Yahoo Finance (Bloomberg) — Off a busy pier in Namibia’s main port of Walvis Bay, the seeds of an economic boom are being planted. As workers heave fish from boats, or unload cargoes of sulfur and Congolese copper, a massive cylindrical drilling segment is hauled by extended trailer to a storage area. Between the more typical consignments of raw minerals
World Oil (WO) – With details for Angola’s 2025 licensing round announced earlier this week, African exploration markets are making a push for upstream investment by deploying more attractive terms and offerings for global investors. Angola’s upcoming bid round offers 29 opportunities in oil-and-gas-rich basins, minimizing financial risk for exploratory companies. The process is transparent, efficient, and offers flexible contracts,
World Oil Publisher’s Note: ReconAfrica will be a presenter at EnerCom Denver-The Energy Investment Conference on August 18-21, 2024. Register to attend and book your room at the Westin Denver Downtown. (WO) – Reconnaissance Energy Africa Ltd. and its joint venture partner NAMCOR (the state oil company of Namibia), announced the spudding of the Naingopo exploration well on Petroleum
World Oil (WO) – Chevron, through its subsidiary Cabinda Gulf Oil Company Limited, has signed two Risk Service Contracts (RSC) for Block 49 and Block 50 offshore Angola, in the ultra-deep waters of the Lower Congo Basin. These contracts, awarded January 2024, mark the beginning of exploration and development in these offshore blocks. Announced by the African Energy Chamber (AEC),
World Oil Publisher’s Note: ReconAfrica will present at the EnerCom Denver—The Energy Investment Conference on August 18-21, 2024. Register to attend. (WO) – Reconnaissance Energy Africa Ltd. announced an operations update relating to Petroleum Exploration Licence 73 (“PEL 73”), onshore northeast Namibia. The move of the working camp and the drilling rig from the Wisdom Farm 5-1 location are wrapping
World Oil (WO) – The latest analysis from Westwood Global Energy Group reveals that despite favourable oil prices in 2022, high impact exploration drilling in 2023 declined by 21%, due to energy transition strategies, industry consolidation, rising well costs and reduced activity in former hotspots. Further 2023 analysis reveals that the commercial success rate is down seven percentage points on
World Oil Publisher’s Note: ReconAfrica will be presenting at EnerCom Denver – The Energy Investment Conference on August 18-21, 2024. Register to attend. (WO) – In a recent operations update, Reconnaissance Energy Africa Ltd. (ReconAfrica) announced that it’s eyeing a June 2024 spud date for its Naingopo exploration well on Petroleum Exploration Licence 73 (“PEL 73”), onshore northeast Namibia. Brian
World Oil (Bloomberg) – If you want to understand why the two largest U.S. oil companies are together spending in excess of $100 billion on acquisitions right now, look no further than the amount of crude they’re extracting from the two hottest oil fields on the planet. Exxon Mobil Corp. and Chevron Corp., which reported earnings Friday, are both predicting
World Oil (Bloomberg) – Namibia’s oil potential could one day match Guyana, where big discoveries have sparked an economic transformation and set the world’s biggest companies jostling for position. There’s a “big chunk of oil” in waters off Namibia, said Patrick Pouyanne, chief executive officer of TotalEnergies SE, which alongside several other companies has made significant discoveries in the African
World Oil (Bloomberg) – OPEC pledged to help Namibia become a significant crude producer, widening a path for the southern African nation to join the group. “We are excited about the potential of the Namibia-OPEC partnership and stand ready to offer support at this crucial juncture,” OPEC Secretary-General Haitham Al Ghais said in a pre-recorded message broadcast at a conference
World Oil Publisher’s Note: ReconAfrica is confirmed as a presenter at EnerCom Denver- The Energy Investment Conference on August 18-21, 2021. Register to attend. (WO) – In an operations update, Canadian oil and gas company Reconnaissance Energy Africa Ltd. (“ReconAfrica”) said that it plans to begin drilling its first Naingopo exploration well in Namibia’s Damara Fold Belt in June 2024.
Oil Price Africa’s biggest crude oil producer, Nigeria, is expected to receive a $1 billion loan from the African Export-Import Bank (Afreximbank) next month as part of a larger crude oil prepayment facility aimed at shoring up forex reserves and boosting the economy. “The verification of the crude availability has happened so we expect in the next month to finalize
