Investments in Angola’s oil and gas sector are set to escalate in response to Europe’s bid to diversify its energy supply amidst the conflict in Ukraine. The Economist Intelligence Unit’s (EIU) projections for Angola between 2024-2028, accessed by Lusa, foresee an upsurge in both oil and gas investments. EIU analysts anticipate a surge in oil production fueled by government-driven reforms to attract fresh investments. Public tenders slated for 2025, extending to the ‘onshore’ sector, are
Oil production in Block 3/05, managed by Sonangol, has surged by nearly 30% since the start of the year, climbing from 17,000 to 22,000 barrels per day (bpd). Ricardo Vandeste, President of the Executive Committee of the Exploration and Production Business Unit (UNEP) at Sonangol, disclosed this information during Sonangol’s “Ngol” program on RNA last Thursday. Vandeste attributed this achievement to timely interventions geared towards sustained exploration and income generation within the block, implemented over
Oil prices held steady following a 2.0 percent decline last week, reflecting market skepticism regarding the potential impact of the new OPEC+ production cuts in reversing recent downturns. On the first day of the front-month contract, Brent futures for February delivery saw a modest rise of 16 cents, marking a 0.2 percent increase to reach $81.02 per barrel. Simultaneously, West Texas Intermediate (WTI) futures experienced a 0.33 percent increase, climbing 25 cents to $76.21. The
On Saturday, December 2nd, oil expert José Oliveira endorsed Angola’s decision to reject the production quota assigned by the Organization of Petroleum Exporting Countries (OPEC), which mandates cuts in the country’s oil production. “Angola is right to contest, especially due to the way in which OPEC determined the quotas for three African countries (Angola, Democratic Republic of Congo and Nigeria) differently”, said the expert, quoted by Lusa, noting that Angola marked its position and must
The Africa Finance Corporation (AFC) has undertaken a strategic investment of $60 million in Etu Energias, Angola’s largest private oil company, forming part of a $190 million debt facility. This initiative aims to facilitate the company’s acquisition of oil and gas reserves jointly owned by TotalEnergies and INPEX Corporation. Upon the completion of this acquisition, Etu Energias will secure a 20% stake in deepwater Block 14 and a 10% interest in deepwater Block 14K, located
Nigeria’s Dangote Refinery is set to be publicly listed on the Nigerian Exchange Limited following the resolution of supply challenges. Announced by Aliko Dangote, CEO of project developer and operator the Dangote Group, the move to publicly list is centered on a broader strategy to increase the company’s valuation while generating positive investor interest in the facility. Launched in May 2023, the Dangote Refinery has the capacity to produce up to 650,000 barrels per day
The West African Gas Pipeline Company – the limited liability company that owns and operates the West African Gas Pipeline (WAGP) – has commissioned the interconnected pipeline in Ghana to the Sentuo Oil Refinery project in Tema. First gas officially flowed from the Tema Regulating & Metering Station through the pipeline to the refinery project, representing a key step towards starting operations at the 120,000 barrel per day plant. “This will enable us to complete
Oil and gas supermajor, Eni, will invest $10 billion toward the development of the Baleine field offshore Ivory Coast. The investment will be made in three phases between 2023 and 2027 and will result in the production of 200,000 barrels of crude oil per day (bpd). Oil and gas production from the field began in late-August 2023, two years after the field’s discovery. Estimated to contain up to 2.5 billion barrels of oil and 3.3
Angola asserted its commitment to remain within the Organization of the Petroleum Exporting Countries (OPEC) amidst ongoing disagreements over production quotas within the organization. Estêvão Pedro, Angola’s representative at OPEC, stated that the country has no current intentions to exit the organization following the suspension of negotiations on last Wednesday evening. His remarks, made to the financial information agency Bloomberg, came after the postponement of the cartel’s meeting due to disagreements over production cuts, particularly
Minister of Mineral Resources, Oil, and Gas, Diamantino de Azevedo, stressed the imperative for companies in the sector to engage closely with neighboring communities by initiating social projects that contribute to local development. During the launch of construction for 300 social housing units aimed at resettling families near the Luele mining area in Saurimo, the minister underscored the significance of companies not only fulfilling financial obligations but also assuming social responsibilities and collaborating with local
