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Local News Oil Petroleum

Sonangol Trading Expands African Presence with Growth Plans

8, April, 20248, April, 2024

Sonangol Trading and Shipping, the international arm responsible for oil, derivatives, and natural gas transportation and marketing for Angola’s state oil company, is embarking on an expansion strategy across the African continent. Currently engaged with four countries – DRC, Namibia, Togo, and Cameroon – the company aims to strengthen its presence and trade volumes in these markets. Luís Manuel, President of the Executive Committee of Sonangol Trading and Shipping Business Unit (UNTS), revealed these plans

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Oil International News Petroleum

Bank of America predicts oil price at $95 in June

8, April, 20248, April, 2024

Bank of America has predicted that the price of oil will surge to $95 per barrel by June. Francisco Blanch, the director of raw materials and derivatives at the bank, attributes this increase to dwindling reserves and escalating geopolitical tensions. Additionally, production cuts by OPEC+ could impact the interest rate reduction strategies of the US Federal Reserve and the European Central Bank. According to a recent Bank of America Research report, released yesterday, commodity prices

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International News Oil Petroleum

Tullow Oil Revises Asset Value in Kenya Amidst Uncertainties

8, April, 20248, April, 2024

Tullow Oil, a multinational exploration company, has adjusted the value of its assets in Kenya, writing off $17.9 million. This decision comes as the company awaits updates on the Field Development Plan submitted to the Kenyan government in March 2023 for its Turkana project. The revised valuation of Tullow’s Kenya assets declined from $260.1 million in December 2022 to $242.2 million by the end of 2023. Tullow aims to reverse these impairments once uncertainties are

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Oil Gas Local News Petroleum

Angola and Brazil to Forge Partnership for Advancement in Oil and Gas Sector

8, April, 20248, April, 2024

Angola and Brazil are poised to strengthen their collaboration within the oil and gas sectors, driven by their robust growth trajectories. While existing partnerships have laid a solid foundation, exploring untapped opportunities could significantly bolster bilateral relations and spur mutual development. Angola’s premier event for the oil and gas industry, Angola Oil & Gas (AOG) 2024, will delve into how bilateral cooperation acts as a catalyst for progress. The event serves as a platform for

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International

South Africa Launches Third Bid Window for Battery Energy Storage Projects

8, April, 20248, April, 2024

South Africa’s Department of Mineral Resources and Energy (DMRE) has initiated the third bid window of the Battery Energy Storage Independent Power Producer Procurement Program (BESIPPPP). This tender aims to procure five energy storage systems, totaling 616 MW/2,464 MWh. Scheduled bids must be submitted by July 31, 2024, for projects designated to five pre-selected substation sites identified by Eskom, the country’s energy company. These sites, located in the Free State province, include Harvard, Leander, Theseus,

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International News Oil

Eni Unearths Hydrocarbon Potential in Ivory Coast Blocks

8, April, 20248, April, 2024

Preliminary exploration conducted by global oil major Eni has revealed promising signs of hydrocarbons in offshore oil blocks CI-504, CI-526, CI-706, and CI-708 in Ivory Coast. The government has therefore agreed to proceed with negotiations for production sharing contracts with the major. An expression of interest was made by Eni in February 2024 for the offshore blocks. This development follows Eni’s commencement of oil and natural gas production from the deepwater Baleine field in southeast Ivory Coast

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Diamonds International Mining Projects News

Cobre Limited Initiates Diamond Drilling Program at Okavango Copper Project

6, April, 20246, April, 2024

Cobre Limited has kicked off a 5-hole, 2,000-meter diamond drilling initiative at its Okavango Copper Project (OCP) in Botswana. This endeavor aims to explore for copper-silver mineralization adjacent to MMG’s Zone 5 and Boseto groups, building on previous drilling success in 2019 and leveraging geophysical data to pinpoint promising sites. Situated near MMG’s Khoemacau Copper mine, the OCP is strategically positioned to benefit from potential discoveries. The drilling program, set to begin within two months,

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Local News Oil Petroleum

KBR Wins Management Contract for Lobito Refinery Expansion in Angola

5, April, 20245, April, 2024

Engineering firm KBR has been awarded a project management contract for the development of the Lobito Refinery, a significant project located in Benguela Province, Angola. With a capacity of 200,000 barrels per day (bpd), this refinery expansion project marks a pivotal moment in Angola’s oil industry. Under the contract granted by Angolan national oil company Sonangol, KBR will oversee the engineering, procurement, and construction (EPC) phase of the project. This agreement solidifies a 20-year partnership

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Local Economy News Oil

Angola’s Rich Oil Production History Fuels Investor Interest

4, April, 20244, April, 2024

Angola’s robust history in oil production, dating back to its first commercial discovery in 1955, has played a pivotal role in its economic development, with the sector contributing 75% of the government’s revenue. As one of the continent’s leading producers, Angola is poised to maintain production at 1.1 million barrels per day (bpd) beyond 2027. Building on this foundation, Angola is actively attracting new investments to sustain oil production and expedite the development of new

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International Energy News

Trina Solar to Install 283 MW Power Plant in South Africa

4, April, 20244, April, 2024

Solar energy provider Trina Solar – in collaboration with China Energy International Group and China Gezhouba Group – will install the 283 MW Mooi Plaats solar power plant located in Northern Cape, South Africa. Trina Solar will provide modules for the power plant, which will utilize energy generated by 416,325 panels from the NEG21C.20 Vertex N series and display efficiency levels of up to 23.2%. “We are proud to partner with China Energy International Group

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