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Local Energy News Oil Petroleum

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

18, March, 202418, March, 2024

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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Expos & Events International News

OPEC Secretary-General to Deliver Address at Namibia International Energy Conference 2024

18, March, 202418, March, 2024

Haitham Al Ghais, Secretary General of the Organization of Petroleum Exporting Countries (OPEC), will deliver an address at the Namibian International Energy Conference (NIEC) in Windhoek this April, sharing insight into global oil trends. The Secretary-General will be joined by a delegation from the organization, who will lead technical discussions around the outlook for oil and the potential role Namibia plays in the global market. Namibia is on track to produce its first oil from

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International Gas News

Mozambique Approves Sovereign Wealth Fund Legislation for Natural Gas Earnings

18, March, 202418, March, 2024

Mozambique’s Council of Ministers recently approved legislation for the nation’s new sovereign wealth fund, marking a pivotal step in managing the anticipated earnings from its burgeoning natural gas exports, valued at around $91.7 billion. This move aligns with Mozambique’s efforts to enhance governance and transparency, particularly crucial after facing financial scrutiny and international financing challenges since 2016. The legislation, a key component of an economic reform program supported by the International Monetary Fund, aims to

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Oil Petroleum

Brent closes the week at 85 dollars

17, March, 202417, March, 2024

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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Local Economy News

Benguela Business Community Embraces Growth Opportunities

17, March, 202417, March, 2024

The governor of Benguela province called upon the local business community to fully embrace the potential offered by the Corridor and Refinery in Lobito. Speaking at the inauguration of the new headquarters of Aliança Empresarial, Governor Luís Nunes emphasized the importance of unity among entrepreneurs. Aliança Empresarial, currently comprising 17 members, expanded its ranks by four during the event. The mission of these new members aligns with supporting the socioeconomic development of the province through

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Local Gas News Oil

Angola Invites Chinese Investors to Explore Hydrocarbon Opportunities

17, March, 202417, March, 2024

Angola’s Minister of Mineral Resources, Oil, and Gas, Diamantino Azevedo, extended an invitation to Chinese entrepreneurs in Beijing on Saturday, March 16th to consider investing in the country’s hydrocarbon sector. The Economic Forum organized by the Ministry of Mineral Resources, Oil, and Gas (MIREMPET) in China showcased investment prospects in Angola’s oil and gas industry, garnering significant interest from Chinese firms and investors. In his address, Minister Azevedo emphasized the diversity of investment opportunities, ranging

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Mining Local News Taxation

Mining Companies in Lunda-Norte Urged to Establish Tax Domicile

17, March, 202417, March, 2024

Mining companies operating in Lunda-Norte province have been urged to establish tax domiciles in the region, with only 36 out of 41 companies having completed the transfer to the Chitato Tax Office. This directive was revealed by the National Diamond Company (Endiama) website. At a meeting convened by Governor Deolinda Vilarinho, stakeholders discussed the need for increased attention to social responsibility actions by mining companies to mitigate environmental damage and uplift local communities. Concerns were

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Local Mining News

Deloitte Study Identifies Key Trends Shaping Mining and Metals Sector

17, March, 202417, March, 2024

A recent study by Deloitte, titled “Tracking the Trends 2024,” highlights ten key trends that are expected to influence the performance of the mining and metals sector over the next 12 to 18 months. The report emphasizes the importance of negotiating for growth while focusing on the future, indicating that mining companies need to prioritize purpose, social dynamics, and effective management to thrive in uncertain times. Francisco Correia, a partner at Deloitte, praised the development

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Local Economy

TAAG reduces National and one regional frequencies

17, March, 202417, March, 2024

The company Linhas Aéreas de Angola (TAAG) will not suspend any of its 29 national and international destinations in light of the difficulties, revealed Friday, in maintaining the aircraft fleet, due to the scarcity of foreign exchange, according to information obtained by the newspaper of Angola with the carrier. The company’s option is to reduce national frequencies, in a decision that only affects the Windhoek route, a regional destination to which the carrier flies seven

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Diamonds Economy Local News

Nation’s Diamond Production Soars to 9.772 Million Carats in 2023

17, March, 202417, March, 2024

Angola experienced a notable surge in diamond production in 2023, reaching 9.772 million carats, marking a 12% increase compared to the previous year. The Secretary of State for Mineral Resources, Jânio Correia Victor, credited this growth to industrial recovery, with Sociedade Mineira de Catoca contributing significantly to the sector’s success by accounting for 71% of total production. While celebrating the growth, Victor highlighted that the total production fell short of the established forecast by approximately

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