The Antonini Group, an Italian engineering and construction company, has secured a $217 million contract for the construction of the Sabratha platform compression project in Libya. The project, commissioned by the Mellitah Oil and Gas Company a joint venture between Libya’s state-owned National Oil Corporation and the Italian firm Eniv will involve the creation of a compression unit to be installed on a gas platform situated 42 m above sea level and 120 m from
Oil prices surge 4% amidst escalating Israel-Hamas conflict The Israel-Hamas conflict drives oil prices up 4%, reaching $88.41 per barrel. Saudi Arabia calls for de-escalation amidst rising tensions. During the early hours of Saturday 7th October 2023, coinciding with a significant Jewish holiday, the Palestinian militant group Hamas initiated a multifaceted incursion into Israel, utilizing land, sea, and air, including paragliders. This attack occurred shortly after thousands of rockets had been launched from Gaza into
Joseph Anis, President and CEO of GE Vernova’s Gas Power business for Europe, the Middle East, and Africa, sheds light on the emerging economic and environmental prospects associated with flare gas and related technologies in the MENA region. Globally, substantial volumes of natural gas are annually flared or released into the atmosphere at oil production sites, contributing to significant carbon dioxide (CO2) and methane emissions equivalent to the output of 83 million cars, as estimated
The violence in Israel will likely prompt a move into safe-haven assets as investors closely watch events in the Middle East to gauge geopolitical risk to markets. Gunmen from the Palestinian group Hamas entered Israel in an unprecedented attack on Saturday 7th October. Western countries, led by the United States, denounced the attack and pledged support for Israel. Rising geopolitical risk could see buying in assets like gold and the dollar, and potentially boost demand for US
London-listed Petra Diamonds has released initial results for its Tender 2 sales, which have been brought forward owing to a two-month moratorium on diamond imports to India starting on October 15. The initial results of Tender 2, which account for 75% of the total tender volume, indicate sales of 344 554 ct for $30.2-million. The average price realised in the tender was $88/ct, which is between 16% and 18% lower than the average price achieved
Canada-based miner Fortuna Silver Mines has achieved a new gold production record, with its five mines in West Africa and Latin America producing a combined 128 671 gold-equivalent ounces (GEOs). This is a 38% increase compared with the second quarter and a 26% improvement on the same production a year earlier. The NYSE- and TSX-listed firm produced 94 821 oz of gold and 1.7-million ounces of silver during the three months under review. Gold production
A total of 3.4 million barrels of oil per day was produced on average by Brazil in August, which represents an increase of 12.2 percent compared to the same month last year. According to data released by the National Petroleum Agency (ABP), in relation to July, production fell 1.4 percent. The maritime fields of the pre-salt oil horizon, which are located in deep waters of the Atlantic Ocean, have once again become the country’s main
The price of oil will continue to stay elevated as demand for energy increases, says the secretary general of Opec+. Opec+ is a group of 23 oil-exporting countries which decides how much crude oil to sell on the world market. “We see demand growing about 2.4 million barrels a day,” Haitham Al Ghais told the BBC. Saudi Arabia said it would be cutting its production of crude oil by a million barrels a day to
Nafusah Oil Operations – a joint venture comprising the Libyan National Oil Corporation, Medco International Ventures Limited and the Libyan Investment Authority – has kickstarted the connection of the North Hamada fields to the El-Feel pipeline and Mellitah oil and gas treatment facilities in Libya. The aim is to ensure the transportation of 10,000 barrels of crude oil per day from the North Hamada fields for processing at Mellitah and monetization both on the local
Home to an established energy market that provides for a wide range of oil and gas, renewable energy and power distribution investment opportunities, Algeria is well-positioned to serve as a major energy supplier to regional and global markets. The north African country holds up to 159 trillion cubic feet (tcf) of natural gas resources and 12.2 billion barrels of oil reserves, producing approximately 970,000 barrels of oil and 9.9 billion cubic feet of gas per
