Category: Petroleum

Angola’s departure from the Organization of Petroleum Exporting Countries (OPEC), announced last week by the Government in Luanda, gives the State greater autonomy in collecting the revenue necessary for economic growth, at a time when projects designed to reverse the natural decline in oil production. These statements were made by the chairman of the Board of Directors of Prodoil (an Angolan oil company with private capital), Pedro Godinho, in statements when reacting to the announcement

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Oil prices saw a modest recovery on Friday December 22nd, rebounding from earlier declines influenced by Angola’s departure from OPEC, even as ongoing tensions in the Middle East continued to grip the market’s attention. Brent futures closed slightly higher, edging up by eight cents or 0.1 percent to settle at $79.47 a barrel. The Angolan sales benchmark reached $79.79, climbing 0.5 percent from the previous day when news of Angola’s exit had nudged prices down

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Following Angola’s bold decision to exit the Organization of the Petroleum Exporting Countries (OPEC), Banco Fomento Angola (BFA)’s chief economist, José Miguel Cerdeira, emphasized that this departure holds minimal economic costs for the country while unlocking the ability to bolster its oil production. In a conversation with Lusa on Thursday, Cerdeira clarified that the departure from OPEC doesn’t pose substantial financial burdens for Angola. He explained that the organization’s waning influence on determining oil prices

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In a significant move, Angola declared its withdrawal from the Organization of Petroleum Exporting Countries (OPEC) due to restrictions on oil production. The Minister of Mineral Resources, Oil, and Gas, Diamantino Pedro Azevedo, made this announcement, citing the decision as one made in defense of Angola’s interests. Azevedo conveyed this pivotal decision following the tenth ordinary meeting of the Council of Ministers, presided over by President João Lourenço. Emphasizing the government’s stance, Azevedo expressed that

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In a landmark development, Cabinda Gulf Oil Company Limited (CABGOC) has inked a consequential Production Sharing Agreement (PSA) to operate in the prized Block 14/23 concession, nestled within the Zone of Common Interest (ZIC) in the maritime expanse shared by Angola and the Democratic Republic of Congo (DRCongo). Under this monumental PSA, co-signed with the Governments of Angola and DRCongo, CABGOC, a subsidiary of Chevron operating in Angola, assumes the role of the primary operator,

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