The President of the National Agency for Oil, Gas, and Biofuels (ANPG), Paulino Jerónimo, appealed on Thursday in Luanda for oil companies to continue investing in the Oil and Gas sector to increase production levels so that the country can surpass the current levels evaluated at one million and 100 barrels per day. The CEO of ANPG, who spoke at the closing of the Sustainability Forum in the Petroleum sector, part of the Oil and
From September 3 to September 14 of this year, the country will host the 4th edition of the International Angola Oil and Gas Conference, with the participation of more than 40 oil and gas industry producing and service-providing companies. The President of Energy Capital and Power, the event organizer, pointed out that the conference will serve as an opportunity for investors to explore the great potential of Angola’s Oil and Gas sector and the favorable
The third day of the Luanda International Fair (FILDA), an event taking place since Tuesday, in the Industrial Economic Zone, is being dedicated to the United States of America and the oil sector.
Djibouti’s state-owned logistics and transportation infrastructure investment vehicle, Great Horn Investment Holding (GHIH), has secured a $120 million financing package from the African Export-Import Bank (Afreximbank) to implement a series of oil and logistics projects in the Damerjog Industrial Development Free Trade Zone. The financing for the project involves a combined package of $120 million from the African Export-Import Bank (Afreximbank) and $35 million from the local banking institution Banque pour le Commerce et l’Industrie
Nigeria and Equatorial Guinea have expressed their interest in collaborating on the development of the regional oil and gas sector. The two countries are looking to formalize a partnership to support investment, regional employment, and trade while jointly spearheading energy projects. During a meeting between Equatorial Guinea’s Ministry of Planning and Economic Diversification and the Nigerian Content Development and Monitoring Board (NCDMB), several areas of cooperation were identified. The key areas of collaboration include establishing
Despite concerns about underinvestment in the upstream sector, peak oil and gas demand can be met in the 2030s without a substantial increase in current annual investment levels of $500 billion. Current upstream spending is a little more than half of the $914 billion 2014 peak (in 2023 terms), according to the report titled “Enough is Enough? Debunking the Myth of Upstream Investment.” This apparent shortfall has fed a widespread belief that the industry is
The crude oil market is holding steady, currently trading just below US$78.50 per barrel, despite slipping overnight. This decline occurred despite the news that crude stockpiles had fallen by less than expected. Other energy products, particularly gasoline, experienced notable decreases in demand. According to data from the US Energy Information Agency (EIA), crude inventory levels fell by 708,000 barrels for the week ending July 14th, which is significantly lower than the forecast of a 2.44
Afentra, an independent oil and gas company, has signed a Sale and Purchase Agreement (SPA) with Azule Energy Angola’s largest equity producer of oil and gas for Block 3/05 and Block 3/05A, offshore Angola. The deal will see Afentra acquire a 12% and 16% stake in Block 3/05 and Block 3/05A, respectively. The transaction includes a firm consideration of $48.5 million, as well as deferred contingent payments of up to $36 million, subject to various
Tullow Oil the first production well from the Jubilee South East (JSE) Project, offshore Ghana, has been brought onstream. Announced by Tullow Oil, along with its joint venture partners Kosmos Energy, Ghana National Petroleum Corporation (GNPC), and PetroSA, the independent oil and gas exploration and production (E&P) company, the project’s start-up marks a significant milestone. Alongside the commencement of operations, there are plans for a second production well and an additional water injection well, scheduled
ADNOC Gas signs a long-term agreement with Indian Oil Corporation to supply liquefied natural gas (LNG). The deal is valued between $7 billion and $9 billion. ADNOC Gas, the integrated gas unit of Abu Dhabi National Oil Company (ADNOC), will export up to 1.2 million metric tonnes per annum (mmtpa) of LNG to Indian Oil over a 14-year period. The agreement is seen as a significant milestone for ADNOC Gas in expanding its global presence
