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Energy Gas International News

TotalEnergies and Partners Expand the PSC for Algerian Onshore Blocks

Algerian National Oil Company Sonatrach has extended a production sharing contract (PSC) with majors TotalEnergies and Eni, and U.S. petroleum company Occidental Petroleum for blocks 404a and 208 with an additional 25 years in Algeria’s Berkine Basin. The extension of the PSC will enable the four parties to develop additional liquid hydrocarbon resources while reducing the carbon intensity of the blocks through the deployment of a carbon reduction-dedicated program. “This new contract on Berkine asset,

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Economy Gas International News Oil

Russian Oil and Gas Revenues Expected to Surge by 60% in July

Russian oil and gas revenues in July, projecting a 60% rise from May receipts to 844 billion roubles ($9.3 billion). The boost in income is attributed to cyclical patterns and is expected to help alleviate Moscow’s budget deficit, which reached 2.6 trillion roubles ($28.7 billion) in the first half of the year. Russia’s Finance Minister, Anton Siluanov, had previously acknowledged that the country’s budget deficit in the coming year might exceed the expected 2% of

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Economy International News Oil

Djibouti Secures $120M Afreximbank Loan for Oil Storage, Terminal Project

Djibouti’s state-owned logistics and transportation infrastructure investment vehicle, Great Horn Investment Holding (GHIH), has secured a $120 million financing package from the African Export-Import Bank (Afreximbank) to implement a series of oil and logistics projects in the Damerjog Industrial Development Free Trade Zone. The financing for the project involves a combined package of $120 million from the African Export-Import Bank (Afreximbank) and $35 million from the local banking institution Banque pour le Commerce et l’Industrie

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Economy Energy International News

Saudi Arabia announces major change to overseas hiring

Saudi Arabia has made a major change to the skills required of some international workers. The Ministry of Human Resources and Social Development (HRSD) has announced the launch of the Skill Verification Program (SVP) in Sri Lanka for five out of the 23 targeted professional specializations. The professional specializations included in the SVP are plumbing, electricity, automotive electricity, automotive mechanics, and refrigeration and air conditioning. The SVP expansion into Sri Lanka comes as part of

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Economy Gas International News Oil

$500 Billion Enough to Meet Oil and Gas Peak Demand

Despite concerns about underinvestment in the upstream sector, peak oil and gas demand can be met in the 2030s without a substantial increase in current annual investment levels of $500 billion. Current upstream spending is a little more than half of the $914 billion 2014 peak (in 2023 terms), according to the report titled “Enough is Enough? Debunking the Myth of Upstream Investment.” This apparent shortfall has fed a widespread belief that the industry is

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Economy International News Oil

Crude Oil Stabilizes as Markets Evaluate US Dollar Direction

The crude oil market is holding steady, currently trading just below US$78.50 per barrel, despite slipping overnight. This decline occurred despite the news that crude stockpiles had fallen by less than expected. Other energy products, particularly gasoline, experienced notable decreases in demand. According to data from the US Energy Information Agency (EIA), crude inventory levels fell by 708,000 barrels for the week ending July 14th, which is significantly lower than the forecast of a 2.44

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Economy International News Oil

Jubilee South East Project Begins Production Offshore Ghana

Tullow Oil the first production well from the Jubilee South East (JSE) Project, offshore Ghana, has been brought onstream. Announced by Tullow Oil, along with its joint venture partners Kosmos Energy, Ghana National Petroleum Corporation (GNPC), and PetroSA, the independent oil and gas exploration and production (E&P) company, the project’s start-up marks a significant milestone. Alongside the commencement of operations, there are plans for a second production well and an additional water injection well, scheduled

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Economy Gas International News

Gas will be needed by most nations well beyond 2050

According to HE Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs and President and CEO of QatarEnergy, natural gas will remain a critical component of the global energy mix for several decades to come. Speaking at the 12th LNG Producer-Consumer Conference in Tokyo, Al-Kaabi emphasized the importance of gas as a safer and reliable base load in the energy mix of most countries, extending well beyond 2050. Al-Kaabi highlighted the necessity for a

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Gas International News Petroleum

KOGAS advances US$7B in Mozambique’s Coral north project

The Korea Gas Corporation (KOGAS) is set to participate in a US$7 billion (9.2 trillion won) gas development project in Mozambique, Africa. The project, dubbed the Mozambique Area 4 Coral North Floating Liquefied Natural Gas (FLNG) project, is a follow-up to the Coral South FLNG, which KOGAS had previously joined. According to KOGAS and industry sources on June 30, Italian energy company Eni recently submitted an official proposal for the Coral North project to the

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Energy International News

4 drivers behind Namibia’s solar market surge

Namibia’s solar market is booming with the country attracting fresh investments and new players. With a focus on both grid-connected and off-grid projects, the country aims to connect 80% of its population to renewables by 2025. This surge is fuelled by strong regulatory support, abundant resources, a drive for diversification and the growing demand for decentralized power systems. Untapped Resources Blessed with 300 days of sunshine per year and offering a climate well-suited for solar

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