Angola spent $662 million on fuel imports in the first quarter of 2025, importing 73% of its total fuel supply—less than in the final quarter of 2024—according to official figures released in Luanda. The data, presented on Thursday by the Director General of the Petroleum Derivatives Regulatory Institute (IRDP), Luís Fernandes, covered fuel sector performance from January to March 2025. During this period, Angola acquired 1,147,248 metric tonnes (MT) of petroleum products for domestic sale.
Equatorial Guinea has signed a Memorandum of Understanding (MoU) with Chinese engineering services firm Shanghai Supezet for the construction of a new oil refinery in the country. The agreement was signed on May 2 by Vice President Nguema Obiang Mangue and Zhang Jinhong, President of Shanghai Supezet. The MoU paves the way for the establishment of a joint venture to oversee the refinery’s development. Once operational, the refinery will process crude oil for domestic consumption,
The Democratic Republic of Congo (DRC) has officially opened 52 new oil exploration blocks in the Cuvette Centrale sedimentary basin, according to a recent announcement by Minister of Hydrocarbons, Aimé Sakombi Molendo. This marks the completion of the basin’s division into exploration zones. The process was carried out in coordination with the Ministry of Environment to ensure that boundaries of protected areas were respected. The newly designated blocks add to the three exploration areas previously
BW Energy has announced a major oil discovery at the DBM-1 ST2 appraisal well within the Dussafu license offshore Gabon, marking the second successful sidetrack of the well. Drilled to a total depth of 4,731 meters, the well encountered approximately 11 meters of net oil pay within a 35-meter gross hydrocarbon column in the Gamba reservoir, located in the Bourdon prospect. The Bourdon discovery is estimated to contain 56 million barrels of oil in place,
Africa Oil Corp. has confirmed that its Marula-1X exploration well in Namibia’s Orange Basin did not encounter hydrocarbons in its primary target, despite the drilling operation being technically successful. As a result, a Drill Stem Test (DST) was not conducted. The Marula-1X well was safely drilled to a total measured depth of 6,460 metres using the Deepsea Mira semi-submersible drilling rig. The well targeted Albian-aged sandstones within the Marula fan complex, located approximately 47 kilometres
The National Petroleum Corporation of Namibia (NAMCOR) has signed a Memorandum of Understanding (MoU) with global offshore energy contractor Subsea7, marking a significant step toward advancing offshore infrastructure development in Namibia’s rapidly emerging oil and gas sector. The agreement follows recent offshore energy discoveries and is set to promote knowledge-sharing, capacity-building, and the development of a highly skilled and technically proficient local workforce. NAMCOR stated that the partnership will “drive innovation, enhance safety, and support
The recent decline in international oil prices—now below the benchmark set in Angola’s 2025 State Budget—will not impact the government’s ability to pay public sector salaries. This assurance was given by Finance Minister Vera Daves de Sousa, who emphasized the state’s ongoing commitment to financial obligations, both domestic and international. “Since becoming Finance Minister, our focus has consistently been to safeguard salaries and honor our commitments to international and local creditors, as well as financial
The Angolan government is fast-tracking the construction of new oil refineries in Cabinda, Lobito, and Soyo as part of a broader effort to reduce the country’s reliance on imported petroleum products. Speaking at the forum “50 Years of Oil Production and Its Impact on National Development” in Luanda, Minister of Mineral Resources, Petroleum and Gas, Diamantino Azevedo, stated that imported fuels currently account for 80% of domestic consumption. He explained that the government’s strategy includes
Somalia has signed a sweeping energy agreement with Turkey, granting the country rights to 90% of oil and gas production under a long-term cooperation deal. The agreement, signed in Istanbul on March 7, 2024, by energy ministers from both countries, was submitted to the Turkish Parliament for ratification on April 22 and has since been made public. This deal marks a major expansion of Turkey’s strategic footprint in the Horn of Africa, aligning with Ankara’s
Afreximbank has launched a $3 billion Revolving Intra-African Oil Trade Financing Programme to address Africa’s heavy reliance on imported refined petroleum, which costs around $30 billion annually due to limited local refining capacity. The initiative aims to support African and Caribbean oil buyers in sourcing refined products while promoting regional refining development. This revolving facility is expected to finance between $10 billion and $14 billion in intra-African petroleum imports over time. It aligns with the
