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Category: Oil

International Gas Oil

Egypt Confirms Three New Oil and Gas Discoveries in Western Desert

Egypt’s Ministry of Petroleum and Mineral Resources has announced three new oil and gas discoveries in the Western Desert, made by Khalda Petroleum Company—a joint venture between the Egyptian General Petroleum Corporation and U.S.-based Apache Corporation. The newly discovered fields are expected to yield approximately 12 million barrels of oil equivalent, including 4 million barrels of recoverable reserves. Daily production from the discoveries is projected at 2,750 barrels of oil and condensates, along with 20

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Local Corporate News Oil

SPIE Secures Five-Year Offshore Maintenance Contract with Sonangol in Angola

SPIE Global Services Energy has signed a five-year maintenance contract with Angola’s national oil company, Sonangol, for operations on Block 3/05, located offshore Angola. Effective from September 2024, the contract covers comprehensive maintenance services, including the upkeep of electrical and mechanical equipment, HVAC systems, turbomachinery, instrumentation, and automation systems. These services will be provided across the Cobo, Pacassa, and Palanca production platforms. Jerome M. Oliveira, Sub-Saharan Africa Business Unit Director at SPIE, highlighted that the

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International Gas Oil

ReconAfrica Prepares to Drill Largest Oil and Gas Prospect in Namibia’s PEL 73

Reconnaissance Energy Africa Ltd (ReconAfrica) has announced it is on schedule to drill its largest oil and gas prospect to date—Prospect I—within Petroleum Exploration Licence 073 (PEL 73) in northeastern Namibia. The company confirmed that the well is expected to be spudded this quarter, targeting substantial prospective resources in both oil and natural gas. “We remain on track to spud the well this quarter and are looking forward to unlocking the significant potential of the

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International News Oil

Galp Adds 700 Million Barrels to Namibian Reserves Following Major Offshore Discoveries

Portuguese energy company Galp Energia has significantly boosted its oil reserves in Namibia’s offshore Orange Basin, adding approximately 700 million barrels of oil equivalent (boe) to its 3C contingent resources. This increase represents a 25% year-on-year rise, bringing the total to 2.79 billion boe. The updated resource estimates were independently verified by global consultancy DeGolyer and MacNaughton, based on data collected up to 30 November 2024. “3C contingent resources increased 25% year-on-year to 2,790 mboe,

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Local Economy News Oil

Trump’s Potential Return Could Strengthen U.S.–Angola Energy Ties

The possible return of Donald Trump to the U.S. presidency could usher in a new phase of cooperation between the United States and Angola, particularly in the oil and gas sector. With Trump’s consistent support for fossil fuel development—captured in his familiar slogan “drill, baby, drill”—Angola, one of Africa’s top oil producers, may benefit from a foreign policy that places energy collaboration at its core. Angola’s hydrocarbon-rich deepwater basins have long drawn international investment. American

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Local Governance News Oil

Tanzania and Angola Deepen Energy Ties with President Hassan’s Visit to Luanda Refinery

Tanzania’s President Samia Suluhu Hassan paid an official visit to Angola’s Luanda Refinery in April 2025, highlighting growing cooperation between the two nations, particularly in the energy sector. Hosted by Angola’s Minister of Mineral Resources, Petroleum and Gas, Diamantino Azevedo, the tour offered President Hassan a firsthand look at the refinery’s operations, including its refining processes, modern technologies, and ongoing expansion efforts. The visit also featured high-level discussions focused on knowledge exchange, investment opportunities, and

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Corporate News Local Oil

Sonangol  Seeks $4.8 Billion to Revive Lobito Refinery and Cut Fuel Imports

Angola’s state oil company, Sonangol, is in advanced talks with Chinese and European banks to secure $4.8 billion in funding needed to complete its long-delayed Lobito refinery project. The facility, once operational, will have the capacity to process 200,000 barrels of crude oil per day, significantly reducing the country’s dependence on imported refined fuel. Despite being Sub-Saharan Africa’s second-largest crude oil exporter, Angola imports nearly 80% of its refined petroleum products. The Lobito refinery is

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Local News Oil

Angola Signs New Onshore Oil Contracts to Boost Medium-Term Production

The National Oil, Gas and Biofuels Agency (ANPG) has signed two new contracts with three companies to share onshore oil production in Blocks CON 3 and KON 15, located in Angola’s Lower Congo and Kwanza Basins, respectively. The agreements, signed on Monday, involve Walcot, which will operate Block CON 3, and a consortium of Sonangol and Afentra, which will jointly operate Block KON 15. The ceremony was attended by Alcides Andrade, Executive Director of ANPG;

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International News Oil

Namibia’s Orange Basin Drives Surge in Foreign Direct Investment (FDI) in Q4 2024

Exploration activity in Namibia’s Orange Basin has led to a significant rise in foreign direct investment (FDI), with net inflows reaching N$12.6 billion in the fourth quarter of 2024, according to the latest quarterly bulletin from the Bank of Namibia (BoN). BoN attributed the quarterly growth to increased equity injections from oil exploration operators, noting that the expansion of oil exploration activities in the Orange Basin, along with the arrival of new operators, played a

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International Gas Oil

Namibia’s Offshore Oil Discoveries Face Challenges Due to High Gas Content

Namibia’s promising offshore oil discoveries are facing a significant obstacle to full-scale development due to high levels of associated gas, according to global consultancy Wood Mackenzie. Ian Thom, Research Director for Sub-Saharan Africa Upstream at Wood Mackenzie, discussed the challenges of developing Namibia’s offshore resources at a recent industry event. While Namibia has gained significant attention as a key oil frontier in Africa, Thom cautioned that the complexity of developing these offshore fields could be

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