On Tuesday 12th September, 2023, OPEC maintained its predictions of robust global oil demand growth for 2023 and 2024, citing signs that major economies are performing better than expected despite adverse conditions such as high interest rates and elevated inflation. The headquarters of the Organization of the Petroleum Exporting Countries in Vienna Global oil demand is set to increase by 2.25 million barrels per day (bpd) in 2024, compared to the growth of 2.44 million
With one day left before the fourth edition of the Angola Oil & Gas (AOG) Conference & Exhibition – which kicks off this Wednesday at Centro de Convenções Talatona (CCTA) – conference organizers Energy Capital & Power are gearing up to welcome a prominent line-up of energy ministers, industry leaders, financiers, and national and international oil executives to one of Africa’s most influential energy markets. AOG 2023 serves as the annual meeting place for the
The oil prices fell on Monday, even though a week ago, Saudi Arabia and Russia had announced new production cuts, driving prices to a ten-week high. Oil prices drop despite Saudi Arabia and Russia’s maintenance of cuts. Saudi Arabia and Russia announced last week that they would extend voluntary cuts of a combined total of 1.3 million barrels per day (bpd) until the end of the year. The price of Brent (the benchmark for Angolan
Sonangol received, on Tuesday 12th September, the second oil tanker of the Suezmax type, in the city of Mokpo, South Korea, ordered from the company Hyundai Samho Heavy industries. For the vessel’s godmother, named “Sonangol Njinga Mbande”, in honor of the sovereign Queen of the Kingdom of Ndongo and Matamba, the choice fell to the First Lady of the Republic, Ana Dias Lourenço. In carrying out the ritual dictated by the ancient tradition of sailors,
The Australian multinational Rio Tinto, the second largest minerals company in the world, began prospecting operations for kimberlites and diamonds in the commune of Chiri, province of Lunda-Norte, informed the company’s general director. The four-year prospecting phase takes place in a 75 hectare or 108 square kilometer mine, under the terms of a mining investment contract in Quimberlito do Chiri signed between the Ministry of Mineral Resources, Oil and Gas, Endiama and Rio Tinto ,
KCA Deutag, an international oil and gas services company, has secured a one-year contract extension for the provision of core drilling and maintenance services on two offshore platforms in Angola. The $60 million deal will see KCA Deutag maintain its provision of crane operations, maintenance services, equipment management, and rental services for the Angolan client for an additional year. The deal increases the firm’s operations on the Angolan assets to over 10 years. Ole Maier,
Two Angolan diamond concessions, Moirige and Chifuca, were presented by Endiama at Africa Down and Under (ADU), the main forum for commercial and governmental relations between the continent and Australia. The conference, which began on Wednesday, with a speech by the President of Botswana, Mokgweetsi Masisi, was attended by a representation from Endiama led by the director of Geology, Rogério Guimarães, who presented the Moirige and Chifuca concessions as “promising” and with “several studies carried
Nigeria has equaled Angola as the largest oil drilling market in sub-Saharan this year, according to a report by Hawilti and the Caverton Offshore Support Group. Oil drilling involves the extraction of oil by drilling a well through the earth’s crust to reach the fossil fuel deposits. The report said Nigeria had caught up with Angola, which had long held the position of top drilling destination on the continent, with eight drilling campaigns confirmed offshore in both countries. However, activity is likely
Angola’s recent shift to renewable resources is a bold, future-oriented vision, marking an important turning point in the nation’s economic trajectory. This strategic reorientation, led by the Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, represents a commitment to a sustainable and resilient economy, capable of adapting to the challenges of the 21st century. Historically, Angola has been heavily dependent on oil, with export revenues from the product in 2012 representing an impressive 97%
The oil and gas industry is the most important engine of industrial growth and economic activity in Angola. However, the National Development Plan 2023–2027 addresses how the country plans to reduce oil revenue dependency to no more than 20% by diversifying the economy and investing in other sectors with growth potential, such as agriculture, infrastructure, mining, green hydrogen, and renewable energy. Infrastructure Recent investments in Angola’s infrastructure have substantially improved, with large infrastructure repairs, expansions,
