Renewable energy company, Masdar, has signed an agreement with Angola’s Ministry of Energy and Water to develop a 150 MW solar photovoltaic (PV) plant in southern Angola. The solar plant will provide renewable energy to approximately 90,000 homes and is expected to create up to 600 jobs. Announced on December 1 during the COP28 Summit in Dubai, the agreement was signed between Angola’s Minister of Energy and Water, João Baptista Borges, and Masdar CEO, Mohamed
Consultancy firm BMI Research anticipates a 1.7 percent drop in oil production for Angola in 2024, projecting a decrease to 1.16 million barrels per day, in contrast to a 2.5 percent expected rise in sub-Saharan Africa’s overall production. Their report on hydrocarbon production in the region indicates an estimated 2.5 percent increase in crude and natural gas production in sub-Saharan Africa, supported by new wells in Nigeria, the onset of production in Senegal, and ongoing
Investments in Angola’s oil and gas sector are set to escalate in response to Europe’s bid to diversify its energy supply amidst the conflict in Ukraine. The Economist Intelligence Unit’s (EIU) projections for Angola between 2024-2028, accessed by Lusa, foresee an upsurge in both oil and gas investments. EIU analysts anticipate a surge in oil production fueled by government-driven reforms to attract fresh investments. Public tenders slated for 2025, extending to the ‘onshore’ sector, are
Oil production in Block 3/05, managed by Sonangol, has surged by nearly 30% since the start of the year, climbing from 17,000 to 22,000 barrels per day (bpd). Ricardo Vandeste, President of the Executive Committee of the Exploration and Production Business Unit (UNEP) at Sonangol, disclosed this information during Sonangol’s “Ngol” program on RNA last Thursday. Vandeste attributed this achievement to timely interventions geared towards sustained exploration and income generation within the block, implemented over
On Saturday, December 2nd, oil expert José Oliveira endorsed Angola’s decision to reject the production quota assigned by the Organization of Petroleum Exporting Countries (OPEC), which mandates cuts in the country’s oil production. “Angola is right to contest, especially due to the way in which OPEC determined the quotas for three African countries (Angola, Democratic Republic of Congo and Nigeria) differently”, said the expert, quoted by Lusa, noting that Angola marked its position and must
Sonagás is formulating a strategy to ensure an ample supply of butane gas (cooking gas) throughout the upcoming festive season. During a training seminar for journalists organized by the Association of Economic Journalists of Angola (AJECO) in Luanda, Félix Jorge, the Director of Transport and Distribution at Sonagás and Energias Renováveis, highlighted the company’s efforts. He revealed that Sonagás presently produces an average of 2,020 tons of butane gas, with 70% allocated for bottled gas
The President of the American Chamber of Commerce in Angola (AmCham), Pedro Godinho, announced in Luanda last week that the United States government has approved a $2 billion investment in renewable energy projects across Benguela, Cuando Cubango, Moxico, and Namibe provinces. During President João Lourenço’s ongoing visit to the United States to bolster economic and commercial ties, Pedro Godinho highlighted the U.S. government’s commitment to finance these projects, signaling the Biden administration’s keen interest in
The Africa Finance Corporation (AFC) has undertaken a strategic investment of $60 million in Etu Energias, Angola’s largest private oil company, forming part of a $190 million debt facility. This initiative aims to facilitate the company’s acquisition of oil and gas reserves jointly owned by TotalEnergies and INPEX Corporation. Upon the completion of this acquisition, Etu Energias will secure a 20% stake in deepwater Block 14 and a 10% interest in deepwater Block 14K, located
The launch of three mining ventures, including a six-billion-dollar investment in copper prospecting, a scientific collaboration with the United States Geological Survey (USGS), and the imminent opening of the Luaxe diamond mine, marked the commencement of Angola’s 2nd International Conference and Exhibition on the Mining Sector in Luanda. During the event, the executive president of Canada’s Ivanhoe Group, Marna Cloete, announced a substantial investment of six billion dollars in copper prospecting across Angolan provinces Moxico
An initiative for a green hydrogen exploration project in Barra do Dande, Bengo province, is set to commence in 2024, announced President João Lourenço during a panel discussion at the 3rd Luanda Biennale. The endeavor, to be developed in collaboration with Sonangol, the Ministry of Mineral Resources, Oil and Gas, and a German company, aims to cater to the domestic market while exporting green energy to Europe and other global consumers. President Lourenço emphasized the
