Angola expects to maintain its current production of crude oil at 1.1 million barrels per day (bpd) next year, said Belarmino Chitangueleca, the Chief Executive Officer of the National Agency for Oil, Gas and Biofuels (ANPG), on Thursday. Belarmino Chitangueleca ensured that the country will announce the winning bidders for the last onshore licensing round by March 2024. He also mentioned that Angola will set up a second Natural Gas Liquids (NGL) train, which processes
The Fund for the Development of Exports in Africa (FEDA), a subsidiary investment of Afreximbank, announced a few days ago its investment in the Cabinda Refinery, which is being constructed by Gemcorp Holdings in partnership with Sonangol. Investment by Afreximbank comes shortly after Gemcorp, Afreximbank and Africa Finance Corporation successfully led the raising of a project financing debt valued at $335 million in July of this year. According to a statement from FEDA accessed by
Sonangol was honored on Tuesday 17th October with the National Petroleum Company of the Year Award during the 2023 African Energy Week (AEW), a gathering of key continental players in the sector that concludes today in Cape Town, South Africa, on the fifth day of the event. On October 19, 2023, in the latest update at 10:06 AM, Sonangol received the National Petroleum Company of the Year Award. Osvaldo Inácio, the Executive Administrator, accepted the
The Ministry of Trade and Regional Integration has kept all fuel prices unchanged for the next 30 days. Its previous two tariff adjustments prompted by the rise in the global crude oil and naphtha market saw retail prices of fuel in Ethiopia surge for two consecutive months. Also read: IMF sees “good progress” from Ethiopia In a statement today, the ministry said the prices at the pump set for September would remain unchanged for the
Last month, the associated gas production was 71.11 million cubic feet (MMCF), with an average of 2.37 MMCF per day. Out of this, 1.50 million were injected, 417 million were supplied to the ALNG factory, 325 million were used for power generation at the oil facilities, and the remainder was used in oil operations and transportation. The report adds that during the month of September, ALNG produced 2.9 million barrels of oil equivalent, averaging 99.4
The Brent futures (which are a reference for Angolan sales) rose by seven cents to $89.50 per barrel at 5:00 PM (Angola time), and the West Texas Intermediate (WTI) from the United States rose by 19 cents to $86.47 per barrel. The Government and the opposition in Venezuela resumed long-suspended negotiations yesterday, a move that President Nicolás Maduro believed would benefit the 2024 elections and could potentially lead Washington to ease sanctions, according to several
Angola’s largest private oil and gas company Azule Energy plans to raise production by around 14% to 250,000 barrels per day (bpd) by 2026, its CEO said in a boost to the country’s plans to turn around flagging output. Azule Energy, a 50/50 joint venture between Eni (ENI.MI) and BP (BP.L), was formed last year when the two companies consolidated their Angolan assets. The company plans to drill 16 exploration wells over the next four
As the global economy continues to navigate through the challenges posed by the ongoing COVID-19 pandemic and the evolving energy landscape, there’s a glimmer of hope for consumers around the world. In recent weeks, speculation has been rife that fuel prices might experience a much-anticipated cut in November. Based on the current oil, international fuel and rand prices, the latest data from the Central Energy Fund (CEF) shows that petrol prices could be cut by
The Chinese-operated Kingfisher oilfield in Uganda has hit a major roadblock as the Petroleum Authority Uganda (PAU) has temporarily suspended operations due to safety concerns, as per a report by The East African. This decision follows a tragic accident that occurred on 6 October, raising questions about safety standards in the project. Ernest Rubondo, the executive director of PAU, expressed his dismay over the accident and emphasized that such incidents are unacceptable, especially in light
Sonangol won the Best International Exhibition Award at the Global Expo Botswana 2023 on Friday 13th. The trophy was presented to the stand director, Emanuel Chindecasse, at a ceremony held in Gaborone, Botswana. On October 14, 2023, the Angolan Ambassador, Beatriz Morais, was seen with the Sonangol delegation after the trophy presentation. The Angolan oil company was recognized for its outstanding performance in showcasing products and services, communication and image, as well as the business
