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Local Economy News Oil

Angola’s Oil Sector Drives Local Investment and Job Creation Amid Recovery Efforts

Angola Awards $54.4 Billion in Oil Contracts to Boost Local Content, Jobs, and Economic Diversification Angola’s oil industry awarded contracts worth $54.4 billion between 2022 and 2025, with 97% allocated to domestically registered companies, the Minister of Mineral Resources, Petroleum and Gas, Diamantino Azevedo, announced. Speaking at the Annual Local Content Conference in Luanda, Azevedo said the contracts, approved by the National Agency of Petroleum, Gas and Biofuels (ANPG), cover investments across exploration, development, operations,

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Mergers & Acquisitions Corporate News Local Oil

ETU Energias Expands Offshore Portfolio with Major Block 14 Acquisition in Angola

Angola’s ETU Energias Boosts Stake in Block 14 Offshore, Strengthening Production and Revenue Base ETU Energias, Angola’s largest private oil company, has acquired a 20% stake in Block 14 and a 10% stake in Block 14K, both located in the Lower Congo Basin, from Azule Energy, the companies announced last week. The transaction was formalized through a Purchase and Sale Agreement (SPA). In a statement, ETU Energias described the acquisition as “a strategic step in

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Local News Oil

Angola Faces Inflation Risks Despite Rising Oil Prices Amid Middle East Conflict

Rising Global Oil Prices Boost Angola’s Revenue but Threaten Inflation, Says Minister Angola could benefit from rising global oil prices due to the ongoing conflict in the Middle East, but the country also faces potential inflationary pressures from higher import costs, the Minister of State for Economic Coordination, José de Lima Massano, warned on Friday. Speaking at the first edition of the conference “Radar Africa – Angola’s Paths” in Lisbon, organized by Jornal de Negócios,

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Local Economy News Oil

Nigeria’s Crude Exports to the U.S. Drop 47% as Angola and Ghana Gain Market Share

U.S. Imports of Nigerian Crude Halve in January Amid Rising African Competition The United States sharply reduced its imports of Nigeria’s crude oil in January 2026, cutting volumes by nearly half and highlighting intensifying competition in Africa’s oil sector. Data from the U.S. Census Bureau and Bureau of Economic Analysis show imports fell 47.2% month-on-month, declining from 3.15 million barrels in December 2025 to 1.66 million barrels in January, marking one of the steepest short-term

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Local Mergers & Acquisitions Oil

Botswana Eyes Stake in Angola’s Lobito Refinery to Boost Energy Security

Botswana in Talks to Acquire 30% of Angola’s Lobito Oil Refinery Amid Global Fuel Supply Concerns Botswana is moving to secure a stake in a multi-billion-dollar oil refinery project in Angola as countries worldwide seek to safeguard fuel supplies amid rising geopolitical tensions in the Strait of Hormuz. The initiative reflects Botswana’s efforts to strengthen its energy security and reduce vulnerability to global supply disruptions. As a landlocked nation that produces no crude oil, Botswana

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Oil Economy Local News

Angola Targets $2.5 Billion in Dollar Bonds Amid Rising Oil Prices

Angola Launches $2.5 Billion Dollar Bond Sale Boosted by Higher Oil Prices Angola is set to raise $2.5 billion through the sale of dollar-denominated bonds, capitalizing on higher oil prices driven by the Iran–Israel conflict to attract strong investor demand. Africa’s third-largest oil producer is offering $1.5 billion in seven-year bonds at a yield of 9.375% and $1 billion in 11-year bonds at 9.875%, according to a source familiar with the matter. Both yields are

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Corporate News Local Oil

Oando Joins Angola’s Block KON 13 as Operator with 45% Stake

Nigerian Oil Firm Oando Becomes Operator of Angola’s Block KON 13 Amid Strong Exploration Potential Angola’s National Agency for Petroleum, Gas, and Biofuels (ANPG) announced that Nigerian junior oil company Oando has joined the Contractor Group of Block KON 13 as operator, holding a 45% participating interest. Other partners in the block include Effimax Energy Serviços, Lda with 30%, Sonangol Exploração & Produção with 15%, and Walcot Ltd with 10%. Block KON 13 is located

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Gas Local News

Sonagas Blames Mishandling for Gas Cylinder Leaks Amid Consumer Safety Concerns in Angola

Sonagas Replaces 500 Gas Cylinder Valves Weekly as Consumer Group Warns of Expired and Leaking Cylinders in Angola Sonagas, a subsidiary of Sonangol, stated on Wednesday that leaks in cooking gas cylinders are primarily caused by improper handling during transportation, rather than manufacturing defects or filling processes. The company disclosed that it replaces more than 500 gas cylinder check valves each week as part of routine safety and quality control measures. According to Pedro de

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Corporate News Local Mergers & Acquisitions Oil

Sonangol Joins Etu Stake Acquisition to Accelerate Redevelopment of Angola’s Block 3/05 Assets

Sonangol, Afentra and Maurel & Prom Restructure Ownership of Angola’s Block 3/05 and 3/05A Ahead of 2026 Redevelopment Program Angola’s national oil company, Sonangol, has elected to participate in the acquisition of Etu Energias’ interests in Blocks 3/05 and 3/05A, located in the Lower Congo Basin. The transaction involves the purchase of Etu’s 10% stake in Block 3/05 and 13.33% stake in Block 3/05A. By joining independent oil and gas companies Afentra and Maurel &

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Corporate News Local Oil

Angola’s Cabinda Refinery Nears Production Start Following Ministerial Inspection

Cabinda Refinery Prepares for Petroleum Production After Ministry Inspection A delegation from the Ministry of Mineral Resources, Petroleum and Gas conducted an inspection in the province of Cabinda on Monday, evaluating the commissioning of equipment at the local refinery ahead of the imminent start of petroleum derivatives production. The delegation was led by Secretary of State for Petroleum and Gas José Alexandre Barroso, who met with Cabinda’s provincial governor, Suzana de Abreu, during the visit.

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