Crude oil prices rose on 05/07/23 following the agreement among the 13 members of the Organization of the Petroleum Exporting Countries (OPEC) and their 10 allies (OPEC+) to limit supply until 2024 instead of 2023. The announcement of Saudi Arabia’s unilateral and voluntary production cut also contributed to the increase. Oil appreciates after OPEC+ production cut announcement © Photo by: DR Brent crude prices from the North Sea (a benchmark for Angola’s exports and European
The Portuguese government has decided to maintain the unchanged discount on the tax on petroleum products (ISP) this month. The Ministry of Finance announced yesterday June 6th that the discount remains at 13.1 cents per liter for diesel and 15.3 cents per liter for gasoline. The Ministry of Finance will also continue updating the additional charge on carbon dioxide (CO2) emissions, known as the carbon tax, which began in May. It is now being updated
The President of the Association of Companies Providing Services to the Angolan Oil Industry (AECIPA) argued in favor of commercial banks providing financing to oil sector operating companies as a way to help them gain consistency and strength in order to better serve the national economy. In statements to Angop, Bráulio de Brito made this consideration when discussing the Legal Regime on Local Content, in which he deemed the non-existent financial capacity of national companies
The Democratic Republic of the Congo (DRC) is currently in the process of finalizing an agreement with Angola and Chevron, a major oil and gas company, regarding offshore Block 14. This particular block has been a subject of dispute in the past. The agreement aims to make both countries joint holders of the block. The Minister of Hydrocarbons for the DRC, Didier Budimbu Ntubuanga, stated that another meeting is scheduled to take place soon, and
The Republic of Congo is embarking on a new economic era with the launch of its first liquefied natural gas (LNG) project in partnership with Italian energy company Eni. This $5 billion project will utilize natural gas from Eni’s Marine XII project located off the coast of Congo and is expected to produce 3 million tonnes per annum (mmtpa) by 2025. The operation will consist of two floating LNG (FLNG) plants that will process gas
The South Sudan Oil & Power (SSOP) 2023 conference and exhibition, which will take place from 14-16 June in South Sudan’s capital city of Juba, is set to feature a series of keynote presentations and ministerial addresses by a distinguished lineup of international and national ministers from Africa’s energy sector. The opening ceremony, hosted by the Government of South Sudan, will include International Ministerial Addresses. Among the international ministers participating in the event are Hon.
Witness the transformative force of Africa’s burgeoning energy sector at African Energy Week 2023 (AEW), a highly anticipated event hosted by the African Energy Chamber (AEC). From October 16-20, 2023, this prestigious gathering will redefine Africa’s energy landscape, attracting influential experts, industry leaders, government officials, and stakeholders from Africa and around the world. Under the theme, ‘The African Energy Renaissance: Prioritizing Energy Poverty, People, the Planet, Industrialization, and Free Markets,’ AEW aims to chart a
Savannah Energy’s Nigerian subsidiary, Accugas Limited, has signed a gas sales agreement with exploration and production firm Amalgamated Oil Company Nigeria Limited (AMOCON) to supply natural gas to the local market. AMOCON will supply Accugas Limited with up to 20 million standard cubic feet of natural gas per day (MMscfpd), produced in the OML 156 sole risk petroleum lease area onshore Nigeria, over a period of ten years. AMOCON will leverage its new 140m pipeline
U.S. oil and gas production has continued to rise in response to high prices that were prevalent until the third quarter of 2022, according to an article by John Kemp of Reuters. In March, oil output increased by 171,000 barrels per day compared to February, with gains led by the Lower 48 states and the Gulf of Mexico, offsetting lower production from Alaska. Overall, oil output rose by nearly 10% in the first three months
In case you missed the announcements, here is a list of the top five contracts secured for oil and gas projects in the Middle East. Please note that this list is not a ranking. Aramco has awarded a $1 billion engineering, procurement, construction, and installation (EPCI) contract for its Safaniya offshore increment project to China Offshore Oil Engineering Co (COOEC), as reported by DMS Projects. The project includes the construction of 13 offshore jackets in
