During the next five years, the Petroleum Authority of Uganda (PAU) expects that Uganda’s land acquisition procedure for oil and gas infrastructure will be a model for best practices in megaprojects both within and outside of Uganda. The PAU director of legal and corporate affairs, Mr. Ali Ssekatawa, stressed via an article the necessity of a well-organized compensation and resettlement scheme for those impacted by any large infrastructure project to succeed. This subject has been
Sonangol recorded, in the 2022 financial year, a turnover of US$12.6 billion, corresponding to an operating result (EBITDA) estimated at US$4.9 billion. The information was released on Friday 24th February, in Luanda by the chairman of the Board of Directors of the Angolan oil company, Sebastião Gaspar Martins, during the conference to present the provisional performance balance sheet. The manager said that the company is present in around 35 concessions as a partner, currently being the
Angola’s oil production for the month of January was 34 million 294 thousand 39 barrels, corresponding to a daily average of 1 million 106 thousand 285 barrels of oil/day against 1 million 197 thousand 939 barrels forecast. According to the monthly production summary of the National Petroleum and Gas Agency (ANPG), production of associated gas during the month of January was 82 million 534 thousand cubic feet, corresponding to a daily average of 2 million 662
Sonangol is involved in refining projects that aim to materialize the Executive’s strategy “so that we can achieve self-sufficiency in fuels by 2027”, said, this Friday 24 feb, in Luanda, the Secretary of State for Oil and Gas. José Barroso, who was speaking at the opening of the press conference alluding to the 47th anniversary of Sonangol, also said that the state-owned oil company is also committed to increasing its capacity for storing liquid and
The country will raise US$27 billion with the extension of the concession of Block 0 in the maritime zone of Cabinda province, for another 20 years, until 2050, advanced, Minister of Mineral Resources, Petroleum. and Gas, Diamantino Azevedo said yesterday, february 23, in Luanda. The minister was speaking at the National Assembly, during the discussion and approval of the Legislative Authorization Project that authorizes the President of the Republic, as holder of the Executive Power,
Saudi Arabia’s state-run oil giant, Saudi Arabia, is now the world’s third-largest company by market capitalization, according to the companiesmarketcap.com list. Aramco, with a market cap of $1.903 trillion, slid to the number three position behind Apple ($2.413T) and Microsoft ($1.920T). Just two months ago, in mid-December, Aramco held the Number two position with a market cap of $1.81T, behind only Apple. And before that, In May of last year, Aramco was sitting at the
Brent (a benchmark for Angolan exports) for delivery in April started this week’s session (yesterday 21st February) on a high, at US$83.53 a barrel, i.e. 0.53 percent more compared to the close of markets on Friday. fair. Oil showed a daily range of 82.75 – 84.30 dollars. On Friday 17th feb, Brent crude fell $2.14, or 2.5 percent, to $83.00 a barrel, ending the week down 3.96 percent, as traders worried that future rises in interest
Engen Petroleum, a South African oil firm that specializes in downstream refined petroleum products and associated companies, and Vivo Energy, a British downstream petroleum company with subsidiaries and operations in 23 countries across Africa, have merged their African operations to form one of the continent’s largest energy distribution firms. The merged group will have approximately 3,900 service stations and more than two billion liters of storage capacity, across 27 African nations. Engen, which is the
Despite increased opposition from a number of groups, Uganda maintains that its oil dream is still alive. This week, one of those groups filed a complaint against insurer Marsh in the US for brokering underwriting services for the $5 billion East African Crude Oil Pipeline (Eacop). Approximately ten environmental and human rights organizations from Tanzania and Uganda accused Marsh of breaking rules for ethical corporate conduct on February 7 because of the company’s participation in
With Namibia’s energy sector on the precipice of rapid transformation on the back of recent oil and gas discoveries, the African Energy Chamber (AEC) will establish an office in the country dedicated to promoting local content development efforts. The AEC will engage with various stakeholders across the Namibian energy industry, including national and international oil companies, the government and service companies, utilizing a multi-tiered approach to scaling up local talent and capabilities. The office will
