Angola to Launch 2025 Oil and Gas Licensing Round

Angola is gearing up to launch its next oil and gas licensing round in 2025, inviting US-based exploration and production companies to seize upcoming block opportunities. As part of a six-year licensing initiative initiated in 2019, the country recently concluded a 12-block tender in January 2024 and is currently finalizing negotiations for production sharing. During a networking event hosted by Angola Oil & Gas (AOG) 2024 in Houston on March 19, Secretary of State for

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Zanzibar Prepares for Inaugural Oil and Gas Licensing Round

Zanzibar is set to inaugurate its first-ever licensing round on Wednesday, inviting international oil and gas companies to participate in exploration and production activities. The announcement, made by the Ministry of Blue Economy and Fisheries of Zanzibar, comes after the demarcation of eight offshore blocks in the region. Seeking to diversify its economy, Zanzibar aims to attract foreign investment into its hydrocarbon sector. To facilitate this, the semi-autonomous region has implemented a revamped Model Production

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SOCAR President Discusses Oil and Gas Cooperation with Republic of Congo Official

Rovshan Najaf, President of the State Oil Company of Azerbaijan (SOCAR), held a meeting with Francoise Joly, Presidential Adviser for International Strategy of the Republic of Congo, to explore opportunities for cooperation across the oil and gas sector. During the discussion, Najaf and Joly explored potential collaboration avenues, including oil and oil-based products trading, human capital development, and other mutual interests. The officials also delved into Azerbaijan’s global energy projects, SOCAR’s multinational operations, and potential

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

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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Mozambique Adopts Law for Natural Gas Export Revenue

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

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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Fuel Costs Expected to Drop as Port Harcourt Refinery Resumes Operations

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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Huambo’s Rare Earth Exploration Set to Begin in 2026

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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Sonangol Takes Lead in “Aiming for Zero Methane” Initiative

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

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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