Sonangol has commenced the payment of interest on coupon No. 1 to holders of the 2023-2028 Bonds since last week, totaling 6,544 million kwanzas for the operation, with Banco BAI acting as the paying agent. In a statement published on its website, Sonangol reminds stakeholders that the amount available for payment is subject to withholding of Capital Investment Tax (IAC) as per applicable taxation rules. Furthermore, in compliance with the regulations of the Central de
Angola is set to launch its next round of oil and gas concession licensing in 2025, inviting exploration and production companies from the United States, announced José Barroso, the Secretary of State for the portfolio, during an event in Houston on Tuesday. The country concluded bidding for 12 blocks earlier this year as part of a six-year licensing round initiated in 2019 and is finalizing production sharing negotiations. Speaking at a networking event organized by
Fuel costs in Nigeria are anticipated to decrease once the Port Harcourt Refinery recommences operations, according to the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Major Energy Marketers Association of Nigeria (MEMAN). The national petroleum company of Nigeria has pledged that the refinery will be operational within two weeks, prompting preparations by marketers to receive products from the facility. Both IPMAN and MEMAN have urged the Nigerian National Petroleum Company Limited (NNPC) to
The Organization of Petroleum Exporting Countries (OPEC) forecasts a slight decrease of 0.04 percent in Angola’s oil production for 2025, with output falling to under 1.1 million barrels per day. According to OPEC’s latest monthly report, non-OPEC countries are expected to see a growth in oil and gas production by 1.4 million barrels per day in 2025. However, Angola is among the few countries expected to experience a decline, along with Mexico. Angola’s decision to
China National Offshore Oil Corporation (CNOOC) is sending a team of senior executives to Angola to explore fresh oil exploration prospects, according to Reuters. This move aligns with Angola’s efforts to bolster its energy partnership with China, a major creditor and a key market for its oil exports. The desire to enhance energy ties was emphasized during President Joao Lourenco’s recent visit to Beijing, as conveyed by Angolan authorities. Announcing the forthcoming delegation from CNOOC,
Angola’s Minister of Mineral Resources, Oil, and Gas, Diamantino Azevedo, embarked on a visit to China, where he engaged with representatives from China National Petroleum Corporation (CNPC) and China National Chemical Engineering Company (CNCEC) on potential collaborations. During the meetings, Azevedo, accompanied by ANPG and Sonangol officials, discussed various opportunities in Angola’s oil and mining sectors, including the exploration of oil blocks, refining, petrochemicals, and the trade of crude oil. Both parties expressed their commitment
Angola’s national oil company, Sonangol, has undergone privatization, enhancing its competitiveness and capacity as an operator. Seeking partnerships for exploration and production projects, Sonangol is reaching out to US companies. A networking event in Houston on March 19, hosted by Angola Oil & Gas 2024, presents a platform for Sonangol and US investors to connect and forge strategic alliances. Supported by key stakeholders, including the Ministry of Mineral Resources, Oil and Gas, Sonangol, and others,
The barrel of Brent oil, the reference for the North Sea and for Angola’s exports to international markets, closed the second week of this month negotiating deliveries for May at $85.35. This price attributes a positive difference of more than 20 dollars in relation to the estimated value in the OGE/2024 of 65 dollars per barrel. Although the OGE/2024 set production at a level of 1.1 million barrels/day, the most recent news estimates that the
U.S.-based exploration company Liberty Petroleum signed Production Sharing Agreements (PSA) for three deepwater blocks in Somalia. Through its subsidiary Petro Quest Africa, Liberty Petroleum will explore Blocks 131, 190 and 206. The PSAs allow for a five-year exploration period and grant Liberty Petroleum approval to conduct evaluations and 3D seismic surveys. The data will determine drilling viability. “We are aware of the responsibility that now lies on our shoulders to explore and hopefully develop the
Namibia’s Petroleum Commissioner, Maggy Shino, outlined the country’s strategy for the coming years, emphasizing the drive for increased investment in exploration activities and the utilization of technological advancements to enhance data analysis and partnerships. Shino affirmed Namibia’s commitment to maintaining an open licensing regime to attract a diverse range of oil and gas companies to explore the Namibian continental shelf. She highlighted imminent final investment decisions on discoveries by major players like Total Energies, Shell,
