The Luanda Refinery plans to produce 10,000 barrels per day of green diesel and bio-jet fuel (SAF) within the next two years. This increase in production, using “Ecofining TM& UOP and UOP” technology, will result from refining 500,000 tons of raw materials annually. Implemented by Sonangol Refinação e Petroquímica (Sonaref), the project is projected to create 200 direct jobs and 400 indirect jobs. Initial projections estimate production at 5,000 barrels per day, refining 70,000 tons
On Sunday, Portos e Caminhos de Ferro de Moçambique (CFM), one of Mozambique’s largest business conglomerates, began its maritime support operations for the oil and gas sector through its subsidiary, CFM Logistics. Agostinho Langa Júnior, president of CFM’s board of directors, emphasized the significance of this venture during the launch ceremony. “It is a gigantic challenge and an extraordinary opportunity. By fulfilling this aim, we will not only be implementing a Government mandate in the
The National Oil, Gas, and Biofuels Agency (ANPG) signed three production sharing contracts with ETU Energias and ACREP for blocks CON 2, CON 8, and KON 19 in Luanda last week. According to a press release, the signing ceremony was attended by the Minister of Mineral Resources, Oil, and Gas, Diamantino Azevedo. Block CON 2 will be operated by ETU Energias, with Effimax and Simples Oil as partners. Similarly, ETU Energias will also operate Block
State-owned Sonangol recorded a net profit of $1.356 billion (1.1 billion kwanzas) for the 2023 fiscal year, continuing its recovery trajectory over the past three years, according to the Annual Report and Accounts released on Monday. Despite remaining “positive,” the profits represented a 27.7% decrease compared to the same period in 2022, when the company reported $1.8 billion (1.5 billion kwanzas). This decline was attributed to various factors, including a decrease in global oil prices,
Sonangol, Angola’s state oil company, announced a consolidated net profit of over 930 billion kwanzas for the 2023 fiscal year. According to Sonangol’s 2023 financial report, cited by Rádio Nacional, the company achieved a turnover exceeding seven billion kwanzas. The report also highlights the complete elimination of audit reserves in subsidiaries within the core segment and a continuous reduction in the materiality of remaining audit reserves, as noted in the Independent Auditor’s Report.
Angola exported approximately 96.84 million barrels of crude oil in the second quarter of 2024, valued at around $8.11 billion, according to data presented last week in Luanda by the Secretary of State for Oil and Gas, José Barroso. Barroso noted that these figures represent a 0.5% increase compared to the previous quarter.
Gold prices surged on Monday, reaching a peak for the seventh consecutive session. This rise is driven by expectations of interest rate cuts in the United States and increased gold accumulation by China. An ounce of gold (approximately 31.1 grams) reached $2,355 in recent trading. For delivery in August, the price of gold on the international market increased on Friday, closing up 1.17 percent at $2,381 per ounce. Gold in Angola According to recent data
ExxonMobil plans to invest up to $15 billion in Angola’s Namibe basin by 2030, as part of ongoing drilling campaigns. With 30 years of experience in the country, the company is developing large-scale oil and gas projects and enhancing output at existing fields. Katrina Fisher, ExxonMobil’s lead country manager and managing director for Angola, will provide an update on the company’s project portfolio in Angola during the African Energy Week (AEW): Invest in African Energy
The Egyptian Ministry of Electricity and Renewable Energy plans to increase the country’s electrical capacity by 750 megawatts with two new wind and solar energy projects by October 2024. These projects represent a total investment of $700 million and will significantly advance Egypt’s renewable energy goals. The first project, a wind energy initiative, will be inaugurated in August with a capacity of 250 megawatts. It is being developed through a partnership between Orascom Construction, Toyota,
Sentuo Group is investing $980 million to build a two million metric tons per year oil refinery in Tema, with a second phase planned to add another three million metric tons per year. Mr. Xu Ningquan, Executive Chairman of the Sentuo Group, announced the investment when representatives from the African Refiners Association (ARDA) and the Cooperation on International Traceability in Analytical Chemistry (CITAC) paid a working visit to the Sentuo Oil Refinery in Tema. Currently,
