Angola’s Oil Revenue Jumps 54.71% in Second Quarter as Higher Prices Boost Earnings Angola recorded a significant increase in revenue from crude oil sales during the second quarter of 2026, supported by stronger international oil prices and improved export earnings. The increase comes as the oil sector continues to play a central role in Angola’s economy and public finances, despite ongoing efforts by the government to diversify economic activity and reduce dependence on hydrocarbons. The
Galp Considers Return to Angola’s Oil Sector as Company Assesses New Exploration Opportunities Portuguese energy company Galp has signalled that it could return to Angola’s oil sector, potentially marking a renewed interest in one of Africa’s most established hydrocarbon markets. Galp Chief Executive Officer João Diogo Marques da Silva said the possibility of returning to Angola exists, while confirming that the company is assessing opportunities in the country. The company’s previous experience in the Angolan
Nigeria Awards 37 Oil Blocks to 31 Firms as Frontier Basins Attract Investors Nigeria has awarded 37 oil and gas blocks to 31 companies as the country seeks to attract investment, increase exploration and strengthen its petroleum reserves. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said 143 companies submitted 200 bids for the 37 blocks during the 2025 licensing round. The awarded assets include 16 blocks in the Niger Delta onshore, 18 in shallow waters
Namibia Rejects N$4bn Oil and Gas Base Proposed by Ghanaian Entrepreneur Jory Adu-Boahene Namibia’s plans to develop an oil and gas supply base at the Port of Lüderitz have hit a setback after the Namibia Ports Authority (Namport) rejected a N$4-billion proposal led by Ghanaian entrepreneur Jory Adu-Boahene. The proposed development was intended to expand Lüderitz’s capacity to support Namibia’s emerging offshore oil and gas industry, which has attracted significant international interest following major discoveries
Dangote Refinery Restores Naira Petrol Sales at N1,215 per Litre After Dollar Pricing Dangote Petroleum Refinery has reversed its decision to sell Premium Motor Spirit (PMS), commonly known as petrol, in US dollars, restoring naira-denominated sales at its loading gantry in Nigeria. The refinery has set its new ex-depot price at N1,215 per litre, an increase of N140, or 13%, from the previous price of N1,075 per litre. The move follows a week of uncertainty
Eni and Petronas Start $11.8bn North Hub Gas Project in Indonesia Searah, the joint venture between Italy’s Eni and Malaysia’s Petronas, has started developing a floating gas processing facility for its $11.8-billion North Hub project in Indonesia. The company held a first steel-cutting ceremony on Thursday to mark the start of construction of a Floating Production, Storage and Offloading (FPSO) vessel that will process gas from 16 wells at the Geng North and Gehem fields.
NUPRC Moves Nigeria Oil Licensing Round to Commercial Stage with 143 Companies Bidding for 50 Blocks The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has advanced its oil and gas licensing round to the commercial bidding stage, with 143 companies competing for 50 petroleum blocks across Nigeria’s established and frontier hydrocarbon basins. The invitation-only commercial bid conference marks a major milestone in the licensing process, which aims to attract new investment into Nigeria’s upstream sector and
Sintana Energy’s Mopane-2X Well Strengthens Namibia’s Offshore Oil Potential Sintana Energy has successfully completed drilling operations at the Mopane-2X well in Namibia’s PEL 83 offshore block, confirming the presence of high-quality light oil and further strengthening the exploration potential of the Mopane complex. The discovery adds to growing evidence that PEL 83 is emerging as one of Namibia’s most promising hydrocarbon regions, with results expected to support future development opportunities and Sintana Energy’s long-term growth
DRC’s 22 Billion-Barrel Oil Potential Remains Largely Untapped as Government Pushes Hydrocarbon Development The Democratic Republic of Congo (DRC) is currently exploiting only a small fraction of its vast hydrocarbon potential, despite estimated reserves of 22 billion barrels of oil and 66 billion cubic metres of gas across its major sedimentary basins. According to Joseph Twite Maloba, President of the Professional Committee of Petroleum Companies of the Federation of Enterprises of Congo (FEC South) and
Afreximbank Approves $200 Million to Support Algeria’s Major Hassi Bir Rekaiz Oil and Gas Development The African Export-Import Bank (Afreximbank) has approved a $200 million financing package to support Shoreline Power Company Limited and Italy’s Arkad SpA in the development of the Hassi Bir Rekaiz (HBR) Phase 2a oil and gas project in Algeria, one of the country’s largest upstream energy developments. The financing will enable Arkad to execute its 44% share of the $980
