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Economy Gas Oil

The Impact of Angolan Banks and Insurers on the Growth of Local Exploration and Production (E&P) Companies

31, May, 202331, May, 2023

As the primary driver of its economy, the local content regime for the oil and gas sector in Angola is heavily dependent on a robust and efficient financial sector. Exploration and production (E&P) of the country’s oil and gas resources have set the stage for a strong economic outlook for Angola, with the country’s GDP projected to grow 5% between 2023 and 2026. As such, domestic financiers and insurers have called for increased synergy between

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Energy Renewable Energy

Sonangol Inaugurates 25 MW Caraculo Solar PV Plant in Angola

31, May, 202331, May, 2023

Sonangol, Angola’s National Oil Company, along with its partners, has inaugurated the first phase of the Caraculo Photovoltaic (PV) Plant, a 25 MW solar power plant located in Namibe Province. The inauguration ceremony, held on May 30, saw the presence of Angola’s Minister of Mineral Resources, Oil and Gas, H.E. Diamantino Azevedo, Minister of Energy and Waters, H.E. João Baptista Borges, Governor of Namibe, Archer Mangueira, and officials from Sonangol and Eni, an oil and

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Economy Oil Petroleum

Nigeria:NNPC Resumes Oil Exploration in Chad Basin

31, May, 202331, May, 2023

The Nigerian National Petroleum Corporation (NNPC) Limited has announced the resumption of an oil drilling campaign at its Wadi-B well in Nigeria’s Borno State. The drilling activities had been inactive for several decades due to a lack of sufficient commercial oil quantities. The Group Managing Director (GMD) of NNPC Limited, Mele Kyari, stated that the company will adopt a new approach to exploration and conduct a comprehensive evaluation of all frontier basins in Nigeria. This

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Energy Gas Oil

Mauritania’s 80GW Hydrogen Pipeline Attracts Interest from Germany, World Bank, and Other Stakeholders

31, May, 202331, May, 2023

Mauritania, under the leadership of Minister of Petroleum, Mines, and Energy Abdessalam Mohamed Saleh, has set forth plans for hydrogen projects that could potentially generate an impressive 80 GW of electrolyser capacity. This pipeline is being planned by several renowned companies, including CWP, Chariot, bp, Conjuncta, and Infinity, and while the aspirations for Mauritania to become a green hydrogen hub are significant, two main challenges lie ahead: financing and building the required infrastructure. As such,

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Energy Local News

Angola Energy and Water Minister Gauges Cabinda Project Progress

29, May, 202329, May, 2023

Angola’s Minister of Energy and Water João Baptista Borges conducted a visit to the province of Cabinda to verify the progress of water and energy projects underway while assessing services delivery in the region. During the visit on May 26, the minister explored construction works at the 145 MW Malembo Thermal Power Station as well as the project’s readiness to help the province improve energy distribution services and eliminate electricity supply deficits which has caused

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Economy International Oil

Lower Crude Prices Drag Down Saudi Arabia’s Total Exports by 25% in March

29, May, 202329, May, 2023

Saudi Arabia, the world’s largest energy exporter, has seen a significant decline in its total exports, including both oil and non-oil exports, according to recent reports. Online portal Zawya stated that the country experienced a 25% year-on-year decrease, with total exports amounting to $28 billion in March, compared to $37 billion in the same period last year. Analysts attribute the decline in exports primarily to the softening of energy prices and reduced demand in Europe

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Economy Energy Petroleum

TotalEnergies Selected for $4.5 Billion Hydropower Project in Mozambique

29, May, 202329, May, 2023

Mozambique has chosen a consortium led by TotalEnergies and Electricite de France for a $4.5 billion hydropower project, as the investment in clean energy continues to rise. According to a government statement cited by Bloomberg on Friday, the project aims to construct the Mphanda Nkuwa dam, which will have a capacity of 1,500 megawatts, and an associated transmission line. The primary objective is to alleviate the power crisis in the region. The consortium includes the

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Economy Gold

DRC’s Gold Exports Generate $1,104.0 Billion USD by the End of 2022

29, May, 202329, May, 2023

In a recent annual report published on the Ministry of Mines website, it has been revealed that the Democratic Republic of Congo (DRC) exported a total of 28,306.26 kilograms of gold in 2022. The exports generated a revenue of 1.104 billion US dollars during the evaluated period. The report also highlights the dominance of KibaIi Gold and MCCR in the industrial exploitation of unrefined gold exports. KibaIi Gold accounted for 99.83% of the exports, while

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Diamonds Economy

DRC’s Diamond Exports Reach $145.9 Million by the End of 2022

29, May, 202329, May, 2023

Diamond exports from the Democratic Republic of Congo (DRC) generated over $145.9 million in revenue throughout 2022, according to statistical data published by the Ministry of Mines. The 2022 annual report reveals that diamond exports to the Democratic Republic of Congo amounted to 11,683,439.31 carats. Artisanal production dominated diamond production in the country during the analyzed period, accounting for more than 7,353,996.44 carats and generating a total of $83.7 million. When examining artisanal diamond mining

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Economy Oil

Oil closes the week at $77

29, May, 202329, May, 2023

The Brent barrel, a reference for Angola’s oil exports, closed the week of May 22-26 at $77.14, a price that is more than $10 below the $85 taken as the baseline price in the 2023 State Budget (OGE/2023). It is worth noting that the price has been below $80 for over a month now. On April 26, precisely, the barrel was traded at $77.69, during a period when the highest high was $79.54 and the

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