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Category: Oil

Local Gas News Oil

Minister Azevedo Calls for Action to Sustain Oil and Gas Sector Initiatives

The Minister of Mineral Resources, Oil, and Gas, Diamantino Azevedo, urged the newly appointed members of the Board of Directors of the National Petroleum, Gas, and Biofuels Agency (ANPG) to uphold the ongoing initiatives aimed at stabilizing production and sustaining strategies for block bidding. Presiding over the inauguration ceremony in Luanda, Azevedo emphasized the need for swift action to ensure the implementation of these directives. Acknowledging the accomplishments of the outgoing administration over the past

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International Oil

Charting the Course: The Gambia’s Surging Offshore Oil Exploration

Since 2014, The Gambia has witnessed the successful drilling of up to 11 wells, igniting a surge in industry interest in the country’s offshore opportunities. Positioned in close proximity to the significant 230-million-barrel Sangomar discovery in neighboring Senegal, The Gambia boasts substantial prospectivity, with over 10,000 km2 of offshore acreage and preliminary resource estimates suggesting reserves of three billion barrels. Currently, three companies are actively exploring offshore: As The Gambia’s offshore exploration activity gains momentum,

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International News Oil Petroleum

Mozambique: Fire destroys former crude oil reservoir in Matola

A large fire broke out, on Monday 19th February, in the old crude oil reservoir located in Porto da Matola, in Maputo (Mozambique). The tank, inoperative for 40 years, was in the process of being restored when welding work caused the flames, according to the Mozambican newspaper “O País”. According to that publication, the fire consumed the entire reservoir, causing a huge column of black smoke that could be seen from several kilometers away. The

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International News Oil Petroleum

Exxon Mobil to leave Equatorial Guinea after nearly 30 years

Exxon Mobil Corp. intends to exit Equatorial Guinea in the coming months, concluding nearly three decades of oil drilling that led the small West African nation to become an OPEC member. According to Bloomberg, the company announced it would transfer its investments in the country to the government during the second quarter, as conveyed in an email. “Our focus now is on a safe handover of operations and caring for all impacted by this change.”

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International Energy News Oil Petroleum

Fuel prices in Tanzania drop as the global Energy market catches a break

Tanzania’s energy sector gets a reprieve as the price of petroleum products reduces. An update on the prices of petroleum products in the country shows a 1.07% decrease. This fall follows the recent decline in global energy prices and comes with several guidelines issued to local fuel marketers that ensure strict adherence to these new prices. The Energy and Water Utilities Regulatory Authorities (Ewura) disclosed that Tanzanians are to pay Sh3,051, for a liter of

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Oil International Petroleum

TotalEnergies plans to exit Nigerian onshore oil

French energy giant TotalEnergies is exploring the sale of its minority stake in a major Nigerian onshore oil joint venture, following Shell’s divestment last month, according to CEO Patrick Pouyanne. The Shell Petroleum Development Company of Nigeria Limited (SPDC), in which TotalEnergies holds a 10% stake, has faced challenges with numerous onshore oil spills due to theft, sabotage, and operational issues, that led to costly repairs and high-profile lawsuits over the years, Reuters reported. What

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Economy News Oil

Brent Oil Surges with Substantial Profits

The Brent (reference to Angolan exports) for April rose by 0.74 percent ($0.61), reaching $83.47 on the Intercontinental Exchange (ICE). On February 19, 2024, at 09:43 AM, the contracts closed the week with a cumulative increase of approximately 2.0 and 1.6 percent, respectively. At the New York Mercantile Exchange (Nymex), the WTI barrel for April concluded the session with a 1.12 percent increase ($0.87), closing at $78.46. Futures contracts for oil closed higher on Friday,

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Economy Local News Oil

Exploratory Phase Commences for Angola’s TO-14 Well

Angola’s national oil company, Sonangol, has initiated testing at the Tobias-14 well (TO-14), situated in Block KON-11 onshore Angola. Sonangol, in collaboration with its project partner, the oil and gas company Corcel, anticipates revealing the initial flow test results of the well in the upcoming weeks. Preparations are also in progress for testing the TO-13 well, scheduled to commence following the conclusion of activities at TO-14. The KON-11 Block encompasses the Tobias field, a historically

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Economy Gas Local News Oil

Angola’s Local Content Policies to Boost Oil and Gas Service Industry

Angola is at the forefront of nurturing its domestic service industry within the oil and gas sector through robust local content regulations. These policies are instrumental in creating revenue streams for local service firms while enhancing their overall contribution to the industry. The Angolan government’s commitment to local content is exemplified through its Angolanization initiative, aimed at empowering national entrepreneurship by favoring local service providers in oil and gas contracts. Enshrined in official decrees such

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Economy Local News Oil

AIE foresees weaker demand in 2024

Contrary to OPEC, the executive director of the International Energy Agency (IEA) stated yesterday that the supply of oil will be “more than sufficient” to meet global demand in 2024 during an interview on the Bloomberg Talks podcast. According to Fatih Birol, the absence of major geopolitical conflicts or extreme climate events should keep the oil market “comfortable,” resulting in price moderation throughout the year. Demand will be 1.2 to 1.34 million barrels. Birol predicts

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