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Oil

Baker Hughes to Establish Liquid Mud Unit in Namibia

6, May, 20246, May, 2024

Oil companies operating in Namibia are set to benefit from increased efficiency and cost savings as energy technology company Baker Hughes moves forward with plans to construct a liquid mud unit (LMU) in the country. The initiative aims to address challenges associated with importing drilling fluids from Angola, streamlining operations and supporting the growing offshore exploration activity in Namibia. According to Tokunbo Azeez, Baker Hughes’ executive director for sub-Saharan Africa, the current practice of importing

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Local News Oil Drilling

Angola’s Oil Sector Sees Active Drilling Operations in March

6, May, 20246, May, 2024

In March, the National Petroleum, Gas and Biofuels Agency (ANPG) reported a total of 10 drilling units active in Angola’s oil sector, with significant progress across various operations. The standout performers among the active units were six drill ships: Sonandril West Gemini, Sonangol Libongos, Valaris DS-09, Sonangol Quenguela, Transocean Skyros, and Sapem 12000. Additionally, a Jack Up Shelf Drilling Tenaciou, a Tender SKD Jaya, a Tension Leg Platform TLP-A, and a FALCON HP-1000 land probe

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Economy Local News

Angola’s Debt Relief Agreement with China Spurs Economic Stability

6, May, 20246, May, 2024

Following President João Lourenço’s official visit to China in April, Angola has experienced a significant easing of its debt burden with the Asian nation. This agreement, lauded by Minister of State for Economic Coordination José de Lima Massano, has ushered in a period of financial stability and strategic fiscal management, offering various benefits to the Angolan economy. Immediate Financial Impacts The agreement swiftly bolstered Angola’s liquidity, freeing up resources that were previously earmarked for debt

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Local Economy News

Prices of imported goods rose another 11% in 2023

6, May, 20246, May, 2024

In 2023, Angola recorded an increase of 11.7 percent in the prices of imported goods, with emphasis on food, while exported goods increased by 19.2 percent, driven by oil, indicates the Angolan National Statistics Institute (INE). According to the 2023 Yearbook of Price Indices for Export and Import Goods, the relevant increase stood out in the group of alcoholic beverages and tobacco, with 46.7 percent, chemicals, with 45.2, and products food, with 32.2. The increase

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Local Economy News Oil

Angola’s Oil Production Exceeds Expectations in March

6, May, 20246, May, 2024

In March, Angolan oil production surged to 34,897,176 barrels, averaging 1,125,715 barrels per day (bpd), surpassing the projected 1,054,463 bpd, as revealed in the Monthly Summary on Oil Production released by ANPG. The report, accessible on the National Petroleum, Gas, and Biofuels Agency (ANPG) website, indicates that associated gas production for the same period reached 85,209 million cubic feet, with a daily average of 2,749 million cubic feet. Furthermore, the report outlines that 1,538 million

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Local Exploration News Oil

Azule Energy Secures Stake in Namibian Oil Exploration Venture

6, May, 20246, May, 2024

Azule Energy, an Angolan company, and Rhino Resources Namibia have inked a significant agreement (Farm-In) granting Azule Energy a 42.5 percent interest in the exploration of Block 2914 A. This block lies within Namibia’s Orange basin, where major oil discoveries have been made since 2022. Currently, Rhino operates the venture with an 85 percent stake, alongside Namcor Exploration and Production (Proprietary) Limited (10%) and Namibian company Korres Investments (Pty) Ltd (5%). The agreement outlines a

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Local News

ENDE Enhances Electricity Supply Quality in Lobito

6, May, 20246, May, 2024

The National Electricity Distribution Company (ENDE) has significantly upgraded the quality and reliability of electricity supply in Lobito city, according to Gelson Pinto, Director of Exploration and Maintenance for the Central Region of ENDE. Pinto announced the deactivation of an old electrical substation, in operation for 58 years, which utilized outdated equipment. It has been replaced with modernized facilities to enhance service efficiency and security. The investment in updated equipment is expected to enhance redundancy,

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Diamonds Local News

Sociedade Mineira Yetwene Plans Diamond Production Surge in Lucapa

6, May, 20246, May, 2024

Sociedade Mineira Yetwene (SMY), situated in Lucapa municipality, Lunda-Norte province, aims to quadruple its monthly diamond production from three thousand to 13 thousand carats this year by introducing new treatment facilities. Vánia Ferreira, SMY’s advisor for Mining Development, disclosed this information recently, stating that the installation of four pre-treatment units with capacities ranging from 100 to 250 tons per hour is currently underway. This expansion will elevate the ore treatment capacity from 100 to 450

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International News Oil

Nigeria Launches Oil Licensing Round

6, May, 20246, May, 2024

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has launched its 2024 licensing round that features 12 oil blocks, combined with 5 deep offshore assets from last year’s round. Available through January 2025, the acreage on offer includes but is not limited to 6 greenfield oil blocks situated on the continental shelf, 4 deep offshore blocks and 2 onshore blocks in the Niger Delta. The Commission is seeking to establish an investment-friendly environment by ensuring regulatory

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International Exploration News Oil

Chariot Commences Oil Exploration in Morocco with RZK-1 Well

6, May, 20246, May, 2024

Transitional energy company Chariot has initiated drilling operations for the RZK-1 well, marking its first exploration well of 2024. Situated within Morocco’s onshore Loukos license, the Gaufrette prospect serves as the focal point for this drilling campaign. The primary objective of the drilling endeavor is to tap into an estimated 10 billion cubic feet (bcf) of natural gas resources. However, Chariot’s strategy includes plans to deepen the well in order to access potentially larger reserves.

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