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International Energy News

SDG Namibia One Fund Takes Equity Stake in Hyphen Hydrogen Project

8, January, 20248, January, 2024

Namibia’s dedicated green hydrogen blended finance vehicle, SDG Namibia One Fund, has entered into an agreement with Hyphen Hydrogen Energy to acquire a 24% stake in the latter’s $10-billion green hydrogen development. The Fund will contribute €23 million ($25.1 million) to support the development of Hyphen Energy’s Tsau – Khaeb Green Hydrogen project, the first large-scale green hydrogen facility in Namibia and the largest in sub-Saharan Africa. According to Benedict Libanda, CEO of the Environmental

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Local News Oil Petroleum

Angola’s OPEC Exit Redefines Global Oil Dynamics

8, January, 20248, January, 2024

Angola has recently decided to exit the Organization of the Petroleum Exporting Countries (OPEC), effective January 1, 2024, marking a pivotal shift in the global oil industry. This move, akin to Ecuador’s departure in 2020 and Qatar’s exit in 2019, heralds significant changes in the geopolitical landscape of oil production and distribution. Angola’s relationship with OPEC traces back to its membership in 2007, joining the organization’s efforts to regulate and coordinate oil production for stable

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Local Gas News

Sonagás Optimizes Production and Sales

8, January, 20248, January, 2024

The production and sale of cooking gas reached 471,583 metric tons in 2023, announced the President of the Executive Committee of Sonangol’s Gas Unit, Sonagás, stating that this figure met the established targets for the year. Miguel Barros was quoted in the December Sonangol newsletter stating that the production achieved in 2023 serves as a prelude to the record of 500,000 metric tons that the company aims to reach in 2024. The President of Sonagás’

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Local News Oil

Angola exported more oil in December

8, January, 20248, January, 2024

OPEC oil production increased in December, when Angola set January 1st as the date to leave the organization and, at the same time as Nigeria and Iraq, increased exports, providing the market with an offer that offset the effect of the cuts. from Saudi Arabia and OPEC+ allies to support the market. A survey published last week disclosing this information indicates that the Organization of Petroleum Exporting Countries produced 27.88 million barrels per day (bpd)

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Local Diamonds News

Geological research considered crucial to the Impact of the Diamond sector

8, January, 20248, January, 2024

The Minister of Mineral Resources, Oil and Gas (MIREMPET) stated, last week, in Luanda, that the Executive will continue to prioritize the carrying out of geological research, aiming to maximize profits in the various subsectors of the Extractive Industry. Diamantino Azevedo, who was speaking during the New Year’s greetings ceremony, highlighted that the research had a significant impact on the efficiency of prospecting and exploration projects carried out in 2023, especially in the diamond sector. “This important

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Gas International News Oil

Africa’s leading oil independent secures major stake in Mozambique’s Mazenga gas block

8, January, 20248, January, 2024

Africa’s largest oil independent, Aiteo, has marked a significant expansion in its global energy portfolio by acquiring a major stake in the Mazenga gas block, the largest onshore gas reserve in Africa, situated in Mozambique. The strategic acquisition was made possible through a series of agreements with Mozambique’s State oil firm, Empresa Nacional de Hidrocarbonetos (ENH), effectively positioning Aiteo as the new operator of the block. The Mazenga gas block, located in Mozambique’s prolific sedimentary

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International News Oil

Dangote refinery receives fourth 1 million crude supply from NNPCL

2, January, 20242, January, 2024

The Nigerian National Petroleum Corporation Limited (NNPCL) has supplied an additional one million barrels of crude oil to the Dangote Refinery to commence production. This delivery marks the fourth consecutive shipment of one million barrels of crude oil to the Dangote Refinery in recent weeks. The refinery is expected to receive a total of six million barrels of crude oil before it begins production. What Dangote refinery said:“Preparations are in top gear for the commencement

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Local Economy News

Concession of the Lobito Corridor among the biggest achievements of the year

2, January, 20242, January, 2024

The president of the Board of Directors of the Angola Cargo and Logistics Certification Regulatory Agency (ARCCLA) said, last week, in Luanda, that the concession of the Lobito Corridor, new logistics platforms and improved legislation constitute the main achievements of three years since the creation of the entity he directs. Catarino de Fontes Pereira made these considerations on the occasion of ARCCLA’s third anniversary, which took place on December 29th, and highlighted the launch of

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Local Economy News

Extractive industry analyzes application of new regulations

2, January, 20242, January, 2024

The procedure stands as a vital requirement within the framework of the respective organization, necessitating the disclosure of annual efforts made by Member States. This includes the Work Plan adhering to EITI standards, unlike the Annual Report, which primarily communicates the value of natural resources to citizens. Angola, an active EITI member since June 2022, took a significant stride by presenting its inaugural report in December 2023. This presentation marked an essential phase, with the

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Local News Oil

ETU Energias Increases Stake in Block 17

2, January, 20242, January, 2024

Oil company ETU Energias S.A. finalized the acquisition of a 2.5 percent stake in the Thai company PTTEP in Block 17/06 offshore Angola. According to a statement from Etu Energias S.A, formerly known as Somoil – Sociedade Petrolífera Angolana S.A., quoted by Lusa, the process began in December 2022 as part of their growth strategy, with the signing of the purchase and sale contract for the mentioned stake, the value of which was not disclosed

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