The president of the Board of Directors of the Angola Cargo and Logistics Certification Regulatory Agency (ARCCLA) said, last week, in Luanda, that the concession of the Lobito Corridor, new logistics platforms and improved legislation constitute the main achievements of three years since the creation of the entity he directs. Catarino de Fontes Pereira made these considerations on the occasion of ARCCLA’s third anniversary, which took place on December 29th, and highlighted the launch of
The procedure stands as a vital requirement within the framework of the respective organization, necessitating the disclosure of annual efforts made by Member States. This includes the Work Plan adhering to EITI standards, unlike the Annual Report, which primarily communicates the value of natural resources to citizens. Angola, an active EITI member since June 2022, took a significant stride by presenting its inaugural report in December 2023. This presentation marked an essential phase, with the
Oil company ETU Energias S.A. finalized the acquisition of a 2.5 percent stake in the Thai company PTTEP in Block 17/06 offshore Angola. According to a statement from Etu Energias S.A, formerly known as Somoil – Sociedade Petrolífera Angolana S.A., quoted by Lusa, the process began in December 2022 as part of their growth strategy, with the signing of the purchase and sale contract for the mentioned stake, the value of which was not disclosed
A cargo train transporting 960 tons of raw copper ore arrived in the port city of Lobito (Benguela) on the morning of December 31st, originating from the Kolwezi region in the Democratic Republic of Congo (DRC). The seventeen-vehicle train, including a GE locomotive model C30ACi, and 16 LC-type wagons, departed from Luau station in the Moxico province on Friday at 4:30 PM, covering a distance of 1,289 kilometers in 38 hours until it reached the
Shares in Corcel jumped over 12% on Thursday morning as the company reported positive drilling results from its part-owned site in Angola. Drilling in the TO-14 well, which is part of the onshore KON-11 block, confirmed oil throughout, the company said in an update. These mirrored drilling results from the TO-13 well and effectively confirm production can be reactivated on the potentially significant hydrocarbon deposit, Corcel added. “We’ve confirmed that the same formations are contiguous
Along with spearheading the expansion of its oil and gas sector, Angola is simultaneously prioritizing decarbonization and environmental stewardship, aligned with its recently-approved National Strategy for Climate Action. This strategy focuses on adopting a low-carbon development model, mobilizing state resources and enhancing local capacity to develop and adopt new and environmentally-driven technologies. The country’s long-term development strategy aims to achieve 60% electricity access by 2025, with 70% of installed generation capacity derived from renewable sources.
In a strategic move to bolster its presence and investments, ETU Energias SA, formerly known as Somoil – Sociedade Petrolífero Angolana SA, has successfully concluded the acquisition of a 2.5% stake in the Thai company PTTEP, operating in Block 17/06 offshore Angola. The process, initiated back in December 2022, forms a critical part of ETU Energias SA’s growth strategy. The company signed the purchase and sale contract for this significant participatory interest, withholding the value
Sonangol reinforced its positioning in the Oil and Natural Gas sector, with an increase in production from operated blocks and the resumption of onshore oil exploration activity, declared the chairman of the Board of Directors, when announcing the relevant facts of the company’s evolution during the year. In a New Year’s message addressed to the company’s workers, released yesterday December 28, Sebastião Gaspar Martins highlights, in the field of onshore exploration (on land), the drilling
Angola’s current account balance remained in surplus, standing at US$2.5 billion in the third quarter of 2023, with Portugal being considered the second largest exporter to the country. According to the Balance of Payments and International Investment Position Report, cited by Lusa, referring to the third quarter of 2023 from the National Bank of Angola, the behavior of the current account was influenced, “essentially, by the increase in the balance of the goods account and
In 2023, Angola earned the title – along with Nigeria – as the largest hydrocarbon drilling market in sub-Saharan Africa, and may surpass the West African country in 2024 as drilling campaigns extend into the second half of next year. Aligned with the government’s aim to boost oil output to 1.3 million barrels per day, these programs could position Angola as the leading crude oil producer in sub-Saharan Africa in the next five years. The
