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International News

Energean Completes Farm-In Agreement with Chariot Energy for Offshore Moroccan Licenses

16, April, 202416, April, 2024

Independent exploration and production company Energean has finalized a farm-in agreement with Africa-focused transitional energy group Chariot Energy for the Lixus and Rissana licenses, located offshore Morocco. Under this partnership, Energean assumes a 45% participating interest in the Lixus license and a 37.5% interest in the Rissana license, while also taking over operatorship of both blocks. In exchange, Energean paid $10 million to Chariot Energy upon the farm-in closing. Energean CEO Mathios Rigas expressed enthusiasm

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International Oil Petroleum

Niger Signs $400M Crude Oil Deal with CNPC

16, April, 202416, April, 2024

Niger signed a memorandum of understanding with the state-owned China National Petroleum Corporation (CNPC) for the sale of crude oil from the Agadem oilfield. The deal is worth $400 million. Jiang Feng, Chinese Ambassador to Niger, said the deal forms efforts by the two countries to strengthen cooperation. A producing conventional oilfield, the Agadem field is located onshore Niger. The country is expected to transport oil from the field via the 110,000 barrels per day

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International News Oil Petroleum

Republic of the Congo and Azerbaijan Forge Collaborative Agreements for Oil Sector Development

16, April, 202416, April, 2024

The Société Nationale des Pétroles du Congo (NOC) of the Republic of the Congo and the State Oil Company of Azerbaijan (SOCAR) have inked three pivotal agreements aimed at bolstering cooperation in refinery development, training, and sustainable natural resource management. During a state visit to Azerbaijan in April, President Denis Sassou-Nguesso oversaw the signing of these agreements, marking a significant step in enhancing bilateral relations between the two nations. The first agreement, an MoU on

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Energy International News Renewable Energy

Botala Energy and AAAS Energy Collaborate on 250 MW Solar Project in Botswana

16, April, 202416, April, 2024

Botala Energy Ltd. (ASX:BTE) and AAAS Energy BV, a Sub-Saharan Africa-focused solar developer, have inked an agreement to evaluate the feasibility of installing up to 250 MW of solar capacity at an energy hub currently in progress in Botswana. The proposed project is slated for Botala’s Leupane Energy Hub and Industrial Park near Palapye. The site has the potential to accommodate an impressive 500 MW of solar energy and 200 MW of gas-fired power generation.

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International News Oil Petroleum

Another African Country Overtakes Nigeria as Top Oil Producer

16, April, 202416, April, 2024

According to data from the Organisation of Petroleum Exporting Countries (OPEC), Libya overtook Nigeria as the top African oil producer in March. The April 2024 monthly oil report published by OPEC said the North African country recorded 1.24 million barrels per day of crude oil in March, a 5.7% increase from the 1.17mbpd recorded in February. Nigeria recorded an oil output of 1.23mbpd in March compared to the 1.32mbpd produced in February. The March figure

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Oil Exploration International News

Ivory Coast Expands Offshore Exploration with ExxonMobil Partnership

16, April, 202416, April, 2024

Ivory Coast’s Oil Minister recently announced a significant milestone in the country’s offshore exploration efforts—a production-sharing agreement with ExxonMobil for two ultra-deepwater blocks in the Gulf of Guinea. The agreement encompasses Ivory Coast’s CI-602 and CI-603 blocks, spanning 3,874 and 5,543 square kilometers, respectively, and featuring depths ranging from 3,000 to 4,000 meters. Oil and Energy Minister Adama Toungara highlighted that each block has a maximum exploration period of nine years, with a potential contract

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Local News Oil Petroleum

Angola Emerges as Top Crude Oil Producer Amidst Nigeria’s Sales Challenges

16, April, 202416, April, 2024

Nigeria is grappling with the daunting task of finding buyers for its crude oil, with approximately 30 out of 53 loaded cargoes currently stranded. This predicament arises despite the country experiencing low production levels, with Angola surpassing Nigeria as the leading crude oil producer. Bloomberg data indicates that the unsold cargoes could exceed 30 million barrels. While Nigeria boasts one of the world’s best grades of crude oil, challenges such as refinery maintenance and stiff

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Diamonds Economy Exploration Local News

ENDIAMA President Reveals Plans for Diamond Exploration

16, April, 202416, April, 2024

In a significant announcement, José Manuel Augusto Ganga Júnior, President of the Board of Directors of the National Diamond Company (ENDIAMA), unveiled plans for a groundbreaking feasibility study aimed at tapping into Angola’s untapped oceanic resources, including diamonds and other valuable minerals. The revelation came during a high-profile event in Luanda, underscoring Angola’s commitment to diversifying its mining sector and harnessing its rich natural resources. Addressing reporters at the “Albina Assis” auditorium of the Ministry

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Gold Economy Local News

Angola’s Mineral Secretary Optimistic on Gold Production and Refining

16, April, 202416, April, 2024

The Secretary of State for Mineral Resources, Jânio Correia Victor, expressed optimism about Angola’s gold production and refining capabilities during a recent address in Luanda. He highlighted significant strides made in gold production in provinces like Cabinda, Huíla, and Huambo, and emphasized the imminent completion of the Luanda Gold Refinery. Victor asserted that these developments lay the groundwork for the mineral sector to contribute substantially to the country’s revenue in the coming months. Speaking at

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International News Oil Petroleum

Nigeria Secures $1B Crude Prepayment Facility

16, April, 202416, April, 2024

Multilateral financial institution the African Export-Import Bank (Afreximbank) is providing a $1 billion crude oil prepayment facility to Nigeria. Aimed at boosting the country’s foreign reserves, the facility will be released in May 2024. The loan represents part of a larger $3.3 billion crude prepayment facility, with Afreximbank having already disbursed $2.25 billion in January 2024. The country’s state-owned Nigerian National Petroleum Corporation will repay the loan using revenue generated from crude sales. According to

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