The price of Brent crude oil, which serves as a reference for Angolan exports, for delivery in August, ended Thursday on the London futures market with a 3.89% decrease, reaching $74.13. The unexpected half percentage point increase in the benchmark interest rate by the Bank of England has raised concerns about a reduction in oil demand growth, according to analysts. This concern countered the optimism that had driven prices in the previous session, thanks to
Mauritania possesses natural resources of world-class quantity and quality, including gas, solar and wind renewables, and minerals. These three pillars form an integrated and synergetic strategy adopted by the government to establish the country as an energy and steel hub for the local, regional, African, and international markets. Within this context, SMH is actively involved in various projects, both in the exploration and development stages. In terms of exploration, we are collaborating with partners Shell
Saudi Arabia has unveiled its proposal to host Expo 2030 to the General Assembly of the Bureau International des Expositions (BIE) in Paris. The Saudi plan, presented by the Kingdom’s delegation led by Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah, outlines a comprehensive strategy for the event with a budget allocation of $7.8 billion and a theme focused on global togetherness. Riyadh, the capital city of Saudi Arabia, is prepared to welcome
Countries across Africa are taking significant steps to address the energy crisis and increase access to electricity, particularly in sub-Saharan Africa, where 43% of the population still lacks access to electricity. The continent is embracing the potential of renewable energy sources and seeking to leverage its vast reserves of critical minerals necessary for the global energy transition. To facilitate this transition, African nations are implementing policies that consider the energy crisis, climate change, and the
The Africa Energy Forum (AEF) has made history by holding its conference in Africa for the first time. Celebrating its 25th anniversary, the forum took place at the Kenyatta International Convention Centre (KICC) in Nairobi, Kenya. The event, organized by EnergyNet and officially endorsed by Kenya’s President H.E. Dr. William Ruto, commenced on June 20th and will run until June 23rd, 2023. The aef has established itself as the leading gathering of decision-makers in African
Kuwait Oil Tanker Co (KOTC) has announced in a statement that it has awarded a contract for a solar energy project at the gas factories in Um AlAish and Shuaiba. The contract has been granted to Kuwait’s Life Energy Co. and is valued at $6.35 million. The scope of work for this project includes the design, construction, operation, and maintenance of an electric power generation station using renewable energy (6.8MWp) at the two liquefied gas
Gold prices declined in thin trading on Monday as the U.S. dollar strengthened, while market participants looked forward to U.S. Federal Reserve Chair Jerome Powell’s upcoming testimony on Capitol Hill later in the week. By 10 a.m. EDT (1400 GMT), spot gold was down 0.3% at $1,952.00 per ounce. U.S. gold futures also fell by 0.4% to $1,964.00. With the U.S. markets closed for the Juneteenth holiday, trading activity was expected to be slow. The
Angola has emerged as a top destination for large-scale oil and gas investment over the past three decades. With substantial reserves and high returns on investment, foreign investors and project developers are increasingly attracted to the Angolan market. Angola is currently the largest oil producer in sub-Saharan Africa, with confirmed reserves of 9 billion barrels of oil and 11 trillion cubic feet of natural gas. Major oil and gas companies such as TotalEnergies, Chevron, ExxonMobil,
Experts involved in hydrocarbon exploration from the Republics of Angola and the Democratic Republic of Congo (DRC) analyzed the situation of the Common Interest Zone (CIZ) and the approach of the joint mechanism for the supply of petroleum products between Sonangol, Sonahidroc, and Cobil S.A. in Luanda yesterday, Tuesday 20. In the opening of the expert meeting, the Secretary of State for Mineral Resources, Jânio Corrêa Victor, emphasized Angola’s interest in complying with the timeline
Over 50 fuel stations located in border areas were disabled during the first quarter of this year due to smuggling, low profitability for concessionaires, and location. This statement was made by Bruno Dito, a technician from the Department of Commercial Relations, Tariffs, and Prices of the Regulatory Institute for Petroleum Derivatives (IRDP). There are a total of 51 operational fuel stations, with only 37 currently in operation. Dito provided this information during the presentation of
