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Category: Petroleum

Local Oil Petroleum

First Angolan Venture Capital Company Launched to Finance national Oil Companies

On Wednesday, Luanda witnessed the inauguration of Angola’s inaugural Venture Capital Company, PetroFund, with an impressive fund of $250 million aimed at bolstering projects within the country’s oil and gas industry. Minister of Planning, Victor Hugo Guilherme, hailed PetroFund, SA as a significant milestone, showcasing the private sector’s response to governmental initiatives. Guilherme stressed the importance of supporting and financing local content companies operating in the oil sector, signaling a positive stride towards private sector

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Local News Oil Petroleum

Angola’s Oil Revenues Surge as Brent Prices Hold Steady

The price of Brent oil, a crucial benchmark for Angola’s exports, has remained steady at around $85 per barrel over the past ten days. During this period, there have been instances where barrels were sold at prices as high as $87. This current price level far exceeds the reference price of $65 per barrel set in Angola’s 2024 General State Budget, resulting in an extraordinary income of $20 per barrel. Despite slight fluctuations, such as

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Local News Oil Petroleum

Afrexim Investment Fuels Growth of Cabinda Refinery

The Cabinda Refinery, slated to process 60 thousand barrels of oil per day starting December this year, received a significant investment last year from the Fund for the Development of Exports in Africa (FEDA), backed by the continental bank Afrexim. The investment is part of a broader initiative to enhance exports, spearheaded by funds established by the African Export and Import Bank (Afrexim), which have amassed over $450 million for investment in various sectors, including

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Local News Oil Petroleum

IRDP Issues Instruction on International Reference Prices for Petroleum Products

The Petroleum Derivatives Regulatory Institute (IRDP) has issued Instruction 001/2024 to identify the sources of international reference prices (Platts) for crude oil and natural gas-derived products in the second quarter of this year. The instruction applies to various aspects including the refining of crude oil, imports, logistics, distribution, and marketing of gasoline, diesel, kerosene, and liquefied petroleum gas, excluding fuel, bitumen, and lubricants. According to the document, from April to June, diesel and kerosene will

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Local News Petroleum

Fuel Smuggling Attempt Thwarted in Cabinda Province

Approximately 7,500 liters of fuel were confiscated last Saturday in Cabinda province by members of the first Border Guard Police Unit, suspected of being smuggled into the Democratic Republic of Congo (DRC). According to a press release from the Institutional Communication and Press Department of the Ministry of the Interior (MININT), the fuel seizure took place at the Tendequele Village Border Post during routine patrols near the land border with the DRC. The fuel, comprising

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International News Oil Petroleum

Uganda Oil Firm Sells Fuel Post-Kenya Split

UNOC initiates petroleum product sales to oil marketing companies in Uganda and Tanzania. This is part of a broader strategy to test the waters before UNOC embarks on a direct importation agreement with the global oil titan, Vitol Bahrain. This manoeuvre signals a new era in East Africa’s energy dynamics, especially following a cooling of relations between Uganda and Kenya over fuel supply mechanisms. For years, Uganda’s fuel supply chain was heavily dependent on Kenyan

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International News Oil Petroleum

Intana Energy Reports Progress in Namibia’s Orange Basin Exploration

Intana Energy provides updates on the ongoing exploration campaign in Namibia’s Orange Basin, specifically on Blocks 2813A and 2814B, governed by Petroleum Exploration Licence 83 (PEL 83). Galp Energia’s subsidiary operates PEL 83, with Sintana holding an indirect 49% interest in Custos Energy, a 10% working interest owner in the license, alongside NAMCOR, Namibia’s National Petroleum Company, which also holds a 10% working interest. Chairman and CEO of Custos, Knowledge Katti, emphasizes the significance of

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Local News Petroleum

Angola Maintains Crude Oil Production at Pre-OPEC Levels

Angola is holding steady with its crude oil production at 1.1 million barrels per day (bpd), matching levels seen before its exit from OPEC. This production rate is expected to be sustained until at least 2027. Since reaching a peak of 2 million bpd in 2008, crude oil output in Angola, the second-largest producer in Africa, has experienced a gradual decline. To offset this decline, the country has shifted its focus towards increasing natural gas

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Oil Local News Petroleum

ACREP Shares Now Listed on Angola’s BODIVA’s MROV Market

Angolan oil company ACREP’s shares are now listed on the “MROV” Over-the-Counter Market of the Angolan Debt and Stock Exchange (BODIVA) following a recent bidding process. The auction determined demand for 24 percent of the 37 percent stake held by Banco de Poupança e Crédito (BPC) in the private oil and gas firm. The Market for Registration of Transactions on Securities (MROV) is dedicated to recording previously conducted but unsettled transactions of securities not traded

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International Oil Petroleum

Egypt raises fuel prices in alignment with economic reforms

Egypt has raised the prices of various fuel products, fulfilling a commitment made over a year ago to the International Monetary Fund (IMF) as part of a $3 billion financial assistance agreement. In a letter of intent signed in November 2022, Egypt pledged to permit the increase of most fuel prices to align domestic rates more closely with international energy market prices, Reuters reported. The country also pledged to compensate for the previous year’s slow

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