The price of a barrel of Brent oil for delivery in June reached a maximum of 91.90 dollars yesterday on the London futures market. The appreciation was above 1.30 percent compared to the previous day. North Sea crude, which serves as a reference in Europe and also for Angola, closed the day on the International Exchange Futures with an increase of 1.30 dollars compared to the last negotiation, when it closed at 90.65 dollars, this
Sonangol Trading and Shipping, the international arm responsible for oil, derivatives, and natural gas transportation and marketing for Angola’s state oil company, is embarking on an expansion strategy across the African continent. Currently engaged with four countries – DRC, Namibia, Togo, and Cameroon – the company aims to strengthen its presence and trade volumes in these markets. Luís Manuel, President of the Executive Committee of Sonangol Trading and Shipping Business Unit (UNTS), revealed these plans
Bank of America has predicted that the price of oil will surge to $95 per barrel by June. Francisco Blanch, the director of raw materials and derivatives at the bank, attributes this increase to dwindling reserves and escalating geopolitical tensions. Additionally, production cuts by OPEC+ could impact the interest rate reduction strategies of the US Federal Reserve and the European Central Bank. According to a recent Bank of America Research report, released yesterday, commodity prices
Tullow Oil, a multinational exploration company, has adjusted the value of its assets in Kenya, writing off $17.9 million. This decision comes as the company awaits updates on the Field Development Plan submitted to the Kenyan government in March 2023 for its Turkana project. The revised valuation of Tullow’s Kenya assets declined from $260.1 million in December 2022 to $242.2 million by the end of 2023. Tullow aims to reverse these impairments once uncertainties are
Angola and Brazil are poised to strengthen their collaboration within the oil and gas sectors, driven by their robust growth trajectories. While existing partnerships have laid a solid foundation, exploring untapped opportunities could significantly bolster bilateral relations and spur mutual development. Angola’s premier event for the oil and gas industry, Angola Oil & Gas (AOG) 2024, will delve into how bilateral cooperation acts as a catalyst for progress. The event serves as a platform for
Preliminary exploration conducted by global oil major Eni has revealed promising signs of hydrocarbons in offshore oil blocks CI-504, CI-526, CI-706, and CI-708 in Ivory Coast. The government has therefore agreed to proceed with negotiations for production sharing contracts with the major. An expression of interest was made by Eni in February 2024 for the offshore blocks. This development follows Eni’s commencement of oil and natural gas production from the deepwater Baleine field in southeast Ivory Coast
Engineering firm KBR has been awarded a project management contract for the development of the Lobito Refinery, a significant project located in Benguela Province, Angola. With a capacity of 200,000 barrels per day (bpd), this refinery expansion project marks a pivotal moment in Angola’s oil industry. Under the contract granted by Angolan national oil company Sonangol, KBR will oversee the engineering, procurement, and construction (EPC) phase of the project. This agreement solidifies a 20-year partnership
Angola’s robust history in oil production, dating back to its first commercial discovery in 1955, has played a pivotal role in its economic development, with the sector contributing 75% of the government’s revenue. As one of the continent’s leading producers, Angola is poised to maintain production at 1.1 million barrels per day (bpd) beyond 2027. Building on this foundation, Angola is actively attracting new investments to sustain oil production and expedite the development of new
Senegal will conduct an audit of the oil, gas and mining sectors, newly elected President Bassirou Diomaye Faye told the nation in a televised speech on Wednesday, while also reassuring investors they were welcome in the country. Faye defeated the ruling coalition’s candidate in a March election by a landslide, reflecting high hopes for change in the country of around 18-million. The audit is one of the first policy moves announced since the 44-year-old former tax inspector’s inauguration on Tuesday. “The
On Monday, the Botswana Energy Regulator Authority (BERA) issued an import license to Botswana Oil Limited, authorizing the company to import 90% of Botswana’s fuel requirement. The license was presented to Mr. Meshack Tshekedi, CEO of Botswana Oil, by BERA caretaker CEO Dr. Grace Tabengwa. The granting of the license is contingent upon Botswana Oil Limited complying with various terms and conditions, including: .Commencement of the license on April 1, 2024, and its indefinite validity,
