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Local Economy News

Angola’s Economy Shows Strong Growth in Q1 2024

Angola’s Gross Domestic Product (GDP) grew by 4.6 percent in the first quarter of 2024, marking the highest quarterly growth rate since 2015. This growth reflects positive performance across all sectors of the economy, highlighting the impact of effective economic policies and strategic investments. An analysis of the indicators reveals that all major sectors of the Angolan economy recorded growth during this period, demonstrating a robust and uniform recovery. The oil sector, a traditional pillar

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Local Economy News

National Bank of Angola Sets Ambitious Goals for Financial Inclusion by 2028

The National Bank of Angola (BNA) has set ambitious targets for achieving a 75 percent rate of financial inclusion by 2028, as outlined in its latest bimonthly Financial Stability report released in late June. According to the report, the BNA has prioritized several initiatives aimed at bolstering financial inclusion, with microcredit and other non-bank financial instruments playing a pivotal role. Microcredit, governed by current legislation such as Law no. 14/21, is defined as small-value loans

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Diamonds International News

Petra Diamonds Forecasts 22% Production Growth by 2029

Petra Diamonds has projected a significant increase in production, aiming for at least a 22% rise by fiscal year 2029, driven by expansions at its Cullinan and Finsch mines. The company announced last week that it expects total output for fiscal 2024, ending June 30, to range between 2.7 million and 2.8 million carats. Looking ahead, Petra anticipates production to reach between 2.8 million and 3.1 million carats next year, with further growth to between

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International News Oil

Dangote Group Chairman Announces Imminent Petrol Launch Amid Market Concerns

Aliko Dangote, Chairman of the Dangote Group, has announced that Premium Motor Spirit (PMS), commonly known as petrol, from his refinery will hit the market by the third week of July. While this news is cause for optimism, concerns have been raised among marketers nationwide regarding its potential impact on prices. The anticipated distribution and sale of Dangote’s refined petrol mark a significant milestone since the commissioning of the Dangote refinery in May 2023. As

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International Exploration News Oil

TotalEnergies SE Shifts Focus from South Africa to Namibia for Oil Exploration

TotalEnergies SE is reportedly planning to withdraw from its gas-condensate discoveries off the coast of South Africa to redirect its exploration efforts closer to Namibia, according to sources familiar with the matter. The French energy giant ventured into South Africa’s challenging offshore conditions, investing approximately $400 million to uncover an estimated 1 billion barrels equivalent of light liquid hydrocarbons at the Brulpadda field in 2019, as reported by Bloomberg. Subsequently, TotalEnergies achieved another successful find

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International News Renewable Energy

Nigeria Accelerates Hydrogen Development with FOSSREA Partnership

The Federal Government of Nigeria has entered into a significant agreement with the Foundation for Sustainable Social Responsibility in Emerging Africa (FOSSREA) to advance hydrogen development initiatives. Mrs. Oluwakemi Ogunmakinwa, Deputy Director of Press and Public Relations in the Ministry of Petroleum Resources, emphasized in a statement that the agreement marks a pivotal moment in Nigeria’s commitment to hydrogen as the future fuel. She quoted Permanent Secretary Ambassador Nicholas Agbo Ella, who highlighted the strategic

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Local News Oil

Angola’s Oil Exports Surge to Highest Levels in Almost Four Years

In August, Angola is set to export the highest volume of oil in nearly four years, signaling the rationale behind its decision to leave OPEC. Loading plans indicate shipments will reach 1.23 million barrels per day, exceeding OPEC’s proposed production limit of 1.1 million barrels per day for Luanda, which prompted Angola’s departure from the group. This move allows Angola greater flexibility in increasing its output, unaffected by monthly export variations. Paul McDade, CEO of

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International Exploration News Oil

Chevron Selects Rig for High-Profile Namibian Exploration Project

Chevron Corporation (CVX) has chosen the Deepsea Bollsta semi-submersible rig for an upcoming exploration well in Namibia’s Orange Basin, as announced by Northern Ocean Ltd., a provider of offshore drilling services. Scheduled to commence in the fourth quarter of 2024, this operation will target Block 2813B under Petroleum Exploration License (PEL) 90, situated north of TotalEnergies SE’s Venus discovery. The Orange Basin, known for its potential, has attracted major interest due to recent discoveries like

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International News Renewable Energy

BP Joins Consortium for Egypt Green Hydrogen Project

BP has partnered with Masdar, Hassan Allam Utilities, and Infinity Power to develop a multi-phase green hydrogen project in Egypt, formalized through a joint development agreement (JDA). Under the JDA, BP will serve as the main developer and operator on behalf of the consortium. The partners will merge their respective green hydrogen (gH2) initiatives in Egypt, exploring the potential for a large-scale, multi-phase project focused on developing gH2 and its derivatives for export. The consortium

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International News Renewable Energy

South Africa Shifts Focus to Wind Energy Amid Renewable Push

Civil construction activity remains robust, driven by renewable energy projects, particularly a notable shift from solar to wind energy. The FNB/BER Civil Confidence Index fell slightly from an eight-year high of 47 in Q1 2024 to 44 in Q2 2024. This decline indicates that over 55% of respondents are dissatisfied with current business conditions, reflecting a slight dip in business sentiment and a slowdown in activity. Despite this, the growth indicator remains well above its

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