Two senior officials from Gemcorp recently announced in an interview with African Energy that construction at the Cabinda Refinery is 60 percent complete. The first phase, with a processing capacity of 30,000 barrels per day (b/d), is expected to be commissioned in November, with crude oil processing slated to begin in February 2025. The Cabinda Refinery is a key part of Angola’s strategy to optimize its mineral resources by transforming crude oil into products for
Ninety-one percent of the energy consumed in Angola comes from renewable sources, with hydroelectric power contributing 87 percent and solar energy accounting for around 4 percent. These statistics were presented by Pedro Afonso, president of the Board of Directors of the Public Electricity Production Company (PRODEL), during the 1st Energy and Climate Seminar of the Community of Portuguese-Speaking Countries (CPLP) in Lisbon, Portugal. Representing the Ministry of Energy and Water (MINEA) at the event, Afonso
Energy supermajor TotalEnergies has awarded a contract to SLB OneSubsea—a joint venture between global technology company SLB, engineering company Aker Solutions, and construction company Subsea7—to provide subsea production equipment and services for the Kaminho deepwater project in Block 20/11, offshore Angola. The contract includes a 13-well subsea production system for the 70,000-barrel-per-day project, which is scheduled to commence production in 2028. SLB OneSubsea CEO Mads Hjelmeland stated, “Our collaborative contract model enables us to leverage
ProMarks, an international engineering company specialized in the energy sector and Trafigura, a market leader in the global commodities industry, yesterday signed a Memorandum of Understanding (MOU) with the Government of Angola to conduct a technical and economic viability study and to develop a Public Private Partnership model for a major regional power transmission and supply project. The signing ceremony was held in Luanda in the presence of government representatives from Angola, alongside other diplomatic
Junior mining company Minbos has announced a nonbinding memorandum of understanding (MoU) with South Africa-based Foskor for a potential supply agreement from its Angola mine. Currently, Foskor sources phosphate rock for its Richards Bay phosphoric acid-based fertilizer plant from its mine in Phalaborwa. However, Minbos suggests Foskor is exploring additional supply sources. Under the MoU, a series of bulk samples and trials will assess Minbos’ phosphate rock for commercial suitability. Successful trials will lead to
Friburge Energies, an Angolan company providing services in the oil, gas, and mining sectors, has recently joined the United Nations Global Compact, a voluntary leadership platform for the development, implementation, and dissemination of responsible business practices. In a statement, Friburge Energies highlighted that joining the Global Compact reflects their commitment to positive change through environmental protection, good governance practices, and enhanced social responsibility. “This change generates positive results for companies, people, and societies,” the company
The National Oil, Gas and Biofuels Agency (ANPG) will soon commence oil exploration prospecting in the municipalities of Rivungo, Calai, and Cuangar in the province of Cuando Cubango. Following a meeting held by the provincial governor of Cuando Cubango, José Martins, ANPG’s director of the Institutional Security Office, Manuel Domingos Dembe, announced that the first phase involves demining work in four areas identified for oil prospecting. Manuel Domingos Dembe stated that ANPG is operating in
Angola’s Gross Domestic Product (GDP) grew by 4.6 percent in the first quarter of 2024, marking the highest quarterly growth rate since 2015. This growth reflects positive performance across all sectors of the economy, highlighting the impact of effective economic policies and strategic investments. An analysis of the indicators reveals that all major sectors of the Angolan economy recorded growth during this period, demonstrating a robust and uniform recovery. The oil sector, a traditional pillar
The National Bank of Angola (BNA) has set ambitious targets for achieving a 75 percent rate of financial inclusion by 2028, as outlined in its latest bimonthly Financial Stability report released in late June. According to the report, the BNA has prioritized several initiatives aimed at bolstering financial inclusion, with microcredit and other non-bank financial instruments playing a pivotal role. Microcredit, governed by current legislation such as Law no. 14/21, is defined as small-value loans
In August, Angola is set to export the highest volume of oil in nearly four years, signaling the rationale behind its decision to leave OPEC. Loading plans indicate shipments will reach 1.23 million barrels per day, exceeding OPEC’s proposed production limit of 1.1 million barrels per day for Luanda, which prompted Angola’s departure from the group. This move allows Angola greater flexibility in increasing its output, unaffected by monthly export variations. Paul McDade, CEO of
