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
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.
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
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.
QatarEnergy has secured exploration rights for oil and gas in Algeria, marking its entry into the country’s upstream sector through the 2024 Algeria Bid Round. The announcement was made by ALNAFT, Algeria’s national agency responsible for hydrocarbon resource management. The Ahara Block was awarded to a consortium comprising QatarEnergy (24.5%), TotalEnergies (24.5%, also designated as the operator during the exploration phase), and Algeria’s state-owned Sonatrach (51%). QatarEnergy’s President and CEO, H.E. Mr. Saad Sherida Al-Kaabi,
Eni Rovuma Basin has signed a Letter of Intent (LoI) with the Italian Agency for Development Cooperation (AICS) to strengthen their collaboration in enhancing the well-being of communities across Mozambique. The partnership will explore cooperation in several key areas, including agriculture and rural development, the environment and blue economy, technical and vocational education and training (TVET), food security and nutrition, water, sanitation and hygiene, and community health. The agreement reflects a shared commitment by Eni
Mozambique’s Energy Minister Estevão Pale said on Friday that the government has not yet received an official request from TotalEnergies to lift the force majeure on its $20 billion liquefied natural gas (LNG) project, but he remains optimistic about the oil major’s plans to resume development this summer. Speaking to reporters in Tokyo after a meeting with Japan’s Industry Minister Muto Yoji, Minister Pale said the force majeure will be lifted once the project operator
Angola’s national oil company Sonangol has signed two strategic agreements with the Massachusetts Institute of Technology (MIT), aimed at accelerating the development of Angola’s natural and mineral resources through cutting-edge research, innovation, and technology from the United States. The agreements were formalized during a high-level meeting chaired by Angola’s Minister of Mineral Resources, Petroleum and Gas, Diamantino Azevedo. The first agreement, with the MIT Industrial Liaison Program (MIT-ILP), grants Sonangol direct access to MIT’s research
Upstream oil and gas companies Afentra and Maurel & Prom (M&P) have signed a sale and purchase agreement with Etu Energias to acquire additional minority stakes in Angola’s offshore Blocks 3/05 and 3/05A. Under the agreement, both Afentra and M&P will each acquire a 5% working interest in Block 3/05 and 6.67% in Block 3/05A. The total consideration for the deal is $23 million, allocated as $22 million for Block 3/05 and $1 million for
Billionaire industrialist Aliko Dangote is considering Namibia as a new frontier for his conglomerate’s expanding investment portfolio. Fresh from completing what he described as the world’s largest oil refinery, Dangote hinted at potential future investments in the southern African nation during a high-level meeting with President Netumbo Nandi-Ndaitwah in Windhoek this week. The visit signals a continuation of the Dangote Group’s broader strategy to expand its footprint across the African continent. Already active in over
