Kuwait witnessed a sharp decline in its fuel oil exports for the month of October. According to trade sources, analysts and ship-tracking data, exports plunged by more than 30% compared to the previous month, following a record high in September. The drop in exports is primarily attributed to the diversion of supply towards domestic power generation.
Iraq is set to approve an oil and gas law allowing foreign firms to share in production, despite disputes with Kurdistan. In a significant development, Iraq is set to approve a groundbreaking oil and gas law that will open the doors for foreign companies to participate in the country’s energy production, despite ongoing tensions with the autonomous Kurdistan region. The announcement was made by Asim Jihad, the spokesman for Iraq’s Oil Ministry, during a statement
Algeria’s national oil company Sonatrach has announced that it will resume oil operations in Libya, after suspending its activities on and off since 2011 due to security concerns. Sonatrach’s CEO, Rachid Hachichi, initiated a conversation with the Chairman of Libya’s National Oil Corporation (NOC), Farhat Bengdara, to discuss the resumption of oil operations in Libya. The announcement comes after Sonatrach officially lifted its force majeure in the country last August. Both parties have agreed to
Petra Diamonds has deferred expansion projects at two South African mines and pushed back other planned expenses in response to weak trading conditions. The miner is targeting cash savings of up to $75 million by June 2024, aiming to improve short- and medium-term liquidity until the market stabilizes, management announced Wednesday. Measures include pushing off the “C-Cut” extension project at Cullinan and partially delaying the deposit’s “CC1E” expansion, both until the end of June 2024.
A bill enabling Uganda National Oil Business (Unoc), a state-owned oil business, to buy and supply oil to Uganda’s domestic market has been passed by the country’s cabinet. The bill will terminate the present method of importing oil through Kenyan wholesalers if it is approved by parliament. The goal of this new initiative, according to Energy Minister Ruth Nankabirwa who spoke on the issue on Tuesday, is to “improve the security of supply of petroleum products
Nigeria’s Government aims to reopen the country’s Kaduna oil refinery by the end of 2024. Currently undergoing a rehabilitation project, the refinery will have an initial production rate of 60,000 barrels per day. The announcement was made by Nigeria’s Minister of State for Petroleum Resources, Heineken Lokpobiri, during an assessment of the ongoing quick-fix project at the Kaduna refinery. Poised to ensure the West African country’s energy security and socioeconomic development, the rehabilitation of the
Government and its partners are working tirelessly, and I am happy to report that we are on track to have the first oil by the end of 2025,” Nankabirwa said, while presenting a statement on the status of oil and gas projects in the country, to Parliament on Wednesday, 25 October 2023. According to Nankabirwa, the government has already drilled a total of 11 oil wells; eight in the Tilenga and three in the Kingfisher
The state-owned Egyptian Chemical Industries Company (KIMA) reported a decline in natural gas supplies, according to a bourse statement on Tuesday 31st October. The news came amid media reports that gas supplies to fertilizer companies had been cut by 30 percent. The news led to a sharp decline in the stocks of petrochemical companies, including Kima, Misr Fertilizers Production Co (Mopco), and Abu Qir Fertilizers (ABUK), which dropped 11.82 percent, 13.11 percent, and 11.49 percent,
The Italian engineering and construction services firm, Rosetti Marino, has been awarded a $300-million contract by the oilfield services company Saipem to carry out Engineering, Procurement and Construction services for a project offshore Libya. Under the contract, Rosetti Marino will be responsible for constructing a Gas Recovery Module (GRM) weighing approximately 5,000 tonnes, modifying the existing central processing platform to accommodate the new GRM, and refurbishing the staff accommodation module. Expected to be completed in
The energy sector grapples with uncertainty as traders prioritize current fundamentals while demand weakens during the approaching low-demand season. The energy sector has recently experienced a series of fluctuations that have sent ripples through the global market. These fluctuations are predominantly tied to the losses in crude oil and diesel, which have raised questions about the sector’s stability. Amidst this uncertainty, experts are closely monitoring the market focus, which alternates between the risk of a
