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Author: CKM Staff

Economy Energy Gas International News

QatarEnergy Awards $560 Million EPC Contract for Enormous North Field South Project

The North Field, located northeast of the Qatar peninsula, is the largest non-associated natural gas field in the world. QatarEnergy has awarded Técnicas Reunidas an additional Engineering, Procurement, and Construction (EPC) contract for work including pipelines, interconnections, ancillary systems, and other supporting components of the LNG Offplot facilities for the North Field South Project, the Spanish contractor said in a press release. Técnicas Reunidas is currently executing the EPC works for the expansion of the

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Energy Gas International News

Looming Reduction in LNG Strike Risk Points to Continued Drop in Natural Gas Prices

Natural gas prices are likely to decline further today after Woodside Energy reached an in-principle agreement with a trade union that should significantly reduce the risk of industrial action at the largest LNG production facility in Australia. That’s according to ING’s Warren Patterson and Ewa Manthey, who wrote a note today, stating that natural gas prices in Europe had already shed 14% on Wednesday due to the prospect of an agreement between Woodside and its

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Economy International News Oil

Sasol Reports Impressive 13% Increase in Annual Profit

The South African petrochemicals major, Sasol, posted a 13% rise in annual profit on Wednesday as better operations in the second half offset the impact of weaker crude prices. The company stated that its headline earnings per share (HEPS), a measure of profit, were 53.75 South African cents for the 12 months ended on June 30, up from 47.58 cents posted a year ago. However, its basic earnings per share, which include one-off costs, were

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International News Petroleum

Cheiron Petroleum Corp. Unveils New Egypt Discovery

The Cairo-based Cheiron Petroleum Corporation announced a new oil discovery in Egypt’s Geisum and Tawila West Concession in the Gulf of Suez, according to a statement by the Ministry of Petroleum and Mineral Resources on Tuesday. The petroleum ministry reported that the discovery was made through the GNN-11 exploratory well, and that three further wells can be drilled in the same area. According to the ministry, the output of crude oil in the Geisum and

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Energy International Mining News

UNCTAD Report Highlights Africa’s Growing Role in Global Mineral Chains

A report by the United Nations Conference on Trade and Development (UNCTAD) shows that Africa has the potential to become a major participant in the global supply chain of critical minerals. According to the report, which was released this month, Africa’s abundance of critical minerals and metals vital for technology-intensive industries and the energy transition, including aluminum, cobalt, copper, lithium, and manganese, offers a new regional market opportunity for businesses and industries seeking to diversify

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Economy International News Petroleum

Nigeria’s NNPC Secures $3 Billion in Funding from Afreximbank

A dynamic energy company, the Nigerian National Petroleum Corporation (NNPC), has secured an emergency $3 billion loan from the pan-African financial institution, African Export–Import Bank (Afreximbank), to improve its services across the entire petroleum value chain. The NNPC says the loan – which will be repaid using a limited amount of future crude oil production – will enable the company to settle taxes and royalties in advance while supporting the Nigerian government to stabilize the

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Economy Gas Local News Petroleum

Minister of State for Petroleum and Gas observes future refinery in Cabinda

The Minister of State for Petroleum and Gas, José Barroso, observed the progress of the construction of the future refinery in Cabinda. During the technical visit to the refinery project, José Barroso received explanations from the Odebrecht representative, Joel Peito, with a focus on phase 1 of the refinery. Joel Peito also presented the ongoing infrastructure and civil works, the 30,000 barrels per day distillation unit, which is considered the heart of the refinery, the

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News Oil

Sangomar FPSO Development in Senegal Reaches 90% Completion

The development of the Floating Production Storage and Offloading (FPSO) vessel for the Sangomar Field Development – Senegal’s first offshore oil project – is now 90% complete, according to Senegal’s Ministry of Petroleum and Energy. After it is completed in Singapore by the Japanese shipbuilding company MODEC, the Very Large Crude Carrier is expected to arrive in Senegal in February 2024. The completion of the 100,000-barrel-per-day FPSO will play a pivotal role for Woodside Energy,

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Gas International News

Ivory Coast Expedites Development of Gas Blocks

The Ivory Coast’s Minister of Mines, Petroleum and Energy, Mamadou Sangafowa Coulibaly, has announced the country’s plans to fast-track the development of gas reserves in Blocks CI-523 and CI-525. The aim of these plans is to strengthen the resilience of the local electricity market through the provision of gas-fired power generation. “These deposits, which have been awaiting development for several decades, require integrated development, which will boost our natural gas production capacity,” said the Minister.

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