Sonangol, Angola’s state oil company, announced a consolidated net profit of over 930 billion kwanzas for the 2023 fiscal year. According to Sonangol’s 2023 financial report, cited by Rádio Nacional, the company achieved a turnover exceeding seven billion kwanzas. The report also highlights the complete elimination of audit reserves in subsidiaries within the core segment and a continuous reduction in the materiality of remaining audit reserves, as noted in the Independent Auditor’s Report.
Angola exported approximately 96.84 million barrels of crude oil in the second quarter of 2024, valued at around $8.11 billion, according to data presented last week in Luanda by the Secretary of State for Oil and Gas, José Barroso. Barroso noted that these figures represent a 0.5% increase compared to the previous quarter.
ExxonMobil plans to invest up to $15 billion in Angola’s Namibe basin by 2030, as part of ongoing drilling campaigns. With 30 years of experience in the country, the company is developing large-scale oil and gas projects and enhancing output at existing fields. Katrina Fisher, ExxonMobil’s lead country manager and managing director for Angola, will provide an update on the company’s project portfolio in Angola during the African Energy Week (AEW): Invest in African Energy
ASX-listed Lucapa Diamond Company has successfully sold six diamonds from the Lulo mine in Angola for $12.4 million in a special tender. The diamonds, totaling 447 carats, included five white Type IIa diamonds and one pink diamond. The average price per carat was approximately $27,700. Managing Director and CEO Nick Selby expressed satisfaction with the tender results, stating, “Our alluvial project in Angola consistently delivers exceptional diamonds that remain in high demand across all market
Geraldine Tchimbali, the country manager for London-listed Pensana’s Longonjo rare earths project in Angola, has been nominated for the prestigious 100 Global Inspirational Women in Mining (WIM100). This biennial publication, released by Women in Mining UK, celebrates the accomplishments of women in the global mining industry. “[Geraldine] has been an enthusiastic member of the exploration team, contributing to potentially significant discoveries at the Coola project, located 75 km north of Longonjo,” said Pensana Chairperson Paul
London-listed Pensana has announced that Chairperson Paul Atherley has sold 1.5 million ordinary shares to provide additional working capital for the company. This move follows a £2 million facility made available to the company by two of its directors in March. The proceeds from the sale will be used to contribute £250,000 under this facility, supporting the company while it finalizes its primary fundraising for the Longonjo rare earths refinery project in Angola. To avoid
The Council of Ministers of Angola’s National Oil, Gas & Biofuels Agency (ANPG) approved the country’s incremental production initiative for 2024. This initiative, expected to be enacted by President João Lourenço later this year, introduces new incentives to boost production in active blocks. It aligns with national objectives to maximize output at producing fields, offering license extensions and favorable fiscal terms to investors, thus stimulating cost recovery regardless of well results. A significant milestone under
In 2023, Angola secured the fourth position on the list of the world’s top ten diamond producers, generating $1.55 billion from the sale of 9.8 million carats. According to the Ministry of Mineral Resources, Oil and Gas, Angola trailed only Russia, Botswana, and Canada, based on information from the Kimberley Process. Notably, eight of the ten countries in the ranking are African, including Botswana, Angola, South Africa, Namibia, Zimbabwe, Lesotho, Sierra Leone, and the Democratic
Consultancy firm Oxford Economics estimates that Angola’s oil production will rise by 3% this year, reaching 1.16 million barrels per day, following a 7.5% increase in the first half of the year due to maintenance work completed last year. “Thanks to extensive maintenance operations in the first quarter of 2023, cumulative oil production in the first half of this year is 7.5% higher than in the same period last year,” analysts noted in a report
The operationalization of the Lobito Corridor, and the integration of the Benguela Railway (CFB) with the Luanda Railway (CFL) and Namibe Railway (CFN) via branch lines, represents a cornerstone of Angola’s National Development Plan (PDN). This plan aims to diversify the country’s revenue sources and improve citizens’ quality of life. This perspective was shared by economists, businesspeople, and academics interviewed by Jornal de Angola, six months after the consortium of Transfigura, Mota Engil, and Lobito
