International Oil Companies (IOCs) are planning to invest $60 billion globally over the next five years to advance Angola’s oil and gas prospects. A recent note obtained by Jornal de Angola reveals that the investment includes Total Energies’ strategic project, which involves developing the Begonia field with a budget of $850 million. Additionally, ExxonMobil is expected to invest up to $15 billion in the Namibe Basin, following recent successful discoveries. Details of these projects will
The construction of the Cabinda Refinery is advancing steadily, with the project now 72% financially complete and 64% physically complete. The refinery is expected to begin operations in July of next year. This update was provided by Agostinho da Silva, the Deputy Governor for Technical Services and Infrastructure of Cabinda, following the 4th Meeting of the National Council for Public Works (CNOP), chaired by Minister of State for Economic Coordination, José de Lima Massano. The
Azule Energy, a joint venture between Eni and BP, recently awarded Opsealog a two-year contract to enhance data collection, integration, and analysis, aiming to reduce fossil fuel consumption and greenhouse gas emissions from its offshore supply vessels (OSVs) in the Angolan market. According to the company’s press release, Opsealog expects to achieve a 10% reduction in emissions across the fleet. The contract’s first year will cover 28 vessels, with plans to expand to the full
The price of a barrel of Brent oil, which serves as a reference for Angolan exports, for delivery in November, ended today with a sharp drop of 4.86%, to 73.75 dollars, returning to the levels of December 2023. Brent crude hit its lowest level on the London futures market today since December 2023, when it was at an annual low of 73.24, Lusa reports. The price of oil fell below the $75 barrier for the first
The National Agency for Oil, Gas, and Biofuels (ANPG) and Sonangol Exploration and Production are set to launch a geological data acquisition campaign in the Kwanza Basin Onshore Blocks starting this September. This initiative aims to enhance geophysical and geological knowledge of the Kwanza Basin Onshore Blocks, which span the provinces of Luanda, Malanje, and Cuanza-Norte, specifically Blocks KON-11, KON-12, and KON-15. According to a statement from ANPG, the first phase of the project will
Khaleda Petroleum Company, representing Apache Corporation and the Egyptian General Petroleum Corporation, has announced a significant oil discovery in the West Fayum-I area of the Kalabsha development zone, located in Egypt’s Western Desert. The company disclosed that during a well test, they drilled 270 feet into Paleozoic sands, leading to the discovery of 23 million cubic feet of associated gas. Electrical logs confirmed petroleum indicators within the Paleozoic formation, revealing a total net thickness of
The long-awaited Dangote fuel is set to hit the market soon. The 650,000-barrel-per-day refinery is expected to start selling Premium Motor Spirit (PMS), commonly known as petrol, to Nigerians in mid-September, following several missed deadlines. According to Punch newspaper, citing an anonymous source, the Dangote refinery is nearing the commencement of petrol sales. The source confirmed that the Dangote Group is finalizing arrangements for the distribution of the product. The Punch report also indicated that
Pumangol, an Angolan fuel supply company, has earned international acclaim for its commitment to excellence and safety in the civil aviation sector, becoming the only operator in Angola accepted by the Joint Inspection Group (JIG). In a statement released today, Pumangol highlighted that being recognized as a JIG member places the company among those adhering to the highest global standards in fuel supply operations at airports. Additionally, Pumangol has been acknowledged as a strategic partner
Appointments were made to the Executive Committee at TotalEnergies, effective 1. September: Effective September 1st, 2024, TotalEnergies’ Executive Committee will comprise: Bernard Pinatel’s biography Bernard Pinatel started his career at Booz Allen & Hamilton, before joining TotalEnergies in 1991, where he held various operational positions in production plants and the headquarter of different subsidiaries, including Hutchinson. He became CEO France, and then CEO Europe of Bostik between 2000 and 2006, and Chairman and Chief Executive
The price of Brent crude oil, a key benchmark for Angolan exports, dropped by 2.31% on Tuesday, closing at $79.55 per barrel in the London futures market. This decline comes after a three-day rally that had pushed prices above the $80 mark. The drop in Brent prices was driven by concerns on Wall Street regarding crude oil’s future outlook. Major banks, including Goldman Sachs and Morgan Stanley, recently revised their 2025 price forecasts downward, predicting
