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Author: Makungu Coco

Oil Local News Petroleum

Belarmino Chitangueleca Appointed Executive Director of Sonangol

Belarmino Emilio Chitangueleca has been appointed Executive Director of the Board of the Directors for Angola’s national oil company Sonangol. Chitangueleca previously served as Executive Director of Angola’s national concessionaire the National Oil, Gas & Biofuels Agency (ANPG). Angolan President João Lourenço announced the appointment this week, thereby concluding Chitangueleca’s contract at the ANPG. Before taking on the role at the ANPG, Chitangueleca served as Production Director at Sonangol.

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Energy Gas News Oil

Africa to Dominate High-Impact Well Drilling in 2024

Africa is poised to dominate the global high-impact well (HIW) drilling market in 2024, according to a new report released by research firm Rystad Energy. The continent is projected to undertake 13 of the 36 HIW drilling campaigns anticipated for 2024. Up to 70% of wells drilled in Africa will be in frontier and emerging basins, including the Red Sea Basin in Egypt, Angoche Basin in Mozambique and Namibe Basin in Angola, according to the

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Energy International News

OPEC Fund Allocates $1.7B to Energy Transition in 2023

The OPEC Fund for International Development (OPEC Fund) allocated $1.7 billion to finance 55 global projects in 2023, according to a recent statement from the organization. In a bid to address climate change, social and economic resilience and sustainable growth, 60% of the funds supported renewable energy initiatives. At 42%, Africa received the largest share of the funding, with recipient projects including solar power initiatives in Niger and Nigeria, as well as an energy security

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Diamonds Local News

Lucapa Sales Slip in Weak Market

Revenue decreased at Lucapa Diamond Company in the fourth quarter as demand for its rough slowed and prices dropped. Sales from the company’s mines slipped 1% year on year to $40.8 million for the period, it reported last week. The average selling price slid 9% to $2,458 per carat, outweighing a 9% rise in volume to 16,600 carats. At the company’s Lulo mine in Angola, revenue fell 4% to $34.9 million, with sales volume plunging

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Diamonds International

Diamond Industry Gears Up for Tighter Controls

New sanctions on Russia will fast-track the adoption of traceability programs across the supply chain. Should they wish to sell those diamonds into the Group of Seven (G7) countries, companies will have to prove their goods were sourced from non-Russian production. On December 6, the G7 — comprising Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States — announced its latest sanctions, aimed at “limiting Russia’s ability to fund its illegal war,”

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International Oil Petroleum

Nigeria’s Dangote refinery set to import US crude Oil

Nigeria’s Dangote refinery, the biggest in Africa, is gearing up to bring in crude from the US in the next few months. Traders with insider information revealed that Trafigura Group has sold 2 million barrels of WTI Midland to the Dangote refinery for delivery at the end of February, Bloomberg reported. Traders have noted that this marks the first occasion where the refinery has procured crude oil from sources outside of Nigeria. The surge in

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Energy Economy Gas Local Oil

Opportunities for Service Companies in Angola’s Energy Industry

Across the entire oil and gas value chain, both local and international service providers stand the chance to not only contribute to but drive the growth of Angola’s oil and gas industry. From detailed engineering services to procurement of equipment to technical construction activities, development opportunities are abundant.   Supporting Successful Upstream Projects Angola’s upstream oil and gas sector is poised for growth on the back of major new hydrocarbons discoveries in the country’s ultra-deepwater offshore acreages.

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Local Infrastructure News Transport and Logistics

U.S. Celebrates Progress of Lobito Rail Project

U.S. Secretary of State Antony Blinken commended Angola for the advancement of the Lobito Corridor – a strategic infrastructure project connecting the Central African copperbelt region to Angola’s Port of Lobito. During a visit to the country, Blinken highlighted that the corridor’s expansion would not only secure critical minerals supply chains for the U.S. but also stimulate investments in telecommunications, agriculture, and other sectors across Africa. He remarked that he “had a chance to see

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Mining International News

Production Resumes at Namibian Uranium Mine

Australian mining company Paladin Energy has resumed production at the Langer Heinrich Uranium mine in Namibia. First ore has been fed into the mine’s processing plant, with the full restart of operations 93% complete. The company aims to achieve commercial production by the end of Q1 2024. The project is supported by $150 million in debt funding secured by Paladin Energy from financial institutions Nedbank and Macquarie Bank. The $150 million syndicated debt facility will

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Local Economy Gas News

Mecwide Completes Gas Plant Construction in Angola

Construction engineering company, Mecwide, has completed construction of a gas reception and distribution unit for the Falcão 2 Project in Zaire Province, Angola. With a price-tag of $46 million, the unit will handle approximately 50 million cubic feet of gas per day. Announced on 23 January, the gas reception and distribution unit serves as Mecwide’s largest project in Angola. Development activities for the project included detailed engineering, procurement of piping and equipment, pre-fabrication and assembly,

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