Ghana Plans Capacity Boost at Tema Oil Refinery to Strengthen Domestic Fuel Supply
Exploration Well Offshore Gabon Finds No Hydrocarbons but Development Plans Continue
S&P Global Downgrades Botswana’s Sovereign Ratings Amid Diamond Market Weakness
Nigeria Seeks to Strengthen Its Position in Global Oil and Gas Supply
Libya’s Arabian Gulf Oil Company Launches Production at Z-13 Well in Al-Bayda Field
De Beers Board Member Matome Tsholetsa Malema Passes Away
Sodiam Raises $25.8 Million in 16th Rough Diamond Auction
Shell Reaffirms Commitment to Reviving Angola’s Oil Production
Sonangol Oil Tanker Damaged by Explosion Near Iraqi Port
Angola and Namibia Advance Energy Cooperation with Focus on Electricity Interconnection
In 2023, Angola earned the title – along with Nigeria – as the largest hydrocarbon drilling market in sub-Saharan Africa, and may surpass the West African country in 2024 as drilling campaigns extend into the second half of next year. Aligned with the government’s aim to boost oil output to 1.3 million barrels per day, these programs could position Angola as the leading crude oil producer in sub-Saharan Africa in the next five years. The
TotalEnergies has expressed its readiness to invest six billion dollars in Nigeria’s oil and gas sector, focusing on natural gas and offshore projects. This follows a recent meeting in Abuja between Nigerian President, Bola Ahmed Tinubu, and TotalEnergies CEO, Patrick Pouyanné. Since his inauguration last May, President Tinubu has been active in implementing reforms aimed at attracting foreign investment, particularly in the upstream sector. For TotalEnergies, Nigeria accounts for 8-10% of the French major’s global
Positive GDP growth, new energy and mining developments, and growing competitiveness of regional supply chains have resulted in surging demand for the development of Africa’s railway sector. As the continent undergoes unprecedented economic development – driven by fast-growing populations and rapid urbanization – Africa’s transport industry is poised to expand and support trade activities, while reducing carbon emissions and lowering transport costs. Accordingly, several African countries have partnered with international financial and development institutions in
The Republic of Congo and Nigeria, Africa’s leading oil producers and members of the Organization of the Petroleum Exporting Countries (OPEC), have affirmed their commitment to efforts by OPEC and OPEC+ and its member countries to stabilize the global oil market in 2024 and beyond. During the 36th OPEC and non-OPEC Ministerial Meeting held in November, the organization and its member countries, reached an agreement with participating countries over the production quota for 2024. As
Sonangol inaugurated, on Friday December 22, in Luanda, a gas station with a photovoltaic energy source, an investment of 254 thousand dollars that constitutes the first of a project of 17 that the company will replicate throughout the country from 2024. The company, which is implementing its energy transition strategy, employs 102 photovoltaic panels at the Anduri Supply Station, located in the municipality of Icolo e Bengo, Estrada Nacional 230, 120 kilometers from the center
The State’s 16.63 percent stake in ACREP, an Angolan oil exploration company, is privatized through an issue of shares, an Initial Public Offering (OPI) authorized by order of the President of the Republic, João Lourenço. The document, published in Diário da República dated December 12, states that the stake, held indirectly by the State, through the Savings and Credit Bank (BPC), is sold under the Privatization Program (PROPRIV) , in March extended to the period
Angola’s departure from the Organization of Petroleum Exporting Countries (OPEC), announced last week by the Government in Luanda, gives the State greater autonomy in collecting the revenue necessary for economic growth, at a time when projects designed to reverse the natural decline in oil production. These statements were made by the chairman of the Board of Directors of Prodoil (an Angolan oil company with private capital), Pedro Godinho, in statements when reacting to the announcement
Oil prices saw a modest recovery on Friday December 22nd, rebounding from earlier declines influenced by Angola’s departure from OPEC, even as ongoing tensions in the Middle East continued to grip the market’s attention. Brent futures closed slightly higher, edging up by eight cents or 0.1 percent to settle at $79.47 a barrel. The Angolan sales benchmark reached $79.79, climbing 0.5 percent from the previous day when news of Angola’s exit had nudged prices down
Following Angola’s decision to exit the OPEC oil cartel, Nigeria and Congo have reaffirmed their commitment to the Saudi-led oil producer group, which has been actively seeking support for additional output cuts to boost prices. Africa’s biggest oil producers, Nigeria and Angola, were among several countries given lower output targets for 2024 after years of failing to meet the previous ones, Reuters reported. On Thursday, Angola announced its exit from OPEC, citing that the organization
Following Angola’s bold decision to exit the Organization of the Petroleum Exporting Countries (OPEC), Banco Fomento Angola (BFA)’s chief economist, José Miguel Cerdeira, emphasized that this departure holds minimal economic costs for the country while unlocking the ability to bolster its oil production. In a conversation with Lusa on Thursday, Cerdeira clarified that the departure from OPEC doesn’t pose substantial financial burdens for Angola. He explained that the organization’s waning influence on determining oil prices
