In the first four months of 2024, Angola collected 2.9 billion kwanzas in oil revenues, marking a significant 43 percent increase compared to the same period in 2023. This figure represents 37 percent of the total projected in the General State Budget (OGE). Analysts at Banco Millennium Atlântico, as reported by Lusa, highlighted that oil tax revenues account for 60 percent of Angola’s total tax revenue and 53 percent of current revenue, according to OGE
The FPSO Agogo vessel, set to operate in the West Integrated Hub of Angola’s Block 15/06, has ordered low-cost centrifugal pumps from the UK-based company Amarinth, which specializes in their production. Currently under construction by Yinson Production, the FPSO Agogo will be operated by Azule Energy once completed. The platform is designed to produce up to 120,000 barrels of oil per day, with operations expected to commence in 2025. According to Offshore Technology, Amarinth will
On Monday, in Luanda, a meeting was held between Angola’s Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, and De Beers Group’s Operations Director, Moses Madondo, to discuss the implementation of the Strategic Memorandum of Understanding (MoU) in the diamond sector. According to Jornal de Angola, citing the Ministry of Mineral Resources, Oil and Gas, the meeting focused on assessing the progress of the MoU, which was signed in Cape Town, South Africa, in
The African Export-Import Bank (Afreximbank) has announced an additional $925 million disbursement for the Nigerian National Petroleum Company Limited’s (NNPC) $3.3 billion syndicated crude oil-backed prepayment facility. This latest funding, aimed at Project Gazelle Funding Limited, increases the total currently funded facility size to $3.175 billion. Afreximbank arranged and coordinated this accordion disbursement, raising the funds from a consortium of crude oil off-taker lenders, including Oando Group and Sahara Energy Resource Limited. Afreximbank, serving as
Nearly four months after Tobago endured one of its worst environmental disasters, the vessel allegedly involved has been located thousands of kilometers away on another continent and detained on unrelated charges. On the morning of February 7, authorities detected an oil slick emanating from a capsized vessel off the west coast of Tobago. The slick rapidly reached the southwest shoreline, prompting a national emergency declaration. The tug and barge identified in the incident were the
The Stena Sonangol Suezmax Pool, a joint venture between Stena Bulk and Angolan state-owned energy company Sonangol, has expanded its fleet with the addition of a vessel from German ship management company Hammonia Reederei. Hammonia’s 2020-built, 156,000 dwt crude oil tanker, Aura M, has joined the pool, which previously comprised 19 vessels with a combined capacity of 3 million dwt and an average age of 10.3 years. “This new membership and the addition of Aura
Russian operators of sanctioned oil have found a new location for ship-to-ship transfers in the Mediterranean after being barred from Greek waters last month. Bloomberg reports that the coastline near Nador, in eastern Morocco, has become a key site for transferring Urals oil from smaller vessels to larger tankers for onward shipment. Since May 1, the Greek navy has conducted exercises in the Laconian Gulf to deter Russian-linked tankers from using the area for transfers.
Oslo-listed offshore driller Shelf Drilling has secured a new contract for one of its jackup drilling rigs. The company won a 15-month deal for the Shelf Drilling Tenacious rig which will work offshore West Africa. The award will begin in direct continuation of the Singapore-built unit’s current contract, extending the commitment until February 2026. The rig is hired by the Cabinda Gulf Oil Company, an Angolan subsidiary of US major Chevron. It has been with the company
Norway’s Aker Solutions has secured a long-term frame agreement with Azule Energy to provide EPC (engineering, procurement, and construction) services for brownfield projects and modifications on two FPSOs (floating production storage and offloading units) in Angola. This agreement extends Aker Solutions’ ongoing collaboration with Azule Energy, Angola’s largest independent oil and gas producer and a joint venture between Eni and BP. The scope of work focuses on the Greater Plutonio and PSVM FPSOs. It includes
De Beers, the world’s largest diamond producer by value and currently up for sale by parent company Anglo American, has launched an ambitious five-year strategy to reposition itself as the leading jewelry group in the market. While De Beers already sells diamond jewelry through its global retail boutiques, Chief Executive Al Cook aims to expand the number of outlets to compete with profitable luxury brands such as Tiffany and Cartier. “If I look at the
