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Sonangol to increase production in mature and emerging basins

9, May, 20239, May, 2023

Sonangol signed, in the last 12 months, contracts with national and foreign companies to increase exploration and production, both in mature and emerging basins. According to a note from Energy Capital & Power that Jornal de Angola had access to, the aforementioned contracts were signed to make the country a regional energy centre, although it is already one of the largest oil producers in Africa. Companies such as Azule Energy (the largest independent oil and

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Diamonds International News

South Africans ask UK to return diamond in Charles’ crown jewels

5, May, 20235, May, 2023

The world’s largest diamond, discovered in South Africa in 1905, was given to the British monarchy two years later and has been in its possession since. Some South Africans are calling for the United Kingdom to return the world’s largest diamond, known as the Star of Africa, which is set in the royal sceptre that King Charles III will hold at his coronation on Saturday. The diamond, which weighs 530 carats, was discovered in South

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Economy Gas International Oil

Impact Oil & Gas Completes $95M Open Offer for Namibia Exploration Activities

4, May, 20234, May, 2023

Impact Oil & Gas, a privately-owned exploration company, has announced the completion of a $95-million Open Offer, raising capital exclusively from its existing shareholders. The capital will be used to further appraise TotalEnergies’ Venus-1 discovery located in Block 2913B in the Orange Basin, as well as fund additional exploration activity in neighboring Block 2912. “We are pleased to see the $95-million open offer’s successful completion, having been fully taken up by our existing shareholders, who

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Economy Gas Local News Oil

Angola Forecasts 3.6% GDP Growth Over Next 5 Years

4, May, 20234, May, 2023

Angola’s Minister of Economy and Planning, H.E. Mário Caetano João, has indicated that the southern African country is forecasting economic growth of 3% in 2023, with an increase to an average of over 3.6% between 2023 and 2027. Announced on 26 April, the Minister highlighted that economic growth in Angola will be driven primarily by the country’s oil sector. Oil sector growth during the forecast period is expected to average 1%, while non-oil growth is poised to

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Economy Gas Local News Petroleum

Kwanza Basin: Protocol for Oil exploration signed

4, May, 20234, May, 2023

The National Oil, Gas and Biofuel Agency (ANPG), Total Energies EP Angola and Sonangol Pesquisa e Produção signed, this Tuesday 2nd May, in Luanda, an agreement of principles that makes it possible to make the first development project in the Kwanza Basin feasible. , in Blocks 20 and 21. Valued at around US$5 billion, the development project for the Kwanza Basin, located around 150 kilometers southwest of Luanda, will comprise a floating FPSO-type platform, the

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Economy International News Petroleum

Nigeria suspends fuel subsidy withdrawal

4, May, 20234, May, 2023

The Nigerian government has decided to postpone the withdrawal of fuel subsidies, because of the need for further preparations and consultations with stakeholders, including the new government. Nigeria’s Minister of Finance, Budget and National Planning, Zainab Ahmed, told the press that the Government agreed with the need for continued discussions on the matter, adding that states and representatives of the new government required more preparatory work. “The Council agreed that the time for removal of

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Economy Gas Local News Oil

Angola’s March oil production drops by 0.7% to 29.561 MMBBLS, averaging 0.954 MBPD

1, May, 20231, May, 2023

The country’s oil production reached a total volume of 29.561 million barrels (MMBBLS) in the month of March, an average of 0.954 million barrels per day (MBPD), representing a decline of 0.7 percent compared to the month of February, which was recorded and a production of 29,781 MMBBLS. According to the monthly report, published by the national consulting company for oil, gas and renewable energies, PetroAngola, throughout the month of March, the Dália field, located

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Economy Local News Oil Petroleum

Acquisition of oil derivatives costs US$803 million

1, May, 20231, May, 2023

The acquisition of 1.2 million metric tons of oil derivatives for sale cost US$803 million in the first quarter of this year, a 3 percent increase over the previous period. Of the quantity purchased for sale, around 48.2 percent corresponds to diesel, 35.3 to gasoline, 9.4 to fuel ordoil, 5.5 to Jet A1, 1.3 to illuminating oil and the remaining 0.2 of asphalt bitumen. Still of the acquisitions made, according to a summary presented on

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Economy Energy Gas International News

TotalEnergies may resume gas project in Mozambique

1, May, 20231, May, 2023

The conditions have been met to allow TotalEnergies to resume its natural gas exploration project in the country, suspended since 2021, following a major jihadist attack, Mozambican President Filipe Nyusi assured this week. At the end of March 2021, a coordinated attack on the coastal city of Palma forced the French group to suspend a €16.5 billion natural gas development project. Facilities still under construction on the Afungi peninsula were evacuated. “Cooperation and coordination with Total

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Diamonds Economy Local News

KAPUS GEMS invests millions dollars in cutting and polishing diamonds

1, May, 20231, May, 2023

The director of KAPU GEMS, Kalpesh Vaghani, revealed Thursday27th April at Saurimo, that his company will continue to invest in Angola in the cutting and polish diamond industry. Vaghani said that KAPU GEMS has already invested more than one million dollars since 2021 and created more than one hundred employment. “We have been facing many challenges during the last two years. Cutting and polish diamond activity is new in Angola and there is rule that

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