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Category: Economy

Economy Local News

Top Regional Networks Connected to Angola

Angola is well-positioned to leverage its world-class oil and gas resources to promote trade, collaboration and growth within the wider African energy economy. Set to bring about significant opportunities for the entire southern African region, the country’s participation within regional energy networks based on the creation of hubs and pipeline systems will serve as the backbone for the distribution of power and socioeconomic development between countries in the region. Southern African Development Community Angola is a

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Economy International News Oil

Nigeria lost N16.3tn to Crude Oil theft, spent N13tn on fuel subsidies since 2005

The Federal Government of Nigeria stated on Thursday 13th April that N13 trillion was spent on petrol subsidies between 2005 and 2021. It also stated that N16.3 trillion was lost to oil theft from 2009 to 2020. At a policy dialogue on oil swap that was co-hosted by the Nigeria Extractive Industries Transparency Initiative and Policy Alert, an indigenous civil society organization, with assistance from the Opening Extractives, it was revealed in Abuja. Orji Ogbonnaya-Orji,

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Economy International News Oil

Russia boosts Oil sales despite sanctions

Russian oil exports reached a three-year peak in March despite sanctions, but gains are lower than in 2022, according to data released this Friday 14th April by the International Energy Agency (IEA). Ukraine’s allies have adopted economic sanctions against Moscow to reduce Russia’s ability to finance the war effort that began with the invasion of the neighboring country on February 24, 2022. Even so, Russian oil exports increased in March by 600,000 barrels a day

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Economy Local News

Govt bets on Transforming natural Resources into real wealth

The Secretary of State for Mineral Resources said Friday 14th April in Luanda that the adoption of a governance model for the mining sector, based on institutions such as the Geological Institute, the National Agency for Mineral Resources and state companies (Endiama and Sodiame) with the structure to lead the activity, are some of the pillars needed to transform the country’s resource potential into real wealth, in favor of improving the living conditions of the

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Economy Local News Oil

Oil sector investments recovery causes 2022 direct investment balance to plummet to US$6.1 billion deficit

The balance of direct investment in 2022 was a deficit of US$6.1 billion, against US$3.2 billion in the previous year, justified mainly by the increase in investments recovered by companies in the oil sector. Since 2015, new investments in the oil sector have been lower than recovered investments. The United States of America, France and Italy were the countries that stood out in terms of the origin of foreign direct investment destined for the oil sector.

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Diamonds Economy Local News

Yetwen project to Produce around 10,000 carats of Diamonds a month

The Yetwene Project, an alluvial diamond mine with an extension of 508 square kilometers, located in Lukapa, Lunda-Norte, will begin operating in the coming days, with a production of around 10,000 carats per month, announced Friday 14th April the Chairman of the Board of Directors of Endiama, José Ganga Júnior. With an investment in the prospecting phase of around US$25 million, the project  generated a total of 500 jobs. With a 20 percent stake in Endiama, the mine

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Diamonds Economy Local News

Endiama evaluates proposal to install mining operations simulators

The National Diamond Company of Angola is evaluating a proposal aimed at installing, in the near future, simulators for training mining operators at the ENDIAMA Technical-Professional Training Centre, located in Saurimo, Lunda Sul. The information was provided, Monday 10th April, in Luanda, by the director of Studies and Projects at the company, Ady Van-Dúnem. The person in charge made it known that the aforementioned equipment allows technicians who will operate an excavator or a bulldozer machine to

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Economy Energy Local News

Sonangol Prioritizes Gender Inclusivity, Diversity in Energy Transition

Amidst the global pivot towards an energy transition, African nations are seizing this transformative moment to create new and exciting pathways for women to thrive in the energy sector. Kátia Epalanga, Executive Director of Angola’s National Oil Company (NOC), Sonangol, attended a webinar held by the African Energy Chamber’s African Women Business Energy Network (AWBEN), alongside other influential women in the energy sector to address the critical issue of diversity and inclusivity in the industry

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Economy Gas Local News Oil

Five Benefits of Investing in Angola’s Established O&G Industry

Angola started producing oil from the Benfica oilfield in the Cuanza Basin in 1955. Nearly 70 years on, the country has risen to become one of the biggest producers and exporters in Africa, with production hitting an all-time high of two million barrels per day (bpd) in 2010.  However, in 2023, production has started to wane as declines in legacy fields continue to reduce national output.  In 2023, production averages just above one million bpd, and with

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Economy Energy News

Azule Energy Selects AVEVA as Digital Partner

Independent oil and gas producer Azule Energy has selected industrial software company AVEVA as its new digital partner, with the firm tasked with improving efficiency and productivity across Azule’s Angolan assets through the deployment of state-of-the-art technology. According to Peter Harriman, COO of Azule Energy, “We have signed a strategic contract with AVEVA to digitally transform our operations for optimized productivity, efficiency and safety. This partnership will enable Azule Energy to achieve our goal of establishing a world-class

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