Crudes from Algeria, Equatorial Guinea and Angola became the most expensive in the world during June and for the first half of 2022 as a whole, according to the Organization of the Petroleum Exporting Countries’ (OPEC) monthly report released on July 12. Algerian crude, Sahara Blend, has become the most expensive in the world during the past June and the first six months of 2022. The average price of this low-sulfur, very low-density crude reached
This Monday, at a meeting of the Council of Ministers, the granting of concessions for eight of the nine oil blocks in the Baixo Congo and Kwanza basins was approved. “The National Agency of Petroleum, Gas and Biofuels (ANGP), as National Concessionaire, holder of mining rights for prospecting, research, evaluation, development and production of liquid and gaseous hydrocarbons in Angola, announces that it was approved at a meeting of the Council of Ministers, this Monday,
Sonangol will reinforce its tanker fleet with two ships. The new vessels, whose construction has been commissioned to South Korea, will be capable of carrying one million barrels. The construction of one of the ships has already started, having started last week, on the 15th of July. According to the oil company, in a statement quoted by Angop, the start of the contract was made official with the cutting of steel, in an act that
With targets currently in place to meet a larger share of the global market, Africa’s top oil producing countries are seeking solutions to increase investment in the oil sector and tap into the continent’s 125.3 billion barrels of oil reserves. Taking advantage of Africa’s vast resources has been a top priority for some of the continent’s largest oil producers, with the industry relying heavily on the performance of high-quality oil rigs – platforms that are
Brent oil, which serves as a benchmark for Angolan exports, was the third most expensive in the world among 13 crudes from the members of the Organization of Petroleum Exporting Countries (OPEC), only surpassed by Algeria and Equatorial Guinea. According to the OPEC monthly report published this week, among the 13 types of oil that make up the OPEC reference basket, the Angolan Sunflower crop reached US$127.03 in June, also having the highest rise in
The international company specializing in renewable energy projects, Berkeley Energy, has already invested US$1.5 billion in the construction of hydro, wind and biomass photovoltaic plants in various locations across the country. The information was provided by the executive director of Berkeley Energy, Luka Buljan, at the International Conference on Renewable Energy, held recently in Luanda, under the aegis of the Ministry of Energy and Water, in partnership with the Lusófona and Angolan associations of Renewable
The country’s oil revenue during the first half of this year was estimated at 4.17 billion kwanzas as a result of the export of 209 million barrels at an average price of US$99.68, equivalent to more than 70 percent of annual forecasts. for the sector. The data are contained in the oil sector performance report, available since Monday on the Ministry of Finance’s institutional website. For the aforementioned indicators, for example, the National Concessionaire –
The Organization of Petroleum Exporting Countries (OPEC) considers that Nigeria and Angola, the two biggest oil producers in sub-Saharan Africa, will not be able to produce the maximum allowed by quotas, at least for another year. According to OPEC’s latest report on world oil production, the region’s two biggest producers will not even be able to reach the production limit agreed several years ago due to “persistent underinvestment and maintenance problems”. Angola saw its production
Angola could recover from the sharp decline of 9.2% in oil production in 2021, estimated this Sunday, the consultancy Fitch Solutions, noting that “prices and the removal of production limits by the Organization of Petroleum Exporting Countries and allies (OPEC+) will help this rise. “Positive growth in Angola should help to accommodate the general drop in regional production, as exploration activities that are starting by several international companies will boost production by 3.5%”, says the
Angola will save around 300 million dollars annually on gasoline imports, with the quadrupling of this oil derivative at the Luanda refinery. The new gasoline production complex at the Luanda refinery, an investment of 235 million dollars by state oil company Sonangol, was inaugurated last week Friday by President João Lourenço. According to the chairman of Sonangol’s Board of Directors, Gaspar Martins, the new gasoline production complex will reduce imports of this fuel by 15
