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News that Angola is to set up a sovereign wealth fund marks the latest sign that the country is putting its war-torn past behind it to take its place among the continent’s major economies, writes Kevin Godier. The announcement that Luanda plans a sovereign wealth fund to act as a cushion for future fiscal deficits is the latest sign that booming Angola is becoming a major economic force. The news followed the closure in late October of a long-awaited seven-year, $2.5bn syndicated loan

Ugandan President seeks Nigerian oil expertise; Bahraini link up for Africa plays

Angola’s licensing round remains on hold, with no indication of when it will be revived, but Sonangol sees a strong project pipeline in the coming years, with investment of $4bn-5bn/yr for the next decade, writes Thalia Griffiths. Angola has placed its 2007/08 licensing round on hold but is confident of maintaining production with plenty of new projects lining up for development. Over the next ten years, Sonangol expects investment of $40bn-$50bn, or $4bn-$5bn/yr,

GdF Suez plans LNG plant; KBR wins Lobito refinery FEED; Chevron sells downstream ops to Total; Foster Wheeler to oversee Zwara refinery

ANGOLA: Deep-water rig contract; ANGOLA: Block 31 topsides contract; EQUATORIAL GUINEA: MoU with Gazprom Neft; GABON: Crude output rise forecast; LIBYA: Tatneft tender

Norway’s Grenland Group has signed a NOK307m ($46m) contract with FMC Technologies for deliveries of subsea structures to Total’s Pazflor development on Block 17 (AE 144/19).

Debate rumbles on over how hard the global financial turmoil will hit Africa, but some things apparently never change. Angola’s Sonangol

Ultra-deep find for BP, deep discovery for Eni; Roc drilling; NW Gemsa well hits oil, gas; Lundin PSC farm-out; MPDC seeks partners, New Maurel & Prom find; Petronas signs for two Rovuma Basin blocks

CITYVIEW: “Revising strategy”; SAN LEON ENERGY: AIM listing

Among bankers there is more mystery surrounding Angola’s financing plans than there is about the identity of President José Eduardo dos Santos’ pick as his new petroleum minister. Ex-energy and water minister José Maria Botelho de Vasconcelos has replaced Desidério da Graça Verissimo e Costa at the Ministry of Oil in the much-anticipated post-election reshuffle (AE 146/25).

FLEX LNG: Contract with Samsung; SONANGOL: São Tomé distribution takeover; SONATRACH: Orders for two new LNG tankers

Technip contracts for Block 31 developments; PA Resources farms out Marine XIV; EODC contracts for two jack-ups; M&P to appraise Omko-1; Perenco quits Dussafu Marin; Swiss Oil takes Blocks L4 and L13; Candax starts seismic; Universal extends holdings; Aker contract

Business leaders breathed a collective sigh of relief as post-election calm suggested the investment climate would remain stable with the ruling Popular Movement for the Liberation of Angola (MPLA) in control after the 5-6 September general election. Final results, released on 17 September, showed that the

ANGOLA: Wärtsilä to power cement works; ANGOLA: New capacity; DR CONGO: Snel seeks study of Nzilo 2 HEP; MADAGASCAR: Sinohydro contrac; MOROCCO: Bidders for Safi IPP coal plant named; RWANDA: Bhel to build Nyabarongo; SENEGAL: Nuclear talks with Sarko; SOUTH AFRICA: Voith Siemens to equip Ingula

ExxonMobil has announced the start of production from the Saxi and Batuque fields, part of the Kizomba C development.