The barrel of Brent oil, the reference for the North Sea and for Angola’s exports to international markets, closed the second week of this month negotiating deliveries for May at $85.35. This price attributes a positive difference of more than 20 dollars in relation to the estimated value in the OGE/2024 of 65 dollars per barrel. Although the OGE/2024 set production at a level of 1.1 million barrels/day, the most recent news estimates that the
The governor of Benguela province called upon the local business community to fully embrace the potential offered by the Corridor and Refinery in Lobito. Speaking at the inauguration of the new headquarters of Aliança Empresarial, Governor Luís Nunes emphasized the importance of unity among entrepreneurs. Aliança Empresarial, currently comprising 17 members, expanded its ranks by four during the event. The mission of these new members aligns with supporting the socioeconomic development of the province through
Angola’s Minister of Mineral Resources, Oil, and Gas, Diamantino Azevedo, extended an invitation to Chinese entrepreneurs in Beijing on Saturday, March 16th to consider investing in the country’s hydrocarbon sector. The Economic Forum organized by the Ministry of Mineral Resources, Oil, and Gas (MIREMPET) in China showcased investment prospects in Angola’s oil and gas industry, garnering significant interest from Chinese firms and investors. In his address, Minister Azevedo emphasized the diversity of investment opportunities, ranging
Mining companies operating in Lunda-Norte province have been urged to establish tax domiciles in the region, with only 36 out of 41 companies having completed the transfer to the Chitato Tax Office. This directive was revealed by the National Diamond Company (Endiama) website. At a meeting convened by Governor Deolinda Vilarinho, stakeholders discussed the need for increased attention to social responsibility actions by mining companies to mitigate environmental damage and uplift local communities. Concerns were
A recent study by Deloitte, titled “Tracking the Trends 2024,” highlights ten key trends that are expected to influence the performance of the mining and metals sector over the next 12 to 18 months. The report emphasizes the importance of negotiating for growth while focusing on the future, indicating that mining companies need to prioritize purpose, social dynamics, and effective management to thrive in uncertain times. Francisco Correia, a partner at Deloitte, praised the development
The company Linhas Aéreas de Angola (TAAG) will not suspend any of its 29 national and international destinations in light of the difficulties, revealed Friday, in maintaining the aircraft fleet, due to the scarcity of foreign exchange, according to information obtained by the newspaper of Angola with the carrier. The company’s option is to reduce national frequencies, in a decision that only affects the Windhoek route, a regional destination to which the carrier flies seven
Angola experienced a notable surge in diamond production in 2023, reaching 9.772 million carats, marking a 12% increase compared to the previous year. The Secretary of State for Mineral Resources, Jânio Correia Victor, credited this growth to industrial recovery, with Sociedade Mineira de Catoca contributing significantly to the sector’s success by accounting for 71% of total production. While celebrating the growth, Victor highlighted that the total production fell short of the established forecast by approximately
The World Bank has granted Angola $300 million to help accelerate Angola‘s economic diversification, with a key emphasis on the private sector’s involvement. The funding is allocated under the Diversifica Mais project, which aims to expedite economic diversification processes and will be implemented nationwide over the next six years, with a specific focus on the Lobito corridor. According to the bank, $130 million will be allocated to boost investments for structuring and implementing public-private partnerships,
Independent upstream explorer Invictus Energy will move ahead with plans to carry out appraisal drilling and seismic surveys on its Mukuyu discovery in Zimbabwe. Invictus Energy will undertake a well test design study to determine test parameters for the discovery while implementing a long lead equipment and mobilization plan to establish a timeframe for the project. The Australian explorer is currently evaluating contract bids for well services for the testing and exploration of future appraisal
The Renewable Energy Authority of Libya (REAoL) has signed an MoU with a Canadian consortium comprising engineering and construction firm Petro Techna International Company and investment company Jacob Capital. The MoU aims to enhance cooperation in renewable energy projects. The agreement – signed by REAoL Chairman Abdul Salam Al Ansari and Petro Techna’s President and CEO Ali Malik in March 2024 – will leverage Canadian expertise in the Libyan renewable energy sector, specifically in advisory
