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Category: Petroleum

Local Gas News Oil Petroleum

TotalEnergies Inks Methane Reduction Agreement with Sonangol

French multinational energy corporation, TotalEnergies, signed a cooperation agreement with Angolan national oil company (NOC), Sonangol, during COP 28 in Dubai to support the detection and reduction of methane emissions in Angola’s oil and gas industry. The agreement enables Sonangol to utilize TotalEnergies’ Airborne Ultralight Spectrometer for Environmental Applications (AUSEA) technology – a miniature dual sensor capable of detecting methane and carbon dioxide emissions. Developed by the French major alongside partners Centre national de la

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Energy Gas Local News Oil Petroleum

Azule Energy Joins Global Efforts for Oil and Gas Sector Decarbonization

Azule Energy, an Angolan company, has recently become a signatory to the Global Oil and Gas Decarbonization Charter (OGDC), aligning with efforts aimed at advancing climate action within the oil sector. The OGDC Charter was unveiled during COP28, the International Climate Summit, held in the United Arab Emirates from November 30th to December 12th. With over 50 companies on board, representing 40% of global oil production, this initiative has seen National Oil Companies (NOC) comprising

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Oil International News Petroleum

Libya to Increase Crude Production by 100,000 bpd in 2024

Libya’s state-owned National Oil Corporation (NOC) has announced plans to increase oil production by 100,000 barrels per day (bpd) in 2024, up from current levels of approximately 1.2 million bpd. The increase aligns with the country’s efforts to produce two million bpd in the next two to five years. The NOC announced that it is on track to meet this target, with two bidding rounds on the cards for next year. NOC Chairman, Farhat Bengdara,

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Oil International News Petroleum

Zimbabwe’s Billion-Dollar Petroleum Pipeline Project Advances with Mozambican Support- Report

Procurement of equipment that will be used in the construction of Zimbabwe’s second petroleum pipeline project valued at over US$1 billion is on course, the deal maker of the lucrative project told the Zimbabwe Independent. Over the past 13 years, the implementation of the strategic project, which is expected to put Zimbabwe into the region’s petroleum hub, hung in the balance as the government worked on modalities to tie up the deal with a suitable

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Oil Energy International Petroleum

Chappal Energies to Acquire Equinor’s Nigerian Assets

Nigeria’s Chappal Energies is set to acquire the Nigerian business of Norwegian multinational energy company Equinor. Announced last week, the transaction involves the sale of Equinor Nigeria Energy Company, which holds 53.85% ownership in Oil Mining License 128. The license includes a 20.21% stake in the offshore Agbami field, which was the second major deepwater oil field discovered off the Niger Delta and is currently operated by Chevron. “Chappal Energies is a committed Nigerian-owned energy

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International News Oil Petroleum

Nigerian Crude Output to Reach 1.5M bpd in 2024

Nigeria is targeting the production of up to 1.5 million barrels of crude oil per day (bpd) in 2024, aligning with a production quota proposed for the country by the Organization of the Petroleum Exporting Countries (OPEC). The quota shows a 120,000 bpd increase from initial OPEC targets of 1.38 million bpd for Nigeria in 2024, however falls short of the country’s planned 1.78 million bpd for the year. OPEC’s proposed quota, aimed at ensuring a stable

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News Local Oil Petroleum

Angola’s Oil Production Declines While Sub-Saharan Africa Foresees Growth

Consultancy firm BMI Research anticipates a 1.7 percent drop in oil production for Angola in 2024, projecting a decrease to 1.16 million barrels per day, in contrast to a 2.5 percent expected rise in sub-Saharan Africa’s overall production. Their report on hydrocarbon production in the region indicates an estimated 2.5 percent increase in crude and natural gas production in sub-Saharan Africa, supported by new wells in Nigeria, the onset of production in Senegal, and ongoing

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Local News Oil Petroleum

Angola’s Block 3/05 Sees 30% Surge in Oil Production

Oil production in Block 3/05, managed by Sonangol, has surged by nearly 30% since the start of the year, climbing from 17,000 to 22,000 barrels per day (bpd). Ricardo Vandeste, President of the Executive Committee of the Exploration and Production Business Unit (UNEP) at Sonangol, disclosed this information during Sonangol’s “Ngol” program on RNA last Thursday. Vandeste attributed this achievement to timely interventions geared towards sustained exploration and income generation within the block, implemented over

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Local News Oil Petroleum

AFC Invests $60 Million in Angola’s Etu Energias to Bolster Oil Reserves Acquisition

The Africa Finance Corporation (AFC) has undertaken a strategic investment of $60 million in Etu Energias, Angola’s largest private oil company, forming part of a $190 million debt facility. This initiative aims to facilitate the company’s acquisition of oil and gas reserves jointly owned by TotalEnergies and INPEX Corporation. Upon the completion of this acquisition, Etu Energias will secure a 20% stake in deepwater Block 14 and a 10% interest in deepwater Block 14K, located

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International Oil Petroleum

Dangote Refinery to be Listed on Nigerian Exchange

Nigeria’s Dangote Refinery is set to be publicly listed on the Nigerian Exchange Limited following the resolution of supply challenges. Announced by Aliko Dangote, CEO of project developer and operator the Dangote Group, the move to publicly list is centered on a broader strategy to increase the company’s valuation while generating positive investor interest in the facility. Launched in May 2023, the Dangote Refinery has the capacity to produce up to 650,000 barrels per day

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