African Energy Chamber and Gazprom to Host International Gas Roundtable to Discuss Economic Development and the Role of Gas on a Global Scale The African Energy Chamber (AEC) and Russia’s Gazprom are teaming up to organize the prestigious International Gas Roundtable, an exclusive event that focuses on the crucial role of gas in driving economic development. Scheduled to take place on June 22, 2023, at the esteemed Leonardo Hotel in Johannesburg, the roundtable aims to
With promising projects coming online this year, such as the Sangomar oil project in Senegal and the Greater Tortue Ahmeyim development located on the Senegal-Mauritania maritime border, it has become critical for MSGBC countries to establish effective governance policies to maximize the benefits of new energy supplies introduced to the market. Implementation of Special Economic Zones Special Economic Zones (SEZ) or free zones could be established between MSGBC governments and private sector operators to attract
Iraq’s Ministry of Oil has unveiled the locations of the 11 exploration sites for the sixth licensing round, clarifying the eligibility criteria for participating companies, according to press reports. All the exploratory sites for this licensing round are located in the western region. Muhammad Al-Saadi, Assistant Director General of the Petroleum Contracts and Licenses Department at the Ministry, said that these sites are mostly unexplored and cover an expansive area ranging from 6,000 to 9,000
Kuwait has announced the appointment of Saad Al Barrak as the new oil minister, replacing Bader Al-Mulla. The formation of a new cabinet and the appointment of Al Barrak were carried out by Sheikh Ahmad Nawaf Al-Ahmad Al-Sabah, who was re-appointed as the prime minister the previous week. The announcement of the new cabinet was made through a decree published by the state news agency KUNA. In addition to the new oil minister, Kuwait also
Luanda is hosting today, at 8:30, at the Epic Sana Hotel, a Roadshow for the awarding of 12 (twelve) oil blocks In this type of event, many national and international oil companies will participate. This even is organized by the National Agency for Petroleum, Gas and Biofuels (ANPG), the Roadshow provides details about eight blocks in the Kwanza Onshore Basin (namely Blocks KON 1, KON 3, KON 7, KON 10, KON 13, KON 14, KON
Nigerian billionaire Aliko Dangote inaugurated the largest refinery plant in the world on Monday, May 22, 2023, in Lagos. The inauguration ceremony was attended by former President Muhamadou Buhari and four other dignitaries from the continent. Nigeria, with its population of 215 million, is one of the largest oil producers in Africa. However, due to the failure of its state refineries, the country has been forced to import most of its fuel, leading to fuel
The main oil and gas producing countries continue to increase their investments in the production of fossil fuels even when they should have already ended it, in order to limit global warming to +1.5°C,” indicates a pro-climate structure. According to this analysis, fossil fuels are at the heart of climate disturbances. The analysis also illustrates that oil, gas, and coal alone are responsible for approximately 90% of global greenhouse gas emissions. Some of the major
Algeria’s state-owned oil company, Sonatrach, has signed a contract worth $800 million with Indonesia’s Pertamina and Spain’s Repsol to undertake joint exploration and production of hydrocarbons. The contract stems from a memorandum of understanding signed by the three companies on September 28, 2022. The contract entails an ambitious work program, which includes several key projects. Among them are the construction of an LPG (liquefied petroleum gas) extraction unit, the drilling of twelve oil wells, and
Oil traders (financial market investors seeking to profit from short-term operations, taking advantage of market volatility) are beginning to ignore the most important person in the market and it can be a risky move. Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, promised to unilaterally cut the country’s oil production in July to the lowest level in over a decade, excluding Covid-19 era restrictions. The Saudi described the move as a “lollipop.” While there have
According to a report from UBS, the global wealth manager, Brent crude oil is expected to reach $95 a barrel by the end of 2023. UBS’s Chief Investment Officer for Global Wealth Management, Mark Haefele, stated that they consider oil to be their preferred investment and have revised their forecast upward from the current price of $77.90 per barrel. Haefele also recommended selling volatility in Brent crude oil and highlighted the appeal of longer-dated oil
