Angola will continue to contribute to OPEC+’s efforts to ensure that “fair revenues” are obtained for producing countries and the continuous supply of crude oil to consumers. In a statement, the Ministry of Mineral Resources, Oil and Gas indicates that Angola as a signatory to the Declaration of Cooperation signed in December 2016, between OPEC member countries and non-OPEC crude oil producers (OPEC+), in a total of 23 countries, constituted a historic milestone in the
OPEC Member Countries and Non-OPEC Crude Oil Producers (OPEC+) decided to reduce oil production by two million barrels per day, considering that the measure had “a positive impact on the market, as it allowed to counter the decline market prices”. In a statement to the press on the latest production readjustment sent, this Wednesday, to Jornal de Angola Online by the Ministry of Mineral Resources, Oil and Gas, it is read that in a period
Energy Capital & Power considered this Wednesday that natural gas will be essential for Angola to be able to diversify the economy beyond oil and also implement industries that are not dependent on raw materials. “Natural gas has the potential to guarantee Angola’s transition beyond its dependence on crude oil, towards the establishment of diversified industries and not based on raw materials”, wrote the analyst at the consultancy Energy Capital & Power, Grace Goodrich, about
Angola develops actions to reduce production In 2021, in terms of oil production, with the strategy of the Angolan Executive, it was possible to mitigate the decline in production with the entry of new projects into production. According to the report by the National Agency for Petroleum, Gas and Biofuels (ANPG), in 2021 the country recorded a total oil production of 410,426,767 (four hundred and ten million, four hundred and twenty-six thousand, seven hundred and
Brent (reference for Angolan exports) closed this Tuesday’s session at US$96.19 per barrel, down US$1.73, around 1.8 percent. WTI oil in the US closed at $91.13 per barrel, down $1.51 or 1.6 percent. Both market benchmarks rose the previous week largely on expectations of global supply tightening. Oil prices fell amid comments from US Federal Reserve officials about rising interest rates and their effect on the economy. Prices also suffered from the strengthening of the
Sonangol took over, this Tuesday, the management of the African Petroleum Oil Forum, with the testimony of Nigeria, during the third meeting of the national oil companies of the African Petroleum Producers Organization (APPO), held in Luanda, on October 10, at the Intercontinental Hotel. “We, African oil producing countries, have to follow our own agenda on the energy transition and not that of third parties. We must use mineral resources to help our countries improve
The African Export and Import Bank (Afreximbank) has one billion dollars, which will serve to set up a financial institution, essentially focused on supporting the oil and gas operations of national companies, members of the Organization of Oil Producers (APPO), said Monday, in Luanda, the chairman of the Board of Directors of Sonangol, Gaspar Martins. The official who assumed the presidency of the Forum of national oil companies, as host, during the 3rd Meeting of
Europe is importing record volumes of liquefied natural gas (LNG) this year, looking to replace pipeline gas supply from Russia and wean itself off Russian energy in the wake of Putin’s invasion of Ukraine. The record LNG imports, however, come at a high cost for European governments, which are spending billions of euros to help vulnerable customers with soaring energy bills and to save struggling utilities that are bleeding money to procure alternative gas supplies.
The bullish news of the OPEC+ output cut is wearing off, and the market is once again focusing on the possibility of a global recession. Reader Update: The most recent Intelligent Investor report for GEA subscribers details the strengths and weaknesses of two promising oil stocks. The 10-page report is exactly the kind of thing energy investors should be reading ahead of a potential oil price rally. As a member of Global Energy Alert, you will get this report and
PetroAngola has started the public voting process to determine the winners of the 2022 edition of the Angola Oil & Gas Awards. Around 100 companies operating in the Angolan oil and gas industry are eligible for this edition, from operating companies, companies providing goods, services and professionals in the sector. The award will be based on the companies’ operational and commercial performance, quality and service delivery capacity, and the contributions made to this important sector
