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Category: International

International Oil

Angola, Egypt Strengthen Bilateral Cooperation

Angola is pursuing improved cooperation with Egypt as the country looks at strengthening trade and investment within the energy, industry and commercial sub-sectors. Leveraging Egypt’s expertise, particularly within oil, gas, renewable energy and industrial engineering, the southern African country has prioritized foreign investment, intra-African trade and economic diversification. Speaking during the opening of an economic forum between the two countries this month, Angola’s ambassador to Egypt, Nelson Manuel Cosme, emphasized that the country is officially open

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Economy International

Five countries dominate foreign investment in the Angolan economy

The United States of America, France, Italy, China and the United Kingdom were the countries that, in the first quarter of this year, stood out in terms of the origin of foreign direct investment in the oil sector in Angola, according to the report by the National Bank of Angola. Regarding the non-oil sector, the same source says that South Africa and Belarus stand out. In relation to the balance of direct investment, in the

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International

Focus Economics confirms Angola’s growth of 3.2 percent this year

The consultancy Focus Economics predicts that the Angolan economy will grow 3.2 percent this year and accelerate to up to 3.6 percent in 2024, also forecasting an expansion below the average of sub-Saharan African countries. “Growth is expected to accelerate significantly this year, in a context in which the easing of restrictions related to the pandemic boosts domestic demand, while the external sector benefits from high raw material prices”, write analysts at Focus Economics. ,

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International

Angola grows above 3% but below the regional average

The consultancy FocusEconomics predicts that Angola’s economy will grow 3.2% this year and accelerate to up to 3.6% in 2024, also forecasting an expansion below the average of sub-Saharan African countries. “Growth is expected to accelerate significantly this year, in a context in which the easing of restrictions related to the pandemic boosts domestic demand, while the external sector benefits from high raw material prices”, write analysts at FocusEconomics, in the monthly analysis of sub-Saharan

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International Oil

Oil revenue in Angola rises 71%

Oil revenues in Angola rose 71.1% in the first half of the year, compared to the first six months of last year, despite production having increased by just 3.3%, according to consultancy Oxford Economics Africa.\ “Despite historically low levels of oil production, statistics from the Ministry of Finance continue to show a strong improvement in oil revenues, mainly due to higher prices”, write the analysts, noting that revenues reached 4.2 billion kwanzas. , in the

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International

Algeria, Equatorial Guinea and Angola crudes the most expensive in the world (OPEC)

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

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Oil International

Approved attribution of concessions for oil blocks in the Baixo Congo and Kwanza basins

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,

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International

Sonangol orders two new oil tankers from South Korea. Ships should be delivered next year

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

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Oil Gas International

Top Five Oil Rigs Operating in Africa

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

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Oil International

Angolan oil was the third most expensive in the world in June

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

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