Africa Finance Corporation (AFC) has made significant progress on the Zambia Lobito Rail Project by signing concession agreements with the governments of Angola and Zambia. These agreements, finalized during a ceremonial signing on September 23, cover the financing, construction, ownership, and operation of the railway. t The event, hosted by U.S. Secretary of State Antony J. Blinken, coincided with the 79th session of the UN General Assembly (UNGA 79) as part of the Biden Administration’s
Pensana Plc (PRE.LSE) has announced the successful acquisition of $3.4 million in Technical Assistance grant funding from the U.S. International Development Finance Corporation (DFC), America’s development finance institution. The grant, part of the U.S. BUILD Act, will support feasibility studies aimed at expanding the capacity of the Longonjo mine and advancing the Coola project in Angola. The funds are designated for key projects, which, upon successful completion of feasibility studies, could receive additional loan funding
SonaGas, a subsidiary of Angola’s national oil company Sonangol, has expressed concerns over the increasing fire risks posed by hunters and farmers near its gas reception and production facility in Soyo, Zaire province. These fires, primarily set for land clearing and hunting, threaten the safety of the Angola LNG plant and the turbines at the Soyo combined cycle power plant. Jacelino Pinto, the unit’s supervisor, warned that fires around the plant perimeter often send sparks
The National Fuel Company of Angola (Sonangol) is set to continue its light well intervention program in Offshore Block 3/05, aimed at enhancing facility reliability and optimizing oil production. This initiative was detailed in a semi-annual earnings update from oil and gas company Afentra. The upgrade program will focus on increasing water injection rates, building on the maximum injection rate of approximately 60,000 barrels per day achieved in April. Additionally, the project will involve the
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
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
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
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
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
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.
