The price of a barrel of Brent crude oil for delivery in December ended today in the London futures market with an increase of 2.27%, reaching $90.16. Brent’s price for delivery in December rises by 2.27% and surpasses $90. The market continues to fluctuate due to increasing tensions in the Middle East, trading higher on Wednesday after three consecutive sessions of declining prices.
The scare projected for the oil trade due to the war between Israel and the Hamas group caused oil prices to rise for the second consecutive week, although the absence of any real disruption in barrels leaving the Middle East is also giving rise to permanent volatility. Both U.S. crude oil and Brent, its UK counterpart, jumped nearly 2% at one point on Friday before giving it all back and ending the day in the
The natural diamonds producers should be more aligned in order to improve the management and protection of these resources, said the Minister of Mineral Resources, Oil and Gas. Diamantino Azevedo was speaking in Luanda at the opening of the meeting of the Ad-hoc Committee for the Review and Reform of the Kimberley Process Certification System, where he stressed the need for better organization, from an environmental and management point of view, in order to reduce
ENDIAMA is continuing its commitment to training human capital in order to better respond to the challenges of the present and the future, said recently in Luanda the executive director for Mining Operations, Administration and Human Resources of the country’s second largest company. Domingos Margarida was speaking during the 2nd edition of the workshop on Capital Markets, Insurance and Pension Funds, aimed at ENDIAMA- E.P. employees and collaborators, organized by the Capital Markets Commission, in
The Angolan government is pressing ahead with plans for the Lobito refinery, which will have the capacity to process up to 200,000 barrels of oil per day. The national oil company, Sonangol, recently initiated a public tender for investment in the refinery, marking a significant step in the project’s development. Sonangol has already completed various essential phases of the project, including an economic feasibility study, reevaluation of the feed, dredging of Lobito Bay, embankment preparation,
Angola expects to maintain its current production of crude oil at 1.1 million barrels per day (bpd) next year, said Belarmino Chitangueleca, the Chief Executive Officer of the National Agency for Oil, Gas and Biofuels (ANPG), on Thursday. Belarmino Chitangueleca ensured that the country will announce the winning bidders for the last onshore licensing round by March 2024. He also mentioned that Angola will set up a second Natural Gas Liquids (NGL) train, which processes
The Fund for the Development of Exports in Africa (FEDA), a subsidiary investment of Afreximbank, announced a few days ago its investment in the Cabinda Refinery, which is being constructed by Gemcorp Holdings in partnership with Sonangol. Investment by Afreximbank comes shortly after Gemcorp, Afreximbank and Africa Finance Corporation successfully led the raising of a project financing debt valued at $335 million in July of this year. According to a statement from FEDA accessed by
Sonangol was honored on Tuesday 17th October with the National Petroleum Company of the Year Award during the 2023 African Energy Week (AEW), a gathering of key continental players in the sector that concludes today in Cape Town, South Africa, on the fifth day of the event. On October 19, 2023, in the latest update at 10:06 AM, Sonangol received the National Petroleum Company of the Year Award. Osvaldo Inácio, the Executive Administrator, accepted the
Last month, the associated gas production was 71.11 million cubic feet (MMCF), with an average of 2.37 MMCF per day. Out of this, 1.50 million were injected, 417 million were supplied to the ALNG factory, 325 million were used for power generation at the oil facilities, and the remainder was used in oil operations and transportation. The report adds that during the month of September, ALNG produced 2.9 million barrels of oil equivalent, averaging 99.4
The Brent futures (which are a reference for Angolan sales) rose by seven cents to $89.50 per barrel at 5:00 PM (Angola time), and the West Texas Intermediate (WTI) from the United States rose by 19 cents to $86.47 per barrel. The Government and the opposition in Venezuela resumed long-suspended negotiations yesterday, a move that President Nicolás Maduro believed would benefit the 2024 elections and could potentially lead Washington to ease sanctions, according to several
