The director general of Alfort Petroleum, Carlos Pallete, said in Luanda that the implementation of local content in the oil sector is important for the valorization of the national workforce. According to the director-general, local content is essential for the growth of local companies in the oil sector. “Local content is welcome. What we are going to do is contribute to its implementation, because we have a plan to recruit young interns at universities and train
Angola and the European Union are set to start talks for a trade deal this year after EU and African partners approved a request from the oil-producing nation to join a regional trade bloc, according to an EU document and an official. The green light to start negotiations came in late July, an EU document shows, shortly before the southern African country holds general elections next week. “We are now in a position to open
Last fall, I wrote (https://bit.ly/3zPqScP) about the importance of African governments doing everything they could to encourage international oil companies (IOCs) to continue operating in their countries. IOCs play an important role in supporting economic growth, job creation, capacity building, and knowledge sharing. Currently, two IOCs in particular — Azule Energy in Angola and Shell Petroleum Development Corporation of Nigeria (SPDC) — have tremendous promise to deliver those benefits on a long-term basis. Azule Energy,
The Republic of Angola is a vast country with a coastline spanning 1,600km, sharing borders with Namibia to the south, and Zambia and the Democratic Republic of the Congo (DRC) to the east and northeast, respectively. A lower middle-income country, the backbone of Angola’s economy is driven by its oil industry, which, along with fishing, are the country’s main sources of foreign investment. The upstream oil industry is Angola’s primary source of foreign exchange, contributing
Azule Energy, the new joint venture of British BP and Italian ENI in Angola, was officially presented this Monday in Luanda. With the assumed ambition of turning this joint venture into the largest oil and gas production company in the country, the first objectives were set: production of 250,000 barrels/day over the next five years and a leading role in the natural gas subsector. In a statement, ENI said that Azule Energy wants to be
The national oil concessionaire, TotalEnergies and the associates of Block 48 signed this Thursday, in Luanda, contracts for the exploration of three blocks in the Congo onshore Basin and another five in the Kwanza onshore Basin. At the ceremony, the president of the National Agency for Petroleum, Gas and Biofuels (ANPG), Paulino Jerónimo, stressed that the signing of the contracts is the culmination of a long negotiation process. Paulino Jerónimo “strongly” congratulated the investors, partners
Canadian oil company MTI Energy begins this year with seismic studies to explore the shared blocks of the Congo and Kwanza onshore basins, tendered by the National Agency of Petroleum, Gas and Biofuels (ANPG) With a production of 25,000 barrels of oil/day, MTI Energy will explore Block 5, in the Congo basin, where it has a 50 percent share in production. In this basin, the Canadian oil company shares exploration with Prodoil (15 percent), Prodiaman
The price of a barrel of Brent oil, which serves as a reference for Angolan exports, for delivery in October ended, this Monday, on the London futures market up 1.77%, to US$96.60. The data on Chinese exports for July, above what analysts had anticipated, boosted investors’ perspectives on the evolution of oil demand. Despite the result of the session having been positive for the price of a barrel during the day, it was evolving by
The final investment decision for the Begónia Development Area, located in the Lower Congo sea basin, about 150 kilometers off the Angolan coast, has already been taken. The information is provided by ANPG, TotalEnergies and the partners in Bloco 17/06. The Begónia reservoir will be developed through five subsea wells (three for production and two for water injection), connected to the floating production, storage and offloading unit FPSO Pazflor, in production since 2011 in Block
The consolidated net income of state-owned oil company Sonangol amounted to 2.1 billion dollars in 2021, the best result in eight years and an increase of 152 percent over the previous year. According to the statement released this Wednesday by Sonangol, on the day it published its 2021 report and accounts, it was “a substantially robust economic and financial result, the result of excellent operational performance” that results from the measures taken, namely cost rationalization,
