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The Export-Import Bank of the United States (Ex-Im Bank) is to provide a $120m credit facility to back the import of US products and services as

IOCs and local corporates are getting to grips with a complex new law on Angolanisation, which puts pressure on companies to employ local contractors and staff, in senior roles

Following the end of its civil war, Angola has become an increasingly assertive regional player, reflected in a number of security deals – projecting the powerful Forças Armadas Angolanas (FAA) beyond Angola’s borders, notably in Brazzaville and Kinshasa – and in its determination to support Zimbabwe’s Robert Mugabe.

Construction companies may be enjoying a boom, but bureaucracy remains pervasive in Angola, with a heavy impact on business and the electricity sector

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

Angolan government moves to promote gas exploration and reduce flaring

Lower oil prices and production cuts put Angola’s astronomic growth forecasts into question, but OPEC’s newest member remains bullish about its business prospects

Compliance with OPEC quotas said to be carried out with little complaint

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

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.

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.

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.

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

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...