Angola expects to maintain its current production of crude oil at 1.1 million barrels per day (bpd) next year, said Belarmino Chitangueleca, the Chief Executive Officer of the National Agency for Oil, Gas and Biofuels (ANPG), on Thursday. Belarmino Chitangueleca ensured that the country will announce the winning bidders for the last onshore licensing round by March 2024. He also mentioned that Angola will set up a second Natural Gas Liquids (NGL) train, which processes
The Fund for the Development of Exports in Africa (FEDA), a subsidiary investment of Afreximbank, announced a few days ago its investment in the Cabinda Refinery, which is being constructed by Gemcorp Holdings in partnership with Sonangol. Investment by Afreximbank comes shortly after Gemcorp, Afreximbank and Africa Finance Corporation successfully led the raising of a project financing debt valued at $335 million in July of this year. According to a statement from FEDA accessed by
Sonangol was honored on Tuesday 17th October with the National Petroleum Company of the Year Award during the 2023 African Energy Week (AEW), a gathering of key continental players in the sector that concludes today in Cape Town, South Africa, on the fifth day of the event. On October 19, 2023, in the latest update at 10:06 AM, Sonangol received the National Petroleum Company of the Year Award. Osvaldo Inácio, the Executive Administrator, accepted the
The Ministry of Trade and Regional Integration has kept all fuel prices unchanged for the next 30 days. Its previous two tariff adjustments prompted by the rise in the global crude oil and naphtha market saw retail prices of fuel in Ethiopia surge for two consecutive months. Also read: IMF sees “good progress” from Ethiopia In a statement today, the ministry said the prices at the pump set for September would remain unchanged for the
The UK announced a pledge to help African countries expand their critical mineral supply chains with a focus on promoting mineral exploration and processing, generating value added activities, and creating local jobs during the Critical Minerals Africa 2023 summit on Wednesday 18th October. “African countries rightly have a high level of ambition for unlocking the value of their natural resources, and the UK will work with them in partnership to support the delivery of their
Last month, the associated gas production was 71.11 million cubic feet (MMCF), with an average of 2.37 MMCF per day. Out of this, 1.50 million were injected, 417 million were supplied to the ALNG factory, 325 million were used for power generation at the oil facilities, and the remainder was used in oil operations and transportation. The report adds that during the month of September, ALNG produced 2.9 million barrels of oil equivalent, averaging 99.4
The Brent futures (which are a reference for Angolan sales) rose by seven cents to $89.50 per barrel at 5:00 PM (Angola time), and the West Texas Intermediate (WTI) from the United States rose by 19 cents to $86.47 per barrel. The Government and the opposition in Venezuela resumed long-suspended negotiations yesterday, a move that President Nicolás Maduro believed would benefit the 2024 elections and could potentially lead Washington to ease sanctions, according to several
The industrial gold production in Mali, one of Africa’s top producers of the precious metal, is expected to reach or even exceed its forecast of 67.7 tonnes for 2023, according to a mines ministry official. Gold production from mines, mainly owned by Barrick Gold, B2Gold, Resolute Mining, Allied Gold, and Endeavour Mining, stood at 45.4 tonnes at the end of August, surpassing the initial forecast of 43 tonnes, Mamadou Sidibe, head of the mines ministry’s
As the global economy continues to navigate through the challenges posed by the ongoing COVID-19 pandemic and the evolving energy landscape, there’s a glimmer of hope for consumers around the world. In recent weeks, speculation has been rife that fuel prices might experience a much-anticipated cut in November. Based on the current oil, international fuel and rand prices, the latest data from the Central Energy Fund (CEF) shows that petrol prices could be cut by
Sonangol won the Best International Exhibition Award at the Global Expo Botswana 2023 on Friday 13th. The trophy was presented to the stand director, Emanuel Chindecasse, at a ceremony held in Gaborone, Botswana. On October 14, 2023, the Angolan Ambassador, Beatriz Morais, was seen with the Sonangol delegation after the trophy presentation. The Angolan oil company was recognized for its outstanding performance in showcasing products and services, communication and image, as well as the business
