Africa-Press – Angola. Sonangol’s average daily production of 22.7 thousand barrels of crude oil in 2023, which represented an increase of 1.12% compared to 2022, was one of the most relevant topics in the week’s economic news.
The information was provided by the chairman of the Board of Directors of the Angolan state oil company, Sebastião Martins, during the press conference on the preliminary assessment of Sonangol’s performance last year, and presentation of the prospects for 2024.
He made it known that this production resulted from the exploration of nine blocks operated by the company, in 2023.
According to Sebastião Martins, the respective blocks are part of a universe of 35 national oil concessions, where Sonangol is present, which allowed a total production of 202 thousand barrels/day to be obtained over the past year, representing 18.5% of production national.
To ensure this production, around USD 2.049 billion were invested, 98% of which in the primary value chain, with emphasis on the development projects of blocks 0, 15/06, 32 and 17/20.
The economic news was also marked by the information that Angola expects to reach, in 2027, an installed capacity of 9.0 GW, with the completion of the Caculo Cabaça hydroelectric plant, which is in the construction phase.
According to the Minister of Energy and Water, João Baptista Borges, who spoke at the opening of the 25th Meeting of the Steering Committee of the Central African Energy Hub (RNT), the energy transition in the country has reached, in recent years, a total installed capacity of 6.3 GW, with the recent completion of the construction of the Laúca dam.
According to the minister, the completion of the aforementioned projects will allow the generation of an additional 2.17 GW, as well as the increase of 500 MW of solar capacity, coming from photovoltaic parks in the Catete region and Malanje province.
The week also highlighted information about the growth in the direct insurance production rate in Angola, of 17 percent, nine percentage points higher than in 2022, which resulted in the issuance of gross premiums amounting to more than 360 billion kz.
From Friday onwards, the country assumed the rotating presidency of the Central African Energy Hub (PEAC), during the Steering Committee meeting taking place in Luanda.
Angola has a renewable one-year lead and replaces the Democratic Republic of Congo.
The PEAC is a specialized institution within the Economic Community of Central African States (EEAC) and is responsible for implementing energy policy.
Last week, four financing agreements, valued at 90 million euros (1 euro is worth 895 kwanzas), were signed by the Angolan Government and the European Union, with a view to financing programs related to the blue economy, justice and the rule of law.
The respective documents cover the areas of solid waste management and civil society training.
In terms of agreements, in the week ending, a memorandum of understanding was also signed by the Guarantee and Credit Fund (FGC) and Banco YETU, which will allow the creation of conditions for the automatic granting of partial credit guarantees to Micro , Small and Medium Enterprises (MSME’S), Cooperatives and Individual Entrepreneurs.
With risk coverage of up to 90 percent of the financing, the agreement provides for the automation of public guarantees, in an amount of up to 200 million kwanzas.
The announcement by a Japanese manufacturer that cars will soon be assembled in Angola was also included in the week’s economic news.
According to a press release from the Angolan Embassy in Brazil, the information was provided by the Minister of State for Economic Coordination, José de Lima Massano, after a meeting with the Japanese Minister of Foreign Affairs, Yoko Kamikwa, on the sidelines of the meeting G20 Foreign Ministers, in the Brazilian city of Rio de Janeiro.
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