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Author: Janet Ngule

Energy Infrastructure

AFC expands Angola investment to potential $1 billion across commodities, rail and power

Angola, which recently became Africa’s largest oil producer, is seeking to add more value across the commodity exports spectrum by partnering with the Africa Finance Corporation as a shareholder and its 35th member state. With Angola’s natural resources in high demand as Europe seeks alternative sources of fuel and foodstuff in the wake of the Ukraine-Russia crisis, the partnership with AFC will help to drive the nation’s next growth and development phase, said Finance Minister Vera Daves. ”Membership of AFC

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Oil

Sonangol’s profit grows to 2.1 billion dollars, the best result since 2014

The consolidated net income of state-owned oil company Sonangol amounted to 2.1 billion dollars in 2021, the best result in eight years and an increase of 152 percent over the previous year. According to the statement released this Wednesday by Sonangol, on the day it published its 2021 report and accounts, it was “a substantially robust economic and financial result, the result of excellent operational performance” that results from the measures taken, namely cost rationalization,

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Mining

Demand for critical minerals is “galloping” giving Angola “enormous opportunity”

Demand for critical minerals is increasing “at a galloping way”, without being accompanied by supply, creating a “huge opportunity” for Angola to position itself as an important player in the sector, according to a manager at the Pwc consultancy. Alexandra Moutinho presented this Wednesday the study “Mine 2022”, which focuses on the largest companies in the sector (“Top 40”), describing 2021 as an exceptional year for the industry, in which profits grew 27 percent to

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Gas Oil

Closed deals. Gas exploration in the Quiluma and Maboqueiro fields starts in 2026

Negotiations for the start-up of the new gas consortium in Angola were closed. According to an announcement by the National Oil, Gas and Biofuels Agency (ANPG) and Eni, the New Gas Consortium (NGC) has closed the Final Investment Decision for the Quiluma and Maboqueiro gas project, whose gas exploration will start in 2026. “The National Oil, Gas and Biofuels Agency, Eni and the partners of the New Gas Consortium (Chevron, Sonangol, BP and Total) inform

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Diamonds

Lucapa finds giant pink diamond said to be Angola’s largest in last 300 years

Australia’s Lucapa Diamond (ASX: LOM) has recovered a rare 170-carat pink diamond at its prolific Lulo mine, believed to be the largest of its kind found in Angola in the last 300 years. The massive pink stone named the “Lulo Rose” will be sold later this year through an international tender conducted by Angolan state-owned diamond trading firm Sodiam. Lucapa has a 40% stake in the Lulo mine, which hosts the world’s highest dollar-per-carat alluvial diamonds. The rest is

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Oil

Angola raised 11.8 billion dollars in the second quarter of this year with oil exports

Angola raised 11.8 billion dollars in the second quarter of this year, with the export of 103.6 million barrels of crude oil, 75.5 percent more than in the same period in 2021, according to official data. The data are contained in the Balance of Exports of Crude Oil and Natural Gas for the second quarter of 2022 presented this Tuesday by the Ministry of Mineral Resources, Oil and Gas. In the period in question, the

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Gas

Angola pocketed 1.1 billion dollars in gas exports in the second quarter of this year

Angola pocketed 1.1 billion dollars in the second quarter of this year, with the export of one million metric tons of gas, 6.63 percent less compared to the same quarter of 2021, according to official data. According to the Balance of Crude Oil and Natural Gas Exports for the second quarter of 2022, presented this Tuesday by the Ministry of Mineral Resources, Oil and Gas, gas exports in the second quarter of this year represented

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International Oil

Angola, Egypt Strengthen Bilateral Cooperation

Angola is pursuing improved cooperation with Egypt as the country looks at strengthening trade and investment within the energy, industry and commercial sub-sectors. Leveraging Egypt’s expertise, particularly within oil, gas, renewable energy and industrial engineering, the southern African country has prioritized foreign investment, intra-African trade and economic diversification. Speaking during the opening of an economic forum between the two countries this month, Angola’s ambassador to Egypt, Nelson Manuel Cosme, emphasized that the country is officially open

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Oil

ANPG spends three million on study to locate abandoned oil blocks in the country

Three million dollars is how much the National Agency of Petroleum, Gas and Biofuels (ANPG) will spend on a study aimed at locating abandoned oil blocks in the country. The expenditure was authorized by the Government and is intended to prevent the occurrence of spills, as happened in an abandoned well in Cabinda, which caused damage to the population and the environment. In presidential decree 139-D, cited by Expansão, the Executive states that since the

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Economy International

Five countries dominate foreign investment in the Angolan economy

The United States of America, France, Italy, China and the United Kingdom were the countries that, in the first quarter of this year, stood out in terms of the origin of foreign direct investment in the oil sector in Angola, according to the report by the National Bank of Angola. Regarding the non-oil sector, the same source says that South Africa and Belarus stand out. In relation to the balance of direct investment, in the

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