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Angola LNG open to expansion as gas supplies ramp up

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As fresh gas supplies to the facility ramp up over the next 12 months, Angola Liquefied Natural Gas (ALNG) is looking at potential expansion options, including adding a small train of three million metric tonnes annually, industry executives told Reuters.

The plant will reach full capacity for the first time with the help of additional supplies anticipated from Chevron by year’s end and the New Gas Consortium by the end of 2025.

The second-largest crude producer in Africa intends to shift its focus more towards natural gas in order to meet the rising demand in important European and Asian markets.

The $12 billion Angola LNG plant was put into service more than ten years ago, but it has been operating below its nameplate capacity for years as gas output at the mature sources that supply it has declined.

According to government sources, the current supply averages roughly 700 million standard cubic feet per day (SCF), or 70% of operating capacity.

Azule CEO, Adriano Mongini, the New Gas Consortium, a gas project run by the Azule Energy alliance between BP and Eni, is anticipated to begin production at the end of next year, six months ahead of schedule.

He stated on the fringes of an African energy conference in Cape Town that the project’s extra supplies will enable ALNG to operate at full capacity, with more feedstock expected from Angola’s first gas-specific exploration well to be drilled early next year.

“Angola LNG is already thinking about this expansion, if it’s a mini train or one additional train, so there are many ways to do it,” Mongini told Reuters.

 

Angola LNG is intended for a single train carrying 5.2 million tonnes annually and has Chevron, TotalEnergies, and Sonangol as stakeholders.

Billy Lacobie, managing director of Chevron’s Southern African division, stated that the company backed initiatives to boost the home market and maximise LNG exports.

According to an ALNG spokesperson, by filling around 40% of the plant by the end of 2024, Chevron’s Sanha Lean Gas Connection will boost ALNG usage and provide gas for 15 years.

Angola has 38 trillion cubic feet (tcf) of known gas and another 56 tcf of prospective resources, according to the country’s newly published 25-year gas master plan, which also indicated intentions to develop more than 40 gas fields.

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Moroccan annual inflation rises to 0.8% in November

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Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

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According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”

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