The Angolan Debt and Stock Exchange (BODIVA) approved, on Friday 25th August, in Luanda, the requests for a Special Session to be held on the Stock Exchange and for admission to trading of the private Bonds of the Sociedade Nacional de Combustíveis de Angola, EP (SONANGOL). As explained in the statement sent to the newsrooms, the Special Session on the Stock Exchange will take place between 9:00 am and 3:00 pm on September 13th and
According to the Presidency, the cost of compressed natural gas (CNG), a less expensive substitute for premium motor spirit, often known as gasoline, is anticipated to be N250 a liter. The Federal Government and other stakeholders have proposed using compressed natural gas (CNG) as part of their attempts to reduce the cost of public transportation following the loss of fuel subsidies, which increased the cost of the good. This was announced by Ajuri Ngelale, Special
Nigeria’s new oil minister stated last week that the country expects all four oil refineries to be ready by the end of the year, with the southern Port Harcourt facility possibly beginning operations as early as December. The Port Harcourt refinery will begin processing oil by the end of 2022, the government announced last year. However, NNPC Ltd executives and succeeding oil ministers have launched a number of fruitless plans to restart, remodel, or enlarge
Namibia’s offshore oil discoveries and their potential impact on the country’s economy. The discoveries are estimated to be around 11 billion barrels in total. The article highlights that TotalEnergies’ Venus-1X find constitutes nearly half of this total. Shell and TotalEnergies have made these deep-water discoveries over the past two years. Namibia, a southern African country that has not yet produced any oil or gas, is now considered a global exploration hotspot due to these recent
The South African petrochemicals major, Sasol, posted a 13% rise in annual profit on Wednesday as better operations in the second half offset the impact of weaker crude prices. The company stated that its headline earnings per share (HEPS), a measure of profit, were 53.75 South African cents for the 12 months ended on June 30, up from 47.58 cents posted a year ago. However, its basic earnings per share, which include one-off costs, were
The development of the Floating Production Storage and Offloading (FPSO) vessel for the Sangomar Field Development – Senegal’s first offshore oil project – is now 90% complete, according to Senegal’s Ministry of Petroleum and Energy. After it is completed in Singapore by the Japanese shipbuilding company MODEC, the Very Large Crude Carrier is expected to arrive in Senegal in February 2024. The completion of the 100,000-barrel-per-day FPSO will play a pivotal role for Woodside Energy,
Global spending on conventional oil and gas exploration will hit over $50 billion in 2023, according to energy research company Rystad Energy. Upstream companies are strategically directing their investments towards offshore projects, focusing on lucrative regions that have a robust geological understanding. Rystad Energy says that up to 95% of the total expenditure in 2023 is allocated to offshore initiatives. “Upstream companies are facing a period of uncertainty. They are eager to capitalize on the increased
Libya’s state-owned oil company the National Oil Corporation (NOC) is preparing to launch a tender aimed at mobilizing private sector investment in oil production and development. Targeted towards domestic private players in Libya, the move marks the first time in the country’s history that Libyan companies have been invited to invest in the production segment of the value chain. The tender falls under efforts by the NOC to stimulate new investment, “increasing oil production and developing
Africa Finance Corporation (AFC) the leading infrastructure solutions provider on the continent, has announced its investment in Mahathi Infra Uganda Limited, one of East Africa’s largest oil and gas downstream players. AFC’s US$95.25 million investment will finance the construction of two self-propelled barges for operation on Lake Victoria, providing a more efficient and less carbon intensive alternative to traditional trucking. The financing will also support enabling infrastructure including 14 petroleum storage tanks, 20 truck loading
Namibia is emerging as a sought-after exploration destination due to significant oil discoveries like TotalEnergies’ Venus-1 and Shell’s Graff-1, La Rona-1, and Jonker-1. These findings confirm the presence of a functional light oil system offshore Namibia. Consequently, major oil companies and other industry participants are intensifying their drilling operations within the country. Regarding TotalEnergies’ ultra-deepwater Venus-1X exploration well, it was spud at the beginning of December 2021, using the Maersk Voyager drillship. The Venus discovery is a light oil and associated
