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
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
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
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 &
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
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
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
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
Sonangol now has one more vessel for operations to transport crude oil. The naming ceremony for the Suezmax oil tanker takes place today 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
Sonangol announced, this Wednesday 5th April, the restructuring of shareholders and businesses at the Porto-Amboim Naval Shipyard (PAENAL), a measure aimed at revitalizing it and placing it back among the set of active and profitable units. For the implementation of these measures, Sonangol is working with partners on a “profound” change that could also involve the corporate structure and the definition of a new operating model, which could result in the holding of an international
