Vital Industry News
Angola’s Oil Production Expected to Stagnate Amid Global Challenges Angola’s Gas Master Plan Proposal Reviewed by Council of Ministers Shell Approves Final Investment Decision for Nigeria’s Bonga North Deepwater Project Angola’s Oil Production Falls Short of OPEC Targets Amid Structural Challenges Power Outage Leaves 11 Provinces Without Electricity in Angola Alrosa Deputy CEO Vladimir Marchenko Steps Down for New Industry Role Alrosa Forecasts Diamond Market Stabilization Amid Falling Inventories Tunisia Advances Renewable Energy with 500 MW Photovoltaic Projects BP and Kosmos Energy Launch Gas Production from Greater Tortue Ahmeyim Project Galp and Partners Make Significant Discoveries at Mopane-2A Well in PEL83
Local Economy Oil

Angola’s Oil Production Expected to Stagnate Amid Global Challenges

Gas Local News

Angola’s Gas Master Plan Proposal Reviewed by Council of Ministers

Corporate News International News Oil

Shell Approves Final Investment Decision for Nigeria’s Bonga North Deepwater Project

More Angolan Mining News

Local Economy Oil

Angola’s Oil Production Expected to Stagnate Amid Global Challenges

Angola’s oil production is projected to remain steady at 1.173 million barrels per day in…
Gas Local News

Angola’s Gas Master Plan Proposal Reviewed by Council of Ministers

The Draft Gas Master Plan (PDG) was reviewed last Friday during a Council of Ministers…
Corporate News International News Oil

Shell Approves Final Investment Decision for Nigeria’s Bonga North Deepwater Project

Shell, through its Nigerian subsidiary, has finalized its decision to invest in the Bonga North…
Local News Oil

Angola’s Oil Production Falls Short of OPEC Targets Amid Structural Challenges

Angola’s oil production is set to remain below the targets previously set by the Organization…
Local Energy News

Power Outage Leaves 11 Provinces Without Electricity in Angola

A widespread power outage has left 11 provinces in Angola without electricity following an interruption…
Corporate News Diamonds International

Alrosa Deputy CEO Vladimir Marchenko Steps Down for New Industry Role

Alrosa’s deputy CEO, Vladimir Marchenko, is stepping down from his role to pursue a new…
Corporate News International Oil Petroleum

Dangote Refinery Lowers Fuel Price to N970 in Year-End Gesture

The Dangote Refinery has announced a reduction in the price of Premium Motor Spirit (PMS) to N970 per liter, down from the previous N990. This N20 decrease applies to marketers purchasing directly from the refinery, according to a report by The Punch. Anthony Chiejina, Dangote Group’s Chief Branding and Communications Officer, confirmed the adjustment on Sunday, describing it as a gesture of appreciation for Nigerians as the year draws to a close. “This reduction is

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International News Petroleum

Mozambique to Audit Hydrocarbon Firms for Local Content Compliance

Mozambique plans to conduct independent audits of hydrocarbon companies to evaluate their contributions to local business development under its local content framework. The audits will also assess companies’ compliance with policies and regulations, as well as the effectiveness of government measures promoting local participation. The National Petroleum Institute (INP) has launched an international public tender to select a specialized company for the task. The chosen firm will assist in developing auditing and analytical processes to

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Corporate News Gas International News

Senex Energy Marks Milestone as Atlas Gasfield Expansion Nears First Production

Australian energy company Senex Energy has announced the imminent flow of first gas from its A$1-billion Atlas natural gasfield expansion, following the official inauguration of its Surat Basin facility in Queensland on Sunday. The event was attended by prominent shareholders, including Posco International CEO Kyein Lee and Hancock Prospecting Executive Chairperson Gina Rinehart, alongside representatives from government and the Wandoan community. The Atlas expansion is a key achievement for Senex, particularly as the Australian Energy

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Corporate News Diamonds International

Alrosa Faces Production Cuts and Staff Reductions Amid Diamond Market Crisis

Russia’s Alrosa, the world’s largest producer of rough diamonds by volume, is considering suspending some production in 2025 and reducing its workforce as it confronts plummeting global diamond prices. The company’s CEO, Pavel Marinychev, highlighted these challenges during an interview on Thursday, citing ongoing Western sanctions and a downturn in the diamond industry. Marinychev described the global diamond market as being in a “deep crisis,” with prices declining for the second consecutive year. For Alrosa,

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Local Economy News

Portugal-Angola Trade Declines as Angola Drops in Portugal’s Export Rankings

From January to September 2024, Portugal’s exports to Angola totaled €753.1 million, a decrease of €229.6 million compared to the same period in 2023, reflecting a 23.4% decline. As a result, Angola has fallen four places in Portugal’s export rankings, now positioned as the 13th largest destination for Portuguese goods, down from 9th place since 2019. Despite this, Portugal remains Angola’s second-largest supplier, after China. These figures are part of the Barometer of Managers in

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Local Oil Petroleum

Angola’s Fuel Market Remains Reliant on Imports with Decline in Domestic Production

Angola’s fuel market continues to be heavily reliant on imports, reaching approximately 70.15% in the third quarter of this year, a 6.17% increase compared to the previous period. According to the Petroleum Derivatives Regulatory Institute’s Fuel Report, released on Tuesday, there was a 1.17% reduction in imports during this period. The report, reviewed by JA Online, reveals that by the end of Q3 2024, Angola had an operational land storage capacity of 675,968 cubic meters

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Local News

Minister Azevedo Advocates for Strengthening Local Industry Through Enhanced Training

Diamantino Azevedo, Angola’s Minister of Mineral Resources, Petroleum, and Gas, emphasized the importance of strengthening the capacity of local companies to play a more active and significant role across all sectors of the industry’s value chain. Speaking at the opening of the workshop on Local Content: “Paving the Way for Success” in Luanda, Azevedo highlighted the need to utilize resources to strengthen the national economy and create conditions that would position Angolan companies as regional

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Local Gas News

Angola to Produce First Non-Associated Gas by 2025

Angola plans to produce its first non-associated gas by 2025, announced Diamantino Azevedo, Minister of Mineral Resources, Petroleum, and Gas, during a ceremony in Luanda on November 23, 2024. The event marked the signing of a Risk Service Agreement between the National Petroleum, Gas and Biofuels Agency (ANPG) and the New Gas Consortium (NCG). Minister Azevedo explained that large-scale projects like this require clear objectives and goals. He expressed gratitude to the gas consortium and

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International Oil Petroleum

Oil Prices Drop 4.45% Amid Supply Glut and Slowing Demand

The price of a barrel of oil has dropped by 4.45%, settling at $72.25. This decline is largely attributed to an oversupply in the market coupled with weakening demand, especially from China. China, which is a major driver of global oil demand, is facing an economic slowdown. As a result, OPEC has revised its 2024 growth forecast downward, predicting a drop of 135,000 barrels per day in demand. Despite China’s stimulus efforts, oil consumption remains

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Corporate News Diamonds International

Lucara Lowers 2024 Revenue Forecast Amid Diamond Market Challenges

Lucara Diamond Corp. has announced that its 2024 revenue projections have been revised downward due to reduced sales of high-value diamonds, which typically account for up to 70% of its annual revenue, and ongoing softness in the global diamond market. In its third-quarter update, the company adjusted its full-year revenue guidance to $160 million–$180 million, down from the previous range of $220 million–$250 million. While other operational guidance remains unchanged, Lucara lowered its 2023 capital

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