Global oil supply will far exceed demand for at least the first half of the year, says the International Energy Agency (IEA). In the monthly report on the oil market published this Today 15th March, the IEA recognizes that in the second half of the year the increase in consumption will be a challenge, especially due to the uncertainty about Russian oil, and points out that world demand will accelerate as the year progresses, with
Angola has registered a “certain stabilization” in oil production since 2021, the result of actions and agreements that it has been establishing in this field, “it has all the instruments to exonerate the decline” and does not fear “negative” international projections, he said this yesterday 14th March, the chairman of the Board of Directors of the National Petroleum, Gas and Biofuels Agency (ANPG), Paulino Jerónimo. “There is indeed this international concern about the decline in
As the world shifts towards a net-zero carbon future, International Oil Companies (IOCs) are faced with the challenge of aligning their operations with global sustainability goals. The pathway to achieving a net-zero economy requires IOCs to explore new technologies, invest in renewable energy sources and adopt more sustainable practices throughout their operations. By embracing this energy transition, IOCs can contribute to a cleaner and more sustainable future for all. Speaking at the 2023 edition of the African
Global energy majors Shell and Equinor have officially started the contract preparations for the development, operation, and maintenance of a $30 billion liquefied natural gas (LNG) terminal in Tanzania. The preparations follows the finalization of project negotiations with the Tanzanian government. According to H.E. January Makamba, Minister of Energy of Tanzania, “Negotiations on the construction of the LNG project were complete, and now experts are at work drafting contracts. Of these contracts, one is about
The 130 MW Malicounda-based Wärtsilä Flexicycle power plant, which was officially inaugurated by President Macky Sall on 11 February, is now fully operational. Matelec operates the plant and a 10-year maintenance agreement with Wärtsilä will guarantee its high availability and reliability. Located 85 km south of Senegal’s capital Dakar, the plant is anticipated to deliver 956 GWh of power per year, which represents a 17% increase in the country’s power generation capacity. Matelec, the plant’s Engineering, Procurement
The executive president of the distributor of fuels and other oil derivatives Pumangol, Ivanilson Machado, declared that, despite the current circumstances of difficult balancing of the economic balance due to the difficulties inherent in subsidizing fuel prices, due to the delay in liberalizing prices, the company remains committed to developing its sustained growth strategy. Evanilson Machado made these statements on the sidelines of the inauguration of the company’s 80th filling station, in Luanda, at the
The Ministry of Mineral Resources, Oil and Gas will work on the long-term strategy, according to advanced information at the Forum of the Association of Prospectors and Developers of Canada (PDAC), which took place from the 5th to the 8th of this month. Participation in the event aimed to attract the largest companies in the world’s extractive industry to the mineral resources sector, in addition to those already operating in the market, as well as
The South African multinational De Beers expects to raise a provisional value of sales of rough diamonds in the order of 495 million dollars for the second sales cycle of 2023, according to Anglo American. According to data from Endiama that Jornal de Angola had access to, the revenue raised increased by 9 percent compared to the US$454 million recorded during the first diamond sales last year, which reached US$652 million. The group’s chief executive, Al
Heavily dependent on oil revenues and investment, Angola is opening up its economy like never before as it pursues opportunities in sectors such as agriculture, fisheries, industry and financial services with the help of established foreign partners, including Japan. The Angolan economy is opening up to investors like never before, with the recent acceleration of its drive to diversify and attract the interest of foreign companies active in a wide range of industries and sectors.
Demand for oil is expected to reach an all-time high in 2024, and is expected to decline thereafter, bringing prices down by almost 20% in 2050, compared to current levels, according to an analysis by Crédito y Caución, released today, 14th March. “In the reference scenario of the long-term credit insurer, which assumes that the various energy commitments already announced by the different countries and governments will be fulfilled, the demand for oil will reach
