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Category: Oil

Economy Oil Petroleum

Top 5 African Liquids Producers in 2023

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:

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Economy Energy Gas International News Oil Petroleum Renewable Energy

Addressing Delays in the Name of Progress: The State of Play of African Oil and Gas

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

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Economy Energy Gas International News Oil

Guinea’s Energy Minister to Speak at MSGBC Oil, Gas & Power Conference

H.E. Aly Seydouba Soumah, the Minister of Energy, Hydroelectricity, and Hydrocarbons of Guinea Conakry, will deliver a speech at the MSGBC Oil, Gas & Power 2023 conference and exhibition in Mauritania. His presentation will focus on highlighting the opportunities available in the sector. The MSGBC Oil, Gas & Power 2023 Conference, set to take place in Mauritania on November 21-22, will feature the inaugural keynote address by Aly Seydouba Soumah, the Minister of Energy, Hydroelectricity,

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Economy Energy Gas Oil Petroleum

Angola intends to increase the value of the non-oil sector to be four times greater than the oil sector.

Angola aims to boost its non-oil sector to become four times larger than the oil sector by 2050, as announced by the Minister of State for Economic Coordination in Luanda on Friday. Manuel Nunes Júnior unveiled the “Angola Long-Term Strategy – 2050” public consultation project, inviting the public to contribute and provide input until June 15. The minister emphasized the importance of encouraging and supporting the private sector to assume a more significant role in

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Economy Energy Gas Local Oil Petroleum Renewable Energy

Ministry Encourages Adoption of Plans to Prevent Oil Spills.

The Ministry of Mineral Resources, Petroleum, and Gas encourages oil companies operating in the country to develop strategic measures to address oil spills. To achieve this goal, it is recommended that the regulations outlined in the National Contingency Plan for Oil Spills be adhered to in order to prevent harm to the environment. During a press statement at the conclusion of the ExxonMobil-sponsored Regional Exercise on Level Three Oil Spill Response, which was attended by

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Economy Energy Gas Oil

Angolan Oil & Gas Infrastructure Sparks Investor Frenzy

Angola has become an attractive investment destination, particularly in the oil and gas infrastructure sector, enticing global and regional players to expand their presence or enter the market. The country has seen foreign capital flow into its market for some time, but recent months have witnessed heightened investment flows driven by advancements in the oil and gas infrastructure sector. Angola’s attractiveness as an investment destination is expected to further increase due to its attractive fiscal

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Economy Energy Oil

Angola’s Downstream Development to Drive Domestic Capacity

Angola, as the largest oil producer in Africa, faces a significant challenge with its minor downstream industry and heavy reliance on petroleum imports, which currently account for approximately 80% of its refined petroleum products. To address this issue, the Angolan government has made increasing domestic crude processing capacity a strategic priority. With vast proven oil reserves of over 8.2 billion barrels and abundant natural gas resources totaling 13.5 trillion cubic feet, Angola has the potential

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Economy International News Oil

Brent for July delivery drops to $74.94

The price of a barrel of Brent oil, which serves as a reference for Angolan exports for delivery in July, ended this Thursday 11th May on the London futures market down 1.39%, to US$74.94. The price of Brent lost ground despite it being known that OPEC forecasts a growth in global oil demand of 2.3% in 2023, to a total of 101.9 million barrels per day. The industrialized countries of the Organization for Economic Cooperation

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Economy Gas Local News Oil

More than 2,000 barrels of oil could ease Sonangol’s bills

The Board of Sonangol expects to improve the company’s financial situation due to the entry into production, after several years of inactivity, of the oil field “Caco-Gazela Punja 3/05”, located in the Lower Congo Basin, with a production capacity of 2,000 barrels per day. The project is carried out by Sonangol, as operator, with a 25 percent stake, in a consortium in which China Sonangol Internacional also owns 25 percent, Maurel & Prom, 20 percent, Eni 12

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Economy Gas Local News Oil

Oil sector expects to stabilize national production levels

Angola intends to stabilize production at around 1.3 million barrels per day (bpd) over the next three years, according to research by the African energy consultant. According to the consultant, the country has a crude oil production on the rise – increasing by more than 580,000 barrels per month, from December 2022 to January 2023. The source ensures that the southern African producer has several notable Exploration and Research (E&P) projects that are in progress

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