Azule Energy, the joint venture formed in March 2022 by Italy’s Eni and the UK’s BP to merge their oil assets in Angola, successfully finances its operations independently and pays dividends to its shareholders. Vaar, an oil and gas company established in Norway with investment fund Hitec Vision, and Azule Energy operate with minimal dependence on their parent companies. According to Eni’s CFO Francesco Gattei, both companies fund their capital expenditures and maintain their own
Cameroon’s leading telecommunications operator, Camtel, and Angola’s multinational telecommunications and technology company, Angola Cables, have joined forces to enhance digital connectivity across West Africa and the Atlantic region. This strategic partnership capitalizes on the extensive network of subsea cable connections, including the South Atlantic Cable System, West Africa Cable System, Monet, and the South Atlantic Inter Link, to strengthen redundancy and network resilience while elevating service quality. By leveraging these robust infrastructure assets, businesses throughout
Energy giant ExxonMobil has wrapped up drilling operations at the Likembe-01 research well located in Block 15 offshore Angola. The drilling, which took place from February to April 2024, has yielded promising results, indicating the presence of high-quality hydrocarbon-bearing sand packages. Situated within the Kizomba B development area, operated by ExxonMobil in collaboration with national oil company Sonangol, Equinor, and Azule Energy, the Likembe-01 well reached a water depth of 3,013 meters. This milestone marks
The price of Brent crude oil, a key reference for Angolan exports, increased by over 0.60% on Monday, starting the week on a positive note in the commodity markets. Brent crude averaged $83 per barrel, significantly higher than Angola’s 2024 budget reference price of $65. This increase, if sustained, could positively impact the country’s revenue from oil exports. Angolan oil specialist website PetroAngola.com and international site Investing.com both report a positive outlook for crude oil
Angola is participating in the Interim Meeting of the Kimberley Process, which started yesterday in Dubai, United Arab Emirates. Running until May 17, the meeting will address proposals for administrative decisions, ongoing reviews, reforms of the Kimberley Process, and rough diamond traceability. A statement highlights that key discussions will focus on the initiation of the Kimberley Process’s permanent secretariat activities. Other critical agenda items include defining “Conflict Diamond,” implementing co-Presidency and co-Vice-Presidency roles in the
An International Monetary Fund (IMF) mission, led by Assistant Director of the African Department Amadou Sy, is visiting Angola from May 7th to 17th to conduct a Post Financing Assessment (PFA). According to a press release on the Ministry of Finance’s website, the IMF representatives will hold meetings to evaluate Angola’s capacity to repay its existing debt to the Bretton Woods institution and assess potential risks affecting this commitment. The mission’s agenda includes important meetings
Angola and the United States of America inked financing agreements worth $1.3 billion in Dallas on Tuesday for the development of the Lobito Corridor, a key beneficiary of the Global Investment and Infrastructure Partnership (PGI). The signed documents, exchanged between Angolan Finance Minister Vera Daves and Reta-Jo Lewis, President of the US Export-Import Bank (EXIM Bank), will fund three infrastructure projects associated with the Lobito Corridor. Additionally, they target investments in clean energy, connectivity, radio
Angola is gearing up for its next international tender in 2025 as part of its six-year licensing strategy initiated in 2019. With the National Oil, Gas & Biofuels Agency (ANPG) finalizing contract negotiations for the concluded 2023 bid round, which attracted 53 bids, the country’s upstream sector is poised for substantial growth. The burgeoning investment in exploration and new oil and gas developments is set to be supported by Angola’s robust transport and logistics infrastructure.
Yinson Production, an energy infrastructure and technology company, has finalized a $1.3 billion limited recourse term loan facility for the construction of the Agogo FPSO in Angola. The financing, backed by a consortium of 13 lenders, encompasses both pre- and post-delivery expenses for the facility, with Standard Chartered Bank acting as the Global Coordinating Bank. Structured into three secured tranches with staggered maturities spanning up to 10 years, the multi-tranche financing will support the complete
The United States and Angola have finalized funding agreements for three infrastructure projects worth $1.3 billion. These initiatives are integral to the transnational Lobito Corridor development and are backed by the Partnership for Global Infrastructure and Investment (PGI), a collective commitment by G7 nations to promote private investment in global infrastructure endeavors. Among the trio of projects are two solar power plants boasting a combined capacity of 500 MW. Spearheaded by renewable energy firm Sun
