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Local Corporate News Oil

Etu Energias Launches Drilling Campaign at Angola’s Block 2/05 to Boost Oil Output

Etu Energias Launches Drilling Campaign at Angola’s Block 2/05 to Boost Oil OutputAngolan private energy firm Etu Energias has officially commenced drilling operations at Block 2/05, located in the shallow waters off Zaire Province. The SMS ESSA jack-up rig arrived at the site on June 25 and began operations on June 27, marking a significant milestone in the block’s redevelopment strategy. The new drilling campaign includes: Three development wells One exploration well Five technical interventions

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International News Oil

Congo and Russia to Launch Pointe-Noire-Loutété-Maloukou-Trechot Pipeline by Late 2025

The construction of the Pointe-Noire–Loutété–Maloukou-Trechot pipeline is scheduled to begin by the end of 2025. This major infrastructure project is being developed through a public-private partnership between the Republic of Congo and Russian pipeline company Zakneftegazstroy-Prometey. The announcement was made last week during a meeting between Denis Christel Sassou Nguesso, Congo’s Minister of International Cooperation and Public-Private Partnership Promotion, and Pavel Sorokin, Russia’s Deputy Minister of Energy. Both officials welcomed the progress made on the

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Oil Corporate News International

Ghana’s Tema Oil Refinery Targets Full Restart by October 2025 to Slash Fuel Imports

The Tema Oil Refinery (TOR) is on track to resume full operations by October 2025, aiming to drastically reduce Ghana’s dependence on imported refined fuels. In a recent briefing with Parliament’s Energy Committee, Edmund Kombat, TOR’s Acting Managing Director, revealed that Ghana currently spends about $400 million per month on fuel imports. Once TOR is fully operational, he estimates that figure could be cut by more than half. Kombat explained that with the refinery running,

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International News Oil

Sierra Leone Eyes Major Oil Licensing Round Pending Results of First Offshore 3D Survey in a Decade

Sierra Leone is awaiting the results of its first offshore 3D seismic survey in over a decade before deciding whether to launch a new oil and gas licensing round later this year, according to the country’s Petroleum Directorate. The six-week seismic campaign, which began last month, is being conducted by GeoPartners in collaboration with the Petroleum Directorate of Sierra Leone. The goal is to de-risk offshore exploration by generating high-resolution data across the country’s offshore

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International News Oil

Namibia Offers Incentives to Accelerate Venus Oil Field Development Amid Push to Join Global Oil Producers

Namibia is preparing to introduce financial incentives to support the development of the Venus oil field, operated by TotalEnergies, as the country aims to become an oil producer within the next five years. The initiative was confirmed by Kornelia Shilunga, recently appointed Special Adviser and Head of the Upstream Petroleum Unit in the Namibian Presidency, who acknowledged the scale and financial demands of the deepwater project. “The government recognises the complexities and high costs associated

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Local News Oil

Azevedo Criticizes OPEC as Angola Pursues Independent Energy and Investment Strategy

Angola’s Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, strongly criticized the Organization of the Petroleum Exporting Countries (OPEC) on Thursday, describing Angola’s experience in the group as negative and unsustainable for the country’s long-term interests. Speaking in Luanda following a presentation on the international diamond industry, Azevedo stated, “OPEC is a cartel — whether we like it or not — and like all cartels, it operates through imposed quotas. Angola wasn’t setting the

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Local Economy News Oil

Oil Price Surge Offers Budgetary Relief, Says Minister of Economic Coordination

The Minister of State for Economic Coordination, José de Lima Massano, has acknowledged that the recent increase in global oil prices is easing pressure on Angola’s public finances and will help sustain the main projects outlined in the 2025 General State Budget (OGE). When questioned about the impact of rising crude prices, Massano emphasized that it is “too early to draw definitive conclusions.” However, he noted that oil prices are approaching the $70 per barrel

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International News Oil

Ethiopia Joins Africa’s Oil Exporting Nations with Historic Crude Debut

A new chapter is unfolding in Africa’s energy sector as Ethiopia prepares to join the ranks of oil-exporting nations. In a landmark move, the country is set to launch its first-ever crude oil exports this September, marking a significant step forward in its economic development and energy independence. The announcement was made by Ethiopian Prime Minister Abiy Ahmed, who confirmed that petroleum exports will commence in September, according to the local media outlet Ethio Negari.

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Local Oil

Angola Faces Oil Shortfall in May as LNG Exports Exceed Expectations

Angola’s oil production in May fell short of expectations once again, averaging approximately 1.01 million barrels per day, which is around 150,000 barrels below the country’s official target, according to the National Agency for Oil, Gas and Biofuels. In total, Angola produced 31.48 million barrels of crude oil during the month. The production of associated natural gas reached 81 billion cubic feet, most of which was reinjected into oil reservoirs to maintain pressure and optimize

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International Gas News Oil

Uganda, Tanzania, and Zanzibar Sign Landmark Oil and Gas Cooperation Agreement

Uganda has signed a trilateral agreement with Tanzania and Zanzibar to strengthen regional cooperation in regulating the oil and gas sector. The move supports Uganda’s goal of producing its first oil by 2026, even as uncertainty persists over the timeline for its long-delayed refinery project. The agreement unites Uganda’s Petroleum Authority, Tanzania’s Petroleum Upstream Regulatory Authority (PURA), and the Zanzibar Petroleum Regulatory Authority (ZPRA) in a coordinated effort to enhance petroleum development across East Africa.

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