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Economy Gas Local News Oil

Top Five Oil and Gas Projects in Angola

With crude oil production on the rise – increasing by more than 580,000 barrels month-on-month from December 2022 to January 2023 – Angola is aiming to stabilize its output around 1.3 million barrels per day (bpd) in the next three years.  Accordingly, the southern African producer has several notable E&P projects that are in progress and awaiting Final Investment Decision (FID), which will serve to maximize its existing hydrocarbon resources, optimize existing facilities and subsea infrastructure and enable cost

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Gas Local News Oil

Exploring Angola’s Upstream Potential

Angola is home to significant upstream potential, as demonstrated by the sharp contrast between its proven and estimated reserves: 9 billion versus 57 billion barrels of oil and 11 trillion versus 27 trillion cubic feet of natural gas. Its three major basins – Kwanza-Benguela, Namibe and Lower Congo – hold development opportunities across each stage of the exploration life-cycle, from frontier exploration to mature producing areas. As oil and gas explorers seek prospects with lower

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Energy Local News Oil

Top 5 Reasons why Angola Remains Africa’s E&P Hub

Angola’s hydrocarbon market has seen rapid expansion since initial discoveries of oil and gas in 1955. As global energy majors flocked to the market and the government aligned relevant state actors with the burgeoning industry, progress across the entire energy value chain kicked off. In 2023, the country’s standing as an E&P hub has been solidified even further owing to a variety of reasons from proven resources to attractive investment policies to location. Proven Hydrocarbon

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Economy Local News

Angola, Portugal Sign 2 Bilateral Cooperation Agreements

The Republic of Angola and Portugal signed two cooperation agreements focused on budgetary and fiscal matters that will allow the Angolan government to manage its treasury, national and international financing and contract public debt more effectively, and in accordance with the international standards practiced in the European Union.  The agreements, signed on Wednesday 5th April by the Minister of Finance of Portugal, Fernando Medina, and his Angolan counterpart, Vera Daves, will see Portugal increase the flow

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Energy Local News

Angola’s Luena Solar Park Due for Completion by 2024

Construction of the 26,906 MW Luena Solar Energy Park in Angola’s Moxico Province is due for completion by 2024, with the country’s Government having indicated that contractual deadlines will be met. The project, which is 60% completed, is being developed by solar project developer Sun Africa and engineering and technology consulting company, MCA Group, and will cover an area of 0.5km2 in the Samalesso District, Luena City. “The Luena Solar Energy Park will “contribute to improving electricity

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Economy Local News

Angolan Oil and Gas Minister Received in Namibia

H.E. Diamantino Azevedo, Angola’s Minister of Mineral Resources, Oil and Gas, met with his Namibian counterpart, H.E. Tom Alweendo, last Thursday 6th April as part of an official state visit to Windhoek last week. At the invitation of H.E. Minister Alweendo, the African energy Ministers discussed existing and future areas of cooperation within their respective extractive industries. The meeting follows the signing of a Memorandum of Understanding between Angola and Namibia last November, at the Angola Oil &

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Economy Local News Oil

Angolan Refinery President Reveals Govt Refusal of Cheap Oil Supply to Domestic Industry

The Government does not supply crude oil at prices lower than those of the international market to the refineries being implemented in the Angolan petrochemical industry, nor does it not stop exporting “a single barrel of oil” for these units, declared the president of the Executive Committee of the Angolan refinery. Luanda. “It is a false problem to think that the Government of Angola is obliged to supply raw materials for refineries at a low

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Economy Local News Petroleum

Pumangol creates 400 direct jobs

Pumangol has so far created a total of 400 direct jobs and around 2,000 indirect jobs, as part of a strategy that has already implemented 80 fuel filling stations across the country. The data was shared by the chairman of the Board of Directors of the company, Ivanilson Machado, in the interview he gave to Jornal de Economia & Financeira, from Edições Novembro EP As he said, Pumangol is now owned by Sonangol as part

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Economy Local News Oil

New oil tanker ready for operations

The naming ceremony for the Suezmax oil tanker took place yesterday in the city of Mokpo. The president of Sonangol Marine Service, João Almeida, said that the company will no longer charter ships to meet its objectives in this segment. According to João Almeida, it is an oil tanker that increases the fleet, which goes from 9 to 10 ships. João Almeida said that, by the end of the year, the fleet could have one

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Economy Local News Oil

Sonangol receives new oil tanker

Sonangol received, this Monday 10th April, in the city of Mokpo (South Korea), the new oil tanker, named “Kulumbimbi”. The oil tanker built at the Hyundai Sambo Heavy Industries shipyards cost the Angolan oil company US$68 million. The ship will have a crew made up of 80 percent Angolans and a useful life of 20 years. It is part of the Suezmax line, with the capacity to transport 1 million barrels of crude, within internationally accepted

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