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Category: Economy

Oil Economy Local Mining News

Angola to Invest Over $72 Billion in Oil and Mining by 2027

Investments in Angola’s active oil concessions, excluding new blocks auctioned, reached $47 billion between 2018 and 2022 and are projected to exceed $72 billion between 2023 and 2027. This information was provided by the Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, during the first edition of “Conversations without Makas,” hosted by economist Carlos Rosado de Carvalho. The event focused on the future contributions of oil, gas, and critical minerals to Angola’s economy. Azevedo

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Oil Economy Gas News

Angola’s Oil and Gas Sector Set to Attract Up to $60 Billion in Investments

Angola’s oil and gas industry could see investments of up to $60 billion over the next five years, according to Energy Capital & Power. This potential influx arises as international oil companies, independent exploration and production (E&P) companies, and smaller firms capitalize on new opportunities in onshore, offshore, and marginal fields. To support national goals of maintaining production above one million barrels per day (bpd), Angola’s upstream operators are expanding their portfolios through block acquisitions

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Diamonds Economy Local News

Angola Special-Stone Tender Brings In $22M 

Trans Atlantic Gem Sales (TAGS) and Angola’s Sodiam garnered $21.6 million at their second joint tender of special rough diamonds from five of the African country’s mines. The tender saw a 100% sell-through rate, despite current market weakness, TAGS said last week. The companies offered 33 lots comprising 45 diamonds. “The results once again exceeded expectations, with mines expressing enthusiasm to increase rough-diamond volumes to be sold through tenders in the future,” TAGS director Anthony

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Diamonds Economy Local News

Lucapa Diamond Recovers 176 Carat Diamond at Lulo Mine

ASX-listed Lucapa Diamond Company has recovered its fifth diamond weighing more than 100 carats this year at its joint venture Lulo mine in Angola. The 176-carat Type IIa diamond is the forty-fifth diamond over 100 carats found at the mine since alluvial operations began in 2015, making it the eighth largest discovered there. Lucapa notes that the consistent recovery of these large, high-value diamonds has been a significant revenue source for Lulo and has informed

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Local Economy Energy News

Namibe Province Aims to Enhance Energy Sustainability and Competitiveness

Namibe province plans to invest in diverse energy sources to ensure greater sustainability in production and compete with imported goods, announced Abel Capitango, the vice-governor for the Political, Social, and Economic sector, on Friday in Luanda. Speaking to Jornal de Angola at the Luanda International Fair, Capitango acknowledged the challenges faced despite the presence of the Caraculo Solar Photovoltaic Plant, which has a capacity of nearly 25 megawatts. The primary challenge is to install an

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Oil Economy Local News

Angola Boosts Oil Production with New Incremental Initiative

The Council of Ministers of Angola’s National Oil, Gas & Biofuels Agency (ANPG) approved the country’s incremental production initiative for 2024. This initiative, expected to be enacted by President João Lourenço later this year, introduces new incentives to boost production in active blocks. It aligns with national objectives to maximize output at producing fields, offering license extensions and favorable fiscal terms to investors, thus stimulating cost recovery regardless of well results. A significant milestone under

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Diamonds Economy Local News

Angola Ranks Fourth Among World’s Largest Diamond Producer in 2023

In 2023, Angola secured the fourth position on the list of the world’s top ten diamond producers, generating $1.55 billion from the sale of 9.8 million carats. According to the Ministry of Mineral Resources, Oil and Gas, Angola trailed only Russia, Botswana, and Canada, based on information from the Kimberley Process. Notably, eight of the ten countries in the ranking are African, including Botswana, Angola, South Africa, Namibia, Zimbabwe, Lesotho, Sierra Leone, and the Democratic

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Oil Economy News

Brent Oil Prices Fall Amid Global IT Issues

The price of Brent crude oil, a key benchmark for Angolan exports, dropped by 2.91% to $82.63 per barrel for September delivery on the London futures market today. This sharp decline in European crude coincided with widespread computer issues in Microsoft’s Windows systems following a failed update of the CrowdStrike cybersecurity platform. These problems affected various sectors globally, including airports, air transport, hospitals, and communication systems. Despite the Russian government’s statement today that Ukraine’s decision

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Local Economy News Oil

Angola’s Oil Production Increases in June

In June, Angola’s oil production totaled 34.6 million barrels, averaging 1.155 million barrels per day (MBPD). This represents a 0.87% increase from May’s output of 1.108 MBPD. According to PetroAngola’s Monthly Petroleum Bulletin, Block 17 led production with an average of 393,655 barrels per day (KBPD), followed by Block 32 at 154,960 KBPD, and Block 0 at 147,205 KBPD. Gas production also saw a rise, reaching 87,230 million cubic feet (MMSCF) in June, or a

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