Iraq will soon begin inviting investors for the construction of a 100,000 barrels per day (bpd) oil refinery in its Eastern Wasit Governorate, its governor was quoted on Monday as saying. Mohammed Al-Mayahi said he was told by Iraq’s Oil Minister Hayan Abdul Ghani that the Ministry would soon offer the project in Kut city to investors. “The Minister has promised that this project will be shortly offered to investors… there is no doubt the
ADNOC, one of the largest oil and gas companies globally, has recently revealed job opportunities for individuals seeking employment in the oil and gas industry. ADNOC operates in various sectors, including exploration, production, refining, distribution, and marketing, and holds a significant role in the energy sector of the UAE, with a focus on Abu Dhabi. Being a government-owned company, ADNOC operates under the supervision of the Supreme Petroleum Council (SPC), which sets the overall strategic
ADNOC is accelerating its decarbonisation plan to bring forward its net zero ambition to 2045, from its previous target of 2050, and to achieve zero methane emissions by 2030. “These new targets mark a new chapter in ADNOC’s transformational journey to a lower-carbon future,” the company said in a press release. ADNOC is also set to increase investments in and double down on its decarbonisation efforts, backed by an initial $15 billion allocation to low-carbon
Crude oil prices have surged higher as we enter August, following an impressive performance in July. The impact of OPEC+ production cuts seems to be taking effect, as economic growth shows signs of picking up. The recent performance in the WTI futures market also suggests a positive outlook for oil prices. Last month, the WTI futures contract recorded a remarkable 15.80% increase, while the Brent contract gained 14.15%. Several factors have contributed to this surge
De Beers says that early data indicate that their two concession sites in the Angolan provinces of Lunda Norte and Lunda Sul have great geological potential. Group spokesperson David Johnson told Rough&Polished’s Mathew Nyaungwa in an exclusive interview that they are looking forward to commencing fieldwork to investigate this further through their joint venture partnership with the state-owned Endiama. Fieldwork will primarily focus in airborne surveys while also preparing for the discovery drilling process. Johnson
After a continued strong recovery in global consumer demand for diamond jewelry during the end of the 2021 financial year, 2022 started with healthy demand, with stock conditions improving across all segments, with polished stones rising due to the good business environment. The De Beers Group report for the 2022 financial year points out that the World Diamond sector has known, in the last two years, remarkable production levels, taking into account the increased demand
Angola and Botswana are looking at strengthening bilateral relations while exploring new areas of cooperation to support economic growth. The respective Presidencies announced plans to formalize the signing of outstanding memoranda of understandings while inking new agreements in the fields of trade, air services and energy. Angolan President João Lourenço and his Botswanan counterpart Mokgweetsi Masisi agreed to work together to sign the Double Taxation Avoidance Agreement; Bilateral Air Services Agreement; Mutual Legal Assistance Agreement;
Crude oil prices have rallied over 17 percent since bottoming. Retail traders are now majority short for the first time since April. This hints at an increasingly bullish contrarian conviction. Crude oil prices have rallied over 17 percent since bottoming in the middle of June. So far this month, WTI is up over 13%. If gains are sustained, this would mark the best 20-day period for oil since January 2022. In response, retail traders have
Angola employed approximately $549 million in the importation of 704.7 million metric tons of fuel for commercialization during the 2nd quarter of 2023, which is 21% less than the same period in 2022, as declared yesterday in Luanda by the Director-General of the Petroleum Derivatives Regulatory Institute (IRDP). Luís Alves Fernandes, speaking during the presentation of the sector’s balance from April to June, stated that the imported volume represents about 68% of the total fuel
The construction works of Sonangol’s Research and Scientific Development Center in Sumbe are 92 percent complete and are expected to be finished in September, with the installation of laboratory systems set to begin. Sonangol Executive Administrator Joaquim Fernandes was quoted yesterday on the Ngol program, broadcast by the company on Channel A of Radio Nacional de Angola, stating during a visit to the facilities that this progress will enable the integration of technicians assigned to
