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International News Oil

Fouta Refinery to Boost Congo’s Energy Security by 2025

The construction of the Fouta Refinery, located about 30 kilometers from Pointe-Noire, is on track for completion in 2025. The project aims to reduce Congo’s reliance on fuel imports, which totaled $140 million in 2023. Developed by Chinese firm Beijing Fortune Dingheng Investment, the refinery will have an annual production capacity of 2.5 million tons of petroleum products, including diesel and gasoline. Congo currently operates only one refinery, the Congolaise de Raffinage (CORAF) in Pointe-Noire,

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Corporate News Local Oil

TGS Completes Reprocessing of 3D Seismic Data in Angola’s Block 16

Energy data and intelligence company TGS, in partnership with Angola’s upstream regulator, the National Oil, Gas & Biofuels Agency, has completed the reprocessing of the GeoStreamer MC3D seismic dataset for Block 16 in the offshore Lower Congo Basin. Covering 3,684 km², the dataset enhances imaging capabilities beyond the initial survey, enabling a more detailed evaluation of deeper target plays in both post-salt and pre-salt sections. The reprocessed data also partially covers marginal fields such as

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Corporate News Local Oil

Sonangol Reaffirms Plan for IPO to Strengthen Growth and Competitiveness

Angola’s national oil company, Sonangol, has reaffirmed its plan to launch an Initial Public Offering (IPO), offering 30% of the company’s shares to the public. This partial privatization aims to raise capital to support Sonangol’s exploration and production projects, as part of the government’s broader efforts to transform the company into a competitive upstream player. Although the IPO was initially scheduled for 2022, Sonangol CEO Sebastiao Martins confirmed that the company is now taking the

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Corporate News International Oil

BW Energy Progresses with Kharas Appraisal Well Drilling in Namibia

BW Energy has confirmed that the drilling program for the Kharas appraisal well in Namibia is on track for the third quarter of 2025. The company has received rig bids, and the selection process is currently underway. The Kharas appraisal well is located in the northern part of the Kudu licence, and BW Energy is collaborating closely with other operators in the Orange Basin to optimize the use of available resources. BW Energy holds a

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Corporate News International Oil

Dangote Refinery’s Petrol Price Cut Sparks Concerns Among Importers

Importers of Premium Motor Spirits (PMS), commonly known as petrol, are reportedly unsettled by the Dangote Refinery’s recent decision to reduce its petrol price. On Wednesday, the Dangote Refinery announced a price cut, reducing its ex-depot (gantry) price of petrol from N890 to N825 per liter, effective from February 27, 2025. This move has caused a ripple effect across the fuel market, with importers now compelled to adjust their prices accordingly. The Dangote Refinery, however,

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Oil International News

Uganda and Tanzania Defend East African Crude Oil Pipeline Amid Legal Challenges

The governments of Uganda and Tanzania have rejected claims made by civil society organizations (CSOs) opposing the construction of the East African Crude Oil Pipeline (EACOP). The two nations have jointly appealed to the Appellate Division of the East African Court of Justice (EACJ) to dismiss a case filed by four CSOs from Uganda, Kenya, and Tanzania, which seeks to halt the project. On February 24, 2025, Uganda’s Deputy Solicitor General, Mr. Charles Ouma, and

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International Oil

Alberta Projects $5.2 Billion Deficit Amid U.S. Tariff Uncertainty

Alberta, Canada’s top oil-producing province, has forecast a C$5.2 billion ($3.5 billion) budget deficit for the 2025/26 fiscal year, citing potential U.S. tariffs as a major threat to government revenues and economic growth. This marks a sharp reversal from Alberta’s current fiscal surplus of C$5.8 billion, highlighting the uncertainty facing policymakers as they navigate the evolving trade landscape. Finance Minister Nate Horner acknowledged the difficulty in planning a budget amid unpredictable U.S. policies. “How do

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Corporate News Exploration International Oil

Custos Energy Announces Promising Results from Second Exploration Campaign in Namibia’s Orange Basin

Custos Energy is pleased to provide an update on its second exploration and appraisal campaign for blocks 2813A and 2814B in Namibia’s rapidly growing Orange Basin oil and gas region. These blocks are part of Petroleum Exploration License 83 (PEL 83), operated by a subsidiary of Galp Energia, with Custos and Namibia’s National Petroleum Corporation (NAMCOR) each holding a 10% working interest. The PEL 83 Joint Venture partners have successfully drilled, cored, and logged the

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Oil Economy Local News

Angola’s Oil Production Surges in January Exceeding Expectations

Angola’s oil production in January reached 32.6 million barrels, averaging 1.0 million barrels per day (BOPD)—a 2.8% increase compared to the previous month. According to the National Agency for Petroleum, Gas, and Biofuels (ANPG), which released its monthly report on Wednesday, associated gas production during the same period amounted to 85.476 billion cubic feet, with a daily average of 2.757 billion cubic feet (MMSCFD). Of this daily output: The report highlights that barrel of oil

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Corporate News Exploration Local Oil

Angola Signs Oil Exploration Agreement with TotalEnergies and ExxonMobil

The National Agency of Petroleum, Gas, and Biofuels (ANPG) has signed an agreement to assess the potential of free areas in Block 17/06 and Block 32/21. The agreement, signed on Friday, the 14th, involves TotalEnergies and ExxonMobil, marking a renewed effort to explore Angola’s fossil fuel resources. The signing ceremony was attended by ANPG Chairman Paulino Jerónimo, TotalEnergies’ General Director Martin Deffontaines, and ExxonMobil’s General Director Katrina Fisher. Jerónimo emphasized the agency’s commitment to fostering

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