Vital Industry News
Shell to Write Down $400 Million After Offshore Namibia Oil Discovery Deemed Unviable Biden Bans New Offshore Oil and Gas Development, Defying Trump’s Future Plans Azule Energy’s Farm-In Deal Boosts Namibia’s Role in Africa’s Energy Landscape Global Petroleum Pursues Farm-In Agreement for Namibian Offshore Exploration Namibia Accelerates Renewable Energy Push with 330 MW Solar Allocation Angola’s Oil Production Expected to Stagnate Amid Global Challenges Angola’s Gas Master Plan Proposal Reviewed by Council of Ministers Shell Approves Final Investment Decision for Nigeria’s Bonga North Deepwater Project Angola’s Oil Production Falls Short of OPEC Targets Amid Structural Challenges Power Outage Leaves 11 Provinces Without Electricity in Angola
International Gas Oil

Shell to Write Down $400 Million After Offshore Namibia Oil Discovery Deemed Unviable

International Gas News Oil

Biden Bans New Offshore Oil and Gas Development, Defying Trump’s Future Plans

International Exploration Gas Oil

Azule Energy’s Farm-In Deal Boosts Namibia’s Role in Africa’s Energy Landscape

More Angolan Mining News

International Gas Oil

Shell to Write Down $400 Million After Offshore Namibia Oil Discovery Deemed Unviable

Shell has announced it will write down approximately $400 million following its decision to deem…
International Gas News Oil

Biden Bans New Offshore Oil and Gas Development, Defying Trump’s Future Plans

US President Joe Biden has announced a ban on new offshore oil and gas development…
International Exploration Gas Oil

Azule Energy’s Farm-In Deal Boosts Namibia’s Role in Africa’s Energy Landscape

Azule Energy’s successful farm-in agreement for Block 2914A in Namibia’s Orange Basin marks a pivotal…
International Exploration Gas Oil

Global Petroleum Pursues Farm-In Agreement for Namibian Offshore Exploration

Australian-based Global Petroleum, an AIM-listed upstream oil and gas exploration company, is in early commercial…
International Renewable Energy

Namibia Accelerates Renewable Energy Push with 330 MW Solar Allocation

Namibia has unveiled plans to procure and implement 330 megawatts (MW) of solar photovoltaic (PV)…
Local Economy Oil

Angola’s Oil Production Expected to Stagnate Amid Global Challenges

Angola’s oil production is projected to remain steady at 1.173 million barrels per day in…
Local Gas Renewable Energy

Sonangol Aims to produce 450 MW of Renewable Energy by 2027

Sonangol’s target by 2027 is to produce 450 megawatts (MW) of electricity from clean and renewable sources. Currently, 25.84 MW are already in production, thanks to increased gas availability in Angola and the development of infrastructure. The plan includes constructing new gas facilities at Barra do Dande and Soyo, and completing and rehabilitating existing facilities, focusing on increasing storage capacities in Cabinda, Namibe, Malanje, Huambo, and Moxico. Additionally, Sonangol is consolidating LPG supply via rail

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Local Gas News

Sonangol Expands LPG Production to Meet Growing Demand

Between January and May, Angola consumed a total of 201,133 metric tons of cooking gas (LPG), with projections forecasting growth to 615 to 680 metric tons. This increase is due to significant investments made by Sonangol to expand production across the entire national territory. These statistics are detailed in a report by Sonagás, a subsidiary of Sonangol specializing in the distribution of cooking gas. For the 2024 economic year, the report projects a consumption deficit

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Local News Oil

Gemcorp Reports 60% Completion of Cabinda Refinery

Two senior officials from Gemcorp recently announced in an interview with African Energy that construction at the Cabinda Refinery is 60 percent complete. The first phase, with a processing capacity of 30,000 barrels per day (b/d), is expected to be commissioned in November, with crude oil processing slated to begin in February 2025. The Cabinda Refinery is a key part of Angola’s strategy to optimize its mineral resources by transforming crude oil into products for

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Local News Renewable Energy

Angola’s Renewable Energy Transformation Highlighted at CPLP Seminar

Ninety-one percent of the energy consumed in Angola comes from renewable sources, with hydroelectric power contributing 87 percent and solar energy accounting for around 4 percent. These statistics were presented by Pedro Afonso, president of the Board of Directors of the Public Electricity Production Company (PRODEL), during the 1st Energy and Climate Seminar of the Community of Portuguese-Speaking Countries (CPLP) in Lisbon, Portugal. Representing the Ministry of Energy and Water (MINEA) at the event, Afonso

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Oil Local News

TotalEnergies Awards Subsea Equipment Contract to SLB OneSubsea for Angolan Project

Energy supermajor TotalEnergies has awarded a contract to SLB OneSubsea—a joint venture between global technology company SLB, engineering company Aker Solutions, and construction company Subsea7—to provide subsea production equipment and services for the Kaminho deepwater project in Block 20/11, offshore Angola. The contract includes a 13-well subsea production system for the 70,000-barrel-per-day project, which is scheduled to commence production in 2028. SLB OneSubsea CEO Mads Hjelmeland stated, “Our collaborative contract model enables us to leverage

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Diamonds International News

Petra Diamonds Nets $38 Million in Seventh Tender, Annual Revenue Reaches $366 Million

London-listed Petra Diamonds has generated $38 million in revenue from its seventh tender cycle of the year, selling 337,064 carats. This brings the company’s total revenue for the 2024 financial year to $366 million, with 3.15 million carats sold, up from $324 million and 2.32 million carats sold in the prior year. Despite a 13% increase in revenue compared to the previous financial year, average prices were lower at $116 per carat for the reporting

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Diamonds International News

Diamcor Mining Closes C$2 Million Private Placement to Fund South African Diamond Project

Diamond producer Diamcor Mining has successfully closed the second and final tranche of its non-brokered private placement, raising an additional C$600,300 and bringing the total proceeds to approximately C$2 million. The company had previously announced the closing of the first tranche on June 4, which raised about C$1.4 million. Insiders, management, directors, and significant shareholders collectively subscribed for around C$1.37 million of the offering. In total, Diamcor will issue approximately 40 million units at a

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International Diamonds News

Russia Surpasses Botswana in Diamond Production Value Despite Sanctions

In 2023, Russia’s rough-diamond production value surpassed Botswana’s for the first time, despite facing significant sanctions and a weak market. The increase occurred even with intensified sanctions, including the European Union’s ban on Russian diamonds and stricter U.S. regulations on goods significantly altered in third-party countries like India. According to Kimberley Process (KP) statistics released this week, Russia produced 37.3 million carats of rough diamonds last year, valued at $3.61 billion, with an average price

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International News Oil

Puma Energy Zambia’s 2023 Profit Rises to K255 Million

Puma Energy Zambia PLC, a subsidiary of Puma Energy (Ireland) Holdings Limited, has reported a profit after tax of approximately K255 million for the year ending December 31, 2023. This increase is attributed to a 12% rise in sales volumes and higher selling prices driven by the global increase in oil prices. According to the audited financial results obtained by the Zambian Business Times (ZBT), the company recorded a profit after tax of K254.79 million,

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Local News Partnerships Transport and Logistics

ProMarks and Trafigura sign MOU with the Angolan Government

ProMarks, an international engineering company specialized in the energy sector and Trafigura, a market leader in the global commodities industry, yesterday signed a Memorandum of Understanding (MOU) with the Government of Angola to conduct a technical and economic viability study and to develop a Public Private Partnership model for a major regional power transmission and supply project. The signing ceremony was held in Luanda in the presence of government representatives from Angola, alongside other diplomatic

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