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Author: Makungu Coco

Gas Local Oil Petroleum

ASSEA and Muhatu Energy Launch ‘Ubuntu’ Internship to Boost Women in Angola’s Oil Sector

The Association of Autochthonous Companies for the Oil Industry of Angola (ASSEA), in collaboration with the Muhatu Energy Angola (MEA) platform, is set to unveil the ‘Ubuntu’ internship program in Luanda. The initiative aims to provide final-year students of technical-professional courses with a hands-on experience in a real work environment. Designed to prioritize gender diversity, the program is exclusively tailored for female students. Currently, women constitute only 22 percent of the total workforce in the

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Economy Local News

Angola-DRC Trade Soars to Over $100 Million in 2022

Trade between Angola and the Democratic Republic of Congo (DRC) witnessed remarkable growth, exceeding $100 million in 2022, as announced at the 2nd Angola Economic Forum – DRC in Luanda. The Minister of Industry and Commerce, Rui Miguêns, presented the data, highlighting the increase from $46 million, along with a rise in imports from $2.5 million to $10 million during the same period. Despite acknowledging some unaccounted transactions, Minister Rui Miguêns believes Angola’s official trade

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Diamonds International News

Rio Tinto to Hold Tender of 87 Fancy-Colored Diamonds

Rio Tinto has launched the Beyond Rare Tender, an inaugural collection of 48 lots of polished fancy-colored diamonds which will be shown in Australia, Switzerland and Belgium, with bids closing on November 20. The miner will offer 87 diamonds in total, including its legacy inventory of pink and red stones from the shuttered Argyle diamond mine in Australia and yellow diamonds from its Diavik site in Canada, it said. The new collection is “a testimony

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Diamonds Economy Environment Social Governance (ESG) Local

ENDIAMA invests USD 6 million in social Responsibility

Over the last five years, Angola’s National Diamond Company has invested a total of six million US dollars in the Lucrécia Paím maternity hospital, to improve maternal and neonatal care in that unit, which is dedicated to the medical monitoring of pregnant women until the end of their pregnancy, as well as the care of parturients. The financial support is part of its social responsibility and is the result of a memorandum signed in May

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Economy Local News

Angola’s Economy Predicted to Grow by 3% in 2024

Global organization the International Monetary Fund (IMF) forecasts a 3% growth for Angola’s economy in 2024. In a report titled, ‘Regional Economic Outlook on Sub-Saharan Africa: A Light on the Horizon?,’ the IMF projects that improved economic performance and a return to fiscal consolidation are also expected during the year, with the country’s 2024 growth surpassing 2023 levels. The report further suggests a forecasted year-on-year consumer price increase of 22.3% for 2024 in Angola, exceeding

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Energy Local News Oil Petroleum

Afentra Secures Angola’s Approval for Block Acquisitions from Sonangol

Independent energy company Afentra has received approval from Angola for the acquisition of stakes in Block 3/05 and Block 23 from the country’s National Oil Company Sonangol. Under the agreement, which is pursuant to a sale and purchase agreement between Sonangol and Afentra through its wholly-owned subsidiary Afentra (Angola), the company will acquire a 14% interest in Block 3/05 and a 40% stake in Block 23, offshore Angola. Afentra is also working with Sonangol to

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Gas International Oil Petroleum

88 Energy Acquires Working Interest Onshore Namibia

Oil and gas exploration company, 88 Energy, has signed a farm-in agreement with Monitor Oil and Gas Exploration – a subsidiary of U.K. private exploration company, Monitor Exploration – to earn up to a 45% non-operated working interest in Namibia’s onshore Petroleum Exploration License (PEL) 93. The activity program for the three-stage agreement will involve the acquisition of approximately 200-line-kilometers of low-impact 2D seismic data in mid-2024, along with a potential initial exploration well targeting

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Infrastructure Local News

Angola Opens New $3 Billion Luanda International Airport

The government of Angola has officially inaugurated the new Dr. António Agostinho Neto International Airport (AIAAN), which will serve as the country’s main hub for passenger and cargo services, gradually replacing Luanda’s Quatro de Fevereiro Airport (LAD). The airport construction is estimated to have cost over $3 billion, including the supporting infrastructure. Angola’s Minister of Transport, Ricardo Viegas D’Abreu, told Simple Flying that it is a public investment fully funded by the government. This will

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Diamonds International News

Petra Postpones Spending Amid Market Slowdown

Petra Diamonds has deferred expansion projects at two South African mines and pushed back other planned expenses in response to weak trading conditions. The miner is targeting cash savings of up to $75 million by June 2024, aiming to improve short- and medium-term liquidity until the market stabilizes, management announced Wednesday. Measures include pushing off the “C-Cut” extension project at Cullinan and partially delaying the deposit’s “CC1E” expansion, both until the end of June 2024.

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Diamonds Local News

Lucapa Sales Dip Due to Timing of Lulo Tender

Revenue at Lucapa Diamond Corp. slumped in the third quarter as the miner held back seven large stones to sell at a tender earlier this month. Group sales slid 43% year on year to $14.6 million for the period, Lucapa reported last week. Sales volume dropped 24% to 15,493 carats, with production down 20% at 16,588 carats. The slowdown reflected lower sales and output from the Lulo mine in Angola, where revenue plummeted 56% to

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