Galp, the Portuguese oil and gas company, has discovered light oil and gas condensate during its second exploration and appraisal program in Namibia’s Orange Basin. This discovery, near previous finds by Shell and TotalEnergies, builds on the success of its first campaign in license PEL 83. The Mopane-1A appraisal well, drilled by Saipem’s Santorini drillship, is located in blocks 2813A and 2814B at the heart of the Orange Basin, a rapidly emerging oil and gas
The recently rehabilitated Port Harcourt Refinery, operational since November 26, 2024, has faced hurdles similar to those affecting Dangote’s refinery, with disputes over fuel pricing threatening its success. Contrary to reports of halted operations, the facility had only scaled down to implement necessary improvements, according to Managing Director Ibrahim Onoja and Executive Director of Operations Moyi Maidunama of the Nigerian Pipeline and Storage Company Limited. During a guided tour, Onoja emphasized that product distribution continues,
Shell has signed a memorandum of understanding (MoU) with Angola’s National Agency for Oil, Gas, and Biofuels (ANPG), marking its return to the country after a 25-year absence. The signing ceremony took place in Luanda on Thursday, with key participants including ANPG Chairman Paulino Jerónimo, Shell Executive Vice-President Eugene Okpere, and Minister of Natural Resources, Oil, and Gas, Diamantino de Azevedo. Minister de Azevedo highlighted the importance of the agreement, attributing it to Angola’s ongoing
The Dangote Group, a prominent Nigerian multinational, has announced plans to invest in Angola’s mineral resources sector and collaborate with Sonangol to support the Lobito Refinery project. This announcement followed a meeting in Luanda on Tuesday between Dangote Group CEO Aliko Dangote and Angolan President João Lourenço. According to a statement from CIPRA, the discussions covered oil and gas production, sugar, and cement. Speaking to the press, Aliko Dangote highlighted the similarities between Angola and
LONDON – US oil and gas companies are unlikely to make significant production increases under president-elect Donald Trump, as the industry remains focused on capital discipline, according to Liam Mallon, head of Exxon Mobil’s upstream division. Speaking at the Energy Intelligence Forum in London on Tuesday, Mallon stated, “We’re not going to see anybody in ‘drill, baby, drill’ mode.” He emphasized that the industry’s focus on economic factors and disciplined capital management will likely prevent
Oil futures for January delivery rose to $70.14 per barrel on Friday, marking a 0.06% increase on the New York Mercantile Exchange at the time of reporting. Earlier in the session, prices reached their peak before showing potential support at $66.53 and resistance at $70.75 per barrel. The U.S. Dollar Index Futures, which tracks the dollar’s performance against a basket of six major currencies, gained 0.51%, trading at 107.48. Meanwhile, on the ICE Futures Exchange,
The price of Brent crude oil is expected to decline by $5 to $9 per barrel over the next 12 months due to a significant global supply surplus, particularly from non-OPEC (Organization of the Petroleum Exporting Countries) producers, and weakening demand driven by economic uncertainties in China and Europe. These challenges could intensify if the U.S. government under Donald Trump imposes tariffs on imports from China and Europe. According to international experts interviewed by Broadcast,
Gold and oil prices fell by approximately 3% on Monday following reports of a potential ceasefire agreement between Israel and Lebanon, which could ease tensions in the Middle East. By 6:00 PM Luanda time, gold—a traditional safe-haven asset—had dropped by 3.13%, trading at $2,631 per ounce. This decline interrupted a five-session streak of consecutive gains. Market analyst Adrián Hostaled highlighted that, in addition to the potential ceasefire, the nomination of Scott Bressent as the future
Angola’s President João Lourenço has approved a special legal regime aimed at maximizing hydrocarbon recovery in mature oil concessions within the country’s maritime zone. This initiative, announced in a presidential decree dated November 20, focuses on promoting incremental production in aging fields through enhanced investment opportunities. The regime targets fields that have been operational for over 25 years or have utilized 70% or more of their proven reserves, as defined by the National Oil, Gas,
The fuel supply challenges in the municipalities of Quiculungo and Bolongongo in Angola’s Cuanza Norte province are set to be resolved with the construction of new fuel stations. These two areas, previously lacking such facilities, will soon benefit from the ongoing development of fuel pumps, according to Luís Fernandes, General Director of the Petroleum Regulatory Institute (IRDP). Fernandes shared this update during a Ministry of Mineral Resources, Oil, and Gas meeting held in Cuanza Norte.
