The Buzz: This Week in Africa
Brent Crude is trading at $58.63, WTI at $50.48 and natural gas at $4.57 per million BTU (at 14:28 in South Africa). Here are AOPs top news stories from the last seven days.
Angola preparing legislation to import oil products
Angola took centre stage in oil and gas new this week, announcing that it is formulating legislation to make it easier for companies operating in the fuel and sales distribution market to import oil products directly.
The country currently imports 80 percent of its fuel and only has one operating refinery, with a 20 percent production capacity.
Angola’s proven gas reserves at 4 trillion cubic feet
Further confirming its gas potential, Angola’s national oil company Sonangol has revealed that the country has proven natural gas reserves of about 4 trillion cubic feet.
Angola, which became the sixth country to join the Gas Exporting Countries Forum in November, earlier this year passed new legislation further committing the country to reforming its hydrocarbons sector.
APPO pushing for growth in local content by 2030
Making the announcement at the 2nd African conference on local content in the oil and gas industry in Angola, the Marketing Director of Africa Local Content, Sérgio Silva said that the African Petroleum Producers’ Organization (APPO) plans to achieve a 30 percent share of local content services provided to the African oil and gas industry by 2030.
“Currently, the share of local content on the African continent is below 20 percent,” he said.
Total reaffirms commitment to Angola’s oil sector
Boosting investment into the country, Oil major Total this week said that is determined to develop Angola’s oil sector, noting President Joao Lourenco’s visit to France last may as playing a key role in the company’s further investment in the country.
Speaking on the sidelines of an oil and gas conference organized by the African Petroleum Producers Organization (APPO), Director of Operations at Total, Olivier Jouny confirmed the French company’s strong investment in Angola saying that in six months, the company had invested $2.5 billion in Block 17 with three projects.
Senegal seeks Nigeria’s assistance in developing energy sector
Highlighting the need for intra-African partnerships, Senegal’s Minister of Petroleum and Energy, Mr Mansour Kane, has turned to Nigeria for its assistance in developing Senegal’s energy sector, focusing specifically on petroleum.
Minister Kane met with Nigeria’s Minister of Foreign Affairs Geoffrey Onyeama, to discuss the development of the petroleum sector in Senegal.
South Africa invests $1 billion in South Sudan’s oil sector
South Africa made headlines in investment news, announcing that it will invest $1 billion in South Sudan’s oil sector, the two countries said last Friday.
South African Energy Minister Hon. Jeff Radebe and South Sudan Minister of Petroleum and Mining Hon. Ezekiel Lol Gatkuoth signed a Memorandum of Understanding (MoU), stipulating that South Africa would participate in the exploration of several South Sudanese oil blocks.
South Africa: New oil and gas laws to come in 2019
South African Mineral Resources Minister Gwede Mantashe on Thursday confirmed that the country will introduce new oil and gas laws in 2019.
The oil and gas sector currently has a moratorium in place to allow for the processing of applications in the system.
Eskom and AfDB sign $25 million loan agreement
Sticking with the finance and investment news trend, South Africa’s utility company Eskom reported that, in efforts to improve power transmission in Southern Africa, the African Development Bank (AfDB) and Eskom have signed a $25 million loan agreement.
In a statement released on Wednesday, Eskom said the agreement contributes to the realization of the New Deal on Energy in Southern Africa, by ensuring capacity to add new connections in South Africa and the region.
Fast track resumption of oil production at Unity Oil Fields
Honorable Ezekiel Lol Gatkuoth, Minister of Petroleum for the Republic of South Sudan, visited the Unity Oilfields last week.
The minister was accompanied by a high-level delegation and Nile Petroleum Corporation, to oversee the progress of the rehabilitation of the oilfields.
Sahara Energy encourages investment into South Sudan
With emerging opportunities in South Sudan’s upstream, downstream and power sectors, CEO of Sahara Group Valéry Guillebon encouraged investors to enter the oil rich country as it works to increase its presence in the global market.
Speaking at the second annual South Sudan Oil & Power conference hosted by Africa Oil & Power last week in Juba, Guillebon said: “The demand for fuel in South Sudan, considering its recovering economy will grow substantially over the next few years and ensuring that petroleum products are readily available locally, is essential.”
Uganda to supply power to South Sudan
The Republic of Uganda will soon extend its power supply to South Sudan, according to South Sudan Minister of Energy and Dams, Dr. Dhieu Mathok Diing Wol.
Speaking to Eye Radio on the sidelines of the second annual South Sudan Oil & Power conference hosted by Africa Oil & Power in Juba last week, he noted that the importation of electricity from Uganda was one of the requirements of the East African Community (EAC).