Brent oil (a benchmark for Angolan exports) for delivery in April started the week’s session, this Monday, February with a drop of 0.61 percent, standing at US$85.86 a barrel. On Friday 10th February (end of session), Brent for April was traded on the Intercontinental Exchange (ICE) up 2.24 percent ($1.89), at $86.39 a barrel. In turn, WTI oil, a benchmark in the United States of America, fell by 0.68 percent yesterday 13th Feb to US$79.19. Globally, oil
Angola’s minister of Mineral Resources, Oil and Gas Diamantino de Azevedo said Tuesday 7th Feb in Cape Town, South Africa, that the country is in the process of having a stronger mining industry, which could contribute to the diversification of the country’s economy. The minister said so after addressing a topic on “Critical Minerals for Energy Transition”, a lecture addressed to several players in the mining market at the International Conference on Mining in Africa,
The photovoltaic plant, which has been installed in Lucapa Municipality of the north-eastern Lunda Norte Province, since 2021, will start producing power in the first quarter of 2024. The solar power plant is 61% complete, whereby in relation to mechanical assembly, with installation of the solar panels and support structures that include civil engineering, it is over 90% complete. So far, out of the 12,090 solar panels, approximately 11.000 have already been installed, with the
The Yetwene Mining Project plans to produce 3000 carats a month. The forecast is based on theproject’s indicators, which indicate that with the start of exploration, conjectured for the currenteconomic year, production will be positioned, in a first phase, at 3000 carats of diamonds per month According to Pedro Domingos, acting director of Mining Operations for the project located in the Camissombo commune, Lucapa municipality, Lunda Norte province the ressessment activities of the reserves, following
Uganda has started drilling operations on its first commercial oil discovery. The East African country has secured the first of the 4 platforms planned to operate the discovery, and has already started drilling its 1st commercial well in hopes of achieving first oil production by 2025. The Kingfisher oil field in Kikuube District is operated by the China National Offshore Oil Corporation, CNOOC, but is co-owned by TotalEnergies and Uganda’s state oil company, UNOC. The
Algeria, a member of the Gas Exporting Countries Forum (GECF), will host the headquarters of the organization’s Gas Research Institute (GRI), following the signing of an agreement between the Government and the GECF. The technology center will enable GECF members to cooperate in research and development regarding breakthrough gas technology discoveries to enhance the industry. Algeria will host several initiatives, including scientific research, technology transfer and sharing of best practices among GECF members and global
The Competition Regulatory Authority (ARC) registered, in the four-year period 2019-2022, a total of 10 notified merger operations between companies in the oil sector, which corresponds to 24 percent. The data were advanced by the administrator of ARC, Nelson Lembe, at the methodological seminar on merger operations between companies in the oil sector. “There is a need to achieve a more competitive and fair business environment, capable of attracting good investments, which is why Competition
Currently, in Angola, 36 of the 51 minerals considered the most critical in the world are known, some of which are about to go into production. The list will be revised, if necessary, every five years, in consultation with mining industry experts. According to the Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, at the opening of the Investment Forum, on the sidelines of Mining Indaba 2023, the country has an enormous mining potential
Brent negotiations, a benchmark for Angolan oil exports, opened higher on Monday in the international market, standing at US$80.73 per barrel at the time of writing, registering a daily variation of 79.65 to 81.24 , up to the time of the survey. Despite Brent falling 10 percent last week to $80 a barrel, China’s demand prospects remain strong despite the commodity’s recent decline, experts say. Goldman Sachs bank raised its China demand forecast to 16.0
Uganda has started drilling operations on its first commercial oil discovery. The East African country has secured the first of the 4 platforms planned to operate the discovery, and has already started drilling its 1st commercial well in hopes of achieving first oil production by 2025. The Kingfisher oil field in Kikuube District is operated by the China National Offshore Oil Corporation, CNOOC, but is co-owned by TotalEnergies and Uganda’s state oil company, UNOC. The
