The National Oil, Gas and Biofuel Agency (ANPG) is gearing up to launch the first phase of a significant project in southern Angola. The initiative, titled “Geological Mapping and Demining Study Project,” will focus on the Etosha/Okavango Basin, spanning the provinces of Moxico, Cuando Cubango, and Cunene. This project aims to assess the oil and hydrocarbon potential within the basin. Initial areas of interest include Chiedi in Namacunde municipality and Ruacana in Curoca, both located
African gold smuggling amounts to more than 30 billion dollars a year, most of it to the United Arab Emirates, where it is refined and then sold around the world, reveals a report published last week. The data comes from a report by Swissaid, a development aid organization based in Switzerland, and indicates that in 2022, gold worth 30 billion dollars left the African continent illegally. According to Lusa, the main destinations for African gold
Angola’s Minister of Mineral Resources, Oil and Gas, Diamantino de Azevedo, outlined a multi-pronged approach to strengthen the country’s oil and gas sector. The plan focuses on attracting investment, achieving self-sufficiency in refined products, and promoting responsible development. The Angolan government is actively seeking investment in several areas: -Refining, Storage, Transport, and Distribution (RST&D) of petroleum products -Construction of gas stations to improve distribution efficiency -Onshore storage facilities with the Barra do Dande Ocean Terminal
The price of Brent crude oil, a key benchmark for Angolan exports, fell below $80 a barrel for the first time since February. Brent for August delivery dropped 2.62% to $78.93 a barrel. The North American benchmark, West Texas Intermediate (WTI), for July delivery, also declined 2.86%, settling at $74.79 a barrel. This price decline coincides with the recent decision by OPEC+ (Organization of the Petroleum Exporting Countries and allies) to extend production cuts. On
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, have announced plans to extend production cuts and introduce a phased increase for some member states. Eight OPEC+ members, including Saudi Arabia and Russia, will extend their voluntary production cuts beyond their original June 2024 expiration date. These additional cuts, totaling 2.2 million barrels per day (mbpd), will be extended until the end of September 2024. Following this, a gradual
De Beers announced a strategic overhaul, ceasing the production of synthetic diamonds for its Lightbox consumer brand to concentrate on manufacturing and selling natural polished diamonds. This pivot aligns with the company’s new “Origins” strategy, emphasizing the value of natural diamonds and technology over synthetic jewelry. Transition to Technology Hub At the JCK Las Vegas breakfast event, De Beers CEO Al Cook explained that the company will streamline its Element Six business, merging its three
A fuel leak discovered midweek in a pipeline along Catete Road, near the FTU drainage ditch, has been brought under control. Sonangol Distribuição e Comercialização, the public company managing the pipeline, announced that upon identifying the rupture, they immediately suspended the pipeline’s operation. In a statement accessed by Jornal de Angola, Sonangol mentioned that the leak was likely caused by external factors, which are still under investigation. Ongoing analyses are expected to provide a precise
Gemcorp Angola is committed to advancing energy sector projects in partnership with the Angolan government. To this end, a memorandum of understanding was signed in Luanda with the Ministry of Energy and Water, aiming to create a platform that will facilitate investments in the energy sector. The memorandum outlines plans for modernizing the Capanda Hydroelectric Plant and constructing electrical power transmission lines to the Namibian border. These initiatives will position Angola as a key energy
Gem Diamonds has recovered a 212.49 carat Type II white diamond from its 70%-owned Letšeng mine in Lesotho. This marks the sixth diamond weighing over 100 carats to be recovered from the mine this year. Located in the Maluti Mountains of Lesotho, the Letšeng mine is renowned for producing large, high-quality Type II diamonds. These exceptional diamonds, each weighing over 100 carats, contribute 70% to 80% of Gem Diamonds’ annual revenue.
Nigeria’s Rural Electrification Agency is partnering with Husk Power Systems for interconnected minigrids and isolated minigrids, rooftop commercial and industrial (C&I) solar, productive use of energy (PUE) initiatives, appliance sales, and financing. The Rural Electrification Agency (REA) of Nigeria and Husk Power Systems have agreed on a strategic partnership to deploy up to 250 MW of decentralized renewable energy (DRE) projects in support of the government’s energy access, energy transition, and energy security targets. The
