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Local Energy News

Angola’s Revised Electricity Law to Boost Private Sector Involvement in Energy Transmission

The review of Angola’s General Electricity Law, recently approved by the Council of Ministers, will soon pave the way for private sector participation in energy transmission once it receives approval from the National Assembly. This announcement was made by the Minister of Energy and Water, João Baptista Borges, during the opening of the 13th Consultative Council of the sector, held in Luanda. Borges emphasized that this development is critical for advancing cross-border energy interconnection projects

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Diamonds Economy Local News

Angola’s Diamond Reserves Estimated at 732 Million Carats, Valued at $140 Billion

Angola’s National Diamond Company (Endiama) estimates the country’s diamond reserves at 732 million carats, potentially generating $140 billion for the state at an average price of $200 per carat. Miguel Vemba, Director of Mining Operations at Endiama, emphasized that over 90% of these reserves are located in primary deposits. Speaking at the 10th UNESCO African Engineering Week & African Engineering Conference in Luanda, Vemba stressed the need for efficient recovery mechanisms, including the use of

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Local Economy News Oil

Sonangol to Begin Interest Payments on “Sonangol 2023-2028” Bonds

Sonangol will begin paying interest on Coupon No. 2 for holders of the “Sonangol 2023-2028” Bonds on Wednesday, September 18, 2024. Initially scheduled for Saturday, September 14, the payment date was adjusted in accordance with business day conventions outlined in the bond prospectus. A total of 6.6 billion kwanzas will be disbursed, subject to withholding of the Capital Investment Tax, based on the applicable tax regulations in force at the time of payment. According to

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Local Exploration News Oil

Corcel Completes Key Data Acquisition for Angola’s Block KON-16 Exploration

Exploration company Corcel has completed the data acquisition phase of the Enhanced Full Tensor Gradiometry (eFTG) Survey on Block KON-16, located in Angola’s onshore Kwanza Basin. The collected data, acquired by contractor Metatek Group, will now undergo analysis and interpretation through the end of 2024. This phase is crucial for gaining geological insights to support exploration and development plans for the 1,000 km² block. “This marks a significant milestone in our exploration efforts, providing a

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Local Economy News Oil

Oxford Economics Predicts Angola’s Oil Production to Grow by 4% in 2024

Consultancy firm Oxford Economics has revised its forecast for Angola’s oil production, projecting the country will pump 1.18 million barrels per day in 2024, a 4% increase from 2023 levels. Angola is the second-largest oil producer in sub-Saharan Africa. “We expect Angola’s oil production to rise by 4%, from 1.13 million barrels per day in 2023 to 1.18 million barrels per day in 2024, with a slight increase to 1.19 million barrels per day in

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Oil Local News

November Oil Price Closes at $69.17, Surpassing Angola’s 2024 Budget

Negotiations for oil deliveries in November concluded on Friday at $69.17 per barrel, surpassing the $65 per barrel reference price set in Angola’s 2024 General State Budget (OGE) by $4. The 2024 OGE reduced the reference price from $75 in 2023, reflecting a $10 decrease. From January to the end of July, oil prices consistently remained above $75, at times approaching $100 per barrel.

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Local News Petroleum

Efforts Underway to Expand Fuel Stations in Cuando Cubango Province

A technical team from the Petroleum Derivatives Regulatory Institute (IRDP), part of the Ministry of Mineral Resources, Oil, and Gas (MIREMPET), has been in Cuando Cubango since last week to promote the construction and renovation of fuel stations to meet growing demand. The IRDP hosted a seminar for business owners and fuel station operators. IRDP representative Bruno Tito explained that the event aligns with the National Development Plan (PDN) 2023–2027, which aims to enhance the

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Local News

Pensana and Hanwa Sign MoU for Rare Earths Offtake and Strategic Collaboration

London-listed rare earths miner Pensana has entered into a nonbinding memorandum of understanding (MoU) with Japanese trading group Hanwa for the offtake of up to 20,000 tons per year (t/y) of mixed rare earth carbonate (MREC). Pensana owns 84% of the Longonjo neodymium/praseodymium project in Angola, which is set to initially produce 20,000 t/y of MREC in 2026, with plans to ramp up production to 40,000 t/y by 2029 through planned expansions. Under the MoU,

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Local Exploration Gas News Oil

ANPG and Sonangol Launch New Hydrocarbon Exploration Project in Kwanza Basin

The National Oil, Gas, and Biofuels Agency (ANPG) and Sonangol Exploration and Production are set to invest in a specialized service to identify oil and other hydrocarbons in the onshore blocks of the Kwanza Basin. In a press release, ANPG announced that the project is scheduled to commence in September this year. The aim is to enhance geophysical and geological understanding of the Kwanza Basin blocks. The initial phase of the project will involve data

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Local Economy News

Mining sector financed with more than 26 million kwanzas

Between 2022 and June 2024, bank financing for mining projects in Angola totaled 26.6 million kwanzas, representing just 3.0% of the 887.1 million kwanzas allocated to the extractive industry. This data, presented at the 3rd Forum on Banking and Mining in Luanda, reflects a broader trend of minimal financial support for mining initiatives. The study, conducted by the Center for Studies and Scientific Research of the Higher Polytechnic Institute of Angola (IMETRO) and Bumbar Mining,

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