Sonangol announced the start of oil drilling in Block Kon 11 of the Kwanza Onshore Basin in August. The company expects the drilling of two oil wells to contribute to the growth of its operated production, elevating it from 2.0 to ten percent of the total Angolan oil industry. Ricardo Van Deste, President of the Executive Commission of the Exploration and Production Business Unit (UNEP) of Sonangol, declared that Kon 11 has been identified as
Angola and the Democratic Republic of Congo (DRC) have signed a significant cooperation agreement for the exploration, production, and development of hydrocarbons in the Common Interest Zone located on their maritime border. The historic deal was signed on July 13th in Kinshasa by Angola’s Minister of Mineral Resources, Petroleum and Gas, Diamantino Azevedo, and DRC’s Minister of Hydrocarbons, Didier Ntubanga. This agreement marks the culmination of almost two decades of negotiations between the two countries
Gemcorp Holdings Limited (GHL), the Africa Finance Corporation (AFC), and the African Export-Import Bank (Afreximbank) announce, in a statement released this Thursday, the completion of the financial package for the construction of the Cabinda Refinery, valued at $335 million. The project, valued at $473 million, is financed with $138 million in resources already provided by its shareholders and $335 million in project financing provided by a banking syndicate led by AFC, Afreximbank, and a group
The UAE has set ambitious targets to become a major producer of hydrogen as part of its revised energy strategy. An official from the country’s energy ministry announced that the UAE aims to produce 1.4 million tonnes of hydrogen annually by 2031, with expectations to increase that figure to 15 million tonnes by 2050. As one of the world’s leading oil exporters, the UAE is now shifting its focus to hydrogen production to align with
French energy giant TotalEnergies will start work on a $27-billion oil and gas contract with Iraq within one month citing a top official. Iraq, which controls the world’s fifth largest proven oil reserves, signed the massive deal with the French firm to develop its oil, gas and renewable energy sector on Monday. It is the largest foreign investment in the history of the war-torn Arab nation. Under the agreement, the four projects specified by the contract will have to
Energy Capital and Power (ECP), the leading investment platform for the African energy sector, is proud to announce its strategic partnership with CV&A Consultores em Comunicação (CV&A) for the highly anticipated Angola Oil and Gas (AOG) conference and exhibition – taking place in Luanda this year from September 13-14. Under the theme, ‘Angola Oil & Gas: Energy Security, Decarbonization and Sustainable Development’, AOG 2023, organized by ECP, brings together global industry leaders, government representatives, investors and key
The companies will increase output from two Sahara desert fields in southeastern Algeria, for export to France and elsewhere in Europe Algeria’s state oil company Sonatrach said Sunday it had signed contracts to boost gas production under an existing agreement worth about $740 million with French giant TotalEnergies. The companies will increase output from two Sahara desert fields in southeastern Algeria, for export to France and elsewhere in Europe, the company said in a statement.
China produces more than 15 million tons of crude oil Daqing, China’s largest onshore oil field, produced 15.09 million tonnes of crude oil in the first half of 2023, said the entity, a subsidiary of China National Petroleum Corporation. Since the beginning of 2023, the Daqing Oilfield has been focusing on the target tasks of stabilizing oil production. In the same period, the oil field produced around 2.97 billion cubic meters of natural gas, an
The Luanda Refinery carried out a successful test of the use of hydrogen (a fuel that does not generate greenhouse gases) in the production of energy for production, in what Sonangol, which controls the petrochemical unit, considers to be the scope a milestone in the decarbonization process. Luanda refinery uses hydrogen energy in production this is defined as a process of reducing carbon emissions into the atmosphere, especially carbon dioxide, decarbonization is adopted to achieve
Kuwait’s oil minister, Saad Al Barrak, has announced that Kuwait plans to invest more than $300 billion in the energy sector by 2040. Al Barrak made this statement during the 8th OPEC International Seminar held in Vienna. The country aims to increase its oil production capacity to 3.2 million barrels per day by the end of 2024. According to Al Barrak, Kuwait plays a positive role in supporting OPEC and works towards fostering consensus and
