week to address soaring power import costs, which have more than doubled, exacerbating the country’s ongoing energy crisis. Frequent breakdowns at Botswana’s 600 MW Morupule B power plant have led to blackouts lasting up to four hours. To cover the shortfall, Eskom Holdings SOC Ltd., South Africa’s state-owned power company, has been supplying electricity. However, Botswana’s Energy Minister, Bogolo Kenewendo, informed lawmakers
Angola earned $1.5 billion from the export of over 10 million carats of diamonds in 2024, according to Secretary of State for Mineral Resources, Jânio Victor. He shared these figures during a presentation on the country’s diamond production and commercialization performance for 2024, along with projections for the first half of 2025, held in Luanda on Friday. Victor confirmed that the United Arab Emirates and Belgium remained Angola’s primary export markets. “In 2024, the country
Angola’s diamond export revenue declined by nearly 3% in 2024 compared to the previous year, according to data presented during a ceremony reviewing the diamond subsector’s performance and projections for 2025. In 2024, the country exported approximately 10.2 million carats of diamonds, generating nearly $1.5 billion—down 2.95% from the $1.53 billion recorded in 2023, according to the Angolan National Diamond Trading Company (Sodiam). Despite the drop in export revenue, Angola recovered just over 14 million
The global oil market saw a significant rise in the price of a barrel, reaching $72.20 on March 21, 2025, marking a 1.5% weekly increase. This continues the pattern of fluctuations observed in recent weeks on international commodities markets. As reported by the Central Bank of Congo (BCC), “As of March 21, 2025, the price of oil rose by 1.5% compared to the previous period, where it traded at $70.10 per barrel.” Experts at the
A UAE-backed company has secured the contract to construct Uganda’s first crude oil refinery, a $4 billion project in Kabaale, Hoima District. The facility will process 60,000 barrels of crude oil per day, enhancing Uganda’s energy independence and reducing reliance on fuel imports. UAE-based Alpha MBM Investments holds a 60% stake in the refinery, while Uganda’s National Oil Company retains the remaining 40%. The project aims to maximize Uganda’s oil reserves in the Albertine Graben
