You are Here

Category: Oil

Oil Economy Local Mining News

Angola to Invest Over $72 Billion in Oil and Mining by 2027

Investments in Angola’s active oil concessions, excluding new blocks auctioned, reached $47 billion between 2018 and 2022 and are projected to exceed $72 billion between 2023 and 2027. This information was provided by the Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, during the first edition of “Conversations without Makas,” hosted by economist Carlos Rosado de Carvalho. The event focused on the future contributions of oil, gas, and critical minerals to Angola’s economy. Azevedo

Loading

Read More Here

Local News Oil

Angola Faces Refinery Financing Challenges but Stays Committed to Self-Sufficiency

The Minister of Mineral Resources and Oil, Diamantino Azevedo, acknowledged difficulties in financing refineries but assured that the government remains focused on achieving self-sufficiency in refined products. He emphasized that these projects would be successfully completed. Speaking at the inaugural “Conversas sem Makas,” a forum initiated by journalist and economist Carl Rosado de Carvalho, Minister Azevedo reviewed his tenure since 2017. He highlighted the importance of Angola’s mineral resources, describing them as a “blessing” that

Loading

Read More Here

Local Exploration News Oil

Angola’s Drilling Expansion and Norwegian Expertise to Boost Oil Exploration

In 2024, Angola plans to drill up to 43 wells across onshore and offshore blocks, targeting accelerated exploration. Concurrently, the National Oil, Gas & Biofuels Agency (ANPG) will review abandoned wells and installations, representing 45% of the country’s total well count, to assess opportunities for reactivating closed oil wells. These efforts present new opportunities for technology-driven drilling, with Norwegian firms poised to play a significant role in supporting Angola’s production growth. Norwegian energy company Equinor,

Loading

Read More Here

International Gas Oil

TotalEnergies Withdraws from Offshore Gas Block in South Africa Amid Development Challenges

TotalEnergies, the French oil major, announced on Monday its decision to withdraw from an offshore natural gas block off South Africa’s southern coast, citing commercial challenges in developing the discoveries. Earlier this month, the company indicated plans to exit Block 11B/12B, marking a significant setback for South Africa’s ambitions to achieve energy independence through its largest offshore gas discoveries to date. TotalEnergies entered Block 11B/12B in 2013 and made two gas discoveries, Brulpadda and Luiperd.

Loading

Read More Here

Oil Economy Gas News

Angola’s Oil and Gas Sector Set to Attract Up to $60 Billion in Investments

Angola’s oil and gas industry could see investments of up to $60 billion over the next five years, according to Energy Capital & Power. This potential influx arises as international oil companies, independent exploration and production (E&P) companies, and smaller firms capitalize on new opportunities in onshore, offshore, and marginal fields. To support national goals of maintaining production above one million barrels per day (bpd), Angola’s upstream operators are expanding their portfolios through block acquisitions

Loading

Read More Here

Oil International News

Oil Prices Drop Nearly 2% Amid Middle East Tensions

Oil prices fell nearly 2% on Monday after Israeli officials expressed a desire to avoid escalating tensions in the Middle East while responding to a deadly rocket attack on the Israeli-occupied Golan Heights over the weekend. Brent crude for September delivery closed the first trading day of the week at $79.78 a barrel, down $1.35, or 1.7%. Meanwhile, U.S. oil finished at $75.81 a barrel, falling $1.35, or 1.8%. Two Israeli officials informed Reuters on

Loading

Read More Here

Oil Local News

Afentra Completes Acquisition of Stake in Angola’s KON 19 Block

The English upstream oil and gas company Afentra, focused on acquiring production and development assets in Africa, has successfully completed the acquisition of a stake in the KON 19 block, located in the Kwanza Basin onshore. This acquisition follows the announcement on July 10th, confirming the award of the Angola KON 19 onshore license by Presidential Decree, which was signed last weekend with the National Petroleum, Gas and Biofuels Agency (ANPG). As part of this

Loading

Read More Here

Oil Local News

Minister of Mineral Resources to Launch Sonangol Headquarters Construction in Cabinda and Zaire

Diamantino Azevedo, the Minister of Mineral Resources, Oil and Gas, will lay the first stone for the construction of Sonangol’s headquarters in Cabinda and Zaire today and tomorrow. According to the agenda, the minister, accompanied by Sonangol’s CEO Sebastião Martins and Afreximbank President Benedict Oramah, will visit the Falcão-2 and Amufert Projects in the city of Soyo, Zaire, where they will officially launch the construction of Sonangol’s headquarters in that oil city. In the afternoon,

Loading

Read More Here

Oil International News

Nigeria’s Crude Oil Production Rises to 1.61 Million Barrels Per Day

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported an increase in Nigeria’s daily crude oil production, rising from 1.25 million barrels per day (mbpd) in June to 1.61 mbpd by July 23rd. This update was provided by Gbenga Komolafe, the Chief Executive of NUPRC, during a public hearing by the House of Representatives Special Committee on oil theft and losses. Nigeria remains Africa’s largest producer of crude oil, with proven reserves of 37.50 billion barrels

Loading

Read More Here

Oil International News

Nigerian President Approves Sale of Crude Oil to Local Refineries in Naira

Nigerian President Bola Tinubu has approved the sale of crude oil to the Dangote Refinery and other local refineries in the local currency, the naira. This decision, aimed at stabilizing fuel prices and the naira-to-dollar exchange rate, was adopted by the Federal Executive Council (FEC). Bayo Onanuga, the Special Adviser to the President on Information and Publicity, announced that the FEC has approved selling the 450,000 barrels of crude oil designated for domestic consumption in

Loading

Read More Here

1 … 86 87 88 89 90 … 193