The price of a barrel of Brent oil, which serves as a reference for Angolan exports for delivery in July, ended this Thursday 11th May on the London futures market down 1.39%, to US$74.94. The price of Brent lost ground despite it being known that OPEC forecasts a growth in global oil demand of 2.3% in 2023, to a total of 101.9 million barrels per day. The industrialized countries of the Organization for Economic Cooperation
The Brazilian oil company Petrobras reduced, in 2022, oil sales to China from 56 percent of total exports to 42 percent, while increasing volumes destined for Europe, from 14 to 26 percent. According to a report on the results of the first quarter of this year, the Brazilian state-owned company reported that, over the last few years, it has been implementing a “constant search for global opportunities and development of new customers”. decisive for it
Rio Tinto is celebrating 20 years of production from its Diavik diamond mine in the Northwest Territories of Canada. The Diavik diamond deposit was discovered in the 1990s as part of the largest mineral prospecting rush in Canadian history. Commercial production at Diavik began in 2003, and since then Diavik has produced over 140 million carats of rough diamonds through a combination of surface and underground mining. The Diavik production comprises predominantly white gem-quality diamonds
GIA, (Gemological Institute of America) will join Tracr, the world’s only distributed diamond blockchain platform that starts at the source of natural diamonds. GIA’s participation in Tracr will see the world’s leading diamond grading laboratory include an immutable record of the provenance of polished natural diamonds in its diamond grading reports for the first time as the industry continues to progress towards a unified approach for provenance assurance. Consumers purchasing a diamond traced from the
Australian oil and gas exploration company Invictus Energy has announced the discovery of light oil, gas condensate and helium at its Cabora Bassa project, located in the northern province of Zimbabwe. The discovery follows the analysis of mud gas collected from the drilling of the Mukuyu-1 well in late 2022, which identified 13 hydrocarbon bearing zones. “Results from the mud gas compositional analysis definitely proves the presence of hydrocarbons in multiple reservoir pay zones
The world’s largest diamond, discovered in South Africa in 1905, was given to the British monarchy two years later and has been in its possession since. Some South Africans are calling for the United Kingdom to return the world’s largest diamond, known as the Star of Africa, which is set in the royal sceptre that King Charles III will hold at his coronation on Saturday. The diamond, which weighs 530 carats, was discovered in South
Impact Oil & Gas, a privately-owned exploration company, has announced the completion of a $95-million Open Offer, raising capital exclusively from its existing shareholders. The capital will be used to further appraise TotalEnergies’ Venus-1 discovery located in Block 2913B in the Orange Basin, as well as fund additional exploration activity in neighboring Block 2912. “We are pleased to see the $95-million open offer’s successful completion, having been fully taken up by our existing shareholders, who
The Nigerian government has decided to postpone the withdrawal of fuel subsidies, because of the need for further preparations and consultations with stakeholders, including the new government. Nigeria’s Minister of Finance, Budget and National Planning, Zainab Ahmed, told the press that the Government agreed with the need for continued discussions on the matter, adding that states and representatives of the new government required more preparatory work. “The Council agreed that the time for removal of
The conditions have been met to allow TotalEnergies to resume its natural gas exploration project in the country, suspended since 2021, following a major jihadist attack, Mozambican President Filipe Nyusi assured this week. At the end of March 2021, a coordinated attack on the coastal city of Palma forced the French group to suspend a €16.5 billion natural gas development project. Facilities still under construction on the Afungi peninsula were evacuated. “Cooperation and coordination with Total
Nigeria, the largest oil producer in Africa, has come out on top as the leading crude oil producer on the continent, according to the latest monthly report from the Organisation of Petroleum Exporting Countries (OPEC). The report indicates that Nigeria produced 1.268 million barrels per day (bpd) in March 2023, surpassing its African peers, Algeria and Angola, which produced one million and 972,000 bpd, respectively. However, the report also sheds light on Nigeria’s struggle to
