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Angola to Complete Privatization of Sonangol by 2026

27, June, 202327, June, 2023

Angola’s Institute for Management of State Assets and Stakes (IGAPE) has indicated that the Government plans to complete the privatization of the country’s National Oil Company (NOC) Sonangol by 2026. The privatization process will be carried out in several stages and will result in the Government’s divestment of its 30% stake in the NOC. The announcement was made by IGAPE Chairperson Patrício Vilar on 21 June. The sale of government shares in Sonangol initially began

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Energy Gas International News Oil

Tanzania LNG to Ink Host Govt Agreement in July

27, June, 202327, June, 2023

Tanzania is set to sign a Host Government Agreement (HGA) with energy majors Shell, Equinor and ExxonMobil for the country’s $42 billion liquefied natural gas (LNG) development in July, according to Felchesmi Jossen Mramb, Permanent Secretary in Tanzania’s Ministry of Energy. The HGA will outline the rights and obligations of the government and national oil company as well as the conditions under which the onshore project will be developed and operated. In addition to signing

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Energy Gas Local News Oil

Angola and the DRC to Ink Block 14 Agreement on July 13

27, June, 202327, June, 2023

The Democratic Republic of the Congo’s Hydrocarbons Minister Didier Budimbu and his Angolan counterpart Diamantino Pedro Azevedo have agreed to sign the Memorandum of Understanding (MoU) for the development of Block 14 on July 13 in Kinshasa. The signing of the MoU will formalize the Block’s ownership, with the DRC and Angola set to take a 30% share while global energy major – and operator of the block – Chevron will own a 40% stake, and follows

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Energy Local Mining News

Angola begins production of critical minerals for the energy transition

23, June, 202325, June, 2023

The government will initiate the production of neodymium and praseodymium, minerals used in the manufacturing of batteries for electric cars, over the next five years, according to a statement by the Ministry of Mineral Resources, Petroleum, and Gas (Mirempet) and AME Trade. They announced the 2nd Angolan Mining Conference & Exhibition (AMC) 2023, which will take place in November. Country is positioned to benefit from critical minerals, Archive Copper and niobium are joining the list

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Economy Gas Local Oil

Afentra Targets Angolan Block 3/05 Acquisition by July 2023

23, June, 202325, June, 2023

Independent oil and gas company Afentra has announced that its final acquisition of Angola’s National Oil Company (NOC) Sonangol’s stake in the country’s offshore Block 3/05 will be pushed from June to July 2023. Sonangol has obtained approval for the license extension in May and is now seeking the necessary government approvals for the transaction. In April 2022, Afentra signed Sales and Purchase Agreements (PSAs) with Sonangol to acquire non-operated interests in the producing Blocks

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Economy Local News

Angolan President Reaffirms Opening of New International Airport by December

23, June, 202325, June, 2023

Angola’s Head of State, H.E. President João Lourenço, has announced that the inauguration of Luanda’s new Dr. António Agostinho International Airport – named for the country’s first president – will take place by December 2023. Speaking during a site visit this week, H.E. President Lourenço acknowledged significant advancements made towards the infrastructure, emphasizing the impact that a new international airport will have on Angola’s aviation sector and overall socioeconomic development. “I can confirm that there

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Economy Energy Local News

Angola LNG Hits Milestone with 400th Cargo Delivery

23, June, 202325, June, 2023

The Angola Liquefied Natural Gas (LNG) project, one of the largest energy projects in Africa, shipped its 400th cargo of LNG this month. Coinciding with the 10th anniversary of the 5.2 million ton per annum project’s first cargo delivery in 2013, this significant milestone demonstrates the project’s reliability as a competitive supplier of LNG to the global market. Angola LNG’s momentous cargo was loaded onto a 160,000 cubic meter LNG carrier, berthed at the country’s Soyo terminal on 13

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Economy Energy International Oil Petroleum

Oil Prices Slide as UK Rate Hike Raises Demand Concerns

23, June, 202325, June, 2023

Oil prices continued to slide due to concerns about global demand, following a higher-than-expected interest rate hike in the UK and warnings of future rate increases in the US. Brent futures dropped by 51 cents, or 0.4%, settling at $73.76 per barrel, while US West Texas Intermediate (WTI) crude futures fell by 42 cents, or 0.6%, reaching $69.09 per barrel. The Bank of England’s decision to raise interest rates by half a percentage point raised

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Economy International Petroleum

Shell Inks Agreement to Establish Gas Stations in Saudi Arabia

23, June, 202325, June, 2023

Shell will open its first gas station in Saudi Arabia’s capital city Riyadh later this year after the British energy firm signed an agreement with Asyad Holding Group, as part of the Saudi Energy Ministry’s efforts to bring international companies into the Kingdom. The agreement will pave the way for Shell International to open its fuel stations in the fourth quarter of this year, the ministry said in a press release. It added that the deal is the result of the efforts of Saudi Arabia’s permanent executive

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Economy Gas International Oil

China’s CNOOC Plans Offshore Oil and Gas Development in Tanzania

23, June, 202326, June, 2023

China’s CNOOC is planning offshore oil and gas development in Tanzania in partnership with the state-owned Tanzania Petroleum Development Corp. This move comes as Tanzania aims to enhance the development of its natural resources. According to Tanzanian Energy Minister January Makamba, the collaboration will focus on deep-sea blocks 4/1B and 4/1C, which are currently held by TPDC. These blocks are situated near substantial gas fields that were discovered by a consortium of international energy companies

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