The independent hydrocarbon producer, Perenco, has announced the commencement of production at the Boatou field located off the coast of the Republic of the Congo. This achievement comes after the commissioning of four wells between March and May of this year, finally enabling the company to initiate production at the field, which was discovered 39 years ago. With the capacity to produce up to 4,500 barrels per day, the start of production follows a final
The Executive aims to make the country’s refineries internationally competitive with real prices in a market economy and increase fuel production, stated Minister of Mineral Resources, Petroleum, and Gas, Diamantino Azevedo, in a press conference yesterday. Speaking at the presentation of the Fuel Subsidies Reform Program, he said that the government’s strategy with the existing refineries in Angola – which currently only cover about 20% of the country’s petroleum derivatives needs – is to increase
This change is a result of the gradual removal of fuel subsidies announced by the Government in Luanda on Thursday 1stnJune. This measure does not apply to licensed taxi drivers, motorcycle taxi drivers, and licensed fishing vessels, who will continue to pay the previous price of 160 kwanzas per liter using a fuel card with a weekly or monthly balance. According to the Secretary of State for Land Transportation, Jorge Bengue, the fuel cards will
Supply zones filled one day prior the new price list The last hours of yesterday June 1st were marked by enormous queues of motorists looking to refuel their vehicles before the new gasoline pricing came into effect. A long line of motorists eager to refuel their vehicles for the last time at the price of 160 kwanzas was observed in Ilha de Luanda, considering that starting today, gasoline will cost 300 kwanzas per liter. The
Global oil and gas major TotalEnergies has renewed its production license for the OML 130 block offshore Nigeria with an additional 20 years. Commenting on the development, Henri-Max Ndong-Nzue, Senior Vice President Africa, Exploration and Production at TotalEnergies, said the renewal of the license will enable the firm to improve its contribution towards the development of the West African country’s hydrocarbons resources for energy security, economic growth and energy poverty alleviation. “This 20-year extension will enable us
The UAE fuel price committee on May 31 announced major reduction in petrol and diesel prices for the month of June 2023. The new rates will apply from June 1.
In 2022, the African continent experienced the worst refined fuel supply crisis in the past 40 years. Although Nigeria is a major oil producer, it lacks the capacity to refine this raw material, so the country is forced to import it. One day after Nigerian President Bola Tinubu announced the end of fuel subsidies in his inauguration speech, most fuel stations closed. According to international press reports, on Tuesday, there were long queues of drivers
The Nigerian National Petroleum Corporation (NNPC) Limited has announced the resumption of an oil drilling campaign at its Wadi-B well in Nigeria’s Borno State. The drilling activities had been inactive for several decades due to a lack of sufficient commercial oil quantities. The Group Managing Director (GMD) of NNPC Limited, Mele Kyari, stated that the company will adopt a new approach to exploration and conduct a comprehensive evaluation of all frontier basins in Nigeria. This
Mozambique has chosen a consortium led by TotalEnergies and Electricite de France for a $4.5 billion hydropower project, as the investment in clean energy continues to rise. According to a government statement cited by Bloomberg on Friday, the project aims to construct the Mphanda Nkuwa dam, which will have a capacity of 1,500 megawatts, and an associated transmission line. The primary objective is to alleviate the power crisis in the region. The consortium includes the
President Muhammadu Buhari of Nigeria inaugurates Africa’s largest refinery today in Lagos, which is expected to process 650,000 barrels per day and reduce fuel imports in the country.” The project launched in 2013 by businessman Aliko Dangote occupies 2,635 hectares of land in the Lekki Free Trade Zone and cost around $19 billion, making it one of the largest industrial complexes on the continent and potentially capable of changing the situation in Nigeria. According to
