Libya has emerged as Africa’s top oil producer with an output of 1.24 million barrels of oil per day (bpd) in March 2024. This marks an increase of 5.4% compared to the country’s output of 1.17 million bpd in February. Announced by OPEC in its April 2024 Monthly Oil Market Report, Nigeria lost the top spot after reporting a drop of almost 91,000 bpd from 1.32 million bpd in February to 1.23 million bpd in
China has extended an invitation to Uganda’s Minister of Energy and Mineral Development, Ruth Nankabirwa, to visit Beijing for discussions regarding the financing of the $5 billion East Africa Crude Oil Pipeline (EACOP). This move underscores China’s commitment to supporting the development of the project. Uganda’s President Yoweri Museveni received a letter from Chinese President Xi Jinping on April 5, expressing China’s endorsement of the pipeline project. President Museveni emphasized China’s dedication to collaborating with
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
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
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,
On Monday, Petrobras reduced the price of aviation kerosene (QAV) by around 1.5% despite the increase in the price of oil in recent days. The adjustments vary according to the market served by the company, ranging between 1.4% and 1.7%, as disclosed in a table by the oil company. Oil has shown high volatility, alternating between small increases and drops. In March, Petrobras had raised the price of fuel between 8% and 8.5%. The price of
