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Economy Gas International Oil

China’s CNOOC Plans Offshore Oil and Gas Development in Tanzania

China’s CNOOC is planning offshore oil and gas development in Tanzania in partnership with the state-owned Tanzania Petroleum Development Corp. This move comes as Tanzania aims to enhance the development of its natural resources. According to Tanzanian Energy Minister January Makamba, the collaboration will focus on deep-sea blocks 4/1B and 4/1C, which are currently held by TPDC. These blocks are situated near substantial gas fields that were discovered by a consortium of international energy companies

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Economy International Oil Petroleum

Brent crude oil price for delivery in August decreased by 3.89% to $74.13 per barrel

The price of Brent crude oil, which serves as a reference for Angolan exports, for delivery in August, ended Thursday on the London futures market with a 3.89% decrease, reaching $74.13. The unexpected half percentage point increase in the benchmark interest rate by the Bank of England has raised concerns about a reduction in oil demand growth, according to analysts. This concern countered the optimism that had driven prices in the previous session, thanks to

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International Mining News

Ionic Rare Earths Makes Significant Progress with Drilling Operations at Uganda’s Makuutu Project

Ionic Rare Earths Limited (IonicRE), an Australia-based global mineral exploration company, is making significant progress in its Makuutu Rare Earths Project in Uganda. The company has completed drilling 45 holes under the ELOO147 license, and the mineral samples extracted will be sent for testing in Perth. Additionally, IonicRE has begun drilling 51 out of the planned 76 holes under the ELOOO257 permit, utilizing the RAB drilling rig. The company plans to start infill drilling under

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Economy Energy Gas International Renewable Energy

Mauritania’s Hydrocarbons Company Updates Gas and Renewable Projects

Mauritania possesses natural resources of world-class quantity and quality, including gas, solar and wind renewables, and minerals. These three pillars form an integrated and synergetic strategy adopted by the government to establish the country as an energy and steel hub for the local, regional, African, and international markets. Within this context, SMH is actively involved in various projects, both in the exploration and development stages. In terms of exploration, we are collaborating with partners Shell

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Economy International

Saudi Arabia Presents $8 Billion Plan to Host Expo 2030

Saudi Arabia has unveiled its proposal to host Expo 2030 to the General Assembly of the Bureau International des Expositions (BIE) in Paris. The Saudi plan, presented by the Kingdom’s delegation led by Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah, outlines a comprehensive strategy for the event with a budget allocation of $7.8 billion and a theme focused on global togetherness. Riyadh, the capital city of Saudi Arabia, is prepared to welcome

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Economy International Oil

Kuwait Oil Company’s CEO Announces $43 Billion Investment in New Oil Projects”

In a recent report, it was stated that Kuwait Oil Company (KOC), a state-owned company, plans to invest approximately $43 billion in new oil projects over the next five years. The CEO of KOC, Ahmed Jaber al-Aydan, revealed this information during a local seminar. The aim of these investments is to expand Kuwait’s oil production by nearly 200,000 barrels per day. Currently, Kuwait has a crude oil production capacity of around 2.8 million barrels per

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Economy International News

World Bank Empowers Angolan MSMEs with $300M Initiative

The World Bank has recently launched the Accelerating Economic Diversification and Job Creation Project in Angola. This initiative aims to create opportunities for micro, small, and medium enterprises (MSMEs) in strategic sectors of the economy. With a capital injection of $300 million, the project seeks to promote economic diversification and private sector investment, specifically focusing on the Lobito Corridor. The Lobito Corridor is a vital trade route that traverses Angola, connecting the mining regions of

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Energy International News

Egypt and Saudi Arabia to Launch $1.8 Billion Electrical Interconnection Project

Egypt and Saudi Arabia are gearing up to initiate a $1.8 billion electrical interconnection project, with testing scheduled to commence next month and trial operation set for next year. This project marks the first large-scale high-voltage direct current (HVDC) interconnection in the MENA (Middle East and North Africa) region. It involves the connection of three substations through 1,350 kilometers of overhead power transmission lines and 22 kilometers of submarine cables. A consortium consisting of Hitachi

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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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