With as many as 12 licensing rounds expected to close in West Africa in the coming months, interest from international oil companies (IOC) is expected to bring significant investment into the region’s exploration and development sectors. Following the recent discoveries of sizeable oil and gas plays throughout the continent, new licensing rounds are expected to position West Africa as a frontier exploration hub and usher in a new era of industry growth, energy security and
Amidst increasing efforts by governments worldwide to secure energy supplies following Russia’s invasion of Ukraine, investments in the oil and gas industry are surging. This wave of investment aims to ensure a reliable, affordable, and sustainable energy future. Rystad Talks Energy’s May edition webinar – entitled, ‘Supplying energy security, who has a Part to Play? – focused on the pivotal role of natural gas and liquefied natural gas (LNG) in global energy security. The webinar
Italian multinational oil and gas major Eni and Angolan National Oil Company Sonangol have signed a Memorandum of Understanding (MoU) to boost cooperation in the agribusiness sector and energy decarbonization. The MoU was signed in Rome during Hon. João Lourenço’s state visit to Italy this week. Claudio Descalzi, CEO of Eni, and Sebastio Pai Querido Gaspar Martins, Chairman of the Board of Directors of Sonangol, signed the agreement. The MoU aims to enhance cooperation between
With its economic indicators showing clear signs of recovery, and the current Parti Démocratique Gabonais (PDG) set to retain power after this year’s elections, Gabon’s economic plans are moving ahead at full speed. Under its 2025 Plan for an Emerging Gabon (PSGE), the country is seeking to facilitate the influx of private capital and participation in both the hydrocarbons value chain and diversified industrial base, leveraging private sector growth to fuel diversification into non-oil sectors like gas,
Angolan President João Lourenço reiterated the value that Angola-Italy cooperation will continue to play in advancing the development of the country’s economy. Speaking during a state visit to Italy this week, the President made clear his country’s intention to strengthen bilateral ties, leveraging Italian expertise, technology and capital to generate new investment across high potential markets in the southern African country. According to the President, with mutually beneficial partnerships representing an important strategy for increasing job creation,
Gasoline rallied Monday as speculators looked for a demand boost as the Memorial Day holiday approaches, said Robert Yawger, executive director for energy futures at Mizuho, in a note. U.S. gasoline storage of 218.3 million barrels, as reported by the Energy Information Administration, is 12.6 million below the nine-year low of 205.7 million barrels from Nov. 4, 2022, “implying to me that a storage situation will likely develop at some point in the relatively near
Independent Anglo-French oil and gas company Perenco has inaugurated a new offshore platfrom, named Magisus in Muanda in the Democratic Republic of Congo (DRC). The offshore facility, which was launched by H.E Didier Budimbu, Minister of Hydrocarbons, DRC and Wivine Moleka, Deputy Minister of Hydrocarbons, DRC will be leveraged by Perenco to increase oil production by enabling the independent to connect new wells drilled in 2023 and 2024. The facility’s gas compression capabilities will help Perenco to avoid
Independent oil and gas company Afentra PLC has successfully concluded its acquisition of ownership stakes in two offshore oil blocks in Angola from INA-Industrija, a Croatian multinational oil company. This development marks Afentra’s entry into the southern African nation. Following the acquisition, Afentra now possesses a 4% interest in Block 3/05 and a 4% share in Block 3/05A. This move grants the company access to crude oil reserves valued at up to $16.6 million. It
Africa’s liquids supply is expected to add up to 8% of the global volumes throughout 2023, with African output measuring seven million barrels per day (MMbbls/d), the African Energy Chamber states in its latest report on the African energy landscape, ‘The State of African Energy Q1, 2023 Outlook.’ Both offshore and onshore projects will contribute to supply, with the continent’s top five liquids producers accounting for 80% of Africa’s overall output, producing approximately 5.76 MMbbls/d. Nigeria:
Historically, oil and gas projects have been known to experience delays ranging from 5% to 20% of the project duration due to project complexity, significant capital requirements, and the multi-faceted nature of developments. In 2023, oil and gas projects across Africa are experiencing even further delays, a trend detailed in the African Energy Chamber’s (AEC) recent market-focused report, The State of African Energy Q1, 2023 Outlook. The report paints a revealing picture of the challenges
