Angola’s new Cabinda crude oil refinery is set to commence operations later this year, with a target to reach full production of 30,000 barrels per day by July next year, according to Chief Executive Marcelo Hofke. Nearly two-thirds of the construction is complete, making Cabinda the most advanced of the three planned refineries. y These new facilities, including an upgraded Eni-supported plant in Luanda, are crucial for Sub-Saharan Africa’s second-largest oil producer to reduce its
Nigeria’s prominent Dangote oil refinery has reportedly been reselling cargoes of U.S. and Nigerian crude, according to four trade sources on Friday. Three of these sources cited technical problems at the refinery as the reason for the reoffer. When questioned about the offers and market rumors of operational issues affecting the crude distillation unit (CDU), a Dangote executive confirmed that the CDU was operational, Reuters reported. The Dangote refinery, which began production in January, is
Brent crude oil prices for September delivery closed the week on a high note in the Asian market, reaching $82.44 per barrel on Friday. This marked a significant recovery from the previous day’s low of $78.28 per barrel. International experts attribute the “marginal” rise in oil prices to robust US economic growth figures that surpassed forecasts, indicating a potential increase in demand for crude oil from the world’s largest energy consumer. Data revealed that the
The Luanda Refinery plans to produce 10,000 barrels per day of green diesel and bio-jet fuel (SAF) within the next two years. This increase in production, using “Ecofining TM& UOP and UOP” technology, will result from refining 500,000 tons of raw materials annually. Implemented by Sonangol Refinação e Petroquímica (Sonaref), the project is projected to create 200 direct jobs and 400 indirect jobs. Initial projections estimate production at 5,000 barrels per day, refining 70,000 tons
On Sunday, Portos e Caminhos de Ferro de Moçambique (CFM), one of Mozambique’s largest business conglomerates, began its maritime support operations for the oil and gas sector through its subsidiary, CFM Logistics. Agostinho Langa Júnior, president of CFM’s board of directors, emphasized the significance of this venture during the launch ceremony. “It is a gigantic challenge and an extraordinary opportunity. By fulfilling this aim, we will not only be implementing a Government mandate in the
The National Oil, Gas, and Biofuels Agency (ANPG) signed three production sharing contracts with ETU Energias and ACREP for blocks CON 2, CON 8, and KON 19 in Luanda last week. According to a press release, the signing ceremony was attended by the Minister of Mineral Resources, Oil, and Gas, Diamantino Azevedo. Block CON 2 will be operated by ETU Energias, with Effimax and Simples Oil as partners. Similarly, ETU Energias will also operate Block
State-owned Sonangol recorded a net profit of $1.356 billion (1.1 billion kwanzas) for the 2023 fiscal year, continuing its recovery trajectory over the past three years, according to the Annual Report and Accounts released on Monday. Despite remaining “positive,” the profits represented a 27.7% decrease compared to the same period in 2022, when the company reported $1.8 billion (1.5 billion kwanzas). This decline was attributed to various factors, including a decrease in global oil prices,
Sonangol, Angola’s state oil company, announced a consolidated net profit of over 930 billion kwanzas for the 2023 fiscal year. According to Sonangol’s 2023 financial report, cited by Rádio Nacional, the company achieved a turnover exceeding seven billion kwanzas. The report also highlights the complete elimination of audit reserves in subsidiaries within the core segment and a continuous reduction in the materiality of remaining audit reserves, as noted in the Independent Auditor’s Report.
Angola exported approximately 96.84 million barrels of crude oil in the second quarter of 2024, valued at around $8.11 billion, according to data presented last week in Luanda by the Secretary of State for Oil and Gas, José Barroso. Barroso noted that these figures represent a 0.5% increase compared to the previous quarter.
ExxonMobil plans to invest up to $15 billion in Angola’s Namibe basin by 2030, as part of ongoing drilling campaigns. With 30 years of experience in the country, the company is developing large-scale oil and gas projects and enhancing output at existing fields. Katrina Fisher, ExxonMobil’s lead country manager and managing director for Angola, will provide an update on the company’s project portfolio in Angola during the African Energy Week (AEW): Invest in African Energy
