The U.S. Energy Information Administration (EIA) has revealed its latest Brent spot average price forecasts for 2023 and 2024 in its October short-term energy outlook (STEO), which was released this week. According to the STEO, the EIA now sees the Brent spot price averaging $84.09 per barrel this year and $94.91 per barrel next year. In the STEO, the EIA projected that the Brent spot price will average $90.65 per barrel in the fourth quarter
Sonangol has announced that it is taking actions to stabilize the fuel distribution market in a statement sent to the newsrooms on Thursday, following reports of supply difficulties in the southern region of the country. The days of supply difficulties in the southern region of the country are numbered. Actions are currently underway to gradually stabilize the market and return to normal global service conditions in the coming days, the statement reads, in which Sonangol
The African continent is currently in the midst of an exciting and transformative period in its energy sector. As global awareness of the urgent need to transition to cleaner and more sustainable sources of energy intensifies, African nations are stepping up their efforts to harness their vast renewable energy potential. In this endeavor, African banks are playing a crucial role by providing the much-needed financial support to propel the continent’s energy transition. This article explores
The United States imposed sanctions on two owners of tankers that carried Russian oil above the G7 price cap of $60 a barrel, one based in Turkey and one based in the United Arab Emirates, the US Treasury Department said on Thursday 12th of October, 2023. The United States, other G7 countries, and Australia imposed the cap last year, seeking to reduce Russia’s revenues from seaborne oil exports as part of sanctions for its invasion
Angola, a country blessed with abundant oil reserves, has long relied on the black gold to fuel its economy and provide the government with much-needed revenue. However, Finance Minister Vera Daves has recently issued a stern warning: oil will run out one day, and Angola must be prepared for that eventuality. In a bold statement, Minister Daves has highlighted the urgency of diversifying the nation’s economy and investing in sustainable alternatives to ensure a stable
Diamond miner Lucapa Diamond Company has announced revenues of A$15.7 million from the sale of seven exceptional diamonds from its Lulo operation, in Angola. The company sold 534.9 carats by tender, achieving an average price of $29,401 per carat. Of the seven diamonds sold during the tender, the 180-carat Type II white diamond recovered in June this year, and a 66-carat pink diamond, attracted the highest prices per tonne. “This tender demonstrates that the weakness
The European Bank for Reconstruction and Development (EBRD) has approved a €45 million loan to Tunisia’s Société tunisienne de l’électricité et du gaz (STEG) for a submarine power cable linking Tunisia and Italy. STEG will combine the loan with a €307.6 million grant from the European Union’s Connecting Europe Facility, and financing from the European Investment Bank, the World Bank, and KfW to develop the 200-km 600 MW high-voltage direct current transmission network. The project,
The National Diamond Trading Company of Angola (SODIAM) announced that it raised 22 million dollars from the auction sale of 1,329.89 carats of rough diamonds on Thursday, October 12, 2023. This was the 7th diamond auction held in Luanda and included special stones from mining companies such as Lulo, Kaixepa, Somiluana, Catoca, and Luele, according to a statement from Sodiam sent to Lusa. The most valuable diamonds came from the Lulo mine and yielded nearly
The TFT Group, a joint venture comprising the Algerian National Oil Company Sonatrach and the global oil and gas major TotalEnergies, has signed a contract with Entreprise Nationale de Grands Travaux Pétroliers (ENGTP) to expand the TFTII oil and gas pipeline. ENGTP will conduct engineering studies, procure equipment, and materials for the project, as well as construct the pipeline, flowlines, and surface facilities as part of the 8 billion dinars contract. The extension of the
In a time of significant change and transformation in the global energy sector, Petrofac is gearing up to play a pivotal role in meeting the evolving energy needs of the world. The company is actively seeking dynamic team players to join its ranks and contribute to its mission of shaping the future of energy supply and security. The world is currently reevaluating its energy supply sources and energy security requirements. As it plans for a
