Uganda National Oil Company (UNOC) has finalized agreements with major oil marketers in response to potential threats to its fuel supply monopoly. The Sales and Purchase Agreements (SPAs) were signed on Tuesday, outlining the roles and responsibilities of each party within the supply chain. A report by The East African revealed that UNOC has secured long-term contracts with over 80 oil marketers in Uganda, establishing ties with the market’s largest fuel dealers. This move follows
Mozambique’s Competition Regulatory Authority (ARC) has initiated a public consultation regarding Portugal’s Galp Energia’s planned sale of its stake in the Rovuma Basin natural gas consortium to the Abu Dhabi National Oil Company (ADNOC) group, based in the United Arab Emirates. In a notice published on Monday, the ARC announced that it received a “notification of a concentration of companies” on May 27, effective from May 30. This notification pertains to a deal valued at
Shell Egypt has signed two new agreements with Egypt’s Minister of Petroleum and Mineral Resources, Tarek El Molla, for investments in the deepwater sector of the Herodotus Basin off the western Mediterranean coast. Shell acquired 67% of the 6,800 square kilometer North Marina and North Cleopatra concessions through its subsidiary BG Delta Limited, which will manage the operations. The remaining stakes were awarded to Chevron, which acquired 27% through its subsidiary Noble Energy Egypt, and
Nigeria’s Dangote refinery has reached a new milestone by exporting its first jet fuel cargo to Europe. This move marks a significant expansion of the refinery’s reach and potential impact on global fuel markets. British multinational BP is currently transporting the initial shipment, consisting of 45,000 metric tons of jet fuel, onboard the Doric Breeze from the Lekki Free Zone in Lagos, Nigeria. This shipment follows BP’s successful bid for a portion of a 120,000
Angola is prioritizing the technical training of its geological workforce to tackle the challenges of prospecting, discovering, and managing valuable mineral deposits. This commitment was reaffirmed at the recent opening of a seminar titled “Geological Workflow – Drilling to Geological Decision, Applied to the Oil and Gas Industry.” The event, co-hosted by the Geological Institute of Angola (IGEO) and Seequent, brought together industry professionals for a two-day discussion on mining challenges in Angola. Importance of
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
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
The Mozambican government and Chinese oil company CNOOC Hong Kong Holding signed five concession contracts on Thursday in Maputo for oil and gas exploration in the Angoche sedimentary basin, located off the coast of Nampula province. Additionally, a sixth contract was signed with Italian energy company ENI. At the signing ceremony, Minister of Mineral Resources and Energy Carlos Zacarias noted that this milestone is the culmination of a process that began in November 2021, when
