Europe is importing record volumes of liquefied natural gas (LNG) this year, looking to replace pipeline gas supply from Russia and wean itself off Russian energy in the wake of Putin’s invasion of Ukraine. The record LNG imports, however, come at a high cost for European governments, which are spending billions of euros to help vulnerable customers with soaring energy bills and to save struggling utilities that are bleeding money to procure alternative gas supplies.
Oil prices slipped further on Tuesday as the market reassessed the OPEC+ production quota cut, and the IMF warned about the increased risk of a global recession. Oil prices slipped over the weekend and again on Monday as the bump realized from last week’s OPEC+ meeting began to wear off. The prices continued to slip on Tuesday, as the IMF Managing Director Kristalina Georgieva and World Bank President David Malpass warned the markets on Monday of
The bullish news of the OPEC+ output cut is wearing off, and the market is once again focusing on the possibility of a global recession. Reader Update: The most recent Intelligent Investor report for GEA subscribers details the strengths and weaknesses of two promising oil stocks. The 10-page report is exactly the kind of thing energy investors should be reading ahead of a potential oil price rally. As a member of Global Energy Alert, you will get this report and
The Galp/Shell consortium and the National Petroleum Agency announced that they had drilled a new oil well in São Tomé, which confirms the existence of an “active oil system” in the country. In a statement, the two entities indicate that the initial results of the survey indicate that there is no evidence that the prospect, designated Jaca 1, has a sufficiently large recoverable potential to be commercial. The National Petroleum Agency indicates that the “focus
After OPEC+ announced production cuts of about a million barrels daily last week, oil prices jumped, only to ease earlier today as traders took profits. The nominal size of the OPEC+ production cut was set at 2 million barrels daily but the actual cuts were agreed at between 1 million bpd and 1.1 million bpd, according to Saudi energy minister Abdulaziz bin Salman. The decision signaled even tighter physical oil markets ahead, pushing oil prices higher, although
Luanda hosts, next Monday, the third meeting of Executives of National Oil Companies (NOC) from member countries of the Organization of African Oil Producers (APPO). The meeting, which is organized by the national oil company Sonangol, with the support of the Ministry of Mineral Resources, Oil and Gas (Mirempet), will discuss and exchange experiences on implementation, policies and production of local content in the oil sector. The National Oil Companies of APPO member countries will
PetroAngola has started the public voting process to determine the winners of the 2022 edition of the Angola Oil & Gas Awards. Around 100 companies operating in the Angolan oil and gas industry are eligible for this edition, from operating companies, companies providing goods, services and professionals in the sector. The award will be based on the companies’ operational and commercial performance, quality and service delivery capacity, and the contributions made to this important sector
Mining Eventos, a brand of Bumbar Mining, an Angolan company specialized in communication consultancy, organizes, on the 26th of the current month, in the city of Luanda, the 1st Safe and Mining Forum. Under the theme “The insurance industry’s view of the mining sector – expectations, challenges and opportunities, the event will be in an interactive format with two round tables. According to a document from the institution to which Jornal de Angola had access,
Sonangol, the National Petroleum Corporation of Namibia (NAMCOR) and the Namibiam Ports Authority (NAMPORT) signed, this Sunday, a memorandum of understanding for the development of an integrated logistics base to support the oil and gas industry in Namibia, similar to the Sonils base. According to a press release from the Angolan oil company sent today to Jornal de Angola, the “structuring project of strategic importance” was signed by the chairman of the Board of Directors
Dr. Mustapha Abdul-Hamid, Chief Executive of the National Petroleum Authority of Ghana, will be discussing trends across the country’s downstream sector at AEW 2022 The African Energy Chamber (AEC), the voice of the African energy sector, is proud to announce the attendance and participation of Dr. Mustapha Abdul-Hamid, Chief Executive at Ghana’s National Petroleum Authority (NPA), at the African Energy Week (AEW) (https://AECWeek.com/) conference and exhibition, which will take place from 18 – 21 October
