Angola Minister of Mineral Resources, Oil and Gas Diamantino Pedro Azevedo said the decision on cuts had not been unanimous.
Angola, Africa’s second biggest crude producer, has no plans to leave OPEC+, an official said, following a broader dispute over output quotas that delayed the group’s meeting.
Equatorial Guinea Vice President Teodoro Nguema Obiang Mangue said state-backed Gepetrol was on the way to increasing its operational capacity.
These steps would “significantly reduce” the FPSO’s overall carbon emissions and improve operational efficiency, it said.
TotalEnergies has agreed the sale of a 40% stake in Block 20, in Angola's Kwanza Basin, to Petronas.
Total has two rigs working in Namibia, with the Tungsten Explorer and the Deepsea Mira. A recent update from Vantage Drilling reported Total had extended the contract on the Tungsten Explorer into the second quarter of 2024.
“We’re confident we can complete by year end. We’ve been through it with the INA deal and hopefully we can be more efficient this time around,” he said.
"We look forward to continuing a successful partnership with our customer as we work together to safeguard a sustainable energy supply,” Maier said.
“This proves that we are indeed committed to getting the oil sector working, at all levels,” said Jerónimo.
Under the agreement, the companies will drill one exploration well in the initial five-year exploration period.
“We have good knowledge of this field, having built the subsea tree systems for the original Girassol development. It gives us immense pride that our long-term clients continue to show trust and confidence in our solutions through subsequent awards.”
Namcor was on the hook for $10 million. However, when the time came to pay up, it became apparent that Sequa had no funds and Petrolog only $6mn.
“We’ve been reassured that approval for both transactions will be relatively efficient, they should be done before the end of the year”.
Angola’s regulator is focused on attracting investment into the upstream, putting a particular focus on new investment from medium and small companies, according to a recent presentation.
“They are in general pumping what they can. They are reluctant to switch off production as they may not be able to turn it back on down the line,” the Welligence official said.
Angola reduced its gasoline subsidy, almost doubling pump prices in a nation that has some of the world’s cheapest fuel.
Azule signed the main contracts for the Agogo project on Block 15/06 in February. It awarded riser and flowline supply to TechnipFMC, while Subsea 7 won transportation and installation work.
The licence extension was a condition for Afentra’s deal with Sonangol. The company agreed in April 2022 to pay $80mn for a 20% stake in Block 3/05. At the time, Afentra said it expected the deal to complete in the third quarter of 2022.
US-listed Cobalt International Energy initially explored the blocks. Total bought into the assets in 2019 from Sonangol, following Cobalt’s bankruptcy.
Frank’s was private until August 2013. It continued to pay bribes after going public, the SEC said. While public, the company won another five contracts while using its sales agent.
Oil production from the block could start as early as two years after a deal is signed, Budimbu said.
Nigeria’s emissions are 16 kg of CO2 per barrel and Angola’s 17 kg, while on the shelf they rise to an average of 33 kg.
Sonangol has set out plans to restructure its interests in the Paenal yard and create a new operating model.
ExxonMobil could invest $15 billion through 2030 if it makes commercial oil discoveries in the Namibe Basin, Paulino Jeronimo, chairman for the Angola National Agency for Petroleum, Gas and Biofuels, said in Luanda.
According to a recent Eni presentation, Agogo is due to start up in 2026. It will produce 175,000 barrels per day in 2027.