Mozambique’s President, Daniel Chapo, recently met with Patrick Pouyanne, CEO of TotalEnergies, to discuss the status of the company’s delayed $20 billion liquefied natural gas (LNG) project in the southern African country. The Mozambique LNG project, initially expected to restart construction by the end of 2024 and begin gas production by 2029, has faced setbacks. Last week, TotalEnergies confirmed that force majeure remains in place for the project due to ongoing security concerns and pending
Angola generated $31.4 billion in 2024 from the export of 393.4 million barrels of crude oil, sold at an average price of $79.70 per barrel, according to a government statement on Thursday. The Secretary of State for Oil and Gas, José Barroso, reported that China was the top destination for Angola’s oil exports, receiving 51.91% of the total, followed by India with 10.02%, Spain with 6.27%, and Indonesia with 4.81%. While the export volume increased
Angola’s Parliament unanimously approved a request this Wednesday for authorization to modify the oil concession for Block 14, which includes areas of joint exploration between Angola and the Democratic Republic of Congo (DRC). In his presentation, the Secretary of State for Oil and Gas, José Barroso, explained that the proposed changes involve detaching the Negaje and Menongue development areas from Block 14 for integration into the Block 14/23 concession. This adjustment will help redefine the
Oil marketers have announced that the landing cost of Premium Motor Spirit (PMS), commonly known as petrol, decreased to ₦922.65 per litre as of Friday, marking a ₦32.35 drop from the previous ₦955 per litre price at Dangote’s loading gantry. This figure reflects several components, including shipping fees, import duties, and exchange rate variations. “The lower cost of imported petrol often serves as an incentive to dealers, and you can’t fault marketers who choose to
Algeria has signed a two-year agreement with U.S. energy giant Chevron to evaluate offshore oil reserves in the Mediterranean, according to the country’s energy ministry. The agreement, established between Algeria’s national hydrocarbon agency, Alnaft, and Chevron North Africa, focuses on conducting detailed studies to assess offshore oil resources, identifying opportunities for exploration and development. This initiative is part of Algeria’s strategy to advance its hydrocarbon sector, attract high-quality investments, and enhance technical expertise in offshore
TotalEnergies has confirmed that its $20 billion Mozambique LNG project will miss the 2029 production target due to unresolved force majeure and ongoing security concerns in the region. Initially, the company planned to lift force majeure and restart construction by late 2024, which would have facilitated production by 2029. However, delays in financing and security stabilization have extended the timeline. A $4.7 billion loan from the US Export-Import Bank (Exim) remains unapproved since construction halted
Woodside Energy, Australia’s leading independent oil and gas producer, announced it expects flat production in 2025, projecting output between 186 million and 196 million barrels of oil equivalent (mmboe). This aligns with its record production of 193.9 mmboe in 2024, though analysts had anticipated figures at the higher end of the range. Despite meeting fourth-quarter revenue expectations, softer-than-expected realised prices weighed on investor sentiment, leading to a 2.4% drop in shares to A$25.12, their weakest
The National Agency for Petroleum, Gas, and Biofuels (ANPG), Angola’s upstream regulator, has announced the results of the Limited Public Tender for Block KON 13 in the Kwanza Onshore Basin. Oando Energy, a Nigerian independent exploration and production (E&P) company, has been confirmed as the operator of Block KON 13 with a 45% stake, according to Africoilgasreport. The tender process began on May 24, 2024, and closed on September 3, 2024. ANPG noted that 10%
Eni CEO Claudio Descalzi has assured Mozambican President Daniel Chapo of plans to expand the Liquefied Natural Gas (LNG) project in the Rovuma Basin, elevating Mozambique’s presence on the global LNG stage. In a congratulatory letter following Chapo’s inauguration, Descalzi reaffirmed Eni’s commitment to strengthening its strategic partnership with Mozambique. He emphasized the company’s dedication to supporting Mozambique’s long-term development through local content initiatives, energy transition efforts, and the implementation of the Coral Norte FLNG
Libya’s National Oil Corporation (NOC) and global energy companies TotalEnergies, Eni, OMV, Repsol, and Nabors unveiled ambitious strategies to enhance oil and gas production during the Libya Energy & Economic Summit 2025, held on January 18. TotalEnergies highlighted its exploration progress in Libya’s Sirte and Murzuq basins.“Libya holds 40% of Africa’s reserves, yet much remains untapped,” stated Julien Pouget, Senior Vice President for the Middle East and North Africa. The company plans to finalize an
