The Angola LNG natural gas recovery and processing plant, situated in Soyo, Zaire province, is set to ramp up its production from 700 to one billion cubic feet (SCF) in the first quarter of next year, announced Amilton Cunha, the company’s Executive Director. Cunha said that this production increase stems from a new investment initiative already underway by the company to boost both associated and non-associated gas volumes. He emphasized that the plant will receive
The country has a total of 1,630 drilled wells, with 870 currently operational and 760 inoperative, announced Ana Miala, the executive administrator of the National Oil, Gas, and Biofuels Agency (ANPG), on Monday in Luanda. Speaking at a press event called “Matabicho with Journalists,” hosted by ANPG, Miala explained that of the 760 inactive wells, some will be permanently abandoned due to reserve depletion, while others could be reopened when opportunities arise. To enhance investment
Angola is leading efforts to transform the Lobito Corridor into a vital artery for regional trade, enhancing economic integration in Southern Africa. This large-scale infrastructure project, supported by the Angolan government and international partners, aims to connect Angola with the Democratic Republic of Congo (DRC) and Zambia, facilitating trade and fostering regional economic growth. Italy’s Contribution:Under Prime Minister Meloni’s Mattei Plan and PGI, Italy has committed $320 million in subsidies, equity, and debt capital. This
Banco Angolano de Investimento (BAI) has launched a new product, the Liquidity Advance, designed to alleviate payment difficulties faced by companies in the oil sector. This initiative, developed in collaboration with the Association of Contracted Companies in the Oil Industry of Angola (AECIPA), aims to support service providers and suppliers by offering immediate liquidity for their contracts. The Liquidity Advance is a treasury credit solution that provides advance financing for service provision contracts. This product
On Thursday, the second day of the 2nd edition of the Angola Economic Forum, experts discussed the future of the oil industry and the dynamization of transport to bolster the national economy. Maria do Carmo Bernardo, President of the Board of Directors of Banco de Fomento Angolano (BFA), highlighted the forum’s significance in her opening remarks. She emphasized that the event provides a crucial platform for specialists and stakeholders from various fields to exchange experiences
On Tuesday, the Angola-United Arab Emirates (UAE) Chamber of Commerce and Industry and the Abu Dhabi Chamber of Commerce and Industry (ADCCI) signed two cooperation agreements aimed at enhancing economic relations and creating more investment opportunities for businesspeople, entrepreneurs, and investors in both countries. The agreements were signed by Bráulio Mohammed Martins, President of the Angola-UAE Chamber of Commerce and Industry, and Ahmed Khalifa Al Qubaisi, CEO of the Abu Dhabi Chamber. These agreements are
On Monday, the staff of the provincial unit of the Customs Fiscal Police in Mbanza Kongo, Zaire, were briefed on Law No. 5/24, enacted on April 23, which targets the smuggling of petroleum products. This lecture was part of the celebrations marking the 28th anniversary of the founding of this branch of the Interior Ministry, to be celebrated on the 12th of this month. During the lecture, various topics related to crimes and penalties were
The Minister of Mineral Resources, Oil, and Gas, Diamantino Azevedo, emphasized on Tuesday in Luanda the importance of bidding for a total of 50 wells by 2025 as a key part of the strategy to maintain stable oil production, currently estimated at over one million barrels per day. Speaking at a parliamentary hearing with the Economy and Finance Committee, Azevedo presented an overview of the current state of the subsectors, focusing on the oil sector,
Sociedade Mineira do Cuango, located in the Lunda-Norte province, anticipates increasing its diamond production from the current 23,000 to 28,000 carats per month starting in the second half of the year. This announcement was made by Hamilton Carvalho, the interim director for Mining Operations. Carvalho shared this update during a press event held as part of the company’s Social Responsibility initiatives. He revealed that after two years of prospecting, new profitable deposits have been identified
The Port of Luanda has earmarked approximately 800 million kwanzas to fund youth projects across various sectors, announced João Fernandes, the administrator for the Commercial, Sustainability, Compliance, and ICT Area, yesterday in Luanda. Speaking at the launch of the first social responsibility and sustainability program called “Ekanda,” Fernandes stated that the initiative will be rolled out in the 2024 financial year. He noted that the investment could increase depending on the specific needs of each
