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Category: Oil

International News Oil Petroleum

TotalEnergies Commits $600 Million to Enhance Congo Operations, Skips Nigerian Oil Sector Again

French oil giant TotalEnergies has committed $600 million to bolster its operations in the Republic of Congo, continuing to bypass investment in Nigeria. This decision, announced by TotalEnergies’ CEO Patrick Pouyanne during a visit to Kenya, follows the company’s earlier choice to allocate $6 billion to Angola instead of Nigeria, citing policy inconsistencies and other challenges in the West African country. The $600 million investment will be directed towards exploration and production activities in Congo’s

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International Exploration News Oil

Nafusa Oil Operations Announces Resumption of Exploration in North Hamada Field

Nafusa Oil Operations BV has announced that the National Oil Corporation (NOC) has acquired its foreign partner’s share in the development of the North Hamada field. T his acquisition enables the resumption of exploration in Block 47 of the Ghadames Basin, which had been paused since 2014. In a statement released on Friday, Nafusa Oil Operations highlighted that this acquisition is expected to facilitate new discoveries in Block 47. These discoveries can be quickly developed

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Local News Oil

Liberia and Angola Forge Stronger Ties in Oil and Gas Sector

Liberia’s Foreign Minister H.E. Sara Beysolow Nyanti, representing His Excellency Joseph Nyuma Boakai, Sr., President of the Republic of Liberia, met with His Excellency João Lourenço, President of the Republic of Angola, at the Presidential Palace in Upper City, Luanda. This high-level diplomatic engagement marks a significant step forward in bolstering bilateral relations, with a particular emphasis on cooperation in the oil and gas sector. During the meeting, both leaders expressed their commitment to deepening

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Local Economy News Oil

Angola Prioritizes Contract Stability and Technological Investment in Oil Sector

Angola aims to maintain stability in contracts with external investors for the development of its oil sector while investing in new technologies. This was announced by the Minister of Mineral Resources, Oil and Gas, Diamantino Pedro Azevedo, during the opening of the “1st Offshore Exploration Forum in Angola” held in Luanda yesterday. Minister Azevedo highlighted that the stability of contracts with companies has been a cornerstone of Angola’s robust oil sector. He emphasized the importance

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International Energy News Oil

Vivo Energy to invest over $550 mln in South Africa, minister says

 Vivo Energy, owned by global commodities trader Vitol, will invest an initial 10 billion rand ($550.79 million) in its South African operations following its merger with Engen, South Africa’s trade minister Ebrahim Patel said on Wednesday. The investment is part of a range of public interest and competition commitments, designed to prevent job losses and continue supply contracts with local refineries, that domestic regulators sought when the merger was considered. “The company (Vivo) has committed

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International News Oil

CNOOC Signs Oil Exploration and Production Contracts in Mozambique

State-run China National Offshore Oil Co (CNOOC) announced on Friday that it had signed oil exploration and production concession contracts with Mozambique’s energy ministry and national energy company ENH. The contracts cover five offshore blocks in Mozambique, spanning a total area of approximately 29,000 square kilometers (11,200 square miles) with water depths ranging from 500 meters to 2,500 meters (1,640 feet to 8,202 feet), according to a company statement. The initial exploration phase is set

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International Oil Petroleum

Galp Sells Mozambique Rovuma Basin Stake to ADNOC for €600 Million

Portugal’s Galp Energia has reached an agreement to sell its 10% stake in the consortium prospecting for natural gas in Mozambique’s Rovuma basin to the Abu Dhabi National Oil Company (ADNOC) for approximately €600 million. In a statement to Portugal’s Securities Markets Commission (CMVM) on Wednesday, Galp announced the sale as part of its “disciplined” investment strategy. The deal, valued at $650 million (€599 million), is expected to be finalized by the end of the

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Local News Oil

Angola Holds Potential for 50 Billion Barrels of Untapped Oil Reserves

Angola has an estimated potential of approximately 50 billion barrels of oil, with nearly 10 billion already discovered, according to Ana Miala, executive director of the National Oil, Gas and Biofuel Agency (ANPG). Speaking at the first Offshore Exploration Forum in Luanda, Miala emphasized the need for increased investment to fully exploit this potential and enhance the competitiveness of Angola’s crude oil market. She highlighted that contractual stability and favorable laws are critical factors encouraging

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International News Oil

Dangote Refinery Seeks to Purchase 24 Million Barrels of US Crude

The Dangote Petroleum Refinery, constructed by Africa’s wealthiest individual, plans to buy 24 million barrels of US crude over the next year to boost its processing rates. Specifically, the refinery is interested in purchasing 2 million barrels of West Texas Intermediate (WTI) Midland crude each month for a year, starting in July. This tender, aimed at securing overseas oil, highlights the significant role the Dangote Refinery is poised to play in global crude and fuel

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International Energy Mining News Oil Petroleum Transport and Logistics

Expansion of Beira-Harare Pipeline Secures Regional Energy Supply

The Beira corridor stands as a critical fuel supply route for Zimbabwe and a primary transit pathway for fuels heading to Zambia and the Katanga region of the Democratic Republic of the Congo. Integral to the region’s energy infrastructure are the combined assets of CFM (Port of Beira operator), CPMZ (Mozambican pipeline operator), PZL (Zimbabwean pipeline operator), and NOIC (Zimbabwe’s government-appointed shipper). Their efficient operation ensures energy security for Mozambique and the landlocked nations along

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