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Economy Energy Mining News

Geological Institute of Angola Seeks Cooperation in Geological Research

The Geological Institute of Angola (IGEO) signed two cooperation agreements in the field of geological research on Tuesday in Cape Town, South Africa. On the sidelines of the Angolan Mining Business Forum, agreements were reached with the Bureau de Recherches Géologiques et Minières de France (BRGM) and the Council for Geoscience of South Africa. The signatories included José Manuel, CEO of IGEO, Christophe Poinssot representing BRGM and Mosa Mabuza representing the Council for Geoscience, according

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Economy Energy Local Mining News

Trafigura and partner agree to transport minerals through the Lobito Corridor

The Trafigura and Kamoa-Kakula signed an agreement on Wednesday in South Africa to transport minerals for a minimum period of six years through LAR – Atlantic Lobito Corridor, the company that manages the Lobito Corridor operation. According to a statement sent to the editorial team, the terms of this agreement, the clauses of which are confidential, were signed during the Mining Indaba in Cape Town, South Africa. These mark the first long-term commercial commitments with

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Local News

Diamantino Azevedo invites companies from the mining sector to invest in Angola

Minister of Mineral Resources, Oil, and Gas, Diamantino Azevedo, urged mining sector companies to invest in Angola during the 30th edition of Mining INDABA-2024 in Cape Town, South Africa. Azevedo extended an invitation to business leaders to explore Angola’s numerous opportunities, robust infrastructure, and comprehensive geological data available for investors. The minister’s call was part of a forum titled “Angola: Mining Potential and Business Opportunities for Investors,” which attracted over 500 participants, as reported by

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Diamonds Economy Local News

Angola’s Diamond Sector Invests $235 Million in Social Responsibility Projects

The Diamond Subsector has contributed approximately $235.8 million to social responsibility projects from 2017 to the first half of 2023, revealed Sidónio Borges, Head of the Information Technologies and Marketing Department at Fundação Brilhante, during a workshop on social responsibility actions in Luanda. Of this total, $112.8 million has been allocated to completed projects, while $123.04 million is earmarked for ongoing initiatives. Leading contributors to these efforts include Sociedade Mineira de Catoca, Sodiam, Endiama, and

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Oil Local News Petroleum

Diamantino Azevedo asks Sonangol’s new executive director for greater dynamics

The Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, asked, last week for greater dynamism from the new executive administrator of Sonangol’s Board of Directors to achieve Sonangol’s objectives in increasing prospecting and research for more resources. By delegation of powers from the President of the Republic when inaugurating the new executive administrator of the Board of Directors of Sonangol, Belarmino Chitangueleca, appointed on Wednesday, Diamantino Azevedo requested greater commitment to the execution of

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Local News Oil Petroleum

Angola’s departure from OPEC raises Oil production forecasts

Angola’s exit from the Organization of Petroleum Exporting Countries (OPEC) will allow it to maintain the objective of increasing production and surpass the average value of 1.2 million barrels per day. This view is expressed in a note attached to the study presented by Deloitte on this week. Deloitte’s partner for the Energy, Resources and Industry Sector, Frederico Martins Correia, cited in the same document, reveals that in relation to the Angolan market, “the year

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Oil Gas News Petroleum

Angola’s Oil and Gas Sector Set to Attract USD 71 Billion in Investments

Angola’s oil and gas industry anticipates a substantial investment influx of over $71 billion in the next five years, announced Paulino Jerónimo, President of the Board of Directors of the National Oil, Gas and Biofuels Agency (ANPG), during a press conference in Luanda. Jerónimo highlighted a significant surge in investment from approximately $5.6 billion to $12 billion between 2022 and 2023 alone, projecting robust growth for the sector. Over the past five years, the industry

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Oil Local News Petroleum

Belarmino Chitangueleca Appointed Executive Director of Sonangol

Belarmino Emilio Chitangueleca has been appointed Executive Director of the Board of the Directors for Angola’s national oil company Sonangol. Chitangueleca previously served as Executive Director of Angola’s national concessionaire the National Oil, Gas & Biofuels Agency (ANPG). Angolan President João Lourenço announced the appointment this week, thereby concluding Chitangueleca’s contract at the ANPG. Before taking on the role at the ANPG, Chitangueleca served as Production Director at Sonangol.

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Energy Gas News Oil

Africa to Dominate High-Impact Well Drilling in 2024

Africa is poised to dominate the global high-impact well (HIW) drilling market in 2024, according to a new report released by research firm Rystad Energy. The continent is projected to undertake 13 of the 36 HIW drilling campaigns anticipated for 2024. Up to 70% of wells drilled in Africa will be in frontier and emerging basins, including the Red Sea Basin in Egypt, Angoche Basin in Mozambique and Namibe Basin in Angola, according to the

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Energy International News

OPEC Fund Allocates $1.7B to Energy Transition in 2023

The OPEC Fund for International Development (OPEC Fund) allocated $1.7 billion to finance 55 global projects in 2023, according to a recent statement from the organization. In a bid to address climate change, social and economic resilience and sustainable growth, 60% of the funds supported renewable energy initiatives. At 42%, Africa received the largest share of the funding, with recipient projects including solar power initiatives in Niger and Nigeria, as well as an energy security

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