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Category: Oil

Local News Oil

New BAI Product Eases Liquidity Issues for Angola’s Oil Sector

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

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Oil International News

Brent Oil Prices See Weekly Gain Amid Solid Demand Forecasts

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

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Local News Oil Transport and Logistics

Angola Economic Forum Highlights Future of Oil Industry and Transport Sector Expansion

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

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Local News Oil

Customs Fiscal Police in Zaire Briefed on New Anti-Petroleum Smuggling Law

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

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Oil International News

Woodside Energy Begins Oil Extraction from Senegal’s Sangomar Field

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

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Oil Local News

Angola to Stabilize Oil Production with 50 New Wells by 2025

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,

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Oil International News

China and USA Lead Global Oil Consumption Growth, OPEC Reports

China and the USA are expected to significantly drive the increase in oil consumption for the remainder of the year, according to the Organization of Petroleum Exporting Countries (OPEC). The organization has maintained its demand forecasts, highlighting positive economic progress. In its monthly report released today, OPEC stated, “If growth in the main Organization for Economic Co-operation and Development (OECD) and non-OECD economies maintains the dynamics of the first half of the year, economic growth

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Local News Oil

Corcel Gains Approval for Geological Surveys in Angola’s Kwanza Basin

The English oil exploration and production company Corcel, with operations in Angola and Brazil, has received approval to conduct geological surveys in blocks KON 11, KON 12, and KON 16, located in the offshore Kwanza Basin. The goal of these data acquisition efforts is to enhance the understanding of the prospectivity of the blocks, which include the Tobias and Calindas Fields. The geophysical exploration company Metatek Group will carry out the surveys during the third

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Oil Economy Local News

Angola’s Oil Revenue Soars in Early 2024

In the first four months of 2024, Angola collected 2.9 billion kwanzas in oil revenues, marking a significant 43 percent increase compared to the same period in 2023. This figure represents 37 percent of the total projected in the General State Budget (OGE). Analysts at Banco Millennium Atlântico, as reported by Lusa, highlighted that oil tax revenues account for 60 percent of Angola’s total tax revenue and 53 percent of current revenue, according to OGE

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Local News Oil

FPSO Agogo Orders Low-Cost Pumps from UK Firm Amarinth

The FPSO Agogo vessel, set to operate in the West Integrated Hub of Angola’s Block 15/06, has ordered low-cost centrifugal pumps from the UK-based company Amarinth, which specializes in their production. Currently under construction by Yinson Production, the FPSO Agogo will be operated by Azule Energy once completed. The platform is designed to produce up to 120,000 barrels of oil per day, with operations expected to commence in 2025. According to Offshore Technology, Amarinth will

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