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International Gas News Oil

Eni Finalizes $300 Million Asset Sale Deal with Perenco in Republic of Congo

20, March, 202420, March, 2024

Italian multinational energy company Eni has successfully concluded a $300 million deal for the sale of select upstream assets to oil and gas firm Perenco in the Republic of Congo. The agreement, initially announced in June 2023, aligns with Eni’s strategic objective of optimizing its operations and concentrating on significant upstream projects within the country. In a press release, Eni emphasized its dedication to harnessing the Republic of Congo’s extensive gas resources, particularly through initiatives

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International Gas News

Mozambique Adopts Law for Natural Gas Export Revenue

20, March, 202420, March, 2024

Mozambique’s council of ministers has approved a decree establishing legislation for a sovereign wealth fund. The fund will be tasked with managing revenues from an estimated $91.7 billion in natural gas exports in the coming decades. Under the new law, 40% of liquefied natural gas revenues will finance the fund during its first 15 years, with the remaining portion allocated to the national budget. Subsequently, a balanced allocation between savings and expenditures will be implemented.“The

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Mining Local News

Rare Earth Mining Project in Huambo Province Set to Commence Operations by 2026

20, March, 202420, March, 2024

The Ozango Minerais project, focusing on the exploration of rare earth minerals in Longonjo, Huambo, is advancing into the construction and equipment installation phase, with operations expected to commence in 2026. Tim George, head of an investor mission, made this announcement following a meeting with Huambo’s vice-governor for the Political, Economic, and Social sector, Angelino Elavoco. George stated that work on the mine, situated 64 kilometers from Huambo city, is scheduled to begin eight months

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International Oil Petroleum

Fuel Costs Expected to Drop as Port Harcourt Refinery Resumes Operations

20, March, 202420, March, 2024

Fuel costs in Nigeria are anticipated to decrease once the Port Harcourt Refinery recommences operations, according to the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Major Energy Marketers Association of Nigeria (MEMAN). The national petroleum company of Nigeria has pledged that the refinery will be operational within two weeks, prompting preparations by marketers to receive products from the facility. Both IPMAN and MEMAN have urged the Nigerian National Petroleum Company Limited (NNPC) to

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Local Mining News

Huambo’s Rare Earth Exploration Set to Begin in 2026

20, March, 202420, March, 2024

Tim George, the executive director of Pensana, has indicated that exploration of Huambo’s rare earths could commence as early as 2026. This timeline is contingent upon the completion of prospecting activities, which have been ongoing since 2015, and the initiation of infrastructure construction this year. During a meeting with Angelino Elavoco, Vice-Governor of Huambo, Tim George outlined plans that could generate approximately 1,090 direct jobs. These positions include 650 jobs during the infrastructure construction phase

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Oil Gas Local News

Sonangol Takes Lead in “Aiming for Zero Methane” Initiative

20, March, 202420, March, 2024

Sonangol, Angola’s national oil company, has made history by becoming the first African oil producer to join the “Aiming for Zero Methane” initiative. This global effort, led by the Oil and Gas Climate Initiative (OGCI), aims to drastically reduce methane emissions in the oil and gas industry. In a recent statement, Sonangol announced its commitment to achieving nearly zero methane emissions from its oil and gas operations by 2030. Gaspar Martins, President of Sonangol’s Board

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Local Gas News Oil Petroleum

OPEC Forecasts Slight Decline in Angola’s Oil Production for 2025

20, March, 202420, March, 2024

The Organization of Petroleum Exporting Countries (OPEC) forecasts a slight decrease of 0.04 percent in Angola’s oil production for 2025, with output falling to under 1.1 million barrels per day. According to OPEC’s latest monthly report, non-OPEC countries are expected to see a growth in oil and gas production by 1.4 million barrels per day in 2025. However, Angola is among the few countries expected to experience a decline, along with Mexico. Angola’s decision to

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Diamonds Economy Local News

Lulo Mine’s Rough-Diamond Resources Surge

18, March, 202418, March, 2024

Rough resources at Lucapa Diamond Company’s Lulo deposit in Angola increased 48% in 2023 as the miner identified new material that will add an extra eight years to the deposit’s production. The figure, which refers to the volume of diamonds with a reasonable prospect of being extracted economically, climbed to 228,000 carats as of December 31, from 153,870 carats a year earlier, the company said Monday. The miner had the asset independently estimated by South

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Diamonds Local News

Govt Weighs Alrosa’s Role in Catoca Project Amid Political Concerns

18, March, 202418, March, 2024

The Angolan government has stated that the potential withdrawal of the Russian multinational Alrosa from the Catoca project depends on ongoing political assessments, expressing confidence that there will be no prohibition on the sale of Angolan diamonds in the European Union (EU). Jânio Vitor Correia, the Secretary of Mineral Resources, clarified that while the EU is scrutinizing a partnership involving Catoca (Alrosa), diplomatic efforts are underway to address the situation. He emphasized that there is

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Diamonds Economy Local

ENDIAMA forges closer partnerships with Chinese companies in the Mining sector

18, March, 202418, March, 2024

Angola’s National Diamond Company is going to forge closer partnerships with Chinese companies to develop Angolan diamond projects. The information was given last Saturday in Beijing by the chairman of the board of directors of ENDIAMA-E.P, Ganga Júnior, on the sidelines of the Angola-China Economic Forum, held as part of the strengthening of cooperation between the two countries. ENDIAMA’s president explained that the trip to Beijing had had a “very positive” outcome, and that a

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