The Cabinet commended the joint statement issued by the Kingdom and France on cooperation in the field of energy and the keenness of the two countries to implement the United Nations Framework Convention on Climate Change and the Paris Agreement. JEDDAH — The Cabinet, chaired by Custodian of the Two Holy Mosques, King Salman on Tuesday at Al-Salam Palace in Jeddah, was briefed on the outcome of the official visit of Crown Prince and Prime Minister
The companies will increase output from two Sahara desert fields in southeastern Algeria, for export to France and elsewhere in Europe Algeria’s state oil company Sonatrach said Sunday it had signed contracts to boost gas production under an existing agreement worth about $740 million with French giant TotalEnergies. The companies will increase output from two Sahara desert fields in southeastern Algeria, for export to France and elsewhere in Europe, the company said in a statement.
Gold prices reached a nearly three-week high on Tuesday 11th of July 2023, supported by a weaker dollar, as investors awaited U.S. inflation data that could impact the Federal Reserve’s decision on interest rate hikes. At 1223 GMT, spot gold was up 0.4% at $1,932.69 per ounce, marking its third consecutive session of gains. U.S. gold futures also rose 0.4% to $1,938.20. UBS analyst Giovanni Staunovo commented on the reaction to the U.S. inflation data,
The government of Uganda, through the Ministry of Energy and Mineral Development, has announced that it is seeking investment partners to advance the development of a 60,000 barrel-per-day oil refinery. In a press statement, the ministry stated that it has reached several milestones regarding the implementation of the refinery and now seeks financing to progress further. Specifically, the Ministry is turning to public sector capital providers to accelerate the implementation of the downstream project. “The key achievements
Kuwait’s oil minister, Saad Al Barrak, has announced that Kuwait plans to invest more than $300 billion in the energy sector by 2040. Al Barrak made this statement during the 8th OPEC International Seminar held in Vienna. The country aims to increase its oil production capacity to 3.2 million barrels per day by the end of 2024. According to Al Barrak, Kuwait plays a positive role in supporting OPEC and works towards fostering consensus and
Used for the production of lithium-ore batteries, copper and cobalt are becoming increasingly sought after as nations move to transition to a renewable energy future. A 2023 Battery Metals anticipates global copper production to increase by an average rate of 3.2% a year between 2022 and 2031, with output rising from 2.1 million tons to 28.2 million tons per year (t/y) during the same period. In this scenario, the report states that Africa – rich in
The South Sudan Oil & Power (SSOP) 2024 show was officially launched by South Sudan’s Ministry of Petroleum and organizer Energy Capital & Power. As a member of OPEC+, South Sudan is positioning itself as a player in the international petroleum sector and is becoming an attractive destination for onshore oil and gas investment. SSOP 2024 is scheduled to take place in Juba from June 25-28, 2024. During the OPEC 8th International Seminar in Vienna,
Equatorial Guinea’s Minister of Mines and Hydrocarbons, H.E. Antonio Oburu Ondo, will be delivering a keynote speech at the Angola Oil & Gas (AOG) conference in Luanda from September 13-14, 2023. H.E. Minister Ondo, who is also the current President of the Organization of Petroleum Exporting Countries (OPEC), brings a wealth of experience to the conference, having previously served as the Managing Director of Equatorial Guinea’s National Oil Company (NOC) GEPetrol. His participation at the
The Emerging Africa Infrastructure Fund (EAIF) – a development finance organization established under the Private Infrastructure Development Group – has invested €11.5 million via a senior secured loan for the construction of an integrated solar and battery storage project in Senegal. Dubbed the Walo facility, the 16 MW solar facility will comprise a battery energy storage system with a capacity of between 10 to 20 MW. The project will be constructed and thereafter operated by
As part of the recently agreed deal between Botswana Government and De Beers Group, the diamond mining giant will continue to support Botswana’s diamond beneficiation efforts. The company will partner with one of its sightholders to set up a state of the art jewellery manufacturing facility in Botswana. De Beers Executive Vice President – Diamond Trading Paul Rowley said on Tuesday July 4th that the facility will initially create 200-250 jobs and it will deal
