The potential move by Saudi Arabia to sell oil to China in Chinese currency is raising concerns about its impact on Angola’s oil exports, warns Daniel Fung Wah-kin, the President of the United Nations Foundation for Peace and Development. He expressed these concerns during a seminar commemorating the 10th anniversary of the ‘One Belt, One Road’ initiative in Hong Kong. Fung explained that in the past, China’s significant oil purchases from Angola were largely due
The National Oil, Gas, and Biofuels Agency (ANPG) in Angola has officially launched a competitive bidding process for the exploration of 12 oil blocks in the Lower Congo and Kwanza Onshore Basins. The announcement was made by the national concessionaire, ANPG. Interested national and foreign companies have until November 15th to submit their proposals, adhering to the 40-day timeframe stipulated by law. The “Tender 2023” comprises a total of 12 oil blocks. Four of these
Petronas, the Malaysian energy giant, is set to become a significant player in Angola’s oil and gas sector following its acquisition of a 40% stake in Block 20/11, previously operated by TotalEnergies. The transaction, valued at approximately $400 million, was successfully completed, as confirmed by the National Agency for Petroleum, Gas and Biofuels (ANG). TotalEnergies EP Angola officially sold its 40% share in Block 20/11, located in the Kwanza Basin, to Petronas Angola E&P LTD
The U.S. Energy Information Administration (EIA) has revealed its latest Brent spot average price forecasts for 2023 and 2024 in its October short-term energy outlook (STEO), which was released this week. According to the STEO, the EIA now sees the Brent spot price averaging $84.09 per barrel this year and $94.91 per barrel next year. In the STEO, the EIA projected that the Brent spot price will average $90.65 per barrel in the fourth quarter
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
