The oil operator ACREP launched, on Tuesday 6th February, in Luanda, the offer to sell 37.47 percent of its shares on the Debt and Securities Exchange of Angola (BODIVA). The shares will be available for acquisition from February 19 to March 1 of this year. The offer will be sold at a unit price ranging between 75,000 kwanza as the minimum value and 91,500 kwanza as the maximum value. It is the first time that
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
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
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
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.
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
Senegal’s inaugural offshore oil project – anticipates first oil in mid-2024. Operated by the Australian exploration and production company Woodside Energy, the project is set to process 100,000 barrels per day through FPSO Léopold Sédar Senghor from subsea wells. Once operational, Sangomar will mark Senegal’s debut in oil production, generating several important impacts for the country and the wider region. Revived Exploration With the arrival of first oil, the MSGBC region will likely see a
The oil and gas exploration sector in Angola is expected to benefit from an investment of over 71 billion dollars (one dollar equals KZ 830) in the next five years, as announced on Monday in Luanda by the President of the Board of Directors (PCA) of the National Agency of Oil, Gas and Biofuels (ANPG), Paulino Jerónimo. Speaking at a press conference reviewing the five years of existence of the agency, the manager stated that
Nigeria’s Dangote refinery, the biggest in Africa, is gearing up to bring in crude from the US in the next few months. Traders with insider information revealed that Trafigura Group has sold 2 million barrels of WTI Midland to the Dangote refinery for delivery at the end of February, Bloomberg reported. Traders have noted that this marks the first occasion where the refinery has procured crude oil from sources outside of Nigeria. The surge in
Uganda is staking its future on the development of its oil and gas resources, unveiling a dual strategy that involves tapping into hydrocarbon wealth while concurrently implementing an energy transition plan financed by the profits generated from these resources. According to Uganda’s Minister of Energy and Mineral Development, Ruth Nankabirwa Ssentamu, the country anticipates a significant economic boost over the next 25 years, with oil and gas revenues injecting $8.6 billion into Uganda’s GDP as
