Angolan and North American companies in the oil, gas, and energy sectors have expressed their commitment to align with the policies of both governments to support project execution activities. This announcement came from the Secretary of State for Oil and Gas, José Alexandre Barroso, following a meeting in Luanda with executives from ExxonMobil, Chevron, and Sun Africa during the IV Dialogue between Angola and the United States. Barroso emphasized that while governments set policies and
Angola anticipates more than $60 billion in investments over the next five years, with the upcoming licensing round in 2025 offering companies direct access to new opportunities, reports Energy Capital & Power. The nation aims to increase oil production to two million barrels per day (bpd) in the long term and is inviting exploration and production companies to invest in its available areas. Angola’s offshore assets are particularly appealing due to the success of its
Sonangol announced plans for a scheduled shutdown of its Luanda Refinery in the coming months, a routine procedure aimed at enhancing operational efficiency. Joaquim Kiteculo, President of the Executive Committee of the Refining and Petrochemical Business Unit (UNRP), clarified that this periodic maintenance is crucial for the refinery, which processes 60 thousand barrels of oil per day, accounting for 20 percent of Angola’s gasoline consumption. The maintenance involves halting all refinery units to conduct internal
The country has a total of 1,630 drilled wells, with 870 currently operational and 760 inoperative, announced Ana Miala, the executive administrator of the National Oil, Gas, and Biofuels Agency (ANPG), on Monday in Luanda. Speaking at a press event called “Matabicho with Journalists,” hosted by ANPG, Miala explained that of the 760 inactive wells, some will be permanently abandoned due to reserve depletion, while others could be reopened when opportunities arise. To enhance investment
Banco Angolano de Investimento (BAI) has launched a new product, the Liquidity Advance, designed to alleviate payment difficulties faced by companies in the oil sector. This initiative, developed in collaboration with the Association of Contracted Companies in the Oil Industry of Angola (AECIPA), aims to support service providers and suppliers by offering immediate liquidity for their contracts. The Liquidity Advance is a treasury credit solution that provides advance financing for service provision contracts. This product
Brent crude oil futures, for delivery in August, closed the week at $82.62 per barrel, despite a slight drop of $0.13 on the final trading day. Overall, prices rose by 4.0 percent for the week as investors evaluated strong demand forecasts for oil and fuel in 2024, according to analysts. International market data indicated that Brent oil futures experienced a 0.13-dollar decline to $82.62 per barrel on the last day of trading. However, both Brent
On Thursday, the second day of the 2nd edition of the Angola Economic Forum, experts discussed the future of the oil industry and the dynamization of transport to bolster the national economy. Maria do Carmo Bernardo, President of the Board of Directors of Banco de Fomento Angolano (BFA), highlighted the forum’s significance in her opening remarks. She emphasized that the event provides a crucial platform for specialists and stakeholders from various fields to exchange experiences
On Monday, the staff of the provincial unit of the Customs Fiscal Police in Mbanza Kongo, Zaire, were briefed on Law No. 5/24, enacted on April 23, which targets the smuggling of petroleum products. This lecture was part of the celebrations marking the 28th anniversary of the founding of this branch of the Interior Ministry, to be celebrated on the 12th of this month. During the lecture, various topics related to crimes and penalties were
Australian company Woodside Energy has announced that it has started extracting oil from the Sangomar field, located off the coast of Senegal, marking the country’s debut as an oil producer in sub-Saharan Africa. “Woodside has successfully extracted the first oil from the Sangomar field, completing the delivery of the country’s first offshore oil project,” the company stated. Woodside is developing the field in partnership with the Petroleum Society of Senegal (Petrosen), as reported by international
The Minister of Mineral Resources, Oil, and Gas, Diamantino Azevedo, emphasized on Tuesday in Luanda the importance of bidding for a total of 50 wells by 2025 as a key part of the strategy to maintain stable oil production, currently estimated at over one million barrels per day. Speaking at a parliamentary hearing with the Economy and Finance Committee, Azevedo presented an overview of the current state of the subsectors, focusing on the oil sector,
