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Category: Economy

Economy Energy Oil

Angola’s Downstream Development to Drive Domestic Capacity

Angola, as the largest oil producer in Africa, faces a significant challenge with its minor downstream industry and heavy reliance on petroleum imports, which currently account for approximately 80% of its refined petroleum products. To address this issue, the Angolan government has made increasing domestic crude processing capacity a strategic priority. With vast proven oil reserves of over 8.2 billion barrels and abundant natural gas resources totaling 13.5 trillion cubic feet, Angola has the potential

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Economy Local News Petroleum

Oil accounts for 90 percent of Angola’s exports to India

Oil accounts for 90 percent of Angola’s exports to India, which is why trade, currently estimated at US$4 billion, is favorable to the African partner, according to the ambassador to that country. Pratibha Parkar made these statements, Monday 15th May, in Luanda, at the opening of the Angola – India Business Forum, held on the occasion of the visit of 17 companies affiliated to the India – Africa Chamber of Commerce, seeking greater knowledge of

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Economy International News Oil

Brent for July delivery drops to $74.94

The price of a barrel of Brent oil, which serves as a reference for Angolan exports for delivery in July, ended this Thursday 11th May on the London futures market down 1.39%, to US$74.94. The price of Brent lost ground despite it being known that OPEC forecasts a growth in global oil demand of 2.3% in 2023, to a total of 101.9 million barrels per day. The industrialized countries of the Organization for Economic Cooperation

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Economy Local News Petroleum

Angola registers US$9.4 billion in new contracts

Angola signed, last year, five service contracts with international oil companies, which totaled US$9.4 billion, according to data from Energy Capital & Power. According to the company, a leading global investment platform focused on the African energy sector, the five highest value service contracts were signed between 2022 and the current year. The contract with the highest value (US$7.8 billion) was signed in February this year by Azule Energy, the largest independent oil and gas

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Diamonds Economy Local News

Cutting and polish Diamond with exceptional measures on VAT

The investors of cutting and polish diamond in Angola said they are pleased with the announcement of exceptional measures to be implemented by the Ministry of Mineral Resources, Oil and Gas, in order to reduce Value Added Tax. According to Brás da Silva, representative of the Minas Raras company, the decision will ease the burden and boost the investment of factories and investors in the cutting and polish diamond area and, in the future, in

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Economy Gas Local News Oil

More than 2,000 barrels of oil could ease Sonangol’s bills

The Board of Sonangol expects to improve the company’s financial situation due to the entry into production, after several years of inactivity, of the oil field “Caco-Gazela Punja 3/05”, located in the Lower Congo Basin, with a production capacity of 2,000 barrels per day. The project is carried out by Sonangol, as operator, with a 25 percent stake, in a consortium in which China Sonangol Internacional also owns 25 percent, Maurel & Prom, 20 percent, Eni 12

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Economy Gas Local News Oil

Oil sector expects to stabilize national production levels

Angola intends to stabilize production at around 1.3 million barrels per day (bpd) over the next three years, according to research by the African energy consultant. According to the consultant, the country has a crude oil production on the rise – increasing by more than 580,000 barrels per month, from December 2022 to January 2023. The source ensures that the southern African producer has several notable Exploration and Research (E&P) projects that are in progress

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Economy Gas International News Oil

Invictus Energy strikes oil, gas and helium at Cabora Bassa project in Zimbabwe

Australian oil and gas exploration company Invictus Energy has announced the discovery of light oil, gas condensate and helium at its Cabora Bassa project, located in the northern province of Zimbabwe.   The discovery follows the analysis of mud gas collected from the drilling of the Mukuyu-1 well in late 2022, which identified 13 hydrocarbon bearing zones. “Results from the mud gas compositional analysis definitely proves the presence of hydrocarbons in multiple reservoir pay zones

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Economy Energy Gas Local News Oil

Sonangol to increase production in mature and emerging basins

Sonangol signed, in the last 12 months, contracts with national and foreign companies to increase exploration and production, both in mature and emerging basins. According to a note from Energy Capital & Power that Jornal de Angola had access to, the aforementioned contracts were signed to make the country a regional energy centre, although it is already one of the largest oil producers in Africa. Companies such as Azule Energy (the largest independent oil and

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Economy Gas International Oil

Impact Oil & Gas Completes $95M Open Offer for Namibia Exploration Activities

Impact Oil & Gas, a privately-owned exploration company, has announced the completion of a $95-million Open Offer, raising capital exclusively from its existing shareholders.  The capital will be used to further appraise TotalEnergies’ Venus-1 discovery located in Block 2913B in the Orange Basin, as well as fund additional exploration activity in neighboring Block 2912. “We are pleased to see the $95-million open offer’s successful completion, having been fully taken up by our existing shareholders, who

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