Angola to Stabilize Oil Production with 50 New Wells by 2025

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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Sociedade Mineira do Cuango to Boost Diamond Production

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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China and USA Lead Global Oil Consumption Growth, OPEC Reports

China and the USA are expected to significantly drive the increase in oil consumption for the remainder of the year, according to the Organization of Petroleum Exporting Countries (OPEC). The organization has maintained its demand forecasts, highlighting positive economic progress. In its monthly report released today, OPEC stated, “If growth in the main Organization for Economic Co-operation and Development (OECD) and non-OECD economies maintains the dynamics of the first half of the year, economic growth

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Port of Luanda Allocates 800 Million Kwanzas for Youth Projects

The Port of Luanda has earmarked approximately 800 million kwanzas to fund youth projects across various sectors, announced João Fernandes, the administrator for the Commercial, Sustainability, Compliance, and ICT Area, yesterday in Luanda. Speaking at the launch of the first social responsibility and sustainability program called “Ekanda,” Fernandes stated that the initiative will be rolled out in the 2024 financial year. He noted that the investment could increase depending on the specific needs of each

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Corcel Gains Approval for Geological Surveys in Angola’s Kwanza Basin

The English oil exploration and production company Corcel, with operations in Angola and Brazil, has received approval to conduct geological surveys in blocks KON 11, KON 12, and KON 16, located in the offshore Kwanza Basin. The goal of these data acquisition efforts is to enhance the understanding of the prospectivity of the blocks, which include the Tobias and Calindas Fields. The geophysical exploration company Metatek Group will carry out the surveys during the third

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Angola’s Oil Revenue Soars in Early 2024

In the first four months of 2024, Angola collected 2.9 billion kwanzas in oil revenues, marking a significant 43 percent increase compared to the same period in 2023. This figure represents 37 percent of the total projected in the General State Budget (OGE). Analysts at Banco Millennium Atlântico, as reported by Lusa, highlighted that oil tax revenues account for 60 percent of Angola’s total tax revenue and 53 percent of current revenue, according to OGE

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FPSO Agogo Orders Low-Cost Pumps from UK Firm Amarinth

The FPSO Agogo vessel, set to operate in the West Integrated Hub of Angola’s Block 15/06, has ordered low-cost centrifugal pumps from the UK-based company Amarinth, which specializes in their production. Currently under construction by Yinson Production, the FPSO Agogo will be operated by Azule Energy once completed. The platform is designed to produce up to 120,000 barrels of oil per day, with operations expected to commence in 2025. According to Offshore Technology, Amarinth will

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Angola and De Beers Discuss Progress on Diamond Partnership

On Monday, in Luanda, a meeting was held between Angola’s Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, and De Beers Group’s Operations Director, Moses Madondo, to discuss the implementation of the Strategic Memorandum of Understanding (MoU) in the diamond sector. According to Jornal de Angola, citing the Ministry of Mineral Resources, Oil and Gas, the meeting focused on assessing the progress of the MoU, which was signed in Cape Town, South Africa, in

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Afreximbank Boosts NNPC’s Crude Oil-Backed Facility with Additional $925 Million for Nigeria

The African Export-Import Bank (Afreximbank) has announced an additional $925 million disbursement for the Nigerian National Petroleum Company Limited’s (NNPC) $3.3 billion syndicated crude oil-backed prepayment facility. This latest funding, aimed at Project Gazelle Funding Limited, increases the total currently funded facility size to $3.175 billion. Afreximbank arranged and coordinated this accordion disbursement, raising the funds from a consortium of crude oil off-taker lenders, including Oando Group and Sahara Energy Resource Limited. Afreximbank, serving as

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Vessel Linked to Tobago Oil Spill Tracked Down, Arrested on Separate Charges

Nearly four months after Tobago endured one of its worst environmental disasters, the vessel allegedly involved has been located thousands of kilometers away on another continent and detained on unrelated charges. On the morning of February 7, authorities detected an oil slick emanating from a capsized vessel off the west coast of Tobago. The slick rapidly reached the southwest shoreline, prompting a national emergency declaration. The tug and barge identified in the incident were the

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