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Corporate News Local Oil

Sonangol Seeks $4.8 Billion from China to Fund Lobito Refinery Expansion

Angola’s Sonangol Targets $4.8B Chinese Financing for Lobito Refinery Without Oil-Backed Collateral Sonangol, Angola’s state oil company, is pursuing a $4.8 billion loan from Chinese financial institutions to accelerate construction of its new refinery at the Atlantic port of Lobito. This could be Sonangol’s first major borrowing from China in seven years. Sebastiao Gaspar Martins told reporters on Wednesday that the financing effort is intended to fund the next phase of the $6.2 billion refinery

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Local Corporate News Mining Projects

Sonangol Eyes Critical Minerals as Profits Dip Amid Oil Sector Challenges

Angola’s Sonangol Plans Diversification into Critical Minerals Following 2025 Profit Decline Sonangol, Angola’s state-owned oil giant, announced on Wednesday plans to diversify into critical minerals, even as it reported a slight decline in net profit for 2025. Executives revealed that Sonangol posted net earnings of over $750 million in 2025, down from roughly 736 billion kwanzas in 2024 equivalent to about $807 million at current exchange rates. The conglomerate, which holds stakes in multiple offshore

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Local Mining Projects

Angola Eyes BHP Return as Mining Reforms Attract Global Investors

Angola Expects BHP Reinvestment as Mining Reforms Boost Foreign Investor Confidence Diamantino Azevedo, Angola’s Minister of Mineral Resources, Petroleum and Gas, said he expects BHP Group to reinvest in the country, citing growing foreign interest driven by sector reforms. In an Interview, Azevedo noted that BHP Australia’s largest mining company has expressed strong interest in returning to Angola nearly two decades after exiting the market. Reform-Driven Investment Appeal During engagements with Australian investors at the

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Diamonds Corporate News Local

Sodiam to Auction 74 Special Diamonds in Electronic Sale

Angola’s Sodiam Launches Online Auction of 74 Special Rough Diamonds in Luanda. Sodiam, Angola’s National Diamond Trading Company, has announced a new auction of special rough diamonds, with 74 stones to be offered through an electronic bidding process. Viewing sessions will take place from February 23 to March 3, 2026, at Sodiam’s headquarters in Luanda. The online bidding process will close on March 4 at 10:00 a.m. local time. The auction is being organized in

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Local News Oil

Angola Announces 500 Million-Barrel Oil Discovery at Algaita-01 in Block 15/06

Angola’s ANPG Confirms 500 Million-Barrel Oil Discovery at Algaita-01 Well in Block 15/06 National Agency of Petroleum, Gas and Biofuels (ANPG) has announced a new oil discovery at the Algaita-01 well in Block 15/06, located in the Lower Congo Basin offshore Angola. The find is estimated to contain approximately 500 million barrels of oil in place, reinforcing the basin’s exploration potential. Drilling Results Drilling operations at Algaita-01 commenced on January 10 in water depths of

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Oil Corporate News Local

Angola’s Ndungu Field Begins Full Development Under Agogo West Hub

Angola Launches Ndungu Field Production, Targeting 60,000 bpd at Peak Output National Agency of Petroleum, Gas and Biofuels (ANPG) and Azule Energy have announced the start of full field development at the Ndungu field offshore Angola, marked by the commencement of production from its first three wells. According to ANPG, the milestone represents a significant step forward in the Agogo West Hub Integrated Development (AIWH), a project designed to maximize hydrocarbon recovery in the western

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Corporate News Local Oil

Eni Confirms 500 Million Barrel Oil Discovery at Algaita-01 in Angola’s Block 15/06

Eni Announces Major 500 Million Barrel Oil Discovery Offshore Angola at Algaita-01 Well Eni has confirmed a significant oil discovery at the Algaita-01 exploration well in Block 15/06, offshore Angola, approximately 18 kilometers from the Olombendo floating production, storage and offloading unit (FPSO). Preliminary estimates indicate that the discovery contains approximately 500 million barrels of oil in place, reinforcing the exploration potential of Angola’s deepwater Lower Congo Basin. Drilling Results and Reservoir Quality The Algaita-01

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Local News Oil

Angola Exports 357 Million Barrels of Oil in 2025, Generating $24 Billion in Revenue

Angola Oil Exports Reach 357 Million Barrels in 2025 as China, India and Indonesia Lead Demand Angola exported 93.94 million barrels of crude oil in the fourth quarter of 2025, bringing total annual exports to 357.10 million barrels, according to the Ministry of Mineral Resources, Petroleum and Gas. The exports generated approximately $24 billion in revenue for the year. The figures were presented by Secretary of State for Oil and Gas José Barroso during a

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Local News Oil

Cabinda Refinery Nears Commercial Start-Up as Phase Two Expansion Advances

Cabinda Refinery Set to Supply Diesel and Jet Fuel from March as Gemcorp Plans $700M Expansion The Chief Executive Officer of Gemcorp announced in Luanda that the Cabinda Refinery is expected to begin supplying petroleum products to the market as early as March, following the completion of final performance tests. Speaking at the launch of Imbono, an integrated investment development platform, Marcelo Hofke said commissioning activities are nearing completion, with testing scheduled to conclude by

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Local Economy News Oil

Angola Seeks $70 Billion Oil Investment to Sustain 1 Million Bpd Output

Angola’s Oil Sector Attracts Over $14 Billion Annually, Plans $70 Billion Investment to Maintain Output Through 2030 Angola’s oil sector has attracted more than $14 billion in annual investment over the past three years, a significant increase from the approximately $8 billion per year recorded in 2019, according to the head of the National Agency for Petroleum, Gas and Biofuels (ANPG). ANPG President Paulino Jerónimo presented the results of the agency’s 2019–2025 cycle and outlined

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