Sonangol, Angola’s state oil company, announced a consolidated net profit of over 930 billion kwanzas for the 2023 fiscal year. According to Sonangol’s 2023 financial report, cited by Rádio Nacional, the company achieved a turnover exceeding seven billion kwanzas. The report also highlights the complete elimination of audit reserves in subsidiaries within the core segment and a continuous reduction in the materiality of remaining audit reserves, as noted in the Independent Auditor’s Report.
Angola exported approximately 96.84 million barrels of crude oil in the second quarter of 2024, valued at around $8.11 billion, according to data presented last week in Luanda by the Secretary of State for Oil and Gas, José Barroso. Barroso noted that these figures represent a 0.5% increase compared to the previous quarter.
ExxonMobil plans to invest up to $15 billion in Angola’s Namibe basin by 2030, as part of ongoing drilling campaigns. With 30 years of experience in the country, the company is developing large-scale oil and gas projects and enhancing output at existing fields. Katrina Fisher, ExxonMobil’s lead country manager and managing director for Angola, will provide an update on the company’s project portfolio in Angola during the African Energy Week (AEW): Invest in African Energy
Sentuo Group is investing $980 million to build a two million metric tons per year oil refinery in Tema, with a second phase planned to add another three million metric tons per year. Mr. Xu Ningquan, Executive Chairman of the Sentuo Group, announced the investment when representatives from the African Refiners Association (ARDA) and the Cooperation on International Traceability in Analytical Chemistry (CITAC) paid a working visit to the Sentuo Oil Refinery in Tema. Currently,
Senegal has entered the oil export market, with its first shipment of crude oil reaching Europe. According to Africa Ports, the 158,268-dwt crude oil tanker Maran Poseidon transported Senegal’s medium-sour crude oil to the Netherlands and Germany. The oil was extracted from the Sangomar offshore oil and gas field in the MSGBC basin, which includes Mauritania, Senegal, the Gambia, Guinea-Bissau, and Guinea-Conakry. This field is located about 96 km south of Senegal’s Port of Dakar.
Oil concessionaires in Mozambique must now provide detailed information on salaries and the contracting of goods and services to the government, including proof of tender proposals received. This new mandate is outlined in the Ministry of Mineral Resources and Energy’s diploma 55/2024, effective from July 5th, 2024, which approves Guidance Mechanisms for Obligations for Contracting Goods and Provision of Services, Employment Programs, Training Programs, Association with Nationals, Preferential Rights, and Adjustment of Conduct of concessionaires.
Nigeria’s largest oil company, Dangote, risks going out of business due to a lack of support from the state, which currently cannot supply crude oil to its newly inaugurated refinery. After launching one of Africa’s largest refineries, designed to provide oil at lower costs for the population, Dangote is now confronting an unprecedented crisis. Despite the company’s requests, the Nigerian government has stated it does not have crude oil available for supply. Consequently, the government
The Dangote Refinery, located on the outskirts of Lagos and built by Africa’s richest man, Aliko Dangote, is the largest in Africa. With a capacity of 650,000 barrels per day (bpd), it aims to reduce Nigeria’s reliance on imported fuels due to the country’s limited refining capacity. Since beginning operations in January, the refinery has struggled to secure enough crude oil despite Nigeria being Africa’s largest oil producer. The country faces issues of theft, pipeline
Arkenu Oil, a private oil and gas development and production company, exported 1 million barrels of Sarir/Mesla crude from Marsa el-Hariga port on July 10. The shipment was transported by the Suezmax vessel Zeus, chartered by the Chinese trading firm Unipec, according to shipping agent and port reports. The bill of lading indicates that the Libyan state-owned National Oil Corporation (NOC) sent the consignment on behalf of Arkenu. Historically, Libyan crude sales have been managed
The Council of Ministers of Angola’s National Oil, Gas & Biofuels Agency (ANPG) approved the country’s incremental production initiative for 2024. This initiative, expected to be enacted by President João Lourenço later this year, introduces new incentives to boost production in active blocks. It aligns with national objectives to maximize output at producing fields, offering license extensions and favorable fiscal terms to investors, thus stimulating cost recovery regardless of well results. A significant milestone under
