Sonangol, a company that operates along the oil value chain, managed, last year, to maximize the gains resulting from the increase in the prices of crude oil and derivatives observed with the recovery from the effects of the Covid-19 pandemic, thanks to the adoption of a cost reduction policy, especially at the height of the Covid-19 pandemic, in 2020 and 2021. This statement was made by Sonangol EP’s Director of Planning, Edson Pongolola, in an
Gazprom, Russia’s state-owned energy company, announced on Friday the complete stoppage of supplies through the Nord Stream 1 pipeline, due to an oil leak in the Trent 60 gas compressor at Portovaya station. Nord Stream 1, which links Russia to Germany, had already had its supply suspended since Thursday, due to alleged maintenance, but now, Gazprom has cut it and does not advance any forecast for the restoration of gas supply by Nord Stream 1.
Brent, the reference oil for Angolan exports, fell by more than 5 percent this Tuesday, penalized by a new confinement in China and by growing fears of a global recession. At 3 pm, a barrel of North Sea Brent for delivery in October was down 5.05 percent to $99.78 and a barrel of North American WTI oil, for delivery in the same month, lost 4.84 percent to 92.31 dollars. On the supply side, concerns appear
The price of a barrel of Brent oil, which is used for Angolan exports, for delivery in October ended, this Tuesday, in the London futures market, down 5.49%, returning to a level below 100 dollars. This was the biggest drop in the price of Brent in the space of a month, after the sharp rise this Monday. For analysts, the price of oil has dropped because there is a perception that the unrest in Iraq
Report by the International Agency, Global WF, gives a positive note on the good management of funds from the national oil sector for the country’s economic development The Fundo Soberano e Desenvolvimento de Angola (FSDEA) scored 80 percent in the 2022 International Ranking on Governance, Sustainability and Resilience (GSR), above the index average of 49 percent, placing the fund among the top 15 , in an index composed of more than 160 sovereign wealth funds
The global diamond industry continues to recover from the impacts of the Covid-19 pandemic during 2021, as a result of the cooling of economies and the adaptation of national markets. In the first half of the current year, according to the De Beers report, consumer sales of diamond jewelry in the United States of America and China recorded positive growth, not only in the revenues affected by Covid-19 in 2020, but also compared to 2019
The price of oil closed higher last Friday, the 26th, with Brent (the benchmark for Angolan exports) rising by 1.65 dollars, closing at 100.99 dollars a barrel. US WTI crude oil futures rose 54 cents to trade at $93.06 a barrel. For the week, Brent gained 4.4 percent, while WTI rose 2.5 percent. The rally was driven by signals from Saudi Arabia that the Organization of the Petroleum Exporting Countries (OPEC) could cut output, but
OPEC oil production rose in August to its highest level since the early days of the pandemic in 2020 as operations in Libya recover, according to Reuters. The Organization of the Petroleum Exporting Countries (OPEC) produced 29.58 million barrels per day (bpd) in August, up 690,000 bpd from July and the highest level since April 2020, according to Reuters polls. OPEC and allies, a group known as OPEC+, are backing out of production cuts adopted
In line with the mining operations in the provinces of Lundas Norte and Sul, we were able to witness the complexity of all the engineering work, developed with alluvial diamond deposits in mind, which became more valued from 2018 onwards, with the implementation of a new commercialization model, which eliminated the so-called “preferred customers”. The first stop was at N’zaji, municipality of Cambulo, base of operations of SMC (Sociedade Mineira do Chitotolo), since 1986, with
The Sociedade Mineira do Chitotolo (SMC) suspended operations in the areas of Chitotolo, Muyta and Sangulungu, keeping them in Maludi, which represents 40 percent of the activity of the consortium owned by Angola’s Endiama and Lumanhe, as well as Australia’s ITM. The partial interruption of operations was decided to comply with the restrictions imposed by the State of Emergency in force in the country since March 27, giving rise to authorization for home confinement for
