Oil is on track for a fifth straight weekly gain amid a tightening market outlook. However, prices slipped slightly in Asian trade on Friday due to speculation about Chinese stimulus measures and OPEC+ output cuts. Brent crude declined 29 cents (0.3%) to $83.95 per barrel by 0600 GMT but was still set for a 3.6% weekly increase. Similarly, U.S. West Texas Intermediate (WTI) crude dropped 27 cents (0.3%) to $79.82 per barrel but was also
Crude oil prices have rallied over 17 percent since bottoming. Retail traders are now majority short for the first time since April. This hints at an increasingly bullish contrarian conviction. Crude oil prices have rallied over 17 percent since bottoming in the middle of June. So far this month, WTI is up over 13%. If gains are sustained, this would mark the best 20-day period for oil since January 2022. In response, retail traders have
In 2022, Algeria represented the largest producer of natural gas in Africa, with output measured at a record 3.6 trillion cubic feet (tcf). The gas is exported both by pipeline and as liquefied natural gas, and its production has been largely driven by several major producing fields. Recent hydrocarbon discoveries in the country are set to increase output even further. Hassi R’Mel: 3.02 billion cf/d The Hassi R’Mel field, located in Laghouat, is both the
The global shift towards clean energy technologies has sparked an increase in demand for vital minerals, particularly nickel, which enhances the performance, longevity, and energy density of Electric Vehicles (EV) and energy storage solutions. In summary, Africa’s abundant nickel reserves, growing global demand, attractive government policies, untapped market potential, and the presence of strong partners make it an attractive destination for mining companies seeking stable and long-term supplies of this critical mineral.
Environmental issues are increasingly dominating discussions about the energy sector’s future. Climate change, illicit fishing, and pollution pose risks to the MSGBC coastline, which is rich in biodiversity. The PRCM works with governments, civil society actors, and the private sector, including oil companies, to influence decisions, organize training sessions, and promote environmental concerns in the oil and gas industry. Energy Capital & Power spoke with PRCM Executive Director Ahmed Senhoury about the advancements in environmental
Energy Capital & Power (ECP) is proud to announce that Laurent Coche, CEO of Chariot Green Hydrogen, will participate in the third edition of MSGBC Oil, Gas & Power 2023, taking place from November 21-22 in Nouakchott. He will speak about the company’s latest updates in the field of green hydrogen in Mauritania. Chariot Green Hydrogen is currently leading a large-scale green hydrogen project in Mauritania called Project Nour. The project is a collaboration with
British multinational bank Standard Chartered has allocated $1.4 billion for the construction of a large-scale photovoltaic power distribution network in Angola. The network will comprise 48 hybrid photovoltaic generation systems that will serve as mini-grids, providing clean power to over 203,000 households currently without access to the national grid Developed by Angola’s Ministry of Energy and Water, the power system will be implemented across 60 communities in the provinces of Moxico, Lunda Norte, Lunda Sul,
Africa, known for its rich mineral resources, is making significant strides in the global graphite supply chain, positioning itself as a major player in the battery sector. With the world’s growing demand for clean energy solutions, the continent’s diverse graphite projects are attracting investors and downstream consumers alike, signaling a potential shift away from China’s dominance in the market. Graphite’s Role in the Energy Transition Graphite, a crucial component for lithium-ion batteries used in electric
French company TotalEnergies, which holds a diversified portfolio of oil assets and is a partner of Sonangol in the Caraculo Photovoltaic Plant, inaugurated last March in Namibe, announced on 25th July Tuesday a global operation to buy out the capital of its renewable energy subsidiary, Total Eren, increasing its stake from approximately 30 to 100 percent. On the backdrop of this acquisition, all personnel from Total Eren will be fully integrated into TotalEnergies’ Renewable Business
Rio Tinto said last week that production at the Diavik Diamond Mine fell 16 percent year-over-year in the second quarter but increased 2 percent when compared with Q1. Diavik, which Rio Tinto took sole ownership of in late 2021, produced 970,000 carats of diamonds in the second quarter, down from 1.1 million in the prior-year period but up from 954,000 in the first quarter. Rio Tinto said completion of an underground pipe as well as construction
