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Petronas Acquires 40% Stake in Angola’s Block 20/11 from TotalEnergies

16, October, 202316, October, 2023

Petronas, the Malaysian energy giant, is set to become a significant player in Angola’s oil and gas sector following its acquisition of a 40% stake in Block 20/11, previously operated by TotalEnergies. The transaction, valued at approximately $400 million, was successfully completed, as confirmed by the National Agency for Petroleum, Gas and Biofuels (ANG). TotalEnergies EP Angola officially sold its 40% share in Block 20/11, located in the Kwanza Basin, to Petronas Angola E&P LTD

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Gas Local News

Angola Explores 52 Billion Cubic Feet of Prospective Natural Gas Reserves

16, October, 202317, October, 2023

Angola is eyeing a promising potential of 52 billion cubic feet of natural gas, as revealed by Américo Fernandes, head of the national Oil and Gas agency during the Angola Oil & Gas conference. While these figures represent a substantial opportunity, Fernandes also pointed out some challenges facing the sector’s development in Angola. The lack of infrastructure, which hinders market access and increases the cost of investment and capital accessibility, stands as a notable obstacle.

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Diamonds Local News

LULO DIAMONDS FETCH US$15.7M AT TENDER

16, October, 202316, October, 2023

Lucapa Diamond Company Limited (ASX:LOM) (“Lucapa” or the “Company”) and its Lulo Alluvial Diamond Mine partners, Endiama and Rosas & Petalas are pleased to announce the results of the recent exceptional stone tender which attracted US$15.7 million (A$24.5 million) for seven Lulo diamonds.A total of 534.9 carats were sold by tender achieving an average price per carat of US$29,401. The tender was conducted by Sodiam E.P. in Luanda, Angola.Of the seven exceptional diamonds sold in

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Economy Energy International Mining News

Critical Minerals Africa 2023: South Africa, DRC, Zimbabwe, USA, EU, UK, and More Join Final Program

13, October, 202313, October, 2023

The forthcoming Critical Minerals Africa (CMA) 2023 summit has unveiled its three-day program, bringing together public and private sector industry leaders in a concerted effort to establish world-class mineral supply chains in Africa. Commencing the main conference agenda on October 18th, 2023 is a ministerial forum that will showcase the participation of ministers from South Sudan, Malawi, and the Democratic Republic of the Congo, along with ministry representatives from Tanzania and Zimbabwe. They will outline

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Economy News

Namibia Set to Become an Oil Producer by 2030

13, October, 202313, October, 2023

Namibia anticipates its first oil production to commence by 2030, marking a significant milestone in the nation’s energy landscape. Currently, appraisal drilling and testing activities are in progress to ascertain the quantity of oil reserves, with the impending commencement of production positioning Namibia as a burgeoning oil producer. Between 2022 and 2023, Namibia bore witness to the discovery of five substantial oil reserves in the offshore Orange Basin, thanks to the efforts of global energy

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Economy International News Oil

USA EIA Unveils Updated Projections for Brent Crude Oil Prices

13, October, 202313, October, 2023

The U.S. Energy Information Administration (EIA) has revealed its latest Brent spot average price forecasts for 2023 and 2024 in its October short-term energy outlook (STEO), which was released this week. According to the STEO, the EIA now sees the Brent spot price averaging $84.09 per barrel this year and $94.91 per barrel next year. In the STEO, the EIA projected that the Brent spot price will average $90.65 per barrel in the fourth quarter

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Economy Local News Oil

Sonangol Resumes Fuel Distribution Operations in the Southern Region

13, October, 202313, October, 2023

Sonangol has announced that it is taking actions to stabilize the fuel distribution market in a statement sent to the newsrooms on Thursday, following reports of supply difficulties in the southern region of the country. The days of supply difficulties in the southern region of the country are numbered. Actions are currently underway to gradually stabilize the market and return to normal global service conditions in the coming days, the statement reads, in which Sonangol

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Economy Energy International News

African Banks Spearhead Financing Efforts Amid Transformative Energy Sector Shift

13, October, 202313, October, 2023

The African continent is currently in the midst of an exciting and transformative period in its energy sector. As global awareness of the urgent need to transition to cleaner and more sustainable sources of energy intensifies, African nations are stepping up their efforts to harness their vast renewable energy potential. In this endeavor, African banks are playing a crucial role by providing the much-needed financial support to propel the continent’s energy transition. This article explores

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Economy International News Oil

Two Tanker Owners Face US Sanctions for Violating Price Cap on Russian Oil Imports

13, October, 202313, October, 2023

The United States imposed sanctions on two owners of tankers that carried Russian oil above the G7 price cap of $60 a barrel, one based in Turkey and one based in the United Arab Emirates, the US Treasury Department said on Thursday 12th of October, 2023. The United States, other G7 countries, and Australia imposed the cap last year, seeking to reduce Russia’s revenues from seaborne oil exports as part of sanctions for its invasion

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Economy Local News Oil

Angola Must Prepare for the Inevitable: Oil Will Run Out, Warns Finance Minister Vera Daves

13, October, 202313, October, 2023

Angola, a country blessed with abundant oil reserves, has long relied on the black gold to fuel its economy and provide the government with much-needed revenue. However, Finance Minister Vera Daves has recently issued a stern warning: oil will run out one day, and Angola must be prepared for that eventuality. In a bold statement, Minister Daves has highlighted the urgency of diversifying the nation’s economy and investing in sustainable alternatives to ensure a stable

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