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
The Head of State, João Lourenço, believes that the country will be able, in the near future, to export oil derivatives, as soon as domestic needs are met, with the entry into operation of more refining projects. “I believe there will come a time when we will exceed our needs, especially diesel and gasoline”, assured João Lourenço when he answered a question posed by Jornal de Angola at a press conference, on the sidelines of
State oil company Sonangol has signed a memorandum of understanding with German companies Gauff and Conjucta for the production of green hydrogen, starting in 2024. According to a press release from Sonangol, the agreement follows technical and economic feasibility studies, previously carried out, for the financing, construction and operation of a plant for the production of green hydrogen and derived products, in Angola. The objective is to commercialize the product on the local and international
Portugal was overtaken by Belgium in exports to Angola in the first quarter of this year, with China remaining at the top, according to the Bulletin of Foreign Trade Statistics, published by the National Statistics Institute (INE). Between January and March 2022, Angola’s trade balance showed a positive balance of 4.55 billion kwanzas (10 billion euros) due to the behavior of the price of oil, the main export product. In the first quarter, exports registered
The consultancy Oxford Economics has revised the forecast of oil production in Angola, anticipating that the country will be able to pump 1.18 million barrels a day this year, increasing production for the first time since 2015. “We expect oil production in Angola to rise to 1.18 million barrels per day in 2022, up from 1.13 million barrels in 2021, but the balance of risks is negatively unbalanced due to the possibility of further technical
