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Oil Gas International News

African Energy Bank Nears Completion with 45% of $5 Billion Initial Capital Raised

African hydrocarbon-producing nations have successfully raised 45% of the $5 billion required to establish the African Energy Bank (AEB). This pan-African institution is designed to address the financing gap for oil and gas projects, a challenge heightened by the withdrawal of several international donors from fossil fuel investments. According to credible sources, the funds for the project have been secured by African nations, with Angola, Ghana, and Nigeria emerging as the largest contributors. “The funds

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Local Economy News Oil

AECIPA President Highlights Oil Industry’s Role in Angola’s Economic Diversification

The growth of Angola’s oil industry is driving economic improvements and contributing to diversification across sectors, particularly in industries and agriculture, according to Braulio de Brito, president of the Association of Companies Providing Services in the Angolan Oil Industry (AECIPA). In an interview with Lusa during the Angola Oil & Gas Conference, de Brito stated, “The expansion of the oil industry translates into growth for the Angolan economy, promoting diversification and encouraging the development of

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Local Economy News Oil

Angola’s Oil Sector to Remain Dominant Despite Gradual Decline

Angola’s oil sector will continue to dominate the economy over the next decade, despite a gradual decline in its significance, according to Tiago Dionisio, chief economist at consultancy firm Eaglestone. Dionisio pointed out that oil’s contribution to Angola’s GDP has decreased from 43% in 2010 to 25.5% by the end of last year, and this downward trend is expected to continue. However, oil will remain the most important sector in terms of GDP. “Oil still

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Local News Oil

Angola’s Economic Diversification Hinges on Oil Revenues, Says BFA Chief Economist

The chief economist of Banco Fomento Angola (BFA), José Miguel Cerdeira, stated that there is no viable alternative to using oil revenues to finance Angola’s economic diversification. He emphasized the need for capital investment to sustain the country’s energy transition. “There’s no great alternative for the Angolan economy at present. Oil revenues must finance diversification and drive the development of an economy that includes other exports beyond oil,” Cerdeira said in an interview with Lusa,

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News Gas Local Oil Partnerships

Angola and DRC Sign Enhanced Agreement for Offshore Block 14 Development

Angola’s Ministry of Mineral Resources, Oil and Gas and the Ministry of Hydrocarbons of the Democratic Republic of the Congo (DRC) have signed a revised agreement for the co-development of offshore Block 14. The agreement was formalized during the opening ceremony of the Angola Oil & Gas (AOG) 2024 conference in Luanda on October 2, with Angola’s Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, and DRC’s Minister of Hydrocarbons, Aime Sakombi Molendo, in

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Local Expos & Events Gas News Oil

Sonangol Reinforces Commitment to Sustainable Hydrocarbon Development

Angola’s national oil company, Sonangol, reaffirmed its commitment to sustainable hydrocarbon development during the Angola Oil & Gas (AOG) conference this week. In an “In-Conversation with” session, Sonangol CEO Sebastião Gaspar Martins emphasized that the company will not abandon oil and gas; instead, it aims to advance decarbonized oil and gas development. By investing in upstream oil and gas production while prioritizing low-carbon projects, Sonangol intends to increase national crude output while diversifying and decarbonizing

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International Gas News Oil

TotalEnergies Awaits Mozambique Election Outcome Before Resuming LNG Project

Mozambican President Filipe Nyusi believes that French oil and gas giant TotalEnergies is waiting for the results of the upcoming presidential, parliamentary, and provincial elections, scheduled for 9 October, before restarting its liquefied natural gas (LNG) project in Cabo Delgado province. Speaking to reporters on Tuesday at the end of a four-day visit to New York, where he attended the United Nations General Assembly, Nyusi noted that TotalEnergies remains committed to resuming the project but

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International News Oil

Uganda Receives First Batch of Pipes for East African Crude Oil Pipeline

Uganda has received its first batch of line pipes for the East African Crude Oil Pipeline (EACOP). The shipment arrived on Monday at the pipe yard in Kyotera District, following Tanzania’s earlier receipt of its initial batch for the joint project. This delivery of coated line pipes signals Uganda’s commitment to meeting the EACOP’s target date for full operations in 2026. According to the East African, the coating factory in Nzega, located in Tanzania’s Tabora

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International News Oil

Eni to Launch Drilling in Libya’s Ghadames and Sirte Basins

Italian oil company Eni has announced plans to begin onshore exploratory drilling in Libya’s Ghadames Basin next month, with an offshore drilling campaign in the Sirte Basin slated to start by late 2025. At the Libyan-Italian roundtable in Rome, Martina Obizzi, President of Eni’s North Africa and Levant region, underscored the significance of exploration in the energy sector. “Exploration is a key pillar of the energy industry,” Obizzi stated, as reported by Energy Capital &

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Oil International News

ExxonMobil Plans $10 Billion Investment in Nigerian Offshore Oil Operations

ExxonMobil Corp has announced a $10 billion investment in offshore oil operations as part of a renewed commitment to Nigeria, Africa’s fourth-largest economy. This announcement was made by Nigeria’s Vice President, Kashim Shettima, following a meeting with ExxonMobil executives at the ongoing 79th Session of the United Nations General Assembly in New York. This development comes despite Exxon’s recent agreement to sell its onshore assets to Seplat Energy for $1.3 billion and a downsizing of

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