Sonangol has announced that it is taking actions to stabilize the fuel distribution market in a statement sent to the newsrooms on Thursday, following reports of supply difficulties in the southern region of the country. The days of supply difficulties in the southern region of the country are numbered. Actions are currently underway to gradually stabilize the market and return to normal global service conditions in the coming days, the statement reads, in which Sonangol
The United States imposed sanctions on two owners of tankers that carried Russian oil above the G7 price cap of $60 a barrel, one based in Turkey and one based in the United Arab Emirates, the US Treasury Department said on Thursday 12th of October, 2023. The United States, other G7 countries, and Australia imposed the cap last year, seeking to reduce Russia’s revenues from seaborne oil exports as part of sanctions for its invasion
Angola, a country blessed with abundant oil reserves, has long relied on the black gold to fuel its economy and provide the government with much-needed revenue. However, Finance Minister Vera Daves has recently issued a stern warning: oil will run out one day, and Angola must be prepared for that eventuality. In a bold statement, Minister Daves has highlighted the urgency of diversifying the nation’s economy and investing in sustainable alternatives to ensure a stable
Angola may slow the removal of fuel subsidies to avoid a repeat of protests in June over a near-doubling in petrol prices in which at least five people were killed, the southern African country’s finance minister said on Monday. No decision has been made yet in ongoing internal discussions on whether to extend the end-2025 deadline for phasing out the subsidies, Vera Daves de Sousa told Reuters in an interview on the sidelines of the
The Canadian oil and gas exploration company Africa Oil Corp has announced plans to implement two carbon offset projects in Kenya to accelerate its decarbonization efforts and diversify revenue streams in the energy transition era. The company will focus on nature-based carbon offset projects it can directly control and monitor for quality and progress, aligning with its commitment to environmental sustainability. “Markets for new products and services may present opportunities for the company to expand
Namibia expects the first oil from major offshore finds by 2030 and is considering a floating production storage and offloading (FPSO) platform to help it export the crude oil, its petroleum commissioner said on Wednesday. Namibia, which has yet to produce any oil and gas, has attracted strong interest from international energy companies after Shell and TotalEnergies made discoveries off the coast of the Southern African country. Petroleum commissioner Maggy Shino told Reuters at an
The head of Nigeria’s oil regulator said he is “very optimistic” that the oil major Exxon Mobil’s asset sale to Seplat Energy can move forward. The regulator last year refused to approve the $1.28-billion sale, which some in the industry say is key to getting much-needed investment into Nigeria’s oil and gas sector. “We are very optimistic that parties to the transaction will go back, look at the position of the regulator, and come back
The government may slow down the removal of fuel subsidies to avoid a repeat of the dissatisfaction witnessed in June, when gasoline prices nearly doubled, said the Finance Minister on Monday in Marrakech, Morocco, where she arrived on Saturday to participate in the annual joint meetings of the International Monetary Fund (IMF) and the World Bank. No decision has been made yet in the ongoing discussions about the 2025 deadline for the gradual elimination of
OPEC has raised its annual outlook for global oil demand in the medium and long term, projecting that $14 trillion in investments will be needed to meet this demand, even with the growth of renewable fuels and the increasing number of electric cars. The perspective of the Organization of the Petroleum Exporting Countries (OPEC), as outlined in its “World Oil Outlook for 2023” released yesterday, contrasts with that of other analysts, including the International Energy
After a two-year hiatus, Russia resumed oil exports to Brazil last month, marking a significant moment in the trade relations between the two countries. The return of Russian oil to Brazil is seen as a positive sign for the trade relations between the two nations. According to data from the Brazilian Customs, imports of Russian oil totaled 84,400 tons, valued at 40 million dollars. This is the largest delivery since June 2010 when Russia supplied
