De Beers Board Member Matome Tsholetsa Malema Passes Away
Sodiam Raises $25.8 Million in 16th Rough Diamond Auction
Shell Reaffirms Commitment to Reviving Angola’s Oil Production
Sonangol Oil Tanker Damaged by Explosion Near Iraqi Port
Angola and Namibia Advance Energy Cooperation with Focus on Electricity Interconnection
Oil Hits Multi-Year High as Iran Conflict Escalates, Boosting Vegoils and Aluminium
Ghana Prepares Alternative Gold Export Routes Amid Dubai Flight Disruptions
Global Oil Prices Surge Amid Rising Tensions in the Middle East
Middle East Tensions Send Oil Prices Higher, Raising Inflation Risks for Africa
Uganda Central Bank Launches Domestic Gold Purchase Programme to Boost Reserves
The price of Brent oil, a crucial benchmark for Angola’s exports, has remained steady at around $85 per barrel over the past ten days. During this period, there have been instances where barrels were sold at prices as high as $87. This current price level far exceeds the reference price of $65 per barrel set in Angola’s 2024 General State Budget, resulting in an extraordinary income of $20 per barrel. Despite slight fluctuations, such as
Sonangol, the Angolan state-owned oil company, has announced an extension of the deadline for the submission of proposals for the Public Tender for the Concession of the Exploration of the Porto Amboim Estaleiros Navais (Paenal) Facilities. Initially set for March 30th, the new deadline is now May 31st. The tender, introduced in mid-December, is part of Sonangol’s restructuring strategy aimed at broadening the company’s activities. This expansion plan includes the repair, maintenance, and manufacturing of
The Cabinda Refinery, slated to process 60 thousand barrels of oil per day starting December this year, received a significant investment last year from the Fund for the Development of Exports in Africa (FEDA), backed by the continental bank Afrexim. The investment is part of a broader initiative to enhance exports, spearheaded by funds established by the African Export and Import Bank (Afrexim), which have amassed over $450 million for investment in various sectors, including
The Petroleum Derivatives Regulatory Institute (IRDP) has issued Instruction 001/2024 to identify the sources of international reference prices (Platts) for crude oil and natural gas-derived products in the second quarter of this year. The instruction applies to various aspects including the refining of crude oil, imports, logistics, distribution, and marketing of gasoline, diesel, kerosene, and liquefied petroleum gas, excluding fuel, bitumen, and lubricants. According to the document, from April to June, diesel and kerosene will
Approximately 7,500 liters of fuel were confiscated last Saturday in Cabinda province by members of the first Border Guard Police Unit, suspected of being smuggled into the Democratic Republic of Congo (DRC). According to a press release from the Institutional Communication and Press Department of the Ministry of the Interior (MININT), the fuel seizure took place at the Tendequele Village Border Post during routine patrols near the land border with the DRC. The fuel, comprising
Environmental organizations, The Green Connection (TGC) and Natural Justice, have taken legal action against the environmental authorization granted to TotalEnergies Exploration and Production South Africa (Teepsa) for exploratory drilling in Blocks 5, 6, and 7 along the Cape Town and Cape Agulhas coast. The application, filed in the High Court, targets several respondents including Mineral Resources and Energy Minister Gwede Mantashe, the director-general of the Department of Mineral Resources and Energy (DMRE), and Forestry, Fisheries,
The West African Gas Pipeline Company Limited (WAPCo) has successfully resumed gas delivery at Tema’s Regulating and Metering Station following a temporary shutdown due to a system glitch. According to a press statement released on Saturday, March 23, the Tema facility experienced a complete shutdown around 10:30 p.m. on Friday, resulting in electricity disruptions in areas such as Tema, Lapaz, Weija, Mallam, Kasoa Barrier, and others. After working diligently throughout the night, engineers managed to
UNOC initiates petroleum product sales to oil marketing companies in Uganda and Tanzania. This is part of a broader strategy to test the waters before UNOC embarks on a direct importation agreement with the global oil titan, Vitol Bahrain. This manoeuvre signals a new era in East Africa’s energy dynamics, especially following a cooling of relations between Uganda and Kenya over fuel supply mechanisms. For years, Uganda’s fuel supply chain was heavily dependent on Kenyan
Intana Energy provides updates on the ongoing exploration campaign in Namibia’s Orange Basin, specifically on Blocks 2813A and 2814B, governed by Petroleum Exploration Licence 83 (PEL 83). Galp Energia’s subsidiary operates PEL 83, with Sintana holding an indirect 49% interest in Custos Energy, a 10% working interest owner in the license, alongside NAMCOR, Namibia’s National Petroleum Company, which also holds a 10% working interest. Chairman and CEO of Custos, Knowledge Katti, emphasizes the significance of
Egypt’s state-owned Egyptian Natural Gas Holding Company (EGAS) has taken a significant step in expanding its international footprint by establishing a subsidiary in Saudi Arabia. Named Modern Gas Saudi Arabia, the newly formed company, with an initial capital of $530,000, marks EGAS’s entry into the Saudi market, with an 80% ownership stake. This strategic move, announced by Egypt’s Ministry of Petroleum on March 17, is part of EGAS’s broader strategy to attract foreign investment and
