The Ministry of Mineral Resources, Petroleum, and Gas presented the “Angola Mining Conference” to the press this Monday, scheduled for November 22nd and 23rd in Luanda. The event was led by the Secretary of State for Mineral Resources, Jânio Víctor. The Angola Mining Conference is a trade show dedicated to the country’s mining industry and the attraction of partners for the mineral supply chain.
The French multinational integrated energy and petroleum company TotalEnergies expects to make a Final Investment Decision (FID) on the Matola Liquefied Natural Gas (LNG) import terminal, located at the Matola Port in Mozambique, by September 2024. Developed by TotalEnergies in collaboration with industrial gas supplier Gigajoule, Mozambique’s Matola Gas Company, and the country’s National Oil Company, Empresa Nacional de Hidrocarbonetos, the $550 million terminal will receive natural gas from a permanently-moored Floating Storage and Regasification
The consulting firm Capital Economics believes that Angola’s economy will grow by 1.5% this year and enter a recession next year, contracting by 0.5% due to the effects of low oil production and the depreciation of the kwanza. Angola’s economy will slow down due to the combination of low oil production and the effects of the recent fall of the kwanza in 2024 and 2025,” write the analysts, as quoted by Lusa, in a commentary
Despite the Middle East tensions, oil prices have risen in the market. The Brent crude oil for December delivery fell by 1.8 percent to trade at $88.49 per barrel at 2:00 PM ET in Friday’s intraday session, while the December WTI contract also dropped by a similar margin to change hands at $83.88 per barrel. Brent has now fallen by 7 percent in the past week, while WTI fell by 4.8 percent over the same
The natural gas operations by the Coral Sul floating platform off the coast of the northern Mozambican province of Cabo Delgado, over the last year, have contributed 6.5 percent to the increase in the Gross Domestic Product (GDP). The figure was announced by the representative of the Italian energy company ENI in Mozambique, Giorgio Vicini, who was speaking at a meeting on the challenges of the gas and electricity sectors. The Coral Sul floating LNG
The MIBA, or Bakwanga diamond mining company In the Democratic Republic of Congo, has long been a cornerstone of the country’s economy. After several years of stagnation, it gradually recommenced operations in 2011. However, today, its business is no longer as lucrative as it once was. The company’s recovery plan, estimated at USD 453 million, is set to be implemented over five years, accompanied by an investment plan of USD 161 million to be executed
Angola’s National Oil Company (NOC) Sonangol and the construction and engineering company, the China National Chemical Engineering Company (CNCEC), have signed a contract for the construction of the $6 billion Lobito refinery in the southern African country. The final agreement, which was signed on 24 October in the city of Lobito, Benguela Province, provides for the construction, technical support, and supervision of the construction process for the 200,000 barrel-per-day (bpd) refinery. “The processing capacities of
Oil prices rose by over $1 on Friday 27th October, as reports that the US military struck Iranian targets in Syria raised concerns of a widening of the Israel-Hamas conflict that could impact supply from the key Middle East-producing region. Brent crude futures for December rose $1.16, or 1.3%, to $89.09 a barrel by 0338 GMT. The US West Texas Intermediate contract for December climbed $1.08, also 1.3%, to $84.29 a barrel. The strikes on two facilities
The Governments of Kenya and Angola signed 11 Memoranda of Understanding (MoUs) aimed at strengthening bilateral relations between the two countries. The agreements will serve to enhance cooperation in oil and gas, mining, shipping and maritime cooperation. Additional areas of cooperation include wildlife management and conservation, youth development, agriculture, trade, information and communication technology and health. The MoUs were signed on 21 October by the countries’ respective cabinet secretaries and witnessed by Kenya’s President William
Aim-listed gold producer, developer and explorer Shanta Gold has reported steady gold production in line with expectations in its production and operational results for the quarter ended September 30. The report covers the company’s East African assets, comprising the New Luika and Singida gold mines, in Tanzania, and the West Kenya project, in Kenya. Our performance over the third quarter demonstrates the stable and reliable production volumes we have worked hard to achieve, with group gold production across our two operating mines of 27 935
