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Category: Petroleum

Local News Oil Petroleum

Minister Diamantino Azevedo visits Chinese oil companies

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

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Local Energy News Oil Petroleum

Sonangol Invites US Investors to Explore Opportunities in Angola’s Energy Sector

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,

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Oil Petroleum

Brent closes the week at 85 dollars

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

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International News Oil Petroleum

Liberty Petroleum Secures 3 Deepwater Blocks in Somalia

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

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International Oil Petroleum

Namibia’s Petroleum Commissioner Aims to Boost Oil Exploration Investments

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,

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Local Oil Petroleum

America in Angola: How U.S. Companies are Driving Oil Production

With plans to increase oil production to 1.18 million barrels per day (bpd) in 2024, Angola’s burgeoning hydrocarbons sector has created significant opportunities for global players. Boasting nine billion barrels of oil and 11 trillion cubic feet of natural gas, Angola has only just started to unlock the full potential of its resources. The country is primed to benefit from the capital and expertise of U.S. companies and investors, whose presence in the country has

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Local News Oil Petroleum

Etu Energias Launches Lubricant Line in Angola

Etu Energias, Angola’s largest private oil company, has inaugurated a lubricant production line in collaboration with Glide Technology, a prominent petroleum product producer in the region. The partners have established a joint venture company to spearhead the development of a state-of-the-art lubricant production facility in Luanda, the capital of Angola. With a production capacity of 1,000 tons per month, the facility is set to commence construction in 2025, requiring an investment of $5 million. Anticipating

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Oil Local Petroleum

Angolan Oil Industry Struggles with Local Content Participation

Angolan companies represent a mere 2% of oil contracts, amounting to $18.2 billion annually, while foreign companies dominate the sector with 98%, according to Berta Issa, the new president of the Association of Indigenous Companies for the Angolan Oil Industry (ASSEA), as reported by Angop. Issa highlighted the challenges faced by local companies, including the lack of implementation of methodologies for measuring local content, absence of payment instructions allowing transactions in both local currency and

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Oil Gas International News Petroleum

TotalEnergies Achieves Record Profit Despite Challenging Market Conditions

TotalEnergies reported a net profit of $21.4 billion (€19.8 billion) in 2023, marking a new record following its historic result in 2022. Despite depressed prices for gas and oil, the world’s fourth-largest major improved its net profit by 4% compared to 2022, attributed to the “growth in hydrocarbons, particularly liquefied natural gas and electricity,” announced CEO Patrick Pouyanné in the company’s earnings statement released on Wednesday, February 7th. However, this performance falls short of analysts’

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Local News Oil Petroleum

Etu Energias Aims to Cover 25% of Domestic Lubricant Consumption

Etu Energias has set a target to cover 25 percent of internal lubricant consumption by establishing a factory capable of producing over 12 thousand metric tons of refined products annually. This initiative, resulting from a partnership between the national oil company and Glide Technology, aims to decrease the reliance on imported petroleum derivatives. Edson dos Santos, president of the Board of Management (PCA) of Etu Energias, stated that the long-term goal is to produce more

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