Negotiations for oil deliveries in November concluded on Friday at $69.17 per barrel, surpassing the $65 per barrel reference price set in Angola’s 2024 General State Budget (OGE) by $4. The 2024 OGE reduced the reference price from $75 in 2023, reflecting a $10 decrease. From January to the end of July, oil prices consistently remained above $75, at times approaching $100 per barrel.
The Organization of the Petroleum Exporting Countries and its allies (OPEC+) have delayed their planned increase in oil supply, originally expected in October 2024. According to new data from the organization, an increase in cumulative crude oil production is anticipated. OPEC+ plans to inject around 180,000 barrels per day (b/d) into the oil market by December 2024. In the meantime, the voluntary production cuts currently implemented by Saudi Arabia, Russia, Iraq, the United Arab Emirates,
The National Oil, Gas, and Biofuels Agency (ANPG) and Sonangol Exploration and Production are set to invest in a specialized service to identify oil and other hydrocarbons in the onshore blocks of the Kwanza Basin. In a press release, ANPG announced that the project is scheduled to commence in September this year. The aim is to enhance geophysical and geological understanding of the Kwanza Basin blocks. The initial phase of the project will involve data
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
