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Angolan government moves to promote gas exploration and reduce flaring

Isarene drilling to start in May; Russian field development to proceed; Minister says Tullow will get Lake Albert stakes; Chevron awards FEED, New find on Abu Qir for Edison; Burullus Gas extends rig contract; Essar gets back OPL 226

British company to carry out Baynes EIA; NBE loan for EETC’s grid expansion; Indians look for coal; Transmission line tenders; Study sought for Ngwempisi hydro cascade; Small hydro

PetroVietnam/PTTEP JV plans $2bn investment; AMEC JV in training initiative; Block 31 yields 17th discovery; Lukoil/Vanco drilling; San Leon to convert Zag licence; Chariot completes seismic, woos partners; Aje field deemed commercial; Petrodar to bring new field on stream

Italy’s Eni has extended its co-operation model to Angola, signing the first three agreements under a memorandum of understanding reached last August with state Sonangol.

Despite early hopes that Africa might escape the worst of the global financial crisis, sharp falls in oil and metals prices will hit many countries hard.

FMC contract; Oil hopes from Sapetro drilling; Songa Saturn to transfer; FAR takes over; Mihambia well spuds

Big oil companies like BP and Royal Dutch Shell are taking a long-term view of the current low oil price, vowing to maintain capital expenditure even if it means increasing borrowing. The good news is that major projects in Angola, Nigeria and other key locations are set to continue despite the credit crunch.

Financial markets appear to be taking a much tougher view of Angola’s major borrower, writes Kevin Godier. The latest commercial financing package put in for Sonangol elicited a solid response from banks when it was presented last autumn, but continuing deterioration in global financial markets means the underwriting process may not have gone as smoothly as expected. Four banks...

ANGOLA: China to work on urban grids; REPUBLIC OF CONGO: Pointe-Noire grid study tender; GHANA: Smart grid deal for VRA; MOROCCO: EU financing; SENEGAL: Generator hire for Casamance

FMC contract for Block 18 work; Dana Gas makes new gas/condensate find; Three new finds for Apache; New find on NW Gemsa

ANGOLA: Pipelines contract for LNG plant; ANGOLA: Technip to expand Angoflex; GHANA/CAMEROON: USTDA study; MADAGASCAR: Enermad farms out to Niko Resources; MOROCCO: Canamens takes Essaouira blocks; NAMIBIA: Key pulls out; SIERRA LEONE: Elixir takes over after Prontinal fails to pay; UGANDA: Tower farms out Area 5; UGANDA: Heritage spuds Giraffe

Seadrill rig contract; IPR scores Jurassic discovery in Western Desert; Sea Dragon drills on Dahab North; Kiarsseny farm-in deal; Hyedua appraisal success; Taoudeni drilling to start next year; JV proposed with UAE company; Second gas find for Circle; Data facility; EAX in exploration deal; Kingfisher appraisal success

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

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,