Russian oil and gas revenues in July, projecting a 60% rise from May receipts to 844 billion roubles ($9.3 billion). The boost in income is attributed to cyclical patterns and is expected to help alleviate Moscow’s budget deficit, which reached 2.6 trillion roubles ($28.7 billion) in the first half of the year. Russia’s Finance Minister, Anton Siluanov, had previously acknowledged that the country’s budget deficit in the coming year might exceed the expected 2% of
The President of the National Agency for Oil, Gas, and Biofuels (ANPG), Paulino Jerónimo, appealed on Thursday in Luanda for oil companies to continue investing in the Oil and Gas sector to increase production levels so that the country can surpass the current levels evaluated at one million and 100 barrels per day. The CEO of ANPG, who spoke at the closing of the Sustainability Forum in the Petroleum sector, part of the Oil and
From September 3 to September 14 of this year, the country will host the 4th edition of the International Angola Oil and Gas Conference, with the participation of more than 40 oil and gas industry producing and service-providing companies. The President of Energy Capital and Power, the event organizer, pointed out that the conference will serve as an opportunity for investors to explore the great potential of Angola’s Oil and Gas sector and the favorable
Nigeria and Equatorial Guinea have expressed their interest in collaborating on the development of the regional oil and gas sector. The two countries are looking to formalize a partnership to support investment, regional employment, and trade while jointly spearheading energy projects. During a meeting between Equatorial Guinea’s Ministry of Planning and Economic Diversification and the Nigerian Content Development and Monitoring Board (NCDMB), several areas of cooperation were identified. The key areas of collaboration include establishing
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
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
Luanda hosts the 4th edition of the Angola Oil & Gas in September, as announced by the Ministry of Mineral Resources, Petroleum, and Gas (MIREMPET) on their official Facebook page on Tuesday 18th of July 2023. The event, organized by Energy Capital & Power in collaboration with MIREMPET, will take place at the Talatona Convention Center and aims to bring together experts from the global oil and gas sector. They will analyze topics related to
The Korea Gas Corporation (KOGAS) is set to participate in a US$7 billion (9.2 trillion won) gas development project in Mozambique, Africa. The project, dubbed the Mozambique Area 4 Coral North Floating Liquefied Natural Gas (FLNG) project, is a follow-up to the Coral South FLNG, which KOGAS had previously joined. According to KOGAS and industry sources on June 30, Italian energy company Eni recently submitted an official proposal for the Coral North project to the
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
Kuwait National Petroleum Co (KNPC) is currently working on implementing a strategy for reviewing the terms and conditions of new contracts, according to a local media report. The company will consider not awarding the same scope of work to the same contractor for different areas in the future to avoid any potential failure to implement the assigned work. This strategy will include clauses specifying fines to impose on the contractor in case of such a
