The Government of Angola plans to increase gas production levels in the coming years, with the entry of a new consortium, which will explore new oil fields. The information was provided by the president of the National Oil, Gas and Biofuels Agency (ANPG). Paulino Jerónimo, who was recently reappointed for his second term at ANPG, highlighted that the new consortium for gas production in the country is made up of several companies. Their mission is to
Natural gas prices continued to fall, with a mild winter and an overproduction that caused producers in the American shale zone to try to reduce production, but oil companies that produce gas as a byproduct disrupted the plans. For commodity traders, the floor is likely around $1.50, with February prices now below $1.70 per cubic meter. This situation led Chesapeake Energy to announce in its earnings report earlier this week that it would scale back its drilling
Sintana Energy has surged to the top position on the TSX Venture 50, propelled by its significant oil and gas discoveries in the Orange Basin. The company’s indirect interest in the PEL 83 exploration campaign, led by Galp Energia (80%), Namcor (10%), and Custos (10%), has positioned it as a standout performer among 50 other companies. With Custos Energy, in which Sintana holds a 49% indirect ownership, the CEO, Robert Bose, emphasized the transformative impact
Petrobras unveiled plans on Tuesday February 19th to launch the pilot phase of the Hisep project within four years, aiming to reinject carbon dioxide (CO2) extracted from oil fields underground. Unlike traditional methods, Hisep conducts this process directly on the seabed rather than on the platform. The pilot phase is scheduled to take place in the pre-salt Mero field located in the Santos Basin. Following successful laboratory tests, Petrobras will proceed with the assembly of
The Minister of Mineral Resources, Oil, and Gas, Diamantino Azevedo, urged the newly appointed members of the Board of Directors of the National Petroleum, Gas, and Biofuels Agency (ANPG) to uphold the ongoing initiatives aimed at stabilizing production and sustaining strategies for block bidding. Presiding over the inauguration ceremony in Luanda, Azevedo emphasized the need for swift action to ensure the implementation of these directives. Acknowledging the accomplishments of the outgoing administration over the past
The Egyptian Natural Gas Holding Company (EGAS) and Turkey’s state energy company, BOTAŞ, have forged an agreement to collaborate on natural gas and LNG trading. This landmark agreement was formalized during President Erdogan’s first visit to Egypt in over a decade. The collaboration encompasses various facets, including exploring natural gas and LNG trading opportunities, joint efforts in natural gas infrastructure development and underground storage, as well as the exchange of technical expertise and knowledge. In
As Africa gears up to harness its gas resources for both domestic consumption and international markets, the United States is increasingly recognizing liquefied natural gas (LNG) as a pivotal avenue for investment, alongside traditional oil exploration. Recent projections by energy research and consultancy group Wood Mackenzie in October 2023 highlighted Africa’s ambitious $800-billion, 20-year upstream capital expenditure program, poised to yield world-class LNG projects in Mozambique and floating LNG (FLNG) ventures across five countries. This
Four hydrocarbon research and prospecting wells will be drilled in Mozambique this year. Two of the wells will be drilled in the Angoche region, one in the Búzi area and a fourth in the PT5-C area operated by Sasol, a source from the National Petroleum Institute (INP) told ‘Notícias’. This will be the second time in almost a year that drilling has been carried out in Angoche. Last year, Eni drilled a well, with negative
Angola is at the forefront of nurturing its domestic service industry within the oil and gas sector through robust local content regulations. These policies are instrumental in creating revenue streams for local service firms while enhancing their overall contribution to the industry. The Angolan government’s commitment to local content is exemplified through its Angolanization initiative, aimed at empowering national entrepreneurship by favoring local service providers in oil and gas contracts. Enshrined in official decrees such
The Republic of Congo is a mature hydrocarbon market with proven resources, including 1.8 billion barrels of oil reserves and 284 billion cubic meters of natural gas reserves. Despite this, the country’s on- and offshore territory remains underexplored and operators have been slow to add value to crude resources. However, a new gas monetization drive, coupled with several offshore exploration and development programs, presents investors with dynamic opportunities in gas processing and refining, LNG trade
