Angola’s Minister of Economy and Planning, H.E. Mário Caetano João, has indicated that the southern African country is forecasting economic growth of 3% in 2023, with an increase to an average of over 3.6% between 2023 and 2027. Announced on 26 April, the Minister highlighted that economic growth in Angola will be driven primarily by the country’s oil sector. Oil sector growth during the forecast period is expected to average 1%, while non-oil growth is poised to
The National Oil, Gas and Biofuel Agency (ANPG), Total Energies EP Angola and Sonangol Pesquisa e Produção signed, this Tuesday 2nd May, in Luanda, an agreement of principles that makes it possible to make the first development project in the Kwanza Basin feasible. , in Blocks 20 and 21. Valued at around US$5 billion, the development project for the Kwanza Basin, located around 150 kilometers southwest of Luanda, will comprise a floating FPSO-type platform, the
The Nigerian government has decided to postpone the withdrawal of fuel subsidies, because of the need for further preparations and consultations with stakeholders, including the new government. Nigeria’s Minister of Finance, Budget and National Planning, Zainab Ahmed, told the press that the Government agreed with the need for continued discussions on the matter, adding that states and representatives of the new government required more preparatory work. “The Council agreed that the time for removal of
The country’s oil production reached a total volume of 29.561 million barrels (MMBBLS) in the month of March, an average of 0.954 million barrels per day (MBPD), representing a decline of 0.7 percent compared to the month of February, which was recorded and a production of 29,781 MMBBLS. According to the monthly report, published by the national consulting company for oil, gas and renewable energies, PetroAngola, throughout the month of March, the Dália field, located
The acquisition of 1.2 million metric tons of oil derivatives for sale cost US$803 million in the first quarter of this year, a 3 percent increase over the previous period. Of the quantity purchased for sale, around 48.2 percent corresponds to diesel, 35.3 to gasoline, 9.4 to fuel ordoil, 5.5 to Jet A1, 1.3 to illuminating oil and the remaining 0.2 of asphalt bitumen. Still of the acquisitions made, according to a summary presented on
The conditions have been met to allow TotalEnergies to resume its natural gas exploration project in the country, suspended since 2021, following a major jihadist attack, Mozambican President Filipe Nyusi assured this week. At the end of March 2021, a coordinated attack on the coastal city of Palma forced the French group to suspend a €16.5 billion natural gas development project. Facilities still under construction on the Afungi peninsula were evacuated. “Cooperation and coordination with Total
The director of KAPU GEMS, Kalpesh Vaghani, revealed Thursday27th April at Saurimo, that his company will continue to invest in Angola in the cutting and polish diamond industry. Vaghani said that KAPU GEMS has already invested more than one million dollars since 2021 and created more than one hundred employment. “We have been facing many challenges during the last two years. Cutting and polish diamond activity is new in Angola and there is rule that
Nigeria, the largest oil producer in Africa, has come out on top as the leading crude oil producer on the continent, according to the latest monthly report from the Organisation of Petroleum Exporting Countries (OPEC). The report indicates that Nigeria produced 1.268 million barrels per day (bpd) in March 2023, surpassing its African peers, Algeria and Angola, which produced one million and 972,000 bpd, respectively. However, the report also sheds light on Nigeria’s struggle to
The Ministry of Mineral Resources, Oil and Gas, within the framework of the Mining Sector Development Plan, is promoting, throughout the country, strategic actions, among national and foreign investors, which will make mining activity more sustainable, in the prevention of the environment, and support to populations residing in areas of prospecting and exploitation of mineral resources, said the National Director of Mineral Resources, on 25th April 2023. Paulo Niva Tanganha, who spoke on the theme
The diamond project, Yetwene, in Camissombo (Lucapa), Lunda-Norte province is back in production, started this Wednesday, 26th April after ten years of inactivity. The entrance to the mining exploration phase takes place on the day that marks “Miner’s Day” and should be attended by the Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo and the governor of Lunda-Norte, Deolinda Vilarinho. Association in Participation, the Yetuwe Project is formed by Endiama Mining, Mountain Stability, Sociedade
