Browsing: Oil production in Angola

• In terms of forecast, inflation is expected to be around 18 per cent at the end of 2022. The trend of price deceleration in the economy is expected to continue.
• However, according to bank of Angola the prolongation of the conflict in Eastern Europe and deceleration of the world economy with a negative impact on oil prices can be identified as possible risks.

The International Monetary Fund (IMF), in its report “World Economic Outlook update” of July 2022, signaled that inflation has been above expectations around the world, especially in the USA and in the main European economies, which has triggered more restrictive monetary policies.

Intensified unprecedented inflationary pressure was persistently driven by the rise of energy and food commodity prices.

In the second quarter, the annual headline and underlying inflation rates in USA stood at 9.1 per cent and 5.9 per cent. This was above expectations which were around …

Angola’s reforms in the oil sector including at national oil company Sonangol , are already yielding positive results, with 30 per cent of the company set to be privatized by 2022.

Sector reforms are set to be supported by an investment campaign drive by Africa Oil & Power including the Angola Oil & Gas Conference & Exhibition on June 2020, at the Talatona Convention Center.

The conference will be a global drive which will present opportunities to a targeted audience of relevant investors.

H.E. Diamantino Pedro Azevedo, Angola’s Minister of Mineral Resources and said that the government had made noteworthy progress in its efforts to restructure the oil and gas sector.

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Angola’s initial achievements include significant reduction of costs at the national oil company (NOC) Sonangol which has led to the government decision to list up to 30 per …

Angola’s President Joao Lourenco said the country would increase its daily oil production next year by more than 35,000 barrels in a bid to revive an economy hurting from drought.

Angola’s President said output would jump from 1,401, 235 barrels per day to 1, 436,900 barrels per day.
Angola continues to heavily depend on oil, which contributes half of the country’s economic wealth, 95 per cent of exports and 80 per cent of government revenue. However, it is struggling with a biting drought that has cost both commercial and traditional cattle farmers without grazing land.

Angola’s economy has been affected by the sharp decline in oil prices and the government is looking for ways of diversification. Oil production is a major employment sector with President Lourenco saying 161,000 jobs were created in the public and private sectors between 2017 and 2019. The job creation is below the 500,000 jobs he …