Angola’s departure from the Organization of Petroleum Exporting Countries (OPEC), announced last week by the Government in Luanda, gives the State greater autonomy in collecting the revenue necessary for economic growth, at a time when projects designed to reverse the natural decline in oil production. These statements were made by the chairman of the Board of Directors of Prodoil (an Angolan oil company with private capital), Pedro Godinho, in statements when reacting to the announcement
Oil prices saw a modest recovery on Friday December 22nd, rebounding from earlier declines influenced by Angola’s departure from OPEC, even as ongoing tensions in the Middle East continued to grip the market’s attention. Brent futures closed slightly higher, edging up by eight cents or 0.1 percent to settle at $79.47 a barrel. The Angolan sales benchmark reached $79.79, climbing 0.5 percent from the previous day when news of Angola’s exit had nudged prices down
Following Angola’s bold decision to exit the Organization of the Petroleum Exporting Countries (OPEC), Banco Fomento Angola (BFA)’s chief economist, José Miguel Cerdeira, emphasized that this departure holds minimal economic costs for the country while unlocking the ability to bolster its oil production. In a conversation with Lusa on Thursday, Cerdeira clarified that the departure from OPEC doesn’t pose substantial financial burdens for Angola. He explained that the organization’s waning influence on determining oil prices
In a significant move, Angola declared its withdrawal from the Organization of Petroleum Exporting Countries (OPEC) due to restrictions on oil production. The Minister of Mineral Resources, Oil, and Gas, Diamantino Pedro Azevedo, made this announcement, citing the decision as one made in defense of Angola’s interests. Azevedo conveyed this pivotal decision following the tenth ordinary meeting of the Council of Ministers, presided over by President João Lourenço. Emphasizing the government’s stance, Azevedo expressed that
In a landmark development, Cabinda Gulf Oil Company Limited (CABGOC) has inked a consequential Production Sharing Agreement (PSA) to operate in the prized Block 14/23 concession, nestled within the Zone of Common Interest (ZIC) in the maritime expanse shared by Angola and the Democratic Republic of Congo (DRCongo). Under this monumental PSA, co-signed with the Governments of Angola and DRCongo, CABGOC, a subsidiary of Chevron operating in Angola, assumes the role of the primary operator,
Sociedade Mineira Yetwene, situated in Lucapa, Lunda-Norte, has unveiled plans to significantly boost its diamond production, aiming to escalate its monthly output from three thousand to an impressive 19 thousand carats starting in the first half of 2024. The acting general director of the company, Bento Augusto, revealed the strategic move, facilitated by the introduction of new processing units. Augusto disclosed that this production expansion has been made feasible through substantial investments in acquiring cutting-edge
In a pivotal move aimed at bolstering Angola’s energy sector, the National Oil, Gas and Biofuels Agency (ANPG) finalized three significant risk service contracts in partnership with Azule Energy. The contracts, signed in Luanda, mark a strategic venture for the prospecting, research, and exploration of blocks 46 and 47, in collaboration with Equinor and Sonangol Pesquisa & Production. Additionally, a partnership was formed for block 18/15 with the state-owned company, Sonangol. The ceremony, graced by
The African Energy Chamber (AEC) congratulates UTM Offshore, the Nigerian National Petroleum Company (NNPC), and the Delta State Government on the signing of a groundbreaking shareholders agreement in Abuja on Tuesday 11th December, to develop Nigeria’s first Floating Liquefied Natural Gas (FLNG) project. In line with the AEC’s commitment to African resource sovereignty, this partnership marks a significant step towards eliminating energy poverty and advancing the continent’s gas monetization agenda. Notably, the UTM FLNG project
At least eight people were killed and 84 injured after a blast at an oil terminal in Guinea’s capital, Conakry, early on Monday, a senior police officer said. The officer added that the blaze was being contained. A huge fire and billowing black smoke were captured on video shot from a distance as firefighters rushed to the area. Several tanker trucks left the depot, escorted by soldiers and police. The explosion at the West African
Diamond miner Petra Diamonds is implementing a series of changes to streamline and enhance the efficiency of its board in 2024. Upon the implementation of these changes, Petra’s board will shrink from eight to seven directors, down from ten directors just before the company’s annual general meeting in November. Petra emphasizes that these adjustments, though modest, are integral to the ongoing cost-saving initiatives being executed across the group. They aim to provide increased flexibility in
