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
The energy sector grapples with uncertainty as traders prioritize current fundamentals while demand weakens during the approaching low-demand season. The energy sector has recently experienced a series of fluctuations that have sent ripples through the global market. These fluctuations are predominantly tied to the losses in crude oil and diesel, which have raised questions about the sector’s stability. Amidst this uncertainty, experts are closely monitoring the market focus, which alternates between the risk of a
Sales of rough diamonds at Debswana Diamond Company fell 21% in the nine months up to September, as Botswana’s central bank data on Tuesday showed, amid global economic uncertainty and slowing demand for gems. Debswana, equally owned by Botswana and Anglo American’s De Beers, sells 75% of its output to De Beers, while the balance is taken up by the state-owned Okavango Diamond Company (ODC). Botswana and De Beers in June agreed to a new
The ASX-listed Lucapa Diamond Company has announced the recovery of a 208 ct Type IIa diamond from the Lulo alluvial mining operations in Angola. This diamond is the third largest to be recovered from Lulo since mining operations began in 2015. Up to this point, Lulo has yielded 39 diamonds, each weighing more than 100 ct. This recent discovery closely follows the recovery of a 123 ct diamond at the same mine. Lucapa owns the
The German Chancellor, Olaf Scholz, has announced that Germany will enter into future partnerships with Nigeria to invest in critical minerals and natural gas, with a focus on facilitating private investment and economic development. Announced during a joint briefing with Nigeria’s President, Bola Tinubu, in Abuja on October 29, Chancellor Scholz welcomed the West African country’s efforts to expand its liquefied natural gas capacity, while highlighting Germany’s readiness to invest in critical minerals. “There is
