The oil industry exceeded expectations in August. Angolan oil production in August stood at 34.995 million barrels, with an average of 1.128 million barrels per day (bpd), which is 2.6 percent more than the 1.099 million bpd forecasted for that period, according to data available on the website of the National Agency of Petroleum, Gas, and Biofuels (ANPG). The numbers from the national hydrocarbon concessionaire also indicate that August production was 1.8 percent lower than
Senegal, which plans to start oil and gas production in 2024, is interested in acquiring Angolan expertise in the field of hydrocarbons, stated the Director of Exploration and Production of the National Oil Company of Senegal, PetroSen, in Luanda. Joseph Oufon Medou told the Jornal de Angola on the sidelines of the 4th Annual Oil and Gas Exhibition Conference (Angola Oil and Gas 2023), held in the capital of Angola last Wednesday and Thursday, that
Brent crude oil prices, which serve as a reference for Angolan oil sales, approached $95 per barrel on Monday, as investors kept a close eye on the prospect of a growing supply deficit in the fourth quarter. This comes after Saudi Arabia and Russia extended their supply cuts. Brent futures rose by 62 cents to $94.55 per barrel at 1:22 PM in Angola, while West Texas Intermediate (WTI) crude oil futures from the United States
If OPEC+ maintains the supply cuts until the end of the year, given the positive demand scenario in Asia, we now believe that Brent prices could surpass $100 per barrel before 2024,” In addition to oil supply, analysts project that interest rates in the United States are expected to peak this quarter. The American bank details that oil is expected to be traded between $80 and $100 in the short term. However, for the long
Authorities in the American state have filed a lawsuit against five major oil companies, alleging that they deceived the population for decades by downplaying the climate risks of fossil fuels. The American state of California initiated legal action on Friday, September 15th, against five of the world’s largest oil companies, claiming that they caused millions in damages and misled the public by minimizing the risks of fossil fuels in climate change. The legal action was
The Minister of Mineral Resources, Petroleum, and Gas (MIREMPET), Diamantino Azevedo, encouraged operators to invest more in the petroleum sector in Luanda. One of the important indicators, he explained, for us to assess the work in exploration is the number of drilling rigs. We want to see more rigs drilling the Angolan soil next year, which is a challenge to all who can take advantage of the opportunities provided by Angolan legislation. “With the changes
Angola plans to produce one million and one hundred thousand barrels of oil per day by the end of this year, declared the Director of Production of the National Agency for Oil, Gas, and Biofuels (ANPG) in Luanda. Ana Miala, who participated in the panel on Exploration and Production Opportunities in the Southern African Frontier as part of the sessions and discussions program of the 4th Annual Conference and Exhibition of the Oil and Gas
The London Bullion Market Association (LBMA) on Thursday called for proposals from service firms to create a secure global database that would improve trust in the gold market’s value chain. Gold refineries must source gold responsibly under the industry body’s accreditation requirements, allowing them access to London’s bullion market, the world’s largest. The group’s database of Russian gold bars held by banks in London helps to prevent sanctions evasion by Russian companies. “Our goal is
Diversified gold producer Gold Fields has downgraded its 2023 and 2024 production expectations for its new Salares Norte mine in Chile due to a delay in the first gold from the project. In a project update on Friday, the JSE- and NYSE-listed mining firm explained that certain components required commissioning by the original equipment manufacturer (OEM) vendor to maintain the validity of their warranties. “Challenges in securing the OEM vendor representatives, due to previously announced
TotalEnergies has initiated the preparatory studies for the major exploration venture in Block 58, situated offshore of Suriname, marking a pivotal step forward in the large-scale oil project. The company holds a commanding stake in the operation, with a 50% interest, complemented by a matching 50% share held by APA Corporation. Appraisal of the two main oil discoveries, Sapakara South and Krabdagu, was successfully completed in August 2023, with the drilling and testing of three
