Angolan Mining Oil & Gas

State-owned Sonangol recorded a net profit of $1.356 billion (1.1 billion kwanzas) for the 2023 fiscal year, continuing its recovery trajectory over the past three years, according to the Annual Report and Accounts released on Monday. Despite remaining “positive,” the profits represented a 27.7% decrease compared to the same period in 2022, when the company reported $1.8 billion (1.5 billion kwanzas). This decline was attributed to various factors, including a decrease in global oil prices,

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Sonangol, Angola’s state oil company, announced a consolidated net profit of over 930 billion kwanzas for the 2023 fiscal year. According to Sonangol’s 2023 financial report, cited by Rádio Nacional, the company achieved a turnover exceeding seven billion kwanzas. The report also highlights the complete elimination of audit reserves in subsidiaries within the core segment and a continuous reduction in the materiality of remaining audit reserves, as noted in the Independent Auditor’s Report.

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ExxonMobil plans to invest up to $15 billion in Angola’s Namibe basin by 2030, as part of ongoing drilling campaigns. With 30 years of experience in the country, the company is developing large-scale oil and gas projects and enhancing output at existing fields. Katrina Fisher, ExxonMobil’s lead country manager and managing director for Angola, will provide an update on the company’s project portfolio in Angola during the African Energy Week (AEW): Invest in African Energy

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