Oil production for Angola, Africa’s No. 2 crude producer, averaged 1.632 million barrels per day in 2017, down from 1.72 million barrels the previous year, the chairman of the state-run oil company Sonangol said on Wednesday. Angola has been grappling with the effects of generally depressed oil prices on its government finances but is constrained from lifting production because it is committed to OPEC-mandated cuts.
Angola is a member of the Organization of the Petroleum Exporting Countries, and it must limit output in line with OPEC’s commitment to cut output by about 1.2 million barrels per day (bpd) as part of a deal with Russia and others.
Sonagol chairman Carlos Saturnino also told a media briefing that the net profit for Sonangol, which regulates Angola’s oil sector, was $224 million in 2017 versus $81 million the previous year when oil prices were lower.
It was his first briefing since Angola President João Lourenço fired Isabel dos Santos, daughter of his presidential predecessor, from the helm of Sonangol.
Lourenço took power in September and is seeking to win credibility with international investors and shed Angola’s image as an opaque oil economy with rampant corruption. (Reuters)
Zimbabwe aims to supply 10 percent of the world’s lithium and could reach 20 percent, the mines minister from Africa’s top producer of the alkali metal used in batteries for electric vehicles said on Wednesday.
“We believe we have the potential to actually account for 20 percent of global demand when all known lithium resources are being exploited,” Winston Chitando told a mining investment conference in the capital, Harare.
Zimbabwe is a top 10 of lithium producer but currently produces only a fraction of the worldwide total.
Prices for lithium have more than doubled in the past two years on forecasts for massive demand from the electric vehicle industry. That has sparked work on a flurry of new mines and expansion plans for existing ones.
Zimbabwe, where investor sentiment has been lifted by the ousting last year of former president Robert Mugabe after almost four decades in power, is keen to attract fresh capital to its mining sector and is pushing lithium as a major draw. (Reuters)