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International News Oil Petroleum

President Bassirou Diomaye Faye Celebrates Senegal’s First Oil Production

President Bassirou Diomaye Faye witnessed the production of Senegal’s first barrels of oil on the Sangomar platform, marking a historic milestone for the country in the global and African oil industries. Addressing the press, President Faye commended the dedication and efforts of those who believed in the potential of Senegal’s sedimentary basin and worked towards its development. He expressed immense pride in the young Senegalese professionals showcasing their expertise on the platform. “I reiterate my

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Local Economy Gas News Oil

Angola’s Export Revenue Hits $8.8 Billion in Q1: Crude Oil Dominates Earnings

In the first quarter of the current year, Angola’s exported goods generated a substantial revenue of $8.8 billion. A significant portion of this revenue, $8.2 billion, came from the sale of crude oil and gas, while $431 million was earned from the commercialization of ores. Economist Daniel Sapateiro presented these figures in Luanda during the 2nd International Trade Forum. The event brought together sector experts and government officials to discuss “The Current Context of Foreign

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Local Economy Expos & Events News Oil

Angola Anticipates 2.84% GDP Growth Fueled by Non-Oil Sectors

The Secretary of State for Finance and Treasury, Ottoniel dos Santos, reaffirmed Angola’s economic outlook, predicting a 2.84% growth in Gross Domestic Product (GDP) for the current year. He emphasized the robust performance expected from the non-oil sector, projected at 5.32%, during an address in Luanda at the inaugural Annual Conference “Investor’s Day” organized by BFA Gestão de Activos. Dos Santos underscored that the growth in GDP, driven by sectors such as agriculture, fishing, manufacturing,

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International News Oil

ReconAfrica Prepares for Naingopo Well Drilling in Kavango Basin

ReconAfrica is gearing up for the spudding of the Naingopo well in the Kavango onshore basin on July 7, 2024. All necessary camp setup, rig deployment, and equipment moves have been completed, with third-party service contractors mobilizing to the site ahead of schedule. At Prospect P, ongoing debushing and road access activities are progressing smoothly, with significant civil works, including well pad construction, set to commence next month. CEO Brian Reinsborough highlighted the operational intensity

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Local News Oil Petroleum

Angola to Privatize National Oil Company Sonangol by 2026

The Angolan government plans to privatize its National Oil Company (NOC) Sonangol by 2026, aiming to diversify its 30% stake and attract private investors. This initiative supports Sonangol’s ambition to expand operations across the oil and gas value chain and solidify its position as a competitive regional operator. The Angola Oil & Gas (AOG) conference, scheduled for October 2-3 in Luanda, will spotlight Sonangol’s transformation and its impact on driving oil and gas production in

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Local News Oil

Etu Energias to Double Crude Oil Production by 2026

Etu Energias, formerly known as Somoil, plans to increase its current crude oil production from 25,000 to 50,000 barrels per day by 2026, announced the company’s Board of Directors President during a press briefing in Soyo. Speaking at a ceremony where 220 graduates received certificates from the Soyo Polytechnic Institute (IPS), Edson dos Santos emphasized the company’s strategic focus on profitable and sustainable growth through investments in human capital and digital technologies. As a petroleum

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International News Oil

Dangote Refinery Struggles with Local Crude Access, Blames Oil Majors

An executive from Dangote Refinery has accused major oil companies of hindering access to local crude by either overpricing it or claiming it’s unavailable. This situation has compelled the refinery to rely heavily on costly imports. The refinery, which represents a $20 billion investment and is set to become the largest in Africa and Europe upon reaching full capacity, commenced production in January. However, it has encountered difficulties in securing sufficient crude oil to meet

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International News Oil

Namibia Emerges as Key Player in Southern Africa’s Oil Exploration

Most oil-producing African nations are concentrated in the Western, Northern, and Central regions of the continent, leaving the Southern and Eastern parts with limited oil resources. Apart from Angola, no Southern African nation significantly contributes to the global oil market. However, recent discoveries in Namibia suggest a potential paradigm shift. According to a Reuters report, major oil companies have been actively exploring Namibia’s offshore regions in recent years. In 2023, Namibia’s National Petroleum Company (NAMCOR)

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Oil Local News

Galp Divests Key Assets in Mozambique and Angola

Galp has finalized the sale of its stakes in key projects in Mozambique and Angola, marking a strategic shift in its portfolio. In May and June 2024, the Portuguese energy company sold its blocks and shares in these regions, starting with a significant transaction involving the Abu Dhabi National Oil Company (ADNOC). Reuters and Bloomberg first reported in May that Galp sought to sell a 40% stake in the Mopane discovery PEL 83 in the

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International News Oil

Libya’s National Oil Corporation Reports Rising Production and Ambitious Expansion Plans

The National Oil Corporation (NOC) announced last week that daily crude oil production has reached 1,254,000 barrels. Additionally, condensate production over the past 24 hours was 54,141 barrels, while natural gas production stood at 200,483 barrels of oil equivalent. On June 11, the NOC revealed plans to drill 121 new wells in 2024 to explore additional oil and gas resources. The corporation also plans to conduct maintenance on approximately 1,335 existing wells to ensure the

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