Recent discoveries along Namibia’s coast have transformed the country into a major hotspot for oil exploration. While Namibia has not yet produced any oil or gas, significant finds by major oil companies like TotalEnergies and Shell, estimated at 2.6 billion barrels, set the stage for production to begin around 2030. The Orange Basin has been a focal point of these discoveries, with other promising areas including the Luderitz, Kavango, and Walvis basins. Chevron, the U.S.
The United States is supporting Angola’s transition from an oil-dependent economy to a hub for critical minerals processing and clean power exportation, according to a senior US official. “Angola and the United States are aligned on all the major points related to energy access, energy security, decarbonization, and critical minerals,” stated US Assistant Secretary of State for Energy Resources Geoffrey Pyatt during an online media briefing on Tuesday. Angola, a leading crude oil producer in
Nigeria, one of Africa’s largest oil producers, is projected to spend significantly more this year on regulating fuel prices compared to last year. Despite discontinuing fuel subsidies in 2023 due to their high cost, Nigeria’s expenditure is expected to rise from N3.6 trillion in 2023 to around N5.4 trillion in 2024. A Reuters report indicates that Nigeria could face a 50% increase in spending to maintain fixed petrol prices. A draft document reveals that the
Angolan and North American companies in the oil, gas, and energy sectors have expressed their commitment to align with the policies of both governments to support project execution activities. This announcement came from the Secretary of State for Oil and Gas, José Alexandre Barroso, following a meeting in Luanda with executives from ExxonMobil, Chevron, and Sun Africa during the IV Dialogue between Angola and the United States. Barroso emphasized that while governments set policies and
Angola anticipates more than $60 billion in investments over the next five years, with the upcoming licensing round in 2025 offering companies direct access to new opportunities, reports Energy Capital & Power. The nation aims to increase oil production to two million barrels per day (bpd) in the long term and is inviting exploration and production companies to invest in its available areas. Angola’s offshore assets are particularly appealing due to the success of its
Sonangol announced plans for a scheduled shutdown of its Luanda Refinery in the coming months, a routine procedure aimed at enhancing operational efficiency. Joaquim Kiteculo, President of the Executive Committee of the Refining and Petrochemical Business Unit (UNRP), clarified that this periodic maintenance is crucial for the refinery, which processes 60 thousand barrels of oil per day, accounting for 20 percent of Angola’s gasoline consumption. The maintenance involves halting all refinery units to conduct internal
The country has a total of 1,630 drilled wells, with 870 currently operational and 760 inoperative, announced Ana Miala, the executive administrator of the National Oil, Gas, and Biofuels Agency (ANPG), on Monday in Luanda. Speaking at a press event called “Matabicho with Journalists,” hosted by ANPG, Miala explained that of the 760 inactive wells, some will be permanently abandoned due to reserve depletion, while others could be reopened when opportunities arise. To enhance investment
Banco Angolano de Investimento (BAI) has launched a new product, the Liquidity Advance, designed to alleviate payment difficulties faced by companies in the oil sector. This initiative, developed in collaboration with the Association of Contracted Companies in the Oil Industry of Angola (AECIPA), aims to support service providers and suppliers by offering immediate liquidity for their contracts. The Liquidity Advance is a treasury credit solution that provides advance financing for service provision contracts. This product
Brent crude oil futures, for delivery in August, closed the week at $82.62 per barrel, despite a slight drop of $0.13 on the final trading day. Overall, prices rose by 4.0 percent for the week as investors evaluated strong demand forecasts for oil and fuel in 2024, according to analysts. International market data indicated that Brent oil futures experienced a 0.13-dollar decline to $82.62 per barrel on the last day of trading. However, both Brent
On Thursday, the second day of the 2nd edition of the Angola Economic Forum, experts discussed the future of the oil industry and the dynamization of transport to bolster the national economy. Maria do Carmo Bernardo, President of the Board of Directors of Banco de Fomento Angolano (BFA), highlighted the forum’s significance in her opening remarks. She emphasized that the event provides a crucial platform for specialists and stakeholders from various fields to exchange experiences
