The OPEC Fund for International Development (OPEC Fund) allocated $1.7 billion to finance 55 global projects in 2023, according to a recent statement from the organization. In a bid to address climate change, social and economic resilience and sustainable growth, 60% of the funds supported renewable energy initiatives. At 42%, Africa received the largest share of the funding, with recipient projects including solar power initiatives in Niger and Nigeria, as well as an energy security
Senegal’s inaugural offshore oil project – anticipates first oil in mid-2024. Operated by the Australian exploration and production company Woodside Energy, the project is set to process 100,000 barrels per day through FPSO Léopold Sédar Senghor from subsea wells. Once operational, Sangomar will mark Senegal’s debut in oil production, generating several important impacts for the country and the wider region. Revived Exploration With the arrival of first oil, the MSGBC region will likely see a
The Minister of Mineral Resources, Petroleum, and Gas, Diamantino Azevedo, delivered a speech on Tuesday at the opening of the “Mining Business Forum in Angola,” taking place in Cape Town, South Africa, as part of the “Angola Day” within the framework of the 30th International Mining INDABA conference, which started yesterday and will continue until Thursday. The forum, themed “Angola: Mining Potential and Business Opportunities for Investors,” kicked off with the signing of a memorandum
As the 2023 U.N. Climate Change Conference, the 28th Conference of Parties (COP28) in Dubai drew to a close, the air was thick with determination among the 200 delegates. Acknowledging that the era of fossil fuels was on its last legs, they collectively pledged to hasten its demise. This was heralded as “the beginning of the end” for coal, oil, and natural gas. The nails and hammers were poised to pound the coffin of a
Kibali, the largest gold mine in Africa, has become one of the continent’s greenest and most impressively automated operations. It continues to drive local economic development and provides ongoing funding for the reintroduction of white rhinos into a UNESCO World Heritage site in the Democratic Republic of Congo (DRC). On the clean energy front, the majority of the electricity powering Kibali is already sourced from its three hydropower stations. Once Kibali’s new 16 MW solar
Across the entire oil and gas value chain, both local and international service providers stand the chance to not only contribute to but drive the growth of Angola’s oil and gas industry. From detailed engineering services to procurement of equipment to technical construction activities, development opportunities are abundant. Supporting Successful Upstream Projects Angola’s upstream oil and gas sector is poised for growth on the back of major new hydrocarbons discoveries in the country’s ultra-deepwater offshore acreages.
Boasting abundant natural gas resources and immense potential in human capital, Africa is currently witnessing the development of several large Liquefied Natural Gas (LNG) projects. These upcoming ventures are expected to play a pivotal role in spearheading the continent’s LNG export capacity, driving domestic electrification, and facilitating resource monetization. One such project nearing completion is the Greater Tortue Ahmeyim (GTA) LNG Project. The first phase of GTA, located on the maritime border between Senegal and
The service companies have played a pivotal role in the growth of Angola’s upstream, midstream, and downstream sectors, solidifying the country’s position among Africa’s leading oil and gas producers. In recent months, several multi-million-dollar deals have been signed, contributing to the expansion of operational energy projects in the country. As plans to increase exploration and production unfold, service companies are anticipated to be at the forefront of the industry’s evolution. Azule Energy Awards $7.5Bn in
The United States (U.S.) is advancing bilateral ties with Angola, strengthening cooperation in key areas including economic, trade, and investment, food security, global health cooperation, and climate and energy. U.S. Secretary of State, Anthony Blinken, wrapped up his four-nation tour of Africa with a visit to Angola, where he discussed the U.S.-Angola partnership and promoted shared goals such as expanding economic prosperity and energy access. During his stop in Angola on 24 and 25 January,
Angola has officially granted a $5.7 million mining license to the multinational mining corporation Rio Tinto. The formalization of this agreement took place during a signing ceremony attended by key officials from both parties on Wednesday, January 17, in Luanda. The awarded license outlines Rio Tinto’s exploration focus on basic metals, including copper, cobalt, zinc, titanium, and aluminum. This exploration will be conducted within the expansive 9,887 km² Moxico Concession, located in Angola’s Moxico province.
