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Category: Petroleum

Economy Oil Petroleum

Top 5 African Liquids Producers in 2023

Africa’s liquids supply is expected to add up to 8% of the global volumes throughout 2023, with African output measuring seven million barrels per day (MMbbls/d), the African Energy Chamber states in its latest report on the African energy landscape, ‘The State of African Energy Q1, 2023 Outlook.’ Both offshore and onshore projects will contribute to supply, with the continent’s top five liquids producers accounting for 80% of Africa’s overall output, producing approximately 5.76 MMbbls/d. Nigeria:

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Economy Energy Gas International News Oil Petroleum Renewable Energy

Addressing Delays in the Name of Progress: The State of Play of African Oil and Gas

Historically, oil and gas projects have been known to experience delays ranging from 5% to 20% of the project duration due to project complexity, significant capital requirements, and the multi-faceted nature of developments. In 2023, oil and gas projects across Africa are experiencing even further delays, a trend detailed in the African Energy Chamber’s (AEC) recent market-focused report, The State of African Energy Q1, 2023 Outlook. The report paints a revealing picture of the challenges

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Economy Energy Gas Oil Petroleum

Angola intends to increase the value of the non-oil sector to be four times greater than the oil sector.

Angola aims to boost its non-oil sector to become four times larger than the oil sector by 2050, as announced by the Minister of State for Economic Coordination in Luanda on Friday. Manuel Nunes Júnior unveiled the “Angola Long-Term Strategy – 2050” public consultation project, inviting the public to contribute and provide input until June 15. The minister emphasized the importance of encouraging and supporting the private sector to assume a more significant role in

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Economy Energy Gas Local Oil Petroleum Renewable Energy

Ministry Encourages Adoption of Plans to Prevent Oil Spills.

The Ministry of Mineral Resources, Petroleum, and Gas encourages oil companies operating in the country to develop strategic measures to address oil spills. To achieve this goal, it is recommended that the regulations outlined in the National Contingency Plan for Oil Spills be adhered to in order to prevent harm to the environment. During a press statement at the conclusion of the ExxonMobil-sponsored Regional Exercise on Level Three Oil Spill Response, which was attended by

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Economy Local News Petroleum

Oil accounts for 90 percent of Angola’s exports to India

Oil accounts for 90 percent of Angola’s exports to India, which is why trade, currently estimated at US$4 billion, is favorable to the African partner, according to the ambassador to that country. Pratibha Parkar made these statements, Monday 15th May, in Luanda, at the opening of the Angola – India Business Forum, held on the occasion of the visit of 17 companies affiliated to the India – Africa Chamber of Commerce, seeking greater knowledge of

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International News Petroleum

Petrobras increases sales volume to Europe to 26%

The Brazilian oil company Petrobras reduced, in 2022, oil sales to China from 56 percent of total exports to 42 percent, while increasing volumes destined for Europe, from 14 to 26 percent. According to a report on the results of the first quarter of this year, the Brazilian state-owned company reported that, over the last few years, it has been implementing a “constant search for global opportunities and development of new customers”. decisive for it

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Economy Local News Petroleum

Angola registers US$9.4 billion in new contracts

Angola signed, last year, five service contracts with international oil companies, which totaled US$9.4 billion, according to data from Energy Capital & Power. According to the company, a leading global investment platform focused on the African energy sector, the five highest value service contracts were signed between 2022 and the current year. The contract with the highest value (US$7.8 billion) was signed in February this year by Azule Energy, the largest independent oil and gas

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Economy Gas Local News Petroleum

Kwanza Basin: Protocol for Oil exploration signed

The National Oil, Gas and Biofuel Agency (ANPG), Total Energies EP Angola and Sonangol Pesquisa e Produção signed, this Tuesday 2nd May, in Luanda, an agreement of principles that makes it possible to make the first development project in the Kwanza Basin feasible. , in Blocks 20 and 21. Valued at around US$5 billion, the development project for the Kwanza Basin, located around 150 kilometers southwest of Luanda, will comprise a floating FPSO-type platform, the

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Economy International News Petroleum

Nigeria suspends fuel subsidy withdrawal

The Nigerian government has decided to postpone the withdrawal of fuel subsidies, because of the need for further preparations and consultations with stakeholders, including the new government. Nigeria’s Minister of Finance, Budget and National Planning, Zainab Ahmed, told the press that the Government agreed with the need for continued discussions on the matter, adding that states and representatives of the new government required more preparatory work. “The Council agreed that the time for removal of

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Economy Local News Oil Petroleum

Acquisition of oil derivatives costs US$803 million

The acquisition of 1.2 million metric tons of oil derivatives for sale cost US$803 million in the first quarter of this year, a 3 percent increase over the previous period. Of the quantity purchased for sale, around 48.2 percent corresponds to diesel, 35.3 to gasoline, 9.4 to fuel ordoil, 5.5 to Jet A1, 1.3 to illuminating oil and the remaining 0.2 of asphalt bitumen. Still of the acquisitions made, according to a summary presented on

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