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
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
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
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
Angola’s oil and gas sector, which comprises over 90% of the country’s exports, is expected to play a crucial role in diversifying and growing its economy. The government aims to create a more favorable business environment to encourage private investment and local content development. As part of this strategy, the Minister of Finance, Vera Daves de Sousa, has highlighted the potential for significant improvements in agriculture, fisheries, and industry, driven by the oil sector. Angola’s
According to HE Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs and President and CEO of QatarEnergy, natural gas will remain a critical component of the global energy mix for several decades to come. Speaking at the 12th LNG Producer-Consumer Conference in Tokyo, Al-Kaabi emphasized the importance of gas as a safer and reliable base load in the energy mix of most countries, extending well beyond 2050. Al-Kaabi highlighted the necessity for a
ADNOC Gas signs a long-term agreement with Indian Oil Corporation to supply liquefied natural gas (LNG). The deal is valued between $7 billion and $9 billion. ADNOC Gas, the integrated gas unit of Abu Dhabi National Oil Company (ADNOC), will export up to 1.2 million metric tonnes per annum (mmtpa) of LNG to Indian Oil over a 14-year period. The agreement is seen as a significant milestone for ADNOC Gas in expanding its global presence
Nuru, an energy startup based in the Democratic Republic of the Congo (DRC), has secured $40 million in equity funding toward its mission of providing stable electricity to all five million residents of the country. Many different organizations contributed to this round of funding, including the International Finance Corporation (IFC), the Global Energy Alliance for People and Planet (GEAPP), the Renewable Energy Performance Platform (REPP), Proparco, E3 Capital, Voltalia, the Schmidt Family Foundation, the GAIA
Angolan oil production began to recover in May and is expected to grow slightly by the end of the year, following a temporary decline in the first quarter, mainly due to maintenance operations, according to the consultancy firm Oxford Economics. The firm released predictions about the growth of the national economy throughout the current year on Monday. The report cited by Lusa states, “The production decline was only temporary due to maintenance work, and production
After months of decline following falling crude prices, gasoline and diesel prices have started rising thanks to soaring crude prices. The national average gas prices in the United States have inched up to $3.565 per gallon from $3.543 a week ago, while a gallon of diesel now averages $3.842 from $3.837 a week ago. Oil markets are looking to build on three straight weeks of increases, which coincides with the oil price rally. Oil markets
