Monday, June 1, 2020

Sonangol News

Angola Says Producer Cuts Insufficient, More Action Needed

(File photo: Total)

Angola sees an oil production curb by OPEC, its allies and other top producers as insufficient to balance global markets, state news agency ANGOP quoted resources and petroleum minister Diamantino Azevedo as saying on Friday."It is up to everyone to understand that, despite the measures taken by OPEC, oil producers in various countries should be aware that they may be called to take more drastic measures," Azeve

Angola May Seek International Arrest Warrant for Isabel dos Santos

© Miguel Almeida / Adobe Stock

Angola could issue an international arrest warrant for billionaire Isabel dos Santos if she fails to cooperate with a fraud investigation in which she has been named as a suspect, its chief prosecutor was quoted as saying.Angola has named dos Santos, the daughter of former president Jose Eduardo dos Santos, as a suspect over alleged…

Africa: Strong Scope for Offshore Licensing in 2020

Image: Total

Throughout 2019 Africa has led licensing round activity; looking forward to 2020 this is set to continue, however results of the recent rounds have had limited success in a global context.Eight licensing rounds are open or have closed in Africa during the quarter and going forward 13 countries may offer acreage in 2020, said a report…

Angola Hopes Reforms Will Aid Oil Assets Sales

© silvapinto / Adobe Stock

Angola is hoping sweeping economic reforms will smooth an ambitious plan to sell key state assets, including stakes in oil company Sonangol, a share of Puma Energy and more than 100 other enterprises.Africa's second biggest oil exporter is in a rush for cash as it struggles to cope with moribund crude prices, slumping output and years of mismanagement that left Sonangol bloated and inefficient.In August…

Angola Seeks to Reduce Gas Flaring to Capture Revenue

© Igor Kardasov / Adobe Stock

Angola wants to cash in on the roughly 3 billion cubic feet per day of associated natural gas it produces, most of which is now flared, the petroleum minister said on Wednesday.The announcement of efforts to generate more revenues by reducing gas flaring comes as Africa's second largest crude producer faces a fall in output from its mature oil fields."Over the years…

W. Africa Crude-Buyers Wary as Freight Rates Weigh

AdobeStock / © Jose Gill

Sellers returned to the window on Monday to entice buyers spooked by high freight rates due to Washington's sanctions on subsidiaries of a major Chinese shipping firm at the end of September.Long-haul rates to Asia have risen sharply prompting refiners to shed some cargoes.China's Unipec offered four cargoes in the window for a third session all November loading on a fob basis.

Brazil Leads FPSO Crude Production Capacity

Image: Petrobras

Brazil will also lead globally on crude production capacity through upcoming floating production storage and offloading (FPSO) vessels with 2,430 thousand barrels per day (mbd) between 2019 and 2025.A total of 20 planned and announced floating FPSOs are expected to be deployed offshore Brazil during the outlook period, the highest among countries globally…

ExxonMobil to Redevelop Angola Block 15

Image: ExxonMobil offshore vessel

American multinational oil and gas corporation ExxonMobil and its partners said that they will further invest in Block 15 offshore Angola to increase production as part of an agreement with Angola’s recently established National Agency for Petroleum, Gas and Biofuels.As part of the agreement, Sonangol, Angola’s state oil company, will receive a 10% equity interest…

First ANS Cargo in One Year on Way to China

the Sonangol Cabinda (CREDIT MarineTraffic.com / © V. Tonic)

One million barrels of Alaskan crude is due in China next week, the first such shipment in almost a year, according to data from Refinitiv Eikon and vessel-tracking firm Kpler.China's imports of U.S. crude have fallen amid the two countries' trade dispute to 41,600 barrels per day (bpd) in the six months ended February, from 377,000 bpd in the first half of 2018, according to the U.S.

Sonangol Plans to Downsize

© silvapinto / Adobe Stock

Angola's state oil company Sonangol plans to divest 52 joint ventures, reduce staff and focus on its core business, part of an ongoing reorganization and package of reforms designed to lure back investors, its chairman said on Friday."We are going to sell, close or put out of our group a lot companies," Carlos Saturnino told an oil conference in Paris.

Eni Makes Major Oil Find Offshore Angola

(Photo: Eni)

Italian oil major Eni said on Wednesday it has made a major discovery in Block 15/06, in the Agogo exploration prospect, in the deep waters offshore Angola.The find is Angola's largest offshore discovery in years. Eni said the discovery is estimated to contain between 450 and 650 million barrels of light oil with further upside.The discovery was made in the Agogo-1 NFW well…

Eni Spuds New Vandumbu Well in Angola

N'Goma FPSO. Image: SBM Offshore

Italian oil company Eni said that it has successfully launched a new production well in the Vandumbu field, about 350 km north-west of Luanda and 130 km west of Soyo, in the West Hub of Block 15/06, in Angola’s offshore.According to a press release, the start-up of the VAN-102 well – which follows the start-up of the second Subsea…

Angola's Soyo LNG Plant Resumes Production

© Anatoly Kolodey / Adobe Stock

Angola's Soyo liquefied natural gas (LNG) plant has resumed production after a "controlled" shutdown, a spokeswoman for Angola LNG said on Tuesday.She did not specify why the shutdown had occurred and declined to say when the plant would load its first cargo after reopening.An LNG trader in Europe said a cargo is expected in late December or early January.Two Angola LNG vessels are signalling arrival at Soyo…

BP Nears FID at Platina Field Offshore Angola

(Photo: BP)

Angola’s Sonangol and British supermajor BP on Monday signed an agreement to progress to final investment decision (FID) for the development of the Platina field in the BP-operated deepwater Block 18, offshore Angola.Platina would be BP’s first new operated development in Angola since the PSVM project in Block 31 began production in 2013.

Eni Makes New Oil Find Offshore Angola

(Photo: Eni)

Italy's Eni said it ha struck a new oil discovery in the Afoxé exploration prospect located in Block 15/06, offshore Angola.The discovery, estimated to contain between 170 and 200 million barrels of light oil in place, was made in the Afoxé-1 NFW well located in the southeast area of Block 15/06, approximately 120 kilometers off the coast…

Eni Starts Production at Vandumbu Field

(Photo: SBM Offshore)

Italy's Eni said it has started production from the Vandumbu field in Block 15/06 through West Hub N’Goma floating production, storage and offloading unit (FPSO).Block 15/06 is located approximately 350 kilometers northwest of Luanda and 130 kilometers west of Soyo, Angola.Eni said first oil from the Vandumbu field was achieved in late November…

Angola Battles to Revive Oil Exploration

(Photo: Total)

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 when he, or his peers, will be cracking open the bubbly in Angola again.Without another mega-project like Total's Kaombo on the horizon and fields getting old…

Total Launches $16 Bln Project Offshore Angola

Total CEO Patrick Pouyanne and Angolan president Joao Lourenco (Photo: Total)

Africa's second largest crude producer Angola and France's Total officially inaugurated a new deep-sea oil field worth $16 billion in the Atlantic approximately 260 kilometers from the capital Luanda.The Angolan State Minister for Economic and Social Development, Manuel Nunes Junior, the Chairman and CEO of Total, Patrick Pouyanné…

Eni CEO Claudio Descalzi Meets Angola's president

The President of Angola João Gonçalves Lourenço meets Eni CEO Claudio Descalzi. Photo: ENI

Eni president Claudio Descalzi has met Angola's president Joao Goncalves Lourenco in Luanda to discuss the Italian energy giant's operations in the country.During the meeting with President João Lourenço, Claudio Descalzi said that they discussed the participation of the Italian multinational in the studies and exploration of crude…

Puma Energy Appoints New CEO

Emma FitzGerald (Photo: Puma Energy)

Integrated midstream and downstream oil group Puma Energy has appointed Emma FitzGerald as its new chief executive, the company said on Tuesday.FitzGerald will succeed Pierre Eladari on January 2, 2019.FitzGerald was previously an executive director at Severn Trent Water.She was also CEO of UK Gas Distribution at National Grid and held various position at Royal Dutch Shell.Trafigura owns 49 percent of Puma Energ