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Local News

Angolan Security Forces Halt Illegal Cryptocurrency Mining Operation

22, May, 202422, May, 2024

Security forces in the neighborhood of Chiva, on the outskirts of Huambo, halted an illegal cryptocurrency mining operation led by two Chinese nationals, ANGOP reports. In a statement to the press, sub-inspector Abel Kangombe, spokesperson for the Criminal Investigation Service (SIC) in Huambo, revealed that the suspects had been conducting these illicit activities since last year in disguised facilities. Kangombe explained that the virtual currencies were produced in workshops, party venues, and milling industries, making

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Local News Oil

Angola Holds Potential for 50 Billion Barrels of Untapped Oil Reserves

22, May, 202422, May, 2024

Angola has an estimated potential of approximately 50 billion barrels of oil, with nearly 10 billion already discovered, according to Ana Miala, executive director of the National Oil, Gas and Biofuel Agency (ANPG). Speaking at the first Offshore Exploration Forum in Luanda, Miala emphasized the need for increased investment to fully exploit this potential and enhance the competitiveness of Angola’s crude oil market. She highlighted that contractual stability and favorable laws are critical factors encouraging

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Local News Transport and Logistics

China’s Ambassador Highlights Benefits of Caio Deep Water Terminal in Angola

22, May, 202422, May, 2024

China’s ambassador to Angola, Zhang Bin, emphasized the significant advantages the Caio Deep Water Terminal in northern Cabinda will bring to commercial relations between Angola, other African regions, and beyond. Speaking during his recent visit to the terminal’s construction site, Ambassador Zhang noted that the project would not only foster socio-economic development in Cabinda province but also enhance trade exchanges with various regions across the continent and globally. The diplomat expressed keen interest in the

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Local News Transport and Logistics

Moçâmedes Railway Resumes Operations After Flood-Induced Losses

22, May, 202422, May, 2024

The Moçâmedes Railway (CFM) incurred a loss of approximately 160 million Kwanzas (about $190,704) during a 31-day suspension of operations on the Huíla/Cuando Cubango section due to severe rains that washed away two hydraulic crossings. The flooding on February 3rd and 4th significantly damaged the railway infrastructure, destroying the hydraulic passages between the towns of Chanja and Olivença. Repairs, which took a month to complete, cost the public company based in Lubango around 100 million

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International News Oil

Dangote Refinery Seeks to Purchase 24 Million Barrels of US Crude

22, May, 202422, May, 2024

The Dangote Petroleum Refinery, constructed by Africa’s wealthiest individual, plans to buy 24 million barrels of US crude over the next year to boost its processing rates. Specifically, the refinery is interested in purchasing 2 million barrels of West Texas Intermediate (WTI) Midland crude each month for a year, starting in July. This tender, aimed at securing overseas oil, highlights the significant role the Dangote Refinery is poised to play in global crude and fuel

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Local Energy News Petroleum

TotalEnergies chooses Angola over Nigeria for $6 billion energy project

21, May, 202421, May, 2024

French oil major TotalEnergies has chosen Angola over Nigeria for a $6 billion energy project. The oil giant is moving forward with the development of the Kaminho oil project, located 100 km off the coast of Angola, following a final investment decision on the block, it announced on Tuesday. The $6 billion project involves developing two oil fields, Cameia and Golfinho, located in Block 20/11, according to a statement from Angola’s national hydrocarbon agency, ANPG.

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International Economy News Petroleum

IMF Urges Nigeria to End Fuel and Electricity Subsidies to Boost Economy

21, May, 202421, May, 2024

The International Monetary Fund (IMF) has reiterated its call for the Nigerian government to eliminate subsidies for fuel and electricity, contingent upon the enhancement of the social protection scheme. In its recent report titled “Nigeria: 2024 Article IV Consultation,” the IMF highlighted that these subsidies are projected to consume 3% of Nigeria’s Gross Domestic Product (GDP) in 2024, up from 1% in the previous year. The IMF praised the Nigerian Federal Government for several measures,

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Gas International News

Australia Faces Gas Supply Shortfalls Despite New Government Strategy

21, May, 202421, May, 2024

Australia’s energy producers have endorsed the government’s new Future Gas Strategy aimed at bolstering natural gas development but cautioned that the country is still at risk of gas supply shortfalls this decade amidst volatile global markets due to ongoing conflicts. Meg O’Neill, chair of the Australian Energy Producers, expressed the group’s support for the Future Gas Strategy, which was released earlier this month. The strategy underscores the need for new gas sources to satisfy both

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International Gas News

IFC intends to fund Mozambican biofuels

21, May, 202421, May, 2024

The International Finance Corporation (IFC), a member of the World Bank Group, has expressed its interest in funding the Mozambican biofuels sector, given the country’s high potential. The interest was expressed on Thursday by the IFC executive director, Makhtar Diop, at an audience granted to him by Mozambican President, Filipe Nyusi, during his visit to Kigali, on the sidelines of the Africa CEO Forum. “We talked about cooperation between Mozambique and the IFC. We discussed

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International Energy Gas

Temane Thermal Power Plant Set to Boost Mozambique’s Energy Capacity

21, May, 202421, May, 2024

According to a document from Eletricidade de Moçambique (EDM), the Temane Thermal Power Plant (CTT), located in Inhassoro district, Inhambane province, will commence commercial operations in January 2025. Expected to be the largest gas-fired power station in Mozambique, the plant will generate 450 megawatts (MW) of electrical energy using natural gas reserves from Pande and Temane over a period of 25 years. This capacity increase is projected to raise the country’s installed electricity production capacity

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