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
The Gulf region, known for its abundant crude oil reserves, is currently undertaking several refinery projects aimed at boosting the refining and petrochemicals industry. These projects, with a combined investment of over $40 billion, are expected to have a significant impact on the region’s economy. Here are the top five ongoing refinery projects in the Gulf region: These ongoing refinery projects in the Gulf region highlight the significant investments being made to meet domestic demand,
Oil fluctuated near stability during yesterday morning but held onto gains after the report on reserves from the United States last week, released by the Department of Energy (DoE). Additionally, the weaker dollar contributed to the movement. US oil reserves rose by 118,000 barrels last week, crude oil for August closed 1.13% higher at $72.45 per barrel on the New York Mercantile Exchange (Nymex), while Brent crude for August advanced 1.41% to $76.78 per barrel
BW Offshore, an oil industry company, has secured a short-term lease extension for the FPSO Espoir Ivoirien to CNR (Canadian Natural Resources International). The extension agreement ensures the continued operation of the FPSO vessel off the coast of Ivory Coast until June 9, 2023. The FPSO Espoir Ivoirien, originally a Suezmax tanker converted in 2001, has a production capacity of 45,000 barrels of crude oil per day and a storage capacity of one million barrels.
Kenya is keen on strengthening bilateral relations with Angola in various sectors, including energy, agriculture, and trade. During a visit to Angola in early June, Kenya’s Prime Cabinet Secretary Musalia Mudavadi and Minister of Foreign Affairs Alfred Nganga Mutua emphasized the importance of cooperation in driving domestic economic growth. They highlighted Kenya’s intention to leverage Angolan expertise to enhance investment, development, and intra-African trade. Discussions between Mudavadi and Angolan President Joāo Lourenço, as well as
Dr. El-Markabi will deliver an international ministerial address during the summit’s opening ceremony on 15 June in Juba. Egypt has been a strategic partner for South Sudan, offering support and collaboration through various knowledge-sharing and project development initiatives. The participation of Hon. Minister Dr. El-Markabi at SSOP aims to strengthen the bilateral relationship between the two countries and promote cooperation in the oil, gas, and infrastructure sectors. The article also mentions that South Sudan’s partnerships
