Angola NEWS

Angola’s national oil, gas and biofuels agency ANGP has informed about forming a consortium with five international oil companies including Eni and Chevron. The consortium will work on developing liquefied natural gas (LNG) for the Soyo plant. With an initial cost of $2 billion, the project is anticipated to begin production by 2022, an ANGP spokesman said.

BHGE will inaugurate its multimodal facility (MMF) for oil and gas in Luanda, Angola. This facility will support customers and projects in Angola and the Southern Africa region. It has the capability to deliver a suite of products and services across the oil and gas value chain which includes oilfield services, oilfield equipment, turbomachinery & process solutions, and digital services. Lunda's facility is the reflection of BHGE's localization strategy.

Italian oil major, Eni has informed about discovering oil offshore Angola. Eni discovered hydrocarbons while drilling on the Ndungu-1 new field wildcat (NFW) well. The discovery is estimated to contain up to 250 million barrels of light oil. Eni operates Block 15/06 with an interest of 36.8421%, with partners Sonangol (36.8421%) and SSI Fifteen (26.3158%).

Malaysia-based Sapura Energy Bhd has received four new contracts and one extension, which has a collective value of RM760 million ($184.87 million). The integrated oil and gas group will realize three drilling contracts and two contracts for the E&C segment. In Angola, Sapura secured a two-year contract by a Chevron Corp unit. In Malaysia, Sapura extended its separate contract with Sarawak Shell Bhd and Petronas.

Italian oil major, Eni reported oil discovery in the Afoxé exploration prospect, offshore Angola. The new discovery is projected to possess around 170 MMbbl to 200 MMbbl of light oil. The Afoxé-1 NFW well was drilled in a water depth of 780 metres, reaching a total depth of 1,723 metres. Intensive data collection from the well is indicating a production capacity of more than 5,000 bpd of oil.

The second-largest oil producer of Africa, Angola, has been hit by the waves of lower oil prices which resulted in its failure of providing economic support to the country. The International Monetary Fund (IMF) informed on Tuesday that it would provide Angola the financial support, amount still undisclosed, as the country's economic growth has dropped down this year. The weaker economic conditions of Angola stopped many foreign countries from investing.

UK Ambassador to Angola, Jessica Hand, has described the relationship between UK and Angola to be excellent, with emphasis on the oil sector. She also stated that her country wants to extend bilateral cooperation in other areas as well, such as renewable energy, agriculture, and even democratic support to Angola. Ambassador Hand went on to praise Angola’s efforts to encourage foreign investment, especially from the UK.

Singapore-based PACC Offshore Services Holdings (POSH) has renewed the ship agency contract with GAC Angola. POSH, which is an offshore marine services provider, is taking services from GAC for Soyo and Luanda, but the renewed contract has included Cabinda as well. The contract requires GAC to provide an integrated range of services for the POSH fleet at all Angolan ports.

TechnipFMC has bagged an EPC contract for Total’s Zinia Phase 2 field development, located offshore Angola. The scope of the contract includes the Engineering, Procurement and Construction (EPC) of subsea equipment comprising 9 subsea tree units as well as wellheads, subsea control systems, connection systems and associated equipment. Total’s contract will also require support services, performed by TechnipFMC in Angola, for the assembly, test, mobilization and installation.

Total, the French oil major, has decided to make an investment of $1.2b to stimulate offshore production in Angola. Angola is the second-largest oil producer in Africa, though a period of lower oil prices and field maturation are curbing its potential. Total has regarded this new investment as the opening of a "new chapter" in the deep waters of Angola. Total leads a consortium developing the Zinia 2 offshore development.