The Brent (reference to Angolan exports) for April rose by 0.74 percent ($0.61), reaching $83.47 on the Intercontinental Exchange (ICE). On February 19, 2024, at 09:43 AM, the contracts closed the week with a cumulative increase of approximately 2.0 and 1.6 percent, respectively. At the New York Mercantile Exchange (Nymex), the WTI barrel for April concluded the session with a 1.12 percent increase ($0.87), closing at $78.46. Futures contracts for oil closed higher on Friday,
Angola’s national oil company, Sonangol, has initiated testing at the Tobias-14 well (TO-14), situated in Block KON-11 onshore Angola. Sonangol, in collaboration with its project partner, the oil and gas company Corcel, anticipates revealing the initial flow test results of the well in the upcoming weeks. Preparations are also in progress for testing the TO-13 well, scheduled to commence following the conclusion of activities at TO-14. The KON-11 Block encompasses the Tobias field, a historically
Namibia recorded a 9% increase in diamond production in 2023. The country produced 2,327 million carats of rough diamonds last year, up from 2,137 carats in 2022. Namibia’s land-based production, overseen by the diamond corporation Namdeb, recorded a 14% increase in 2023 compared to the previous year. The company produced 468,000 carats, up from 412,000 carats in the period under review. Meanwhile, the country’s offshore production in 2023, overseen by the marine diamond mining company
The Republic of Congo is a mature hydrocarbon market with proven resources, including 1.8 billion barrels of oil reserves and 284 billion cubic meters of natural gas reserves. Despite this, the country’s on- and offshore territory remains underexplored and operators have been slow to add value to crude resources. However, a new gas monetization drive, coupled with several offshore exploration and development programs, presents investors with dynamic opportunities in gas processing and refining, LNG trade
TAAG Angola Airlines has recently launched cargo services from Luanda International Airport, utilizing a Boeing 737-800 freighter for the operations. The airline has initiated a weekly service, taking place every Monday, establishing a connection between Angola’s capital and Lagos in Nigeria, as well as Brazzaville in the Republic of Congo. This significant development comes on the heels of TAAG Angola Airlines’ recent announcement detailing its fleet enhancement initiative, marked by the acquisition of the Boeing
The State-owned Tanzania Petroleum Development Corporation (TPDC) has successfully acquired an additional 20% stake in the Mnazi Bay natural gas project, solidifying its total share in the venture at 40%. The deal, valued at $23.6 million, was finalized through a purchase agreement signed on February 10th with Etablissements Maurel & Prom SA, an oil company that holds an 80% stake in the project and maintains veto power over its operations. Under the terms of the
Contrary to OPEC, the executive director of the International Energy Agency (IEA) stated yesterday that the supply of oil will be “more than sufficient” to meet global demand in 2024 during an interview on the Bloomberg Talks podcast. According to Fatih Birol, the absence of major geopolitical conflicts or extreme climate events should keep the oil market “comfortable,” resulting in price moderation throughout the year. Demand will be 1.2 to 1.34 million barrels. Birol predicts
The predictions from the monthly report on the oil market by the Organization of the Petroleum Exporting Countries (OPEC), released on Tuesday, the 13th, estimate that global demand for oil will grow steadily this year and in 2025, with China’s consumption and transport fuels being the main drivers of this trend. OPEC states that pre-Covid-19 consumption levels were already surpassed in 2022. According to the document, demand will increase by 2.2% this year, reaching 104.4
The announcement was made yesterday by Galp’s CEO, Filipe Silva. He detailed that by the end of March, the company will already have a clear view of the volume of oil reserves found in the first drilling off the coast of the African country. Galp announced the discovery of a “significant column of light oil” in a deeper zone of the first well drilled in deep waters. Next month, the company will conduct a DST
Brent crude oil futures dropped 82 cents, or about 1%, to $81.37 per barrel, while West Texas Intermediate (WTI) crude oil futures fell 74 cents, also about 1%, to $76.1 per barrel at 10:22 GMT. Last week, the key drivers behind the recovery were persistent threats to shipping in the Red Sea, Ukrainian attacks on Russian refineries, and maintenance at American refineries, said Tamas Varga of PVM oil brokerage. According to him, “this led to
