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ANPG Highlights Strategic Initiatives and Production Plans for Angola’s Oil and Gas Sector

18, June, 202418, June, 2024

The country has a total of 1,630 drilled wells, with 870 currently operational and 760 inoperative, announced Ana Miala, the executive administrator of the National Oil, Gas, and Biofuels Agency (ANPG), on Monday in Luanda. Speaking at a press event called “Matabicho with Journalists,” hosted by ANPG, Miala explained that of the 760 inactive wells, some will be permanently abandoned due to reserve depletion, while others could be reopened when opportunities arise. To enhance investment

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Local News Transport and Logistics

Angola Advances Lobito Corridor to Boost Regional Trade and Economic Integration

18, June, 202418, June, 2024

Angola is leading efforts to transform the Lobito Corridor into a vital artery for regional trade, enhancing economic integration in Southern Africa. This large-scale infrastructure project, supported by the Angolan government and international partners, aims to connect Angola with the Democratic Republic of Congo (DRC) and Zambia, facilitating trade and fostering regional economic growth. Italy’s Contribution:Under Prime Minister Meloni’s Mattei Plan and PGI, Italy has committed $320 million in subsidies, equity, and debt capital. This

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Local News Oil

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

18, June, 202418, June, 2024

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

18, June, 202418, June, 2024

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

18, June, 202418, June, 2024

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 Economy News

Angola and UAE Sign Agreements to Boost Economic Cooperation

15, June, 202415, June, 2024

On Tuesday, the Angola-United Arab Emirates (UAE) Chamber of Commerce and Industry and the Abu Dhabi Chamber of Commerce and Industry (ADCCI) signed two cooperation agreements aimed at enhancing economic relations and creating more investment opportunities for businesspeople, entrepreneurs, and investors in both countries. The agreements were signed by Bráulio Mohammed Martins, President of the Angola-UAE Chamber of Commerce and Industry, and Ahmed Khalifa Al Qubaisi, CEO of the Abu Dhabi Chamber. These agreements are

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Local News Oil

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

15, June, 202415, June, 2024

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

15, June, 202415, June, 2024

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

15, June, 202415, June, 2024

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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Diamonds Local News

Sociedade Mineira do Cuango to Boost Diamond Production

15, June, 202415, June, 2024

Sociedade Mineira do Cuango, located in the Lunda-Norte province, anticipates increasing its diamond production from the current 23,000 to 28,000 carats per month starting in the second half of the year. This announcement was made by Hamilton Carvalho, the interim director for Mining Operations. Carvalho shared this update during a press event held as part of the company’s Social Responsibility initiatives. He revealed that after two years of prospecting, new profitable deposits have been identified

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