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Category: Gas

Economy Gas Oil

Kenya Urged to Invest More in Oil Facilities to Tap $8 Billion Revenue

The Chairman of the state-owned National Oil Corporation of Kenya, Kiraitu Murungi, has called on the government to increase investments in oil production in order to access potential revenue estimated at 1.1 trillion shillings ($8 billion). Murungi, a former energy minister, believes that boosting investments in hydrocarbon production will help alleviate the nation’s debt crisis, as reported by the state-owned Kenya Broadcasting Corp. According to Murungi, Kenya has the potential to earn at least $8

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Energy Gas International Oil Renewable Energy

TotalEnergies Announces Launch of Major Project in Iraq as Part of $27 Billion Framework

TotalEnergies, a French energy company, is preparing to launch a significant project in Iraq as part of a $27 billion framework agreement signed between Iraq and France in September 2021. The project involves the construction of a 1,000 megawatt solar power park in the Artawi oilfield located in Basra, southern Iraq. The endorsement for the project was given by Iraq’s Electricity Minister, Ziad Fadil, during discussions with a TotalEnergies delegation in Baghdad. The initiative is

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Economy Gas International

Iraq’s Basrah Natural Gas Project Successfully Begins Operations

China Petroleum Engineering & Construction Corp (CPECC) announced that the first train of the Iraq Basrah natural gas liquids plant (BNGL) has been successfully put into operation. The project, awarded to CPECC in 2019 by Basrah Gas Co, aims to enhance capacity by 40% through the addition of a greenfield gas processing plant with a daily capacity of 400 million standard cubic feet (cf/d), equipped with two trains capable of handling 200 million cf/d each.

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Energy Gas Oil

Mauritanian Advisor Discusses Pipeline Construction and Local Content Promotion

In an exclusive interview with Energy Capital & Power, Khroumbaly Lehbib, the advisor in charge of upstream hydrocarbons at the Ministry of Petroleum, Mines, and Energy of Mauritania, discussed various aspects of Mauritania’s energy strategy. One of the key topics addressed was the development of a transportation system in the country, considering the upcoming gas production from the Greater Tortue Ahmeyim (GTA) field. Lehbib confirmed that the Mauritanian government is considering the construction of a

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Gas Oil Petroleum

China National Chemical Engineering(CNCEC)and Sonangol Establish Collaboration for Lobito Refinery

The Angolan state oil company, Sonangol, has signed a Memorandum of Understanding (MoU) with China National Chemical Engineering (CNCEC) in Beijing for the construction of the Lobito Refinery. The MoU stipulates that the parties will raise the necessary financing for the project and may lead to a contract for the construction of this important infrastructure by the Chinese company. The MoU was signed on June 6th in Beijing, China’s capital, by Gaspar Martins, the president

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Economy Gas Oil

Oil rises as OPEC+ announces production cut

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

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Economy Gas Oil

Angolan Govt Maintains discount on ISP for diesel and gasoline

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

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Energy Gas Oil

AECIPA advocates the capitalization of national oil companies

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

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Gas Oil Renewable Energy

Angola and DRC to Share Offshore Block 14

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

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Economy Gas Oil

Africa’s LNG Industry Poised for Major Expansion

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

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