With plans to increase oil production to 1.18 million barrels per day (bpd) in 2024, Angola’s burgeoning hydrocarbons sector has created significant opportunities for global players. Boasting nine billion barrels of oil and 11 trillion cubic feet of natural gas, Angola has only just started to unlock the full potential of its resources. The country is primed to benefit from the capital and expertise of U.S. companies and investors, whose presence in the country has
Etu Energias, Angola’s largest private oil company, has inaugurated a lubricant production line in collaboration with Glide Technology, a prominent petroleum product producer in the region. The partners have established a joint venture company to spearhead the development of a state-of-the-art lubricant production facility in Luanda, the capital of Angola. With a production capacity of 1,000 tons per month, the facility is set to commence construction in 2025, requiring an investment of $5 million. Anticipating
Angolan companies represent a mere 2% of oil contracts, amounting to $18.2 billion annually, while foreign companies dominate the sector with 98%, according to Berta Issa, the new president of the Association of Indigenous Companies for the Angolan Oil Industry (ASSEA), as reported by Angop. Issa highlighted the challenges faced by local companies, including the lack of implementation of methodologies for measuring local content, absence of payment instructions allowing transactions in both local currency and
TotalEnergies reported a net profit of $21.4 billion (€19.8 billion) in 2023, marking a new record following its historic result in 2022. Despite depressed prices for gas and oil, the world’s fourth-largest major improved its net profit by 4% compared to 2022, attributed to the “growth in hydrocarbons, particularly liquefied natural gas and electricity,” announced CEO Patrick Pouyanné in the company’s earnings statement released on Wednesday, February 7th. However, this performance falls short of analysts’
Etu Energias has set a target to cover 25 percent of internal lubricant consumption by establishing a factory capable of producing over 12 thousand metric tons of refined products annually. This initiative, resulting from a partnership between the national oil company and Glide Technology, aims to decrease the reliance on imported petroleum derivatives. Edson dos Santos, president of the Board of Management (PCA) of Etu Energias, stated that the long-term goal is to produce more
The groundbreaking Niger-Benin pipeline, with a capacity of 110,000 barrels per day (b/d), has been completed. This pipeline is expected to boost Niger’s crude production fivefold, transforming it into a major exporter. The initial shipment of crude oil was anticipated to be exported in January, as announced by the military leader of the country, Abdourahamane Tiani, via state television. However, reliable sources said the inaugural shipment from the pipeline may occur as soon as April,
Leading IOCs are affirming their commitment to African oil and gas – a positive indication for service providers, drilling contractors and the industry at-large. Speaking in Nigeria earlier this month, high-level representatives from TotalEnergies, Shell and Chevron all confirmed multi-million-dollar investment projects in the pipeline, from driving frontier exploration to delivering gas from mature markets. With the Invest in African Energy (IAE) forum in Paris fast approaching this May, now is the time for investors
Russia has increased its fuel exports to Senegal, according to traders and data from financial information company The London Stock Exchange Group (LSEG). Oil supplies to Senegal hit 550,000 metric tons in the first two months of 2024 alone. In comparison, exports totaled 1.08 million tons for the entirety of 2023 and 0.37 million tons for 2022. LSEG attributes the rise in exports to heightened demand for bunker fuel as companies redirect cargo via the
The deadline for selling 37.47% of the shares in the Angolan oil exploration company, ACREP, via the Angolan Debt and Stock Exchange (BODIVA), has been extended until 3pm on the 15th of this month, a decision ratified by the Capital Market Commission (CMC). Initially, interested parties and investors could purchase shares between February 19th and March 1st, 2024. However, the extension is attributed to various factors, including the surge in requests for account openings towards
French oil and gas giant TotalEnergies is displaying unwavering determination to push forward with its liquefied natural gas (LNG) project in Cabo Delgado, Mozambique, despite warnings from the French government against visiting certain areas of the province. According to a report from the Zitamar News Service, Maxime Rabilloud, the head of TotalEnergies’ Mozambique business, recently conducted tours of the Palma and Mocímboa da Praia districts, in defiance of the French government’s cautionary advice. Paris had
