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Pumangol to launch new Fuel stations

The executive president of the distributor of fuels and other oil derivatives Pumangol, Ivanilson Machado, declared that, despite the current circumstances of difficult balancing of the economic balance due to the difficulties inherent in subsidizing fuel prices, due to the delay in liberalizing prices, the company remains committed to developing its sustained growth strategy. Evanilson Machado made these statements on the sidelines of the inauguration of the company’s 80th filling station, in Luanda, at the

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Economy Gas Local News Oil

Economic Diversification creates exciting Openings

Heavily dependent on oil revenues and investment, Angola is opening up its economy like never before as it pursues opportunities in sectors such as agriculture, fisheries, industry and financial services with the help of established foreign partners, including Japan. The Angolan economy is opening up to investors like never before, with the recent acceleration of its drive to diversify and attract the interest of foreign companies active in a wide range of industries and sectors. 

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Economy Local News Oil

Oil Demand Expected to reach historic High in 2024

Demand for oil is expected to reach an all-time high in 2024, and is expected to decline thereafter, bringing prices down by almost 20% in 2050, compared to current levels, according to an analysis by Crédito y Caución, released today, 14th March. “In the reference scenario of the long-term credit insurer, which assumes that the various energy commitments already announced by the different countries and governments will be fulfilled, the demand for oil will reach

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Economy Local News Oil

Oil refining Capacity in Angola to Double by 2025

The consultant Fitch Solutions considered, Monday, that the oil refining capacity in Angola will more than double, going from the current 100 thousand barrels of oil per day, to almost 250 thousand in 2025. The oil refining segment in Angola will expand rapidly until the middle of this decade, fueled by the Cabinda refinery and the Soyo project”, writes Fitch Solutions. The consultant points out that this growth in refining capacity “results from the Angolan

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Economy International News Oil

Nigeria’s Oil Production begins to Pick up

Nigeria’s oil production continued its monthly rise that began in September last year, according to the most recent Federal Government data, reaching a high of 1,306,304 barrels per day in February 2023, increasing the country’s oil earnings by N51.16 billion. According to an analysis of the government’s oil production report, excluding condensates, the nation’s oil output increased from 1,258,150 barrels per day in January 2023 to 1,306,304 barrels per day in February. This meant that

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Economy Gas International News Oil

Nigeria still ran at a loss Despite the a 46.41% increase in Crude Oil sales

Nigeria’s overall exports reach N26.79 trillion in 2022 thanks to a 46.41% increase in crude oil sales. The entire amount of commerce increased by 31.79%, from N39.75 trillion in 2021 to N52.39 trillion in 2022. Sales of crude oil reached N21.09 trillion in 2022, a 46.41% rise from N14.41 trillion in 2021. Crude oil constituted 78.74% of all exports in 2022. The National Bureau of Statistics reports that overall exports for 2022 increased by 41.72%,

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Economy Gas Local News Oil

New Pumangol Station provides 45 jobs

The new Pumangol post, on Avenida Pedro de Castro Van-Dúnem “Loy”, in the municipality of Talatona, in Luanda, represents an investment of US$3.7 million, which resulted in 45 direct jobs. The information was advanced, on Tuesday night, during the opening act, by the chairman of the Board of Directors of Pumangol. Ivanilson Machado said that the last Pumangol post had opened in 2020. Since then, according to its PCA, there has been a slight stagnation,

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Economy International News Oil

DRC EARNS NEARLY $70M IN A YEAR AFTER REVIEWING DEBT OWED BY OIL TANKERS

THE ADOPTION OF A MORE RIGOROUS APPROACH IN THE CALCULATION AND FOLLOW-UP OF THE DEBT OWED TO OIL TANKERS HAS MADE IT POSSIBLE TO REDUCE THE COST BY +/- 70 MILLION USD FOR THE BENEFIT OF THE PUBLIC TREASURY OF THE DEMOCRATIC REPUBLIC OF CONGO IN ONE YEAR. These details were provided by the Acting Minister of the National Economy, Nicolas Kazadi, during the weekly meeting of the Council of Ministers held on Friday March

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Gas Local News Oil

“Lifua” Field Signals a new era in Oil production

The National Agency of Petroleum, Gas and Biofuels (ANPG) and Cabinda Gulf Oil Company Limited (CABGOC), a subsidiary of Chevron, announced the start of oil production at the Lifua-A project, forecast to produce 6,500 barrels/day. The Lifua-A platform, in Block 0, is interconnected to the existing facilities in the Takula area and is expected to produce a total of 6,500 barrels of oil per day from the Vermelha and Likouala reservoirs. According to the ANPG,

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Gas News Oil

OPEC Announces scholarship program for Engineers

The Ministry of Mineral Resources, Oil and Gas announced the Summer Scholarships (SFP) programme, promoted by the Organization of Petroleum Producing Countries (OPEC), to take place at the headquarters of the institution’s secretariat, in Vienna, Austria, from July to September 2023. According to a press release from the institution, the SFP aims to increase interaction between research teams from the OPEO Secretariat and specialists from Member States.  Participation in the Program is open to professionals

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