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Subscriber

The Industrial and Commercial Bank of China (ICBC) will provide up to $4.5bn of finance for the construction of the 2,171MW Caculo Cabaça dam on the Kwanza River, 19km downstream from the 2,070MW Laúca dam. The contract for what will be Angola’s biggest dam was signed in Beijing on 29 November by Angolan finance minister Archer Mangueira. The project will benefit from insurance cover by Sinosure to guarantee the investment, China’s largest in Angola to date.

Angola
Issue 335 - 24 November 2016

Angola/Namibia: RfP for interconnector

Subscriber

The Southern African Power Pool Coordination Centre (SAPP CC) has issued a request for proposals from shortlisted consultants for transaction advisory services for the Angola-Namibia transmission interconnector project. The project is being sponsored by Angolan transmission company Rede Nacional de Transporte de Electricidade (RNT) and Namibia Power Corporation (NamPower), and coordinated by SAPP CC, with funding from the European Union, Germany’s KfW, the government of Norway and the Swedish International Development Cooperation Agency. The Angola-Namibia transmission interconnector is expected to link the electricity networks in northwestern Namibia and southern Angola.

Angola | Namibia
Issue 335 - 24 November 2016

Angola: Mafumeira Sul start-up

Subscriber

Sonangol EP announced the start on 31 October of the early production system on the south wellhead platform of the Mafumeira Sul project. The Chevron-operated project is located about 24km off the coast of Malongo in water depths of about 60 metres. It includes a central processing facility, two wellhead platforms, 121km of subsea pipelines, 34 producing wells and 16 water injection wells. The facility has a design capacity of 150,000 b/d of liquids and 350mcf/d of natural gas per day.

Angola
Issue 332 - 18 October 2016

Angola: Filda trade fair cancelled

Subscriber

A deepening economic crisis has forced the cancellation of this year’s Luanda International Fair (Filda), which had already been postponed from July to November. It will be the first cancellation in 33 years for the event, which was held throughout Angola’s civil war, which ended in 2002. The business weekly Expansão reported that the 33rd annual fair had been cancelled due to the “financial difficulties of the country”, which has been hard hit by a sharp fall in oil revenues.

Angola
Free

Houston-based FMC Technologies has won a contract to provide subsea multiphase boosting pumps, manifolds and installation support services for Eni Angola’s Block 15/06 West Hub development project. “This is our second award for our new subsea multiphase boosting system and we are confident that this technology will be a critical and important part in supporting increased deep-water field recovery,” said senior vice-president of subsea technologies Tore Halvorsen. The West Hub development started production in December 2014 and more fields have steadily been added.

Angola
Issue 330 - 16 September 2016

Angola: Laúca to start up by July

Subscriber

Filling of the reservoir for the Laúca dam in Malanje province is expected to start in January, and the first 334MW turbine is expected to come on stream by July. Project director Elias Estevão told state news agency Angop that engineering work in preparation for filling the reservoir was due for completion by year-end. Estevão said energy supply to the city of Malanje would be guaranteed by two transmission lines from Laúca and Cacuso town, passing via the Capanda dam through two substations, one of which still to be expanded and another to be built.

Angola
Issue 329 - 05 August 2016

Angola: Sonangol drops Cobalt purchase

Subscriber

Sonangol has said it will not go ahead with the planned purchase of Cobalt International Energy’s 40% stake in blocks 20 and 21. The parastatal is undergoing restructuring to enable it to cope with a sharply lower oil price and announced after a meeting in June of its new board that it was suspending all talks relating to the sale of assets. An agreement for Cobalt to sell its stakes to Sonangol for $1.75bn was announced in August 2015. Cobalt said in its Q2 operational update that chief executive Tim Cutt met Sonangol board chair Isabel dos Santos and her executive team in Luanda in late July to discuss the sale.

Angola
Issue 328 - 22 July 2016

Angola: MoU on hydrokinetic energy

Subscriber

The Ministry of Energy and Water has signed a memorandum of understanding (MoU) with Abu Dhabi industrial group Privinvest to introduce hydrokinetic power generation over the next decade. Privinvest affiliates CMN and Hydroquest design and manufacture turbines for use in rivers and the sea, harnessing energy from tides and flowing water.State power utility Empresa Pública de Produção de Electricidade (Prodel) and Privinvest have agreed to set up a joint venture company, which will initially manufacture and operate hydrokinetic energy schemes in Angola. The workload will be split between Angola and France.

Angola
Subscriber

New Sonangol chief executive Isabel dos Santos has suspended all talks relating to the sale of assets belonging to the Angolan state oil firm and stripped its legal department of most of its powers.A brief statement posted on Sonangol’s website following a 27 June meeting of the new board said the evaluation, negotiation and sale of any assets held by Sonangol and its subsidiaries had been suspended with immediate effect.

Angola
Issue 327 - 08 July 2016

Luanda turns down IMF funding

Subscriber

Angola has opted not to pursue an extended fund facility (EFF) from the International Monetary Fund (IMF) that would have offered significant funding alongside tough conditionality, and will instead seek only technical assistance. “The president of the republic has informed the IMF of the government’s decision to continue their policy dialogue with the fund only within the context of the Article IV consultation and not through discussion concerning an EFF supported programme,” IMF spokesman Gerry Rice told a news briefing in Washington on 28 June.

Angola
Free

Sonangol has declared Cobalt Energy International’s Zalophus-1 well on Block 20 to be a commercial gas discovery. Sonangol said in a statement the Kwanza Basin well was drilled to a depth of 5,210 metres in 1,830 metres of water and encountered a 44-metre hydrocarbon column in the pre-salt. It estimated resources at 2.8tcf of gas, as well as liquids. A deal announced in August 2015 for Cobalt to sell blocks 20 and 21 to Sonangol for $1.75bn has yet to be finalised.

Angola
Subscriber

Angola LNG (ALNG) said on 6 June that production has resumed at its liquefaction plant at Soyo and the first liquefied natural gas (LNG) cargo since its April 2014 shutdown has been loaded. The cargo is being sold by an international tender. Reuters quoted traders as saying the cargo was loaded between 3 and 5 June on board the Sonangol Sambizanga tanker and bid submissions are due on the morning of 13 June.

Angola
Subscriber

President José Eduardo dos Santos on 2 June appointed a new board of directors for state oil company Sonangol. The new team will be headed by his daughter Isabel, a businesswoman who led the commission that formulated proposals for Sonangol’s restructuring. The new board will implement the reforms recommended by the commission, outlined in two presidential decrees on 26 May.

Angola
Issue 323 - 13 May 2016

Angola: Progress on Lauca dam

Subscriber

Engineering work for the 2,069MW Lauca hydropower dam on the Kwanza River is 77% complete and the electromechanical works are 46% complete, the state Médio Kwanza Development Office (Gamek) said at the end of April. The main contractor, Odebrecht Infraestructura, said in late 2015 that the first two of the six 334MW turbines should be installed in July 2017 by Andritz Hydro, with turbine tests following in August and at least two turbines operational by end-2017. The aim is to fill the 188km² reservoir during the first four months of 2017.

Angola
Subscriber

As Cobalt International Energy prepares to exit Angola, it has announced a condensate and gas discovery with the Zalophus #1 pre-salt exploration well in Block 20. This is Cobalt’s sixth pre-salt discovery offshore Angola and its third discovery on Block 20. The Petroserv Catarina drilling rig is completing drilling operations on the Golfinho #1 pre-salt exploration well, which is Cobalt’s final exploration well commitment on Block 20.

Angola