The BW Energy has announced a commercial oil discovery on the Hibiscus South exploration prospect in the Dussafu Marin license offshore Gabon, indicating significant untapped potential in the licensing area. Drilled from the MaBoMo production platform at a depth of just over 6,000m, the DHBSM-1 appraisal well has encountered recoverable reserves of 6-7 million barrels with approximately 16 million barrels of oil in place, according to initial estimations. The discovery comes as part of the
The price of gold had its best October in nearly half a century, defying tough resistance from surging Treasury yields and a strong U.S. dollar. The yellow metal rallied an incredible 7.3% last month to close at $1,983 an ounce, its strongest October since 1978, when it jumped 11.7%. Gold, a non-interest-bearing asset, has historically floundered when bond yields were heading higher. An exception has been made this year, however, on a number of significant
The Mozambique’s minister for mineral resources and energy, Carlos Zacarias, said last week that the construction of the country’s largest gas-fired power plant is 60% complete, and that the infrastructure is expected to be operational in 2024. “We have seen substantial progress of around 65%, this is substantial progress that satisfies us,” said Zacarias, speaking to journalists after visiting the Temane Thermal Power Plant (CTT), in the district of Inhassoro, Inhambane province, southern Mozambique. The
Kuwait witnessed a sharp decline in its fuel oil exports for the month of October. According to trade sources, analysts and ship-tracking data, exports plunged by more than 30% compared to the previous month, following a record high in September. The drop in exports is primarily attributed to the diversion of supply towards domestic power generation.
Iraq is set to approve an oil and gas law allowing foreign firms to share in production, despite disputes with Kurdistan. In a significant development, Iraq is set to approve a groundbreaking oil and gas law that will open the doors for foreign companies to participate in the country’s energy production, despite ongoing tensions with the autonomous Kurdistan region. The announcement was made by Asim Jihad, the spokesman for Iraq’s Oil Ministry, during a statement
Algeria’s national oil company Sonatrach has announced that it will resume oil operations in Libya, after suspending its activities on and off since 2011 due to security concerns. Sonatrach’s CEO, Rachid Hachichi, initiated a conversation with the Chairman of Libya’s National Oil Corporation (NOC), Farhat Bengdara, to discuss the resumption of oil operations in Libya. The announcement comes after Sonatrach officially lifted its force majeure in the country last August. Both parties have agreed to
Nigeria’s Government aims to reopen the country’s Kaduna oil refinery by the end of 2024. Currently undergoing a rehabilitation project, the refinery will have an initial production rate of 60,000 barrels per day. The announcement was made by Nigeria’s Minister of State for Petroleum Resources, Heineken Lokpobiri, during an assessment of the ongoing quick-fix project at the Kaduna refinery. Poised to ensure the West African country’s energy security and socioeconomic development, the rehabilitation of the
Government and its partners are working tirelessly, and I am happy to report that we are on track to have the first oil by the end of 2025,” Nankabirwa said, while presenting a statement on the status of oil and gas projects in the country, to Parliament on Wednesday, 25 October 2023. According to Nankabirwa, the government has already drilled a total of 11 oil wells; eight in the Tilenga and three in the Kingfisher
The state-owned Egyptian Chemical Industries Company (KIMA) reported a decline in natural gas supplies, according to a bourse statement on Tuesday 31st October. The news came amid media reports that gas supplies to fertilizer companies had been cut by 30 percent. The news led to a sharp decline in the stocks of petrochemical companies, including Kima, Misr Fertilizers Production Co (Mopco), and Abu Qir Fertilizers (ABUK), which dropped 11.82 percent, 13.11 percent, and 11.49 percent,
The Italian engineering and construction services firm, Rosetti Marino, has been awarded a $300-million contract by the oilfield services company Saipem to carry out Engineering, Procurement and Construction services for a project offshore Libya. Under the contract, Rosetti Marino will be responsible for constructing a Gas Recovery Module (GRM) weighing approximately 5,000 tonnes, modifying the existing central processing platform to accommodate the new GRM, and refurbishing the staff accommodation module. Expected to be completed in
