The American oil company Exxon Mobil has transferred control of Block B, one of its extraction units, to Equatorial Guinea’s national oil company, GEPetrol. “The assets of Block B of the Sapphire field now officially belong to Equatorial Guinea. The transfer from Exxon Mobil to GEPetrol took place today in Malabo,” wrote Teodoro Obiang Mangue (‘Teodorin’) on social media platform X. “This is just the beginning of a new process,” added Teodorin, son of the
Consultancy firm Oxford Economics estimates that Angola’s oil production will rise by 3% this year, reaching 1.16 million barrels per day, following a 7.5% increase in the first half of the year due to maintenance work completed last year. “Thanks to extensive maintenance operations in the first quarter of 2023, cumulative oil production in the first half of this year is 7.5% higher than in the same period last year,” analysts noted in a report
The price of Brent crude oil, a key benchmark for Angolan exports, dropped by 2.91% to $82.63 per barrel for September delivery on the London futures market today. This sharp decline in European crude coincided with widespread computer issues in Microsoft’s Windows systems following a failed update of the CrowdStrike cybersecurity platform. These problems affected various sectors globally, including airports, air transport, hospitals, and communication systems. Despite the Russian government’s statement today that Ukraine’s decision
PAC Capital Limited announced that Etu Energias has purchased Galp Energia’s interests in three offshore Angolan blocks for $443 million. The acquisition includes Galp’s 5% non-operating stake in Block 32, a 9% non-operating stake in Block 14, and a 4.5% non-operating stake in Block 14K. Edson R. Dos Santos, Chairman and CEO of Etu Energias, highlighted the significance of the deal: “The successful collaboration between all parties was crucial for this transaction, marking Etu Energias’
Namibia is on the brink of an economic transformation, driven by significant oil discoveries off its Atlantic coast. At the bustling Walvis Bay port, workers are preparing for a surge in activity as oil exploration equipment is staged alongside typical consignments of minerals and vehicles. Recent successes by TotalEnergies SE, Shell Plc, and Galp Energia SGPS SA have highlighted Namibia’s potential as a major new oil province. Since early 2022, drilling in the region has
The Nigerian National Petroleum Company (NNPC) Limited has announced that Nigeria is set to become a net exporter of petroleum products by December 2024. Mele Kyari, the Group Chief Executive Officer (GCEO) of NNPC, attributed this forecast to positive developments in the energy and gas sectors. Kyari made this announcement during a session with the Senate Committee on Finance, chaired by Senator Sani Musa. He highlighted several key indicators supporting this projection, including the imminent
In June, Angola’s oil production totaled 34.6 million barrels, averaging 1.155 million barrels per day (MBPD). This represents a 0.87% increase from May’s output of 1.108 MBPD. According to PetroAngola’s Monthly Petroleum Bulletin, Block 17 led production with an average of 393,655 barrels per day (KBPD), followed by Block 32 at 154,960 KBPD, and Block 0 at 147,205 KBPD. Gas production also saw a rise, reaching 87,230 million cubic feet (MMSCF) in June, or a
Etu Energias aspires to become the leading renewable energy provider in the country, a goal announced last Friday by the company’s Board of Directors President, Edson dos Santos, during the “Coffee with Journalists” event in Vila do Soyo. Edson dos Santos outlined the company’s strategy to prioritize solar panel installations to replace fossil fuels. He emphasized that this shift aims to mitigate the environmental and health impacts of fossil fuels while offering a more cost-effective
A security firm linked to Rwanda’s ruling party has been contracted to safeguard TotalEnergies’ $20 billion liquefied natural gas (LNG) project in Mozambique, marking a significant expansion of Rwanda’s commercial interests in the region. According to The Financial Times, Isco Segurança—a joint venture between Rwanda’s Isco Global Limited and a local Mozambican company—is providing unarmed security services for the project in Cabo Delgado province. This development follows an Islamist insurgency attack in Palma in 2021,
Egypt plans to significantly enhance its oil production capacity through a substantial investment. The government has announced a $1.2 billion investment aimed at increasing its oil output. Currently, Egypt is one of Africa’s largest oil producers with a capacity of approximately 559,000 barrels per day. The investment, slated for the 2024/2025 fiscal year, will fund the drilling of 110 exploratory wells. This initiative is part of a larger strategy to invest $7.2 billion in drilling
