Angola’s largest private oil and gas company Azule Energy plans to raise production by around 14% to 250,000 barrels per day (bpd) by 2026, its CEO said in a boost to the country’s plans to turn around flagging output. Azule Energy, a 50/50 joint venture between Eni (ENI.MI) and BP (BP.L), was formed last year when the two companies consolidated their Angolan assets. The company plans to drill 16 exploration wells over the next four
The Chinese-operated Kingfisher oilfield in Uganda has hit a major roadblock as the Petroleum Authority Uganda (PAU) has temporarily suspended operations due to safety concerns, as per a report by The East African. This decision follows a tragic accident that occurred on 6 October, raising questions about safety standards in the project. Ernest Rubondo, the executive director of PAU, expressed his dismay over the accident and emphasized that such incidents are unacceptable, especially in light
The potential move by Saudi Arabia to sell oil to China in Chinese currency is raising concerns about its impact on Angola’s oil exports, warns Daniel Fung Wah-kin, the President of the United Nations Foundation for Peace and Development. He expressed these concerns during a seminar commemorating the 10th anniversary of the ‘One Belt, One Road’ initiative in Hong Kong. Fung explained that in the past, China’s significant oil purchases from Angola were largely due
The National Oil, Gas, and Biofuels Agency (ANPG) in Angola has officially launched a competitive bidding process for the exploration of 12 oil blocks in the Lower Congo and Kwanza Onshore Basins. The announcement was made by the national concessionaire, ANPG. Interested national and foreign companies have until November 15th to submit their proposals, adhering to the 40-day timeframe stipulated by law. The “Tender 2023” comprises a total of 12 oil blocks. Four of these
Petronas, the Malaysian energy giant, is set to become a significant player in Angola’s oil and gas sector following its acquisition of a 40% stake in Block 20/11, previously operated by TotalEnergies. The transaction, valued at approximately $400 million, was successfully completed, as confirmed by the National Agency for Petroleum, Gas and Biofuels (ANG). TotalEnergies EP Angola officially sold its 40% share in Block 20/11, located in the Kwanza Basin, to Petronas Angola E&P LTD
Sonangol plans to add the delivery option to the sale of the company’s oil cargoes, thanks to the viability of its shipping fleet between April and September, reinforced with two Suezmax class ships with capacity to transport one million barrels per unit. The decision was announced by the director of Sonangol’s commercialization unit in London, Sandra Júlio, cited yesterday by the “Ngol” program, broadcast by the oil company on RNA, in statements in which she
A total of 3.4 million barrels of oil per day was produced on average by Brazil in August, which represents an increase of 12.2 percent compared to the same month last year. According to data released by the National Petroleum Agency (ABP), in relation to July, production fell 1.4 percent. The maritime fields of the pre-salt oil horizon, which are located in deep waters of the Atlantic Ocean, have once again become the country’s main
The price of oil will continue to stay elevated as demand for energy increases, says the secretary general of Opec+. Opec+ is a group of 23 oil-exporting countries which decides how much crude oil to sell on the world market. “We see demand growing about 2.4 million barrels a day,” Haitham Al Ghais told the BBC. Saudi Arabia said it would be cutting its production of crude oil by a million barrels a day to
Nafusah Oil Operations – a joint venture comprising the Libyan National Oil Corporation, Medco International Ventures Limited and the Libyan Investment Authority – has kickstarted the connection of the North Hamada fields to the El-Feel pipeline and Mellitah oil and gas treatment facilities in Libya. The aim is to ensure the transportation of 10,000 barrels of crude oil per day from the North Hamada fields for processing at Mellitah and monetization both on the local
According to forecasts from American finance and insurance giant Citigroup, the barrel of Brent, which serves as a benchmark for a large part of global oil production, could collapse to around $70 in 2024. According to these forecasts published on Monday October 2, 2023, it appears that this collapse estimated at around 70 dollars would be dependent on an expected excess supply. “There is a risk of a significant correction during the fourth quarter of
