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Oil Local Petroleum

China’s CNOOC to Send Team to Angola to Discuss Block 24 Exploration

31, March, 202431, March, 2024

The China National Offshore Oil Corporation (CNOOC) is sending a team of senior executives to Angola to discussion opportunities in oil exploration. According to Angola’s Ministry of Mineral Resources, Petroleum and Gas, “In the coming days, a delegation from CNOOC – led by Liu Yongjie, Chairman of the CNOOC International Limited – is set to travel to Angola to start discussions around Block 24 and other oil exploration opportunities.” Located in the Southern Kwanza Basin,

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International Mining

Nigeria Implements New Guidelines for Mining Licenses to Promote Local Processing

31, March, 202431, March, 2024

Nigeria has announced a significant policy shift concerning mining licenses, stating that new licenses will only be granted to companies that present plans for local mineral processing. This development aims to enhance the value extracted from Nigeria’s solid mineral deposits and aligns with the country’s efforts to boost its economy. According to a government spokesperson cited by Reuters, this change signifies a departure from Nigeria’s historical practice of exporting raw materials. It reflects a broader

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Local News Oil

Sonangol Kulumbimbi Ship Recognized for Environmental Innovation

31, March, 202431, March, 2024

The Sonangol Kulumbimbi ship has been honored in the 2023 edition of “Significant Ships,” an annual publication by the British Royal Institution of Naval Architects. This recognition celebrates vessels over 100 meters long and highlights the ship’s exceptional navigability and environmental conservation efforts. Sonangol, in collaboration with Hyundai Samho Heavy Industries (HSHI), has constructed the Sonangol Kulumbimbi with a strong focus on innovation and environmental responsibility. Measuring 274 meters in length, 48 meters in width,

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International Oil Petroleum

Gasoline prices rise in South Africa

31, March, 202431, March, 2024

The price of gasoline in South Africa will increase in April. Diesel (diesel), however, will see some reduction. The department responsible for the measures attributed the adjustments to the increase in average international prices for gasoline products For this reason, April will be a mixed month for South African motorists in terms of fuel prices, with petrol rising, while the cost of diesel will increase or decrease slightly, depending on whether you live inland or

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Local News Oil Petroleum

Angola Urged to Invest in New Oil Projects to Prevent Shortages

31, March, 202431, March, 2024

Heitor Carvalho, Director of the Economic Research Center at the Lusíada University of Angola (CINVESTEC), emphasized the urgent need for new oil investments to prevent a potential shortage of crude oil by 2033. Speaking during the presentation of the Economic Report for the Third Quarter of 2023 in Huambo, Carvalho warned that Angola faces the risk of oil depletion within the next nine years if proactive measures are not taken to develop new reserves. Carvalho

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Local Energy News Renewable Energy

Cuanza-Norte Positioned as Potential Hub for Green Energy Production

31, March, 202431, March, 2024

Cuanza-Norte Province has emerged as a promising candidate to spearhead a pilot project for green energy production, following a recent business visit by Nigerian investors to Cambambe. The mission expressed keen interest in leveraging the province’s abundant resources for the production of green hydrogen, particularly emphasizing the viability of utilizing ammonia, a key component for fertilizer production, alongside established technologies in Nigeria’s industrial sector. Fifi Ejindu, President of the Angola-Nigeria Business Council, underscored the export

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Local Oil Petroleum

First Angolan Venture Capital Company Launched to Finance national Oil Companies

30, March, 202430, March, 2024

On Wednesday, Luanda witnessed the inauguration of Angola’s inaugural Venture Capital Company, PetroFund, with an impressive fund of $250 million aimed at bolstering projects within the country’s oil and gas industry. Minister of Planning, Victor Hugo Guilherme, hailed PetroFund, SA as a significant milestone, showcasing the private sector’s response to governmental initiatives. Guilherme stressed the importance of supporting and financing local content companies operating in the oil sector, signaling a positive stride towards private sector

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Local News Oil Petroleum

Angola’s Oil Revenues Surge as Brent Prices Hold Steady

30, March, 202430, March, 2024

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

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Local Gas News Oil

Sonangol Extends Deadline for Porto Amboim Estaleiros Navais Concession Tender

30, March, 202430, March, 2024

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

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Local News Oil Petroleum

Afrexim Investment Fuels Growth of Cabinda Refinery

30, March, 202430, March, 2024

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

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