Earlier this year there were high hopes around the U.S. lifting its sanctions on Venezuela in the face of oil shortages and rising prices, due to the Russian invasion of Ukraine, allowing black gold to once again flow out of the South American oil giant. But this has not yet come to fruition. While some allowances were made for oil trade, Venezuela’s statement to the world is clear – it is ready to pump and
With the EU embargo on imports of Russian oil starting in December, Russia will have to find new homes for around 2.4 million barrels per day (bpd) of its crude and refined product exports, which will be banned from entering EU and G7 countries unless the oil is sold at or below a certain price the buyers expect to set. Even if the price cap mechanism fails to work for the West, as many analysts expect, and
It’s been a rough couple of weeks in the energy market. As potential energy company investors, we are not sorry to see the back of last week in particular. That’s the understatement of the year. Pretty near every negative sentiment-Recession, Fed tightening, Dollar strength, China demand, Inventory builds, or what amounts to the entire oil price Closet of Anxieties, came to pass this week. Oil-WTI took a tumble below $80 for the first time since Jan 11th
One of the world’s most mature deepwater basins, the U.S. Gulf of Mexico, has a lot of production life left and could help bridge the oil supply gap that is widening with the maturing of many currently producing assets globally. The basin now pumping 15% of U.S. crude has the potential to deliver another up to 2 million barrels per day (bpd) of the new supply sources needed by 2040, McKinsey & Company said in
Crude oil exports from all OPEC oil producers were down in the first 25 days of September compared to the full month of August, according to data from Petro-Logistics cited by commodity analyst Giovanni Staunovo on Wednesday. Between September 1 and 25, OPEC’s crude oil exports averaged 21.648 million barrels per day (bpd), which was 166,000 bpd lower than the average OPEC crude oil exports for the full month of August. Crude oil exports out of
French TotalEnergies plans to spin off its oil sands business in Canada and list the new company on the stock exchange as it no longer fits with its strategy, which now has a focus on low-carbon energy, the company said at an investor presentation. “We are not the best shareholder of these assets because as we have a climate strategy, we don’t want to invest in these assets,” chief executive Patrick Pouyanne said, as quoted by Reuters. Pouyanne
The National Agency of Petroleum, Gas and Biofuels (ANPG) signed, this Wednesday, with its counterpart in Brazil, the National Agency of Petroleum, Natural Gas and Biofuels (ANP), a cooperation agreement for regulation and inspection programs. exploration, development and production activities. According to a press release from the ANPG to which Jornal de Angola had access today, the signing took place during the Rio Oil & Gas Conference taking place in the city of Rio de
The leading marine fuels supplier attending AOW 2022 Africa Oil Week (AOW) (https://Africa-OilWeek.com) is proud to welcome Bronze sponsor Monjasa to Africa Oil Week. The company will be well-represented at AOW – held in the heart of Cape Town. Organised by Hyve Group Plc., this unmissable event will bring leading energy stakeholders together on the 3-7 October in Cape Town under the theme: Sustainable Growth in a Low Carbon World. Monjasa is bronze sponsor of Africa
Africa’s natural gas export infrastructure has the potential to be re-purposed to transport hydrogen across Africa and to Europe The abundance of renewable resources that Africa possesses along with a developed renewable energy sector where renewable power can be produced at low cost – a key ingredient for generating low-cost green hydrogen – gives Africa a clear competitive edge as a clean hydrogen hub. Africa is also geographically well placed to serve both European and
The African Energy Chamber is proud to announce that Sustain Power will be sponsoring this year’s edition of African Energy Week South Africa-based designer and supplier of clean energy solutions for domestic & industrial markets, Sustain Power, has confirmed its sponsorship of this year’s edition of the African Energy Week (AEW) (https://AECWeek.com/) conference and exhibition – Africa’s premier event for the oil and gas sector which will take place from October 18 – 21 in
