Angola Debt To Oil Field Operators Swells To $1 Billion
Angola owes foreign oil field operators some $1 billion, Reuters has reported , citing unnamed sources, adding this level of debt had forced the country to put up stakes for Continue Reading
Angola May Privatize State-Owned Oil Firm To Boost Production
OPEC member Angola was Africa’s top oil producer six years ago when oil prices crashed in 2015-2016, slashing oil-producing countries’ revenues and forcing international oil companies to reconsider their exorbitant Continue Reading
Eni’s Latest Oil Discovery Could Be Big For Angola
Italian firm Eni has made a new light oil discovery off the coast of Angola after exploration activities recommenced following a year of pandemic restrictions. The discovery, made on Tuesday, Continue Reading
Dangers of Big Oil Spending Cuts Are Visible in Angola’s Slump
The decline of Angola, from being Africa’s top crude producer five years ago to barely pumping more than war-torn Libya today, shows the heavy toll of a slump in oil-industry Continue Reading
Angola Looks To Replicate Brazil’s Offshore Oil Boom
The sub-Saharan country of Angola is not one which readily springs to mind when thinking about oil producing nations. The deeply impoverished former Portuguese colony, which is an OPEC member Continue Reading
IMF Approves Loan To Struggling OPEC Producer Angola
Africa’s second-largest oil exporter Angola has received approval from the International Monetary Fund for a disbursement of over $480 million under a $3.7-billion loan agreement as it continues to struggle Continue Reading
How Angola Can Keep Its Oil Production From Falling
There seems to be a point of saturation when it comes to assessing Angola’s crude exports for the upcoming months – beyond a certain point it serves as no surprise Continue Reading
The OPEC Producer Looking To Sell A Stake In Its Oil Company
OPEC producer Angola plans to raise much-needed cash via selling a stake in its state oil firm Sonangol by early 2022 as the crash in oil prices—and the pandemic—severely weakened Continue Reading
Angola Aims To Ramp Up Oil Production
Angola, Africa’s second-largest oil producer after Nigeria, will need foreign and government investments to discover up to 57 billion barrels of crude oil by 2025, according to a new energy Continue Reading
Angola Unwilling To Compensate For Loose Compliance With OPEC+ Deal
Angola is not too keen to compensate for its loose compliance with the OPEC+ cuts by making deeper production cuts in Q3, Reuters reported on Thursday, citing sources in the Continue Reading
Covid-19 Is Crushing This African Oil Exporter
Stuck midway in reforming its energy sector by chopping down unnecessary assets and optimizing the national NOC’s role vis-à-vis the government, Angola has endured a lot of strain in the Continue Reading
Angola Cuts Oil-For-Debt Exports To China
Angola is reducing oil shipments to China with which it pays part of its debt to its biggest creditor as the African OPEC member looks for debt relief from its Continue Reading
Angola’s oil exploration evaporates as COVID-19 overshadows historic reforms
The coronavirus pandemic has done in a handful of months what even a 27-year civil war did not: it has brought oil drilling to a halt in Angola, Africa’s second-largest Continue Reading
Angola Set To Finally Boost Its Oil Production
After years of declines in crude oil production, one of OPEC’s largest African producers, Angola, is finally about to see its production rising in the coming years, with several new Continue Reading
Total To Drill World’s Deepest Well In Angola
Total will drill an ultra deepwater well off the coast of Angola that will be the deepest in the world, Bloomberg reports , citing Maersk Drilling, which has been hired Continue Reading
The Oil Company That Couldn’t Afford Toilet Paper Now Wants To IPO
If someone had reported that Angola was preparing its state oil company for privatization three years ago, many would have laughed refused to believe it. In 2016, Sonangol was in Continue Reading
Angola bets on renewable energy to cut reliance on oil
Angola plans to launch a renewable energy auction that could help reduce reliance on oil, after one of its worst fuel shortages in May, energy secretary Antonio Costa said on Continue Reading
Angola kick-starts plan to address dramatic output decline
Angola’s steep decline in crude production over the past three years has been tough to ignore. The government led by President Joao Lourenco has unearthed a plan that includes tendering Continue Reading
China demand for Angolan crude oil stalls as buyers hold out for lower prices: sources
African crude oil sales into China, the world’s biggest importer, have stalled as buyers wait for spot sale offers from top supplier Angola to fall in line with slumping benchmark Continue Reading
Angola’s Oil Major Sonangol Faces New Crisis
The President of Angola Joao Lourenço has fired Sonangol CEO Carlos Saturnino, as well as the whole board of directors. Now there are several things which seem wrong at first Continue Reading
Eni Strikes More Oil In Angola’s Deep Offshore
Italy’s oil and gas major Eni said on Tuesday that it had made a new discovery in Angola’s deep offshore estimated to contain up to 250 million barrels of light Continue Reading
Angola: Sonangol Reshuffle Puts Anti-Graft Campaign Into The Spotlight
The head of state energy giant Sonangol is replaced just as the company plans extensive asset divestments. There is ample precedent indicating that Angola?s new ruling elite is seeking to Continue Reading
Angolan president fires Sonangol chair, board members amid fuel shortages
Highlights Currency crunch sparks fuel crisis Crude output continues to slump London — Angolan president Joao Lourenco began a major shake-up at state-owned Sonangol Thursday, dismissing Carlos Saturnino as chairman Continue Reading
The Oil Giant Focusing Only On Africa
The state oil company of OPEC member Angola, Sonangol, plans to sell off stakes in dozens of joint ventures and cut jobs in order to focus on its core exploration Continue Reading
How Low Can It Go? Angola’s Oil Exports To Hit Decade Low In June
Production outages and maintenance are set to push Angola’s oil exports to a 13-year low, according to an industry source quoted by Reuters. There are just 38 oil cargoes scheduled Continue Reading
France’s Total Boosts Angola Oil Production With New Start-Up
French supermajor Total said on Tuesday that it had started up production at the Kaombo Sul oil development, adding 115,000 bpd to bring Total’s overall production capacity to 230,000 bpd, Continue Reading
Gas shortage in Angola
A gas shortage in Angola, one of Africa’s leading oil producers, means drivers in the capital Luanda have to form lengthy queues to fill up their tanks. The shortages are Continue Reading
Eni Makes Major Oil Discovery Offshore Angola
Italy’s oil and gas major Eni said on Wednesday that it had made a major oil discovery in Angola’s deepwater in a find that could help the African OPEC producer Continue Reading
Nigeria: Angola’s Oil Production – Lessons From Nigeria
With production declining and investment scarce, the Angolan leadership has put in place a number of new policies to reboot its oil industry and propel economic development. However, those changes Continue Reading
Angola battles to revive oil exploration as output declines
On Saturday, nearly two decades after securing the initial rights, Total’s CEO Patrick Pouyanné was in Luanda to snip the ribbon on a $16 billion oil project. It’s not clear Continue Reading
Can Angola Overhaul Its Struggling Oil Industry?
It is quite rare for African national oil companies (NOCs) to liberalize, especially in countries that are heavily dependent on oil revenues. Yet Angola, whose stability was sent reeling by Continue Reading
More oil found off the coast of OPEC-member Angola
The latest discovery of oil in the deep waters of OPEC-member Angola could hold as much as 300 million barrels of oil, Italian energy company Eni said. Eni discovered oil Continue Reading
Economic recovery for OPEC-member Angola shaky
Economic recovery for Angola, an OPEC member coping with declining production, is progressing but it’s still uncertain over the long term, the International Monetary Fund found. IMF data show Angola’s Continue Reading
Total pushing OPEC-member Angola back to life
Total announced it’s made a $1.5 billion final investment decision to get more oil out of a field in the deep waters off the coast of OPEC-member Angola. File Photo Continue Reading
Can Angola Overcome Its Oil Production Decline?
OPEC member Angola is halving the tax rates on development of oil discoveries with less than 300 million barrels of reserves as new President Joao Lourenco is trying to incentivize Continue Reading
Angola: Low Crude-Oil Production Caused By Investments Reduction
The minister of Mineral Resources and Oil, Diamantino Azevedo, on Monday in Porto Amboim, central Cuanza Sul Province, admitted that the decline in crude-oil production was caused by the substantial Continue Reading
Expect more oil from Angola
Reaching a production plateau off the coast of Angola stabilizes output at more than 150,000 barrels of oil per day, Italian energy company Eni said. The company said Wednesday it Continue Reading
OPEC Cuts May Go Deeper as Another Member Sees Output Slump
Angola’s crude exports fall to lowest since at least 2008 OPEC disruptions could send prices above $80 a barrel: BofAML While plunging output in Venezuela captures the oil world’s attention, Continue Reading
OPEC Oil Producer Angola Seeks IMF Help To Reform Economy
Africa’s second-largest oil producer Angola is seeking non-financial assistance from the International Monetary Fund (IMF) to help it with reforms aimed at revitalizing the economy that has suffered from low Continue Reading
OPEC-member Angola could be on the rebound
With production close to a two-year low, presidential action in OPEC-member Angola has the potential to reverse a steady decline, analysis finds. “Low oil prices and the fact that the Continue Reading
More oil coming from OPEC-member Angola
Production has started in an area that revealed more than 3 billion barrels of oil in place off the coast of Angola, Italian energy company Eni said. Eni and Angolan Continue Reading
Angola’s First Offshore Oil Project Prepares To Begin Producing
Even as OPEC-member Angola continues to comply to bloc-wide crude production cuts, its progress on its first offshore oil project remains unhindered, according to a new report by Reuters. Total, Continue Reading
Angola Faces Oil Industry Crisis
Angola has been OPEC’s second most compliant member with regard to the 2016 oil production cut deal, but just like the number-one compliant member, Venezuela, this prestige does not come Continue Reading
Rains, filth and medicine shortages turn Angola into malaria hotbed
Heavy rains, filthy conditions, medicine shortages and endemic corruption have combined to make a lethal malarial cocktail for Angola. Since the start of the year, more than 300,000 cases of Continue Reading
Exclusive: Angola opens up fuel imports with first major tender
Angolan state oil firm Sonangol has issued its first public tender to buy refined products to widen its import base, market sources who have seen the tender said, in a Continue Reading
Big Oil Backs Away From a Former Industry Darling
The boom in oil money helped crown Angola’s seaside capital, Luanda, as the world’s most expensive city. Angola was once a magnet for the world’s biggest oil companies, drawing billions Continue Reading
Africa’s richest woman removed as head of Angola state oil group
Angola’s president João Lourenço has dismissed Africa’s richest woman, Isabel dos Santos, as head of the country’s state oil company, in a bold move to wrest power from the family Continue Reading
Portugal Dominated Angola for Centuries. Now the Roles Are Reversed.
How the roles have reversed: The colonizer, some Portuguese contend, has been colonized. On the Portuguese coast of Cascais, where the nation’s royal court used to summer, a new 14-story Continue Reading
Angola adds to supply-side strains for oil
Italian energy company Eni said Wednesday it started production at an oil facility off the coast of Angola in record-setting fashion. The company said operations started at its East Hub Continue Reading
Angola’s March Oil Exports To Drop To 1.51 Million Bpd
Angola’s state-held oil firm Sonangol plans to load 1.51 million barrels per day in March under its finalized exports schedule, down from plans to export 1.62 million bpd in February, Continue Reading