Angola recently marked a significant milestone in its energy sector with the completion of seven photovoltaic plants, boosting the public electricity network by an additional 370 megawatts and extending benefits to over 500,000 inhabitants in rural areas. The Minister of Energy and Water, João Baptista Borges, unveiled this information during the inauguration of the 25th meeting of the Steering Committee of the Central African Energy Hub (PEAC) held in Luanda. In his address, Minister Borges
The Association of Angolan Petroleum Service Companies (AECIPA), representing 150 members within the Angolan oil industry, advocates for a heightened emphasis on the implementation of local content initiatives. Highlighting the strategic importance of industry efficiency, the association underscores the pivotal role of local content in supporting Angola’s goal of increasing oil production to 1.18 million barrels per day. During a recent address in Luanda, AECIPA CEO Bráulio de Brito emphasized that embracing local content fosters
Sonangol disclosed its financial performance for the year 2023 last week, revealing a turnover of $10.9 billion and a net profit of $3.1 billion, a decrease from the $5.3 billion recorded in 2022. The 41.5 percent drop in profits reflects a challenging year marked by global adversities, as emphasized by the oil company. Despite facing multiple hurdles, Sonangol remains steadfast in its commitment to operational excellence. In 2023, Sonangol’s turnover experienced a decline of 18.6
The Government of Angola plans to increase gas production levels in the coming years, with the entry of a new consortium, which will explore new oil fields. The information was provided by the president of the National Oil, Gas and Biofuels Agency (ANPG). Paulino Jerónimo, who was recently reappointed for his second term at ANPG, highlighted that the new consortium for gas production in the country is made up of several companies. Their mission is to
Companies in the mining sector, along with government officials and representatives from civil society, have reacted to the Executive’s plan to commission a study on the competitiveness of the Angolan mining sector. Minister of Mineral Resources, Oil, and Gas, Diamantino Azevedo, emphasized that such a study would facilitate decision-making regarding potential adjustments or changes to existing legislation within the extractive sector. This initiative aims to align Angola with the standards set by the Extractive Industries
The Minister of Mineral Resources, Oil, and Gas, Diamantino Azevedo, urged the newly appointed members of the Board of Directors of the National Petroleum, Gas, and Biofuels Agency (ANPG) to uphold the ongoing initiatives aimed at stabilizing production and sustaining strategies for block bidding. Presiding over the inauguration ceremony in Luanda, Azevedo emphasized the need for swift action to ensure the implementation of these directives. Acknowledging the accomplishments of the outgoing administration over the past
With the potential to reach a diamond production level of approximately 14.6 million carats this year, Angola’s mining industry is well-positioned for significant growth under the country’s newly approved National Development Plan 2023-2027. Boasting political stability and strategic access to international markets, a strict adherence to regulations governing the establishment of mining companies in Angola will be crucial for the country to secure funds for investment in the sector. In February 2023, Angola strengthened its
Angola’s national oil company, Sonangol, has initiated testing at the Tobias-14 well (TO-14), situated in Block KON-11 onshore Angola. Sonangol, in collaboration with its project partner, the oil and gas company Corcel, anticipates revealing the initial flow test results of the well in the upcoming weeks. Preparations are also in progress for testing the TO-13 well, scheduled to commence following the conclusion of activities at TO-14. The KON-11 Block encompasses the Tobias field, a historically
Angola is at the forefront of nurturing its domestic service industry within the oil and gas sector through robust local content regulations. These policies are instrumental in creating revenue streams for local service firms while enhancing their overall contribution to the industry. The Angolan government’s commitment to local content is exemplified through its Angolanization initiative, aimed at empowering national entrepreneurship by favoring local service providers in oil and gas contracts. Enshrined in official decrees such
TAAG Angola Airlines has recently launched cargo services from Luanda International Airport, utilizing a Boeing 737-800 freighter for the operations. The airline has initiated a weekly service, taking place every Monday, establishing a connection between Angola’s capital and Lagos in Nigeria, as well as Brazzaville in the Republic of Congo. This significant development comes on the heels of TAAG Angola Airlines’ recent announcement detailing its fleet enhancement initiative, marked by the acquisition of the Boeing
