The African Energy Chamber is countering yet another argument in the onslaught of calls for Africa to give up oil and gas production. This time, it’s the idea that oil and gas projects in our continent are worse for the climate than those in other regions of the world. The argument was a major point in a June 2022 article by global management consulting firm McKinsey. In “The future of African oil and gas: Positioning
Global oil supply will far exceed demand for at least the first half of the year, says the International Energy Agency (IEA). In the monthly report on the oil market published this Today 15th March, the IEA recognizes that in the second half of the year the increase in consumption will be a challenge, especially due to the uncertainty about Russian oil, and points out that world demand will accelerate as the year progresses, with
Angola has registered a “certain stabilization” in oil production since 2021, the result of actions and agreements that it has been establishing in this field, “it has all the instruments to exonerate the decline” and does not fear “negative” international projections, he said this yesterday 14th March, the chairman of the Board of Directors of the National Petroleum, Gas and Biofuels Agency (ANPG), Paulino Jerónimo. “There is indeed this international concern about the decline in
As the world shifts towards a net-zero carbon future, International Oil Companies (IOCs) are faced with the challenge of aligning their operations with global sustainability goals. The pathway to achieving a net-zero economy requires IOCs to explore new technologies, invest in renewable energy sources and adopt more sustainable practices throughout their operations. By embracing this energy transition, IOCs can contribute to a cleaner and more sustainable future for all. Speaking at the 2023 edition of the African
The executive president of the distributor of fuels and other oil derivatives Pumangol, Ivanilson Machado, declared that, despite the current circumstances of difficult balancing of the economic balance due to the difficulties inherent in subsidizing fuel prices, due to the delay in liberalizing prices, the company remains committed to developing its sustained growth strategy. Evanilson Machado made these statements on the sidelines of the inauguration of the company’s 80th filling station, in Luanda, at the
Heavily dependent on oil revenues and investment, Angola is opening up its economy like never before as it pursues opportunities in sectors such as agriculture, fisheries, industry and financial services with the help of established foreign partners, including Japan. The Angolan economy is opening up to investors like never before, with the recent acceleration of its drive to diversify and attract the interest of foreign companies active in a wide range of industries and sectors.
Demand for oil is expected to reach an all-time high in 2024, and is expected to decline thereafter, bringing prices down by almost 20% in 2050, compared to current levels, according to an analysis by Crédito y Caución, released today, 14th March. “In the reference scenario of the long-term credit insurer, which assumes that the various energy commitments already announced by the different countries and governments will be fulfilled, the demand for oil will reach
The consultant Fitch Solutions considered, Monday, that the oil refining capacity in Angola will more than double, going from the current 100 thousand barrels of oil per day, to almost 250 thousand in 2025. The oil refining segment in Angola will expand rapidly until the middle of this decade, fueled by the Cabinda refinery and the Soyo project”, writes Fitch Solutions. The consultant points out that this growth in refining capacity “results from the Angolan
Nigeria’s oil production continued its monthly rise that began in September last year, according to the most recent Federal Government data, reaching a high of 1,306,304 barrels per day in February 2023, increasing the country’s oil earnings by N51.16 billion. According to an analysis of the government’s oil production report, excluding condensates, the nation’s oil output increased from 1,258,150 barrels per day in January 2023 to 1,306,304 barrels per day in February. This meant that
Nigeria’s overall exports reach N26.79 trillion in 2022 thanks to a 46.41% increase in crude oil sales. The entire amount of commerce increased by 31.79%, from N39.75 trillion in 2021 to N52.39 trillion in 2022. Sales of crude oil reached N21.09 trillion in 2022, a 46.41% rise from N14.41 trillion in 2021. Crude oil constituted 78.74% of all exports in 2022. The National Bureau of Statistics reports that overall exports for 2022 increased by 41.72%,
