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Category: Oil

Local News Oil

Angola Inaugurates High-Performance Oil Center to Boost Industry Innovation

A state-of-the-art oil performance center officially opened its doors on Tuesday in Luanda, marking a significant development for Angola’s oil industry. The initiative, led by Internacional de Tecnologias (SLB), was inaugurated by Diamantino Azevedo, Angola’s Minister of Mineral Resources, Oil, and Gas. The center’s primary objective is to enhance the efficiency of Angola’s oil sector, focusing particularly on the challenges faced by mature oil fields. In his speech, Minister Azevedo emphasized the vital role the

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Corporate News Mergers & Acquisitions Oil

Chevron Expands Offshore Namibia Presence with PEL 82 Acquisition

Chevron has strengthened its position in Namibia’s offshore sector by acquiring an 80% stake and operatorship in Petroleum Exploration License (PEL) 82. Custos Energy and NAMCOR will each retain a 10% interest in the license. Located in Namibia’s Walvis Basin, PEL 82 is part of a region often referred to as an “oil kitchen” due to its rich hydrocarbon source rock and strong potential for commercial discoveries. The Barremian-Aptian source rock, a key driver of

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International Oil

Rhino Resources Strikes Hydrocarbon Reservoir in Namibia’s Orange Basin

Rhino Resources has confirmed the discovery of a hydrocarbon reservoir at its Sagittarius 1-X well in Namibia’s Orange Basin. As the operator of Block 2914, Rhino Resources leads the project with Azule Energy—a BP and Eni joint venture—holding a 42.5% stake. CEO Travis Smithard stated that the company and its joint venture partners will now analyze the well’s results in detail. According to Rhino, the well successfully reached its Upper Cretaceous targets and confirmed the

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Corporate News International Oil

BP Expands Raven Field Production in Egypt’s West Nile Delta

BP has successfully commenced production from the second phase of the Raven field’s development, connecting additional subsea infill wells to its onshore infrastructure as part of the West Nile Delta (WND) project. As the operator of the project, BP holds an 82.75% stake, while Harbour Energy owns 17.25%. The newly drilled wells are expected to produce 220 billion cubic feet of gas and 7 million barrels of condensate. The project was completed safely and ahead

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International Oil

Senegal Refines Locally Produced Oil for the First Time

Senegal has successfully refined its own crude oil for the first time, marking a major milestone in the country’s energy sector, the African Refinery Company (SAR) announced. Although SAR was founded in 1961, it had previously only processed imported crude oil. Now, the company has successfully refined Senegal’s first domestically produced crude from the Sangomar field. Following a successful refining process, SAR has transported the refined products—including heating oil and diesel—to designated storage facilities. Since

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International News Oil

Nigeria Reaches OPEC’s 1.5 Million Bpd Target for the First Time

Nigeria has met OPEC’s 1.5 million barrels per day (bpd) production target for the first time since the quota was established during the November 2023 ministerial meeting. According to the News Agency of Nigeria (NAN), OPEC’s monthly oil market report recorded a 54,000 bpd increase from December 2024, when Nigeria’s output stood at 1.485 million bpd. Despite falling short of its target for over a year, OPEC extended Nigeria’s production quota until 2026 in December

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International Gas News Oil

Mozambique Strengthens Commitment to Oil and Gas Expansion

Mozambique has reaffirmed its commitment to maximizing oil and gas exploration as a catalyst for industrialization and economic growth. Speaking at the Invest in African Energies: Mozambique Roundtable in Maputo, Florival Mucave, Chairman of the Mozambique Energy Chamber, underscored the country’s dedication to harnessing its energy resources for national development. “Our strategy as a developing nation is to ‘Drill, Baby, Drill’—maximizing exploration and production to drive industrialization and economic progress,” Mucave stated. He emphasized that

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Local Corporate News Oil

Petrobras Expands African Presence and Eyes Angola for New Oil Exploration

Brazilian oil giant Petrobras is actively exploring new opportunities in Angola following its return to African oil exploration via São Tomé and Príncipe in 2023. The company confirmed to Lusa that it continuously evaluates strategic areas to replenish reserves and maximize profitability. Petrobras is particularly interested in oil basins along Africa’s Atlantic coast, including Angola, due to their geological similarities with Brazil’s Campos, Santos, and Pelotas basins. In February 2024, Petrobras acquired three exploratory blocks

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Local News Oil Petroleum

Angola’s Petroleum Derivatives Market Records $756 Million in Fuel Acquisitions in Q4 2024

Angola’s petroleum derivatives market acquired approximately 1,316,697 metric tons (MT) of fuel for commercialization in the fourth quarter of 2024. Of this total, 60% was diesel, 27% gasoline, 5.3% fuel oil, 5.2% Jet A1, 1% asphalt bitumen, and 0.8% illuminating kerosene. These figures were presented on Thursday by Luís Fernandes, Director-General of the Petroleum Derivatives Regulatory Institute (IRDP), during a review meeting on sector activities. He noted that liquid fuel acquisitions came from the Luanda

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Oil Exploration Local News

Angola Offers Marginal Fields for Exploration to Attract New E&P Firms

Angola’s National Oil, Gas & Biofuels Agency (ANPG) is offering five marginal fields for exploration, alongside 24 other block opportunities. Located in operated blocks with competitive fiscal terms, these fields present an accessible entry point for smaller exploration and production (E&P) firms aiming to expand or enter the region. The sixth edition of Angola Oil & Gas (AOG), scheduled for September 3-4, 2025, in Luanda, will spotlight Angola’s marginal field opportunities. The event will bring

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