Brent Oil Climbs to $65.46 on Iran Tensions, Strengthening Angola’s Export Benchmark The price of a barrel of Brent crude oil, the international benchmark used for Angola’s oil exports, closed higher on Monday on the London futures market. Contracts for March delivery rose by 2.49 percent to $65.46 per barrel, driven by growing concerns over potential supply disruptions from Iran. The upward movement reflects heightened investor anxiety about instability in Iran, one of the largest
Rising Oil Prices Boost Africa’s Leading Oil Producers Africa’s largest oil-producing countries are among the main beneficiaries of the recent increase in global oil prices, driven by heightened geopolitical tensions and escalating United States pressure on Iran. Countries such as Nigeria and Angola have recorded notable gains, particularly in their dollar-denominated sovereign debt. In recent trading sessions, debt securities issued by these oil-producing nations led market advances, reflecting improved investor sentiment. Angolan bonds maturing in
Zambia, Tanzania Agree on Fuel Supply Arrangements to Secure Petroleum Deliveries via TAZAMA Pipeline The Ministers of Energy of Zambia and Tanzania today held a high-level bilateral meeting in Dar es Salaam, reaffirming their long-standing partnership in petroleum cooperation and regional energy security. The engagement brought together senior government officials from both countries to deliberate on petroleum supply logistics, infrastructure management, and policy coordination, with a shared goal of ensuring a stable and reliable fuel
Angola to Sell Sonangol Stake in PAENAL to Boost Offshore Oil and Gas Services Angola has taken a decisive step to strengthen its offshore oil and gas support infrastructure by approving the sale of the State’s indirect shareholding in PAENAL – Porto Amboim Estaleiros Navais Limitada to a strategic and technological partner. According to Presidential Decree No. 368/25, published in the Official Gazette on December 31, 2025, the State’s participation in PAENAL, held through Sonangol,
Angola’s Lobito Refinery to Boost Energy Independence and Drive Benguela’s Economic Transformation The Governor of Benguela Province, Manuel Nunes Júnior, has described the Lobito Refinery as a transformative project that will elevate Angola to a new level of energy autonomy while offering tangible hope and opportunity for the region’s youth. Speaking on Tuesday during a visit by President João Lourenço to the refinery’s construction site, Nunes Júnior said the project represents an anchor investment and
Nigeria Opens 2026 Licensing Round Offering 50 Oil and Gas Blocks to Boost Upstream Investment Nigeria has officially launched its 2026 upstream licensing round, part of a broader strategy to tackle long-standing underinvestment in the country’s oil and gas sector and across Africa. The Nigerian Upstream Petroleum Regulatory Commission opened the tender in January, making 50 blocks available, including 19 shallow water blocks, 15 onshore blocks, 15 frontier blocks, and one deepwater block. The federal
East African Crude Oil Pipeline Set to Launch Uganda’s First Oil Exports, Boosting Regional Energy Trade Uganda and Tanzania are preparing to ship their first crude oil through the $5 billion East African Crude Oil Pipeline (EACOP) as early as October 2026, marking a major milestone for the region’s energy sector. The pipeline will provide Uganda with its long-awaited gateway to global oil markets while strengthening Tanzania’s role as a regional energy transit hub. The 1,443-kilometre
Dangote Refinery Deal with 20 Oil Marketers Falls Through, Fuel Imports Surge The Dangote Refinery’s pilot supply arrangement with 20 oil marketers, designed to distribute 600 million litres of fuel monthly, has reportedly collapsed. The deal, established in October 2025, aimed to streamline domestic fuel distribution by allocating approximately 30 million litres of gasoline per month to each selected marketer. According to anonymous sources, the breakdown of the agreement was primarily due to disagreements over
Cameroon’s Kribi Oil Refinery Targets Early Operations in 2026 to Cut Fuel Imports Cameroon’s Kribi oil refinery is on track to begin partial operations in the second half of 2026, nearly two years ahead of its original commissioning timeline. The project represents the country’s first major new oil processing facility in decades and is expected to significantly reduce reliance on imported fuel. The initial phase of the refinery is designed to process up to 10,000
Benin to Resume Offshore Oil Production in 2026 as Seme Oilfield Returns to Operation Oil production is set to resume off the coast of Benin for the first time in nearly three decades, as the West African nation prepares to bring the long-dormant Seme oilfield back into operation by the end of January 2026. The restart marks a significant milestone for a country that last produced crude in 1998, when low oil prices and technical
