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Category: Economy

Economy International News Oil

Djibouti Secures $120M Afreximbank Loan for Oil Storage, Terminal Project

Djibouti’s state-owned logistics and transportation infrastructure investment vehicle, Great Horn Investment Holding (GHIH), has secured a $120 million financing package from the African Export-Import Bank (Afreximbank) to implement a series of oil and logistics projects in the Damerjog Industrial Development Free Trade Zone. The financing for the project involves a combined package of $120 million from the African Export-Import Bank (Afreximbank) and $35 million from the local banking institution Banque pour le Commerce et l’Industrie

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Economy Energy Mining News

Rio Tinto Invests in Malawian Graphite Project

Anglo-Australian multinational company Rio Tinto has announced its investment of A$40.4 million in the mining firm Sovereign Metals Limited. This investment will allow Rio Tinto to acquire a 15% stake in Sovereign and provide the necessary funding to advance the Kasiya Rutile-Graphite Project in Malawi. In a press release, Ben Stoikovich, Chairman of Sovereign, described the agreement with Rio Tinto as a landmark one, highlighting the potential for Kasiya to become a globally significant supplier

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Economy Mining News

Government wants mining sector less dependent on diamonds

The Angolan Government aims to make the mining sector more diversified and less reliant on diamond exploration activities, stated the Director of the Office of Studies, Planning, and Statistics at the Ministry of Mines, Petroleum and Gas in Luanda yesterday. Alexandre José Garret, who opened the II Safe Life in Mining Forum, part of the conferences at the 38th edition of FILDA 2023, mentioned that this vision of the Government is part of the program

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Economy Local News

Angola Exceeds Predicted Production Levels in June

Angolan oil production averaged 1,120,246 barrels per day (bpd) in June, which is 0.52 percent more than the official forecasts, which had projected an average of 1,114,439 bpd. These figures were disclosed on Tuesday on the National Agency for Oil, Gas, and Biofuels (ANPG) website. In the Monthly Summary on Oil Production for June 2023, the national hydrocarbon concessionaire reports that Angola’s crude oil production totaled 33,607,388 barrels for that month. A comparison with the

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Economy Energy International News

Saudi Arabia announces major change to overseas hiring

Saudi Arabia has made a major change to the skills required of some international workers. The Ministry of Human Resources and Social Development (HRSD) has announced the launch of the Skill Verification Program (SVP) in Sri Lanka for five out of the 23 targeted professional specializations. The professional specializations included in the SVP are plumbing, electricity, automotive electricity, automotive mechanics, and refrigeration and air conditioning. The SVP expansion into Sri Lanka comes as part of

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Economy Gas International News Oil

$500 Billion Enough to Meet Oil and Gas Peak Demand

Despite concerns about underinvestment in the upstream sector, peak oil and gas demand can be met in the 2030s without a substantial increase in current annual investment levels of $500 billion. Current upstream spending is a little more than half of the $914 billion 2014 peak (in 2023 terms), according to the report titled “Enough is Enough? Debunking the Myth of Upstream Investment.” This apparent shortfall has fed a widespread belief that the industry is

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Economy International News Oil

Crude Oil Stabilizes as Markets Evaluate US Dollar Direction

The crude oil market is holding steady, currently trading just below US$78.50 per barrel, despite slipping overnight. This decline occurred despite the news that crude stockpiles had fallen by less than expected. Other energy products, particularly gasoline, experienced notable decreases in demand. According to data from the US Energy Information Agency (EIA), crude inventory levels fell by 708,000 barrels for the week ending July 14th, which is significantly lower than the forecast of a 2.44

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Economy Energy Mining News

Zambia’s Muntanga Uranium Project Increases Resources to 36.5 Mlb

Mineral resource company GoviEx Uranium has announced an increase in open-pit mineral resources at the company’s Muntanga uranium mine, located in southern Zambia. Comprising three mining permits, the Muntanga project contains five deposits: Dibbwi, Dibbwi East, Muntanga, Gwabi, and Njame. A 2023 updated Mineral Resource Estimate (MRE) shows constrained total pit resources to measure 36.5 million pounds (Mlb) of uranium, with the quality of the resource considerably higher than previous estimates. Of the total 36.5

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Economy News Oil

Afentra Expands Interests in Angolan Blocks 3/05 and 3/05A

Afentra, an independent oil and gas company, has signed a Sale and Purchase Agreement (SPA) with Azule Energy Angola’s largest equity producer of oil and gas for Block 3/05 and Block 3/05A, offshore Angola. The deal will see Afentra acquire a 12% and 16% stake in Block 3/05 and Block 3/05A, respectively. The transaction includes a firm consideration of $48.5 million, as well as deferred contingent payments of up to $36 million, subject to various

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Economy International News Oil

Jubilee South East Project Begins Production Offshore Ghana

Tullow Oil the first production well from the Jubilee South East (JSE) Project, offshore Ghana, has been brought onstream. Announced by Tullow Oil, along with its joint venture partners Kosmos Energy, Ghana National Petroleum Corporation (GNPC), and PetroSA, the independent oil and gas exploration and production (E&P) company, the project’s start-up marks a significant milestone. Alongside the commencement of operations, there are plans for a second production well and an additional water injection well, scheduled

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