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Local Economy News

International Interest in António Agostinho Neto International Airport Concession Grows

14, March, 202414, March, 2024

Several international companies have submitted proposals to the government for the concession of management rights for the “Dr. António Agostinho Neto” International Airport (AIAAN). In recent days, these companies have conducted prospecting visits to assess the infrastructure’s potential and business opportunities. According to the Ministry of Transport, four European and American companies with expertise in airport management have acquired the specifications for the concession tender. They have also conducted technical visits to the airport to

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Oil Local Petroleum

Angolan Oil Industry Struggles with Local Content Participation

14, March, 202414, March, 2024

Angolan companies represent a mere 2% of oil contracts, amounting to $18.2 billion annually, while foreign companies dominate the sector with 98%, according to Berta Issa, the new president of the Association of Indigenous Companies for the Angolan Oil Industry (ASSEA), as reported by Angop. Issa highlighted the challenges faced by local companies, including the lack of implementation of methodologies for measuring local content, absence of payment instructions allowing transactions in both local currency and

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Oil Gas International News Petroleum

TotalEnergies Achieves Record Profit Despite Challenging Market Conditions

14, March, 202414, March, 2024

TotalEnergies reported a net profit of $21.4 billion (€19.8 billion) in 2023, marking a new record following its historic result in 2022. Despite depressed prices for gas and oil, the world’s fourth-largest major improved its net profit by 4% compared to 2022, attributed to the “growth in hydrocarbons, particularly liquefied natural gas and electricity,” announced CEO Patrick Pouyanné in the company’s earnings statement released on Wednesday, February 7th. However, this performance falls short of analysts’

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Local News Oil Petroleum

Etu Energias Aims to Cover 25% of Domestic Lubricant Consumption

12, March, 202412, March, 2024

Etu Energias has set a target to cover 25 percent of internal lubricant consumption by establishing a factory capable of producing over 12 thousand metric tons of refined products annually. This initiative, resulting from a partnership between the national oil company and Glide Technology, aims to decrease the reliance on imported petroleum derivatives. Edson dos Santos, president of the Board of Management (PCA) of Etu Energias, stated that the long-term goal is to produce more

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Local Mining News

Angola Withdraws from Bauxite Project in Guinea-Bissau

12, March, 202412, March, 2024

The Guinean government confirmed Angola’s withdrawal from the bauxite exploration project in eastern Guinea-Bissau, as announced by Minister of Natural Resources Malam Sambú in an interview last week. According to Sambú, the bauxite exploration license is now available as Angola lacked the economic means to continue the project, leaving it abandoned. Guinea-Bissau’s geological studies suggest over 113 million tons of bauxite in the historic town of Boé, a significant source of aluminum. The exploration license

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Diamonds Economy Local News

Lulo recovers two +10 0 carat Diamonds on consecutive days

11, March, 202411, March, 2024

Lucapa Diamond Company Limited (ASX:LOM) in collaboration with its Angolan partners Endiama and Rosas and Petalas, has announced the discovery of two significant diamonds in February at the Lulo Mine. Both remarkable finds, weighing over 100 carats each, were unearthed from the terraces of Mining Block 46. Among them is a 116-carat type IIa diamond, known for its exceptional quality, which will be showcased in a future tender along with other high-value type IIa diamonds

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International News Oil Petroleum

Niger Plans First Oil Export in April via Completed 110,000 b/d Benin Pipeline

11, March, 202411, March, 2024

The groundbreaking Niger-Benin pipeline, with a capacity of 110,000 barrels per day (b/d), has been completed. This pipeline is expected to boost Niger’s crude production fivefold, transforming it into a major exporter. The initial shipment of crude oil was anticipated to be exported in January, as announced by the military leader of the country, Abdourahamane Tiani, via state television. However, reliable sources said the inaugural shipment from the pipeline may occur as soon as April,

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International Gas Oil Petroleum

TotalEnergies, Shell, Chevron Double Down on African Oil, Gas

11, March, 202411, March, 2024

Leading IOCs are affirming their commitment to African oil and gas – a positive indication for service providers, drilling contractors and the industry at-large. Speaking in Nigeria earlier this month, high-level representatives from TotalEnergies, Shell and Chevron all confirmed multi-million-dollar investment projects in the pipeline, from driving frontier exploration to delivering gas from mature markets. With the Invest in African Energy (IAE) forum in Paris fast approaching this May, now is the time for investors

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International News Oil Petroleum

Russia Boosts Fuel Exports to Senegal

11, March, 202411, March, 2024

Russia has increased its fuel exports to Senegal, according to traders and data from financial information company The London Stock Exchange Group (LSEG). Oil supplies to Senegal hit 550,000 metric tons in the first two months of 2024 alone. In comparison, exports totaled 1.08 million tons for the entirety of 2023 and 0.37 million tons for 2022. LSEG attributes the rise in exports to heightened demand for bunker fuel as companies redirect cargo via the

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Energy International News

Astra Energy to Develop 100 MW Project in Lesotho

11, March, 202411, March, 2024

Independent power producer Astra Energy has partnered with the Lesotho National Development Corporation to develop a 100 MW renewable energy project in Lesotho. Under a public-private partnership model established with Astra Energy’s agent Aztec Management Consultants, the project will double Lesotho’s current installed electrical capacity –currently estimated at 77 MW. “The project will improve the reliability of the electricity supply, which is essential for a growing economy. Successful completion of the project will also create

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