The Ministry of Mineral Resources, Petroleum, and Gas encourages oil companies operating in the country to develop strategic measures to address oil spills. To achieve this goal, it is recommended that the regulations outlined in the National Contingency Plan for Oil Spills be adhered to in order to prevent harm to the environment. During a press statement at the conclusion of the ExxonMobil-sponsored Regional Exercise on Level Three Oil Spill Response, which was attended by
Angola has become an attractive investment destination, particularly in the oil and gas infrastructure sector, enticing global and regional players to expand their presence or enter the market. The country has seen foreign capital flow into its market for some time, but recent months have witnessed heightened investment flows driven by advancements in the oil and gas infrastructure sector. Angola’s attractiveness as an investment destination is expected to further increase due to its attractive fiscal
Angola, as the largest oil producer in Africa, faces a significant challenge with its minor downstream industry and heavy reliance on petroleum imports, which currently account for approximately 80% of its refined petroleum products. To address this issue, the Angolan government has made increasing domestic crude processing capacity a strategic priority. With vast proven oil reserves of over 8.2 billion barrels and abundant natural gas resources totaling 13.5 trillion cubic feet, Angola has the potential
The price of a barrel of Brent oil, which serves as a reference for Angolan exports for delivery in July, ended this Thursday 11th May on the London futures market down 1.39%, to US$74.94. The price of Brent lost ground despite it being known that OPEC forecasts a growth in global oil demand of 2.3% in 2023, to a total of 101.9 million barrels per day. The industrialized countries of the Organization for Economic Cooperation
The Board of Sonangol expects to improve the company’s financial situation due to the entry into production, after several years of inactivity, of the oil field “Caco-Gazela Punja 3/05”, located in the Lower Congo Basin, with a production capacity of 2,000 barrels per day. The project is carried out by Sonangol, as operator, with a 25 percent stake, in a consortium in which China Sonangol Internacional also owns 25 percent, Maurel & Prom, 20 percent, Eni 12
Angola intends to stabilize production at around 1.3 million barrels per day (bpd) over the next three years, according to research by the African energy consultant. According to the consultant, the country has a crude oil production on the rise – increasing by more than 580,000 barrels per month, from December 2022 to January 2023. The source ensures that the southern African producer has several notable Exploration and Research (E&P) projects that are in progress
Australian oil and gas exploration company Invictus Energy has announced the discovery of light oil, gas condensate and helium at its Cabora Bassa project, located in the northern province of Zimbabwe. The discovery follows the analysis of mud gas collected from the drilling of the Mukuyu-1 well in late 2022, which identified 13 hydrocarbon bearing zones. “Results from the mud gas compositional analysis definitely proves the presence of hydrocarbons in multiple reservoir pay zones
Sonangol signed, in the last 12 months, contracts with national and foreign companies to increase exploration and production, both in mature and emerging basins. According to a note from Energy Capital & Power that Jornal de Angola had access to, the aforementioned contracts were signed to make the country a regional energy centre, although it is already one of the largest oil producers in Africa. Companies such as Azule Energy (the largest independent oil and
Impact Oil & Gas, a privately-owned exploration company, has announced the completion of a $95-million Open Offer, raising capital exclusively from its existing shareholders. The capital will be used to further appraise TotalEnergies’ Venus-1 discovery located in Block 2913B in the Orange Basin, as well as fund additional exploration activity in neighboring Block 2912. “We are pleased to see the $95-million open offer’s successful completion, having been fully taken up by our existing shareholders, who
Angola’s Minister of Economy and Planning, H.E. Mário Caetano João, has indicated that the southern African country is forecasting economic growth of 3% in 2023, with an increase to an average of over 3.6% between 2023 and 2027. Announced on 26 April, the Minister highlighted that economic growth in Angola will be driven primarily by the country’s oil sector. Oil sector growth during the forecast period is expected to average 1%, while non-oil growth is poised to
