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Local News Oil

New BAI Product Eases Liquidity Issues for Angola’s Oil Sector

Banco Angolano de Investimento (BAI) has launched a new product, the Liquidity Advance, designed to alleviate payment difficulties faced by companies in the oil sector. This initiative, developed in collaboration with the Association of Contracted Companies in the Oil Industry of Angola (AECIPA), aims to support service providers and suppliers by offering immediate liquidity for their contracts. The Liquidity Advance is a treasury credit solution that provides advance financing for service provision contracts. This product

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Local News Oil Transport and Logistics

Angola Economic Forum Highlights Future of Oil Industry and Transport Sector Expansion

On Thursday, the second day of the 2nd edition of the Angola Economic Forum, experts discussed the future of the oil industry and the dynamization of transport to bolster the national economy. Maria do Carmo Bernardo, President of the Board of Directors of Banco de Fomento Angolano (BFA), highlighted the forum’s significance in her opening remarks. She emphasized that the event provides a crucial platform for specialists and stakeholders from various fields to exchange experiences

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Local Economy News

Angola and UAE Sign Agreements to Boost Economic Cooperation

On Tuesday, the Angola-United Arab Emirates (UAE) Chamber of Commerce and Industry and the Abu Dhabi Chamber of Commerce and Industry (ADCCI) signed two cooperation agreements aimed at enhancing economic relations and creating more investment opportunities for businesspeople, entrepreneurs, and investors in both countries. The agreements were signed by Bráulio Mohammed Martins, President of the Angola-UAE Chamber of Commerce and Industry, and Ahmed Khalifa Al Qubaisi, CEO of the Abu Dhabi Chamber. These agreements are

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Local News Oil

Customs Fiscal Police in Zaire Briefed on New Anti-Petroleum Smuggling Law

On Monday, the staff of the provincial unit of the Customs Fiscal Police in Mbanza Kongo, Zaire, were briefed on Law No. 5/24, enacted on April 23, which targets the smuggling of petroleum products. This lecture was part of the celebrations marking the 28th anniversary of the founding of this branch of the Interior Ministry, to be celebrated on the 12th of this month. During the lecture, various topics related to crimes and penalties were

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Oil Local News

Angola to Stabilize Oil Production with 50 New Wells by 2025

The Minister of Mineral Resources, Oil, and Gas, Diamantino Azevedo, emphasized on Tuesday in Luanda the importance of bidding for a total of 50 wells by 2025 as a key part of the strategy to maintain stable oil production, currently estimated at over one million barrels per day. Speaking at a parliamentary hearing with the Economy and Finance Committee, Azevedo presented an overview of the current state of the subsectors, focusing on the oil sector,

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Diamonds Local News

Sociedade Mineira do Cuango to Boost Diamond Production

Sociedade Mineira do Cuango, located in the Lunda-Norte province, anticipates increasing its diamond production from the current 23,000 to 28,000 carats per month starting in the second half of the year. This announcement was made by Hamilton Carvalho, the interim director for Mining Operations. Carvalho shared this update during a press event held as part of the company’s Social Responsibility initiatives. He revealed that after two years of prospecting, new profitable deposits have been identified

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Local News Transport and Logistics

Port of Luanda Allocates 800 Million Kwanzas for Youth Projects

The Port of Luanda has earmarked approximately 800 million kwanzas to fund youth projects across various sectors, announced João Fernandes, the administrator for the Commercial, Sustainability, Compliance, and ICT Area, yesterday in Luanda. Speaking at the launch of the first social responsibility and sustainability program called “Ekanda,” Fernandes stated that the initiative will be rolled out in the 2024 financial year. He noted that the investment could increase depending on the specific needs of each

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Local News Oil

Corcel Gains Approval for Geological Surveys in Angola’s Kwanza Basin

The English oil exploration and production company Corcel, with operations in Angola and Brazil, has received approval to conduct geological surveys in blocks KON 11, KON 12, and KON 16, located in the offshore Kwanza Basin. The goal of these data acquisition efforts is to enhance the understanding of the prospectivity of the blocks, which include the Tobias and Calindas Fields. The geophysical exploration company Metatek Group will carry out the surveys during the third

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Oil Economy Local News

Angola’s Oil Revenue Soars in Early 2024

In the first four months of 2024, Angola collected 2.9 billion kwanzas in oil revenues, marking a significant 43 percent increase compared to the same period in 2023. This figure represents 37 percent of the total projected in the General State Budget (OGE). Analysts at Banco Millennium Atlântico, as reported by Lusa, highlighted that oil tax revenues account for 60 percent of Angola’s total tax revenue and 53 percent of current revenue, according to OGE

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Local News Oil

FPSO Agogo Orders Low-Cost Pumps from UK Firm Amarinth

The FPSO Agogo vessel, set to operate in the West Integrated Hub of Angola’s Block 15/06, has ordered low-cost centrifugal pumps from the UK-based company Amarinth, which specializes in their production. Currently under construction by Yinson Production, the FPSO Agogo will be operated by Azule Energy once completed. The platform is designed to produce up to 120,000 barrels of oil per day, with operations expected to commence in 2025. According to Offshore Technology, Amarinth will

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