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Angola Spends $662 Million on Fuel Imports in Q1 2025 Amid Decline in Volumes

9, May, 20259, May, 2025

Angola spent $662 million on fuel imports in the first quarter of 2025, importing 73% of its total fuel supply—less than in the final quarter of 2024—according to official figures released in Luanda. The data, presented on Thursday by the Director General of the Petroleum Derivatives Regulatory Institute (IRDP), Luís Fernandes, covered fuel sector performance from January to March 2025. During this period, Angola acquired 1,147,248 metric tonnes (MT) of petroleum products for domestic sale.

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Local Energy News

Egypt’s Elsewedy Electric Expands Investment in Angola’s Energy and Digital Sectors

9, May, 20259, May, 2025

Egyptian multinational Elsewedy Electric has reaffirmed its commitment to expanding operations in Angola, with a strong focus on the energy, construction, and digital sectors. The company aims to support Angola’s infrastructure development, job creation, and knowledge transfer. Speaking to Angop during President João Lourenço’s official visit to Egypt, Ahmed Amin, Elsewedy Electric’s Regional Director, emphasized the company’s alignment with Angola’s sustainable development goals. “We are working on integrated solutions to expand the transmission network, improve

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International Gold News

Ghana’s Gold Reserves Surge to GH₵46.4 Billion Amid Rising Global Prices

6, May, 20256, May, 2025

The Bank of Ghana has announced that the country’s gold reserves have reached an estimated GH₵46.4 billion as of the end of April 2025, driven by a sharp increase in global gold prices. According to an official update released on 6 May, gold prices rose to GH₵46,086.32 per ounce, boosting the value of Ghana’s reserves. The country’s total gold holdings now stand at 31.37 tonnes, equivalent to 1,008,837.07 ounces, based on the standard conversion rate

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International News Oil

Equatorial Guinea and Shanghai Supezet Sign MoU to Build New Oil Refinery

6, May, 20256, May, 2025

Equatorial Guinea has signed a Memorandum of Understanding (MoU) with Chinese engineering services firm Shanghai Supezet for the construction of a new oil refinery in the country. The agreement was signed on May 2 by Vice President Nguema Obiang Mangue and Zhang Jinhong, President of Shanghai Supezet. The MoU paves the way for the establishment of a joint venture to oversee the refinery’s development. Once operational, the refinery will process crude oil for domestic consumption,

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International News Oil

DRC Finalises Division of Cuvette Centrale with 52 New Oil Exploration Blocks

6, May, 20256, May, 2025

The Democratic Republic of Congo (DRC) has officially opened 52 new oil exploration blocks in the Cuvette Centrale sedimentary basin, according to a recent announcement by Minister of Hydrocarbons, Aimé Sakombi Molendo. This marks the completion of the basin’s division into exploration zones. The process was carried out in coordination with the Ministry of Environment to ensure that boundaries of protected areas were respected. The newly designated blocks add to the three exploration areas previously

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International Energy News

Namibia Eyes Energy Export Leadership and Regional Security

2, May, 20252, May, 2025

Namibia’s President Netumbo Nandi-Ndaitwah has reaffirmed the country’s ambition to become a major power exporter and a driving force behind Africa’s collective energy security. Speaking at the official opening of the 7th Namibia International Energy Conference, President Nandi-Ndaitwah—represented by Prime Minister Elijah Ngurare—called for deeper collaboration between government, academia, and industry. “Our goal is to export power, strategic energy commodities, and foster knowledge partnerships, while promoting regional integration and enhancing Africa’s collective energy security,” she

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International Diamonds

Botswana Cuts Spending and Revises Budget Deficit Amid Ongoing Diamond Market Slump

30, April, 202530, April, 2025

Botswana is taking steps to reduce spending in response to a prolonged downturn in the diamond market, which has led the government to raise its budget deficit forecast to post-Covid levels, according to the country’s Finance Minister and Vice President, Ndaba Gaolathe. In an interview in Washington, Gaolathe emphasized the urgency of the situation, stating, “Something drastic” needs to be done. He added, “The first thing we need to do is live within our means.

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Gas International

Ghana Loses US$100 Million Annually Due to Gas Flaring

30, April, 202530, April, 2025

Ghana is losing an estimated US$100 million annually from gas flaring in its oil and gas sector, according to Mr. John Nkaw, Country Director of ActionAid Ghana. In a recent interview, Mr. Nkaw emphasized the significant economic, environmental, and health-related consequences of the ongoing practice, which sees excess gas flared instead of processed. “We have data showing that $100 million worth of gas is flared each year due to the inability to process excess gas.

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International Gold News

Ghana Expands Gold Purchase Program with Nine More Mining Companies to Bolster Reserves

30, April, 202530, April, 2025

Ghana has secured agreements with nine additional mining companies to purchase 20% of their gold production, strengthening a government-backed program aimed at increasing the country’s gold reserves and stabilizing the national currency. This move builds on a 2022 initiative, in which major producers including Gold Fields, Newmont, AngloGold Ashanti, and Asanko Mining agreed to sell a portion of their annual output to the Bank of Ghana, with payments settled in Ghanaian cedis. As a result

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Corporate News International Local Oil

BW Energy Confirms Significant Oil Discovery at Bourdon Prospect Offshore Gabon

30, April, 202530, April, 2025

BW Energy has announced a major oil discovery at the DBM-1 ST2 appraisal well within the Dussafu license offshore Gabon, marking the second successful sidetrack of the well. Drilled to a total depth of 4,731 meters, the well encountered approximately 11 meters of net oil pay within a 35-meter gross hydrocarbon column in the Gamba reservoir, located in the Bourdon prospect. The Bourdon discovery is estimated to contain 56 million barrels of oil in place,

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