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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.

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

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

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

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

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).