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Local News Oil Petroleum

Sonangol Receives Interest from Chinese Investors for Lobito Refinery Project

Sonangol has garnered expressions of interest from Chinese investors and financial institutions in support of the Lobito Refinery project, which received a significant boost in October 2020. This momentum came when the national oil company inked a contract with Chinese contractor CNEC, aiming to complete the construction by 2027. Chairman of Sonangol’s Board of Directors, Sebastião Gaspar Martins, unveiled these expressions of interest during his visit to China alongside President João Lourenço. Speaking on the

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Local Economy News Oil Petroleum

ACREP IPO Marks Milestone for Angola’s Oil Sector Amidst Market Dynamics

ACREP (Exploração Petrolífero SA), positioning itself as Angola’s second-largest private oil company with onshore operations, achieved a significant milestone with its recent public offering for sale (OPV) of shares on the stock exchange, securing a revenue exceeding 5.409 million kwanzas. The demand for shares reached 24.04 percent of the total supply, showcasing investor interest in the company. The Angolan Debt and Securities Exchange (Bodiva) announced the results of the OPV, revealing that 72,121 of the

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Local Gas News Oil Petroleum

Chinese Shipbuilder HRDD Paves the Way for FPSO Agogo, Elevating Angola’s Oil Sector

Chinese shipbuilding firm HRDD achieved a significant milestone on Wednesday in Shanghai, China, as they completed the lifting and installation of the inaugural module for the structural framework of the Floating Production, Offloading, and Storage Unit (FPSO) Agogo. This operation, deemed crucial by Angolan Minister of Mineral Resources, Oil, and Gas, Diamantino Azevedo, holds promise for stabilizing oil production in Angola. Minister Diamantino Azevedo, present at the event by invitation from HRDD, voiced his optimism

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Local News Oil Petroleum

Sonangol pays interest on bond debt

Sonangol has commenced the payment of interest on coupon No. 1 to holders of the 2023-2028 Bonds since last week, totaling 6,544 million kwanzas for the operation, with Banco BAI acting as the paying agent. In a statement published on its website, Sonangol reminds stakeholders that the amount available for payment is subject to withholding of Capital Investment Tax (IAC) as per applicable taxation rules. Furthermore, in compliance with the regulations of the Central de

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Local News Oil Petroleum

Angola invites US oil Companies for new Tenders

Angola is set to launch its next round of oil and gas concession licensing in 2025, inviting exploration and production companies from the United States, announced José Barroso, the Secretary of State for the portfolio, during an event in Houston on Tuesday. The country concluded bidding for 12 blocks earlier this year as part of a six-year licensing round initiated in 2019 and is finalizing production sharing negotiations. Speaking at a networking event organized by

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Local News

Angola’s Mbanza Kongo Airport to Open in 2025

Construction of the Mbanza Kongo Airport in Angola’s province of Zaire is set to be complete in 2025, the country’s Minister of Transport Ricardo de Abreu announced. The airport will host domestic and international airline carriers, supporting tourism in the province. Developed by engineering and construction services companies Sinohydro Corporation, the 12,100 m² site features a 3,500 m runway capable of handling a Boeing 777-300ER – one of the world’s largest commercial twin-engine carriers. At

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Mining Local News

Rare Earth Mining Project in Huambo Province Set to Commence Operations by 2026

The Ozango Minerais project, focusing on the exploration of rare earth minerals in Longonjo, Huambo, is advancing into the construction and equipment installation phase, with operations expected to commence in 2026. Tim George, head of an investor mission, made this announcement following a meeting with Huambo’s vice-governor for the Political, Economic, and Social sector, Angelino Elavoco. George stated that work on the mine, situated 64 kilometers from Huambo city, is scheduled to begin eight months

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Local Mining News

Huambo’s Rare Earth Exploration Set to Begin in 2026

Tim George, the executive director of Pensana, has indicated that exploration of Huambo’s rare earths could commence as early as 2026. This timeline is contingent upon the completion of prospecting activities, which have been ongoing since 2015, and the initiation of infrastructure construction this year. During a meeting with Angelino Elavoco, Vice-Governor of Huambo, Tim George outlined plans that could generate approximately 1,090 direct jobs. These positions include 650 jobs during the infrastructure construction phase

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Oil Gas Local News

Sonangol Takes Lead in “Aiming for Zero Methane” Initiative

Sonangol, Angola’s national oil company, has made history by becoming the first African oil producer to join the “Aiming for Zero Methane” initiative. This global effort, led by the Oil and Gas Climate Initiative (OGCI), aims to drastically reduce methane emissions in the oil and gas industry. In a recent statement, Sonangol announced its commitment to achieving nearly zero methane emissions from its oil and gas operations by 2030. Gaspar Martins, President of Sonangol’s Board

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Local Gas News Oil Petroleum

OPEC Forecasts Slight Decline in Angola’s Oil Production for 2025

The Organization of Petroleum Exporting Countries (OPEC) forecasts a slight decrease of 0.04 percent in Angola’s oil production for 2025, with output falling to under 1.1 million barrels per day. According to OPEC’s latest monthly report, non-OPEC countries are expected to see a growth in oil and gas production by 1.4 million barrels per day in 2025. However, Angola is among the few countries expected to experience a decline, along with Mexico. Angola’s decision to

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