The oil prices rose by more than one dollar on Tuesday 19th September 2023, in the fourth consecutive session of gains, against a backdrop marked by the fact that weak shale oil production in the United States is exacerbating concerns about supply due to prolonged production cuts by Saudi Arabia and Russia. Brent futures prices, a benchmark for Angolan sales, rose by 1.24 dollars or 1.31 percent, to 95.67 dollars per barrel at 2:08 PM
The global energy company (ENI) announced in Luanda that it will make a $1 billion investment for the development of non-associated gas in Angola, its managing director, Guido Brusco, has said. Non-associated gas is free of oil and water in the reservoir, and its concentration is predominantly in the rock layer. According to the director of the Italian energy company, who was speaking at the 4th edition of the Angola International Conference and Exhibition “Oil
The prices of a barrel of oil are nearing $100 due to discouraging levels of shale oil production in the United States and increasing concerns about global supply shortages. For the fourth consecutive session of rising oil prices, the Brent crude oil barrel, which serves as a reference for Angolan exports, rose by 1.49% to $95.84. These prices come after a three-week recovery, both for Brent crude oil and WTI crude oil barrels, reaching ten-month
Angola’s premier event for the oil and gas sector, the Angola Oil & Gas (AOG) Conference and Exhibition, took place in Luanda from September 13-14. Hosted in partnership with Angola’s Ministry of Mineral Resources, Oil and Gas, the African Energy Chamber, Sonangol, and the IRDP, the event was a resounding success, achieving several milestones. VIP Speakers Spearhead Discussions AOG 2023 featured keynote addresses and presentations from a distinguished lineup of government officials, global energy major
Angola has begun an ambitious infrastructure plan supported by regulatory reforms, investor incentives, and innovative public-private partnerships. These efforts aim to accelerate economic growth, improve transportation, raise energy security, attract international investment, and improve the livelihoods of the Angolan people. Below are the most anticipated infrastructure projects: The new Cabinda refinery in Angola is scheduled to begin production by the end of 2024. The project, which aims to reduce Angola’s dependency on imported refined products,
The oil industry exceeded expectations in August. Angolan oil production in August stood at 34.995 million barrels, with an average of 1.128 million barrels per day (bpd), which is 2.6 percent more than the 1.099 million bpd forecasted for that period, according to data available on the website of the National Agency of Petroleum, Gas, and Biofuels (ANPG). The numbers from the national hydrocarbon concessionaire also indicate that August production was 1.8 percent lower than
Senegal, which plans to start oil and gas production in 2024, is interested in acquiring Angolan expertise in the field of hydrocarbons, stated the Director of Exploration and Production of the National Oil Company of Senegal, PetroSen, in Luanda. Joseph Oufon Medou told the Jornal de Angola on the sidelines of the 4th Annual Oil and Gas Exhibition Conference (Angola Oil and Gas 2023), held in the capital of Angola last Wednesday and Thursday, that
Brent crude oil prices, which serve as a reference for Angolan oil sales, approached $95 per barrel on Monday, as investors kept a close eye on the prospect of a growing supply deficit in the fourth quarter. This comes after Saudi Arabia and Russia extended their supply cuts. Brent futures rose by 62 cents to $94.55 per barrel at 1:22 PM in Angola, while West Texas Intermediate (WTI) crude oil futures from the United States
If OPEC+ maintains the supply cuts until the end of the year, given the positive demand scenario in Asia, we now believe that Brent prices could surpass $100 per barrel before 2024,” In addition to oil supply, analysts project that interest rates in the United States are expected to peak this quarter. The American bank details that oil is expected to be traded between $80 and $100 in the short term. However, for the long
The Minister of Mineral Resources, Petroleum, and Gas (MIREMPET), Diamantino Azevedo, encouraged operators to invest more in the petroleum sector in Luanda. One of the important indicators, he explained, for us to assess the work in exploration is the number of drilling rigs. We want to see more rigs drilling the Angolan soil next year, which is a challenge to all who can take advantage of the opportunities provided by Angolan legislation. “With the changes
