Angola

Italian Eni announces a new light oil discovery offshore Angola

May 14, 2019 | Angola, Company Operations, Exploration / Discoveries

London, UK | – Italian multinational oil major Eni has made a new light oil discovery in Block 15/06, in Angola’s deep offshore. The well was drilled on the Ndungu exploration prospect. The new discovery is estimated to contain up to 250 million barrels of light oil in place, with further upside. After Kalimba, Afoxé and Agogo, the Ndungu discovery further demonstrates the exploration potential contained in the block’s deeper geological sequences. The Ndungu-1 NFW well is located a few kilometres from Eni’s West Hub …

Sonangol boss fired by Angola’s President as fuel runs dry

May 10, 2019 | Angola, Government & Regulations, Management

London, UK | — Angolan President Joao Lourenco fired Sonangol EP Chairman Carlos Saturnino as he revamps the company amid persistent fuel shortages in the southern African nation. The presidency appointed Gaspar Martins to lead the state-owned company with a new board after incumbent members were dismissed, according to a statement late Wednesday. Lourenco met with oil industry officials on Tuesday, vowing to end shortages at gas stations across the country that imports almost all of its fuel. Lourenco appointed Saturnino chairman in 2017 and …

Angolan President approves Sonangol restructuring

October 05, 2018 | Angola, Government & Regulations, Management

Luanda, Angola | – Angolan President João Lourenço has approved the restructuring plan for Angolan National Oil Company  Sonangol, local media reported Thursday. The statement from the presidency said the measure would help to make Sonangol more competitive and profitable, Nogtec Bureau reported. Details about the planned  restructuring were not included. In April 2016, the Angolan  Ministry of Oil announced that Sonangol would be restructured.  While in a December 2016 interview with the Financial Times, the former  Sonangol chair Isabel dos Santos said the NOC would be …

Aker wins BP contract for Greater Plutonio and PSVM fields offshore Angola

October 05, 2018 | Angola, Contracts, Offshore, Support Services

London,  UK | – Multinational oil and gas giant BP has given a five-year brownfield services contract to Aker Solutions for its producing Greater Plutonio and PSVM fields located offshore Angola. Under the contract, the Norwegian oil services company will be responsible for the brownfield modifications, maintenance and operations support of the Greater Plutonio and PSVM fields. According to Aker Solutions, the scope of the contract includes supply of engineering, procurement, and construction services for brownfield projects on the floating production, storage and offloading (FPSO) …

Angola restructures Sonangol, unveils new oil regulator

August 23, 2018 | Angola, Company Operations, Government & Regulations

Luanda, Angola | — Angola will set up a new regulator for the country’s oil industry as the government restructures state-owned Sonangol and seeks to revive falling oil and gas output. Sonangol’s role as national concessionaire will be transferred to the National Agency of Petroleum and Gas in the first half of next year in a reorganization scheduled for completion in 2020, Oil Minister Diamantino Azevedo said in a statement handed to reporters Wednesday. Sonangol, which partners with companies including Total SA and BP Plc …

Angola’s Sonangol and Sweden’s Equinor sign oil exploration MOU

June 27, 2018 | Angola, Company Operations

Luanda, Angola | – Angola’s Oil company “Sonangol” signed a Memorandum of Understanding with Norwegian state oil company Equinor (ex-Statoil) enabling the latter to continue investing in exploration and rise of the oil production in Angola. The Memorandum has already some oil concessions in Angola for exploration work, such as the case of block 5/06, block 18/15 among others, said the Sanangol CEO Carlos Saturnino. Speaking at the signing ceremony, Sonangol CEO mentioned other opportunities in the Congo Basin and the Kwanza Basin. According to …

OPEC cuts may go deeper as another member sees output slump

April 27, 2018 | Angola, OPEC, South America

London, UK | – While plunging output in Venezuela captures the oil world’s attention; problems are quietly festering in another OPEC nation. Angola, once Africa’s biggest crude producer, is suffering sharp declines at under-invested offshore fields, with output dropping almost three times as much as the nation pledged in an accord with fellow OPEC members. With the losses set to accelerate — a shipping program seen by Bloomberg News shows crude exports will fall in June to the lowest since at least 2008 — the …

Total says first Kaombo FPSO vessel has arrived in Angola

April 27, 2018 | Angola, Rigs & Vessels

Paris, France | – A floating production, storage and offloading (FPSO) vessel expected to kick off oil production later this summer from Angola’s Kaombo project has arrived on site, French oil and gas multinational  Total said on Friday. A spokeswoman said the 115,000 barrels-per-day capacity vessel, the first of two FPSOs expected to operate in the field, had arrived in Angola after leaving Singapore in March. Total, the operator of the 230,000 barrels per day Kaombo project, in which it has a 30 percent stake, …