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International Gas News

Kogas Reaffirms Investment in Mozambique’s Rovuma Basin Gas Project

Yeon-Hye Choi, Chairperson of the Board of Directors of the Korean oil company Kogas, has expressed a strong commitment to continue investing in the billion-dollar natural gas production project in Area 4 of the Rovuma Basin, off the northern coast of Mozambique’s Cabo Delgado province. This commitment was reaffirmed during a meeting in Seoul with Mozambican President Filipe Nyusi. During the meeting, they discussed enhancing security measures against Islamist terrorist activities in some districts of

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International Gas News Oil

Mozambique Opens Public Consultation on Galp Energia’s Sale of Rovuma Basin Stake to ADNOC

Mozambique’s Competition Regulatory Authority (ARC) has initiated a public consultation regarding Portugal’s Galp Energia’s planned sale of its stake in the Rovuma Basin natural gas consortium to the Abu Dhabi National Oil Company (ADNOC) group, based in the United Arab Emirates. In a notice published on Monday, the ARC announced that it received a “notification of a concentration of companies” on May 27, effective from May 30. This notification pertains to a deal valued at

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International Exploration News Oil

Shell Egypt Secures New Agreements for Deepwater Exploration in the Herodotus Basin

Shell Egypt has signed two new agreements with Egypt’s Minister of Petroleum and Mineral Resources, Tarek El Molla, for investments in the deepwater sector of the Herodotus Basin off the western Mediterranean coast. Shell acquired 67% of the 6,800 square kilometer North Marina and North Cleopatra concessions through its subsidiary BG Delta Limited, which will manage the operations. The remaining stakes were awarded to Chevron, which acquired 27% through its subsidiary Noble Energy Egypt, and

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International News Renewable Energy

CIB Commits $300M to Boost Egypt’s Renewable Energy Initiatives

Hisham Ezz Al-Arab, Chairperson of the Commercial International Bank of Egypt (CIB), announced that the bank has been actively financing various new and renewable energy projects in Egypt. The bank aims to help achieve the target of 30% renewable energy by 2030, focusing on electricity generation from solar and wind sources. Ezz Al-Arab also mentioned that other countries, like Kenya and Tanzania, are incorporating geothermal e nergy into their energy mix. The total financing volume

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International News Oil Petroleum

Dangote Refinery Makes Waves with First European Jet Fuel Shipment

Nigeria’s Dangote refinery has reached a new milestone by exporting its first jet fuel cargo to Europe. This move marks a significant expansion of the refinery’s reach and potential impact on global fuel markets. British multinational BP is currently transporting the initial shipment, consisting of 45,000 metric tons of jet fuel, onboard the Doric Breeze from the Lekki Free Zone in Lagos, Nigeria. This shipment follows BP’s successful bid for a portion of a 120,000

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Local Exploration Mining Mining Projects News

ANPG to Launch Geological Mapping Project in Etosha/Okavango Basin

The National Oil, Gas and Biofuel Agency (ANPG) is gearing up to launch the first phase of a significant project in southern Angola. The initiative, titled “Geological Mapping and Demining Study Project,” will focus on the Etosha/Okavango Basin, spanning the provinces of Moxico, Cuando Cubango, and Cunene. This project aims to assess the oil and hydrocarbon potential within the basin. Initial areas of interest include Chiedi in Namacunde municipality and Ruacana in Curoca, both located

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Gold International News

Gold smuggling in Africa reaches more than 30 billion dollars

African gold smuggling amounts to more than 30 billion dollars a year, most of it to the United Arab Emirates, where it is refined and then sold around the world, reveals a report published last week. The data comes from a report by Swissaid, a development aid organization based in Switzerland, and indicates that in 2022, gold worth 30 billion dollars left the African continent illegally. According to Lusa, the main destinations for African gold

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Local Economy Gas News Oil

Angola Ramps Up Oil and Gas Sector with Investments in Refining, Storage, and Decarbonization

Angola’s Minister of Mineral Resources, Oil and Gas, Diamantino de Azevedo, outlined a multi-pronged approach to strengthen the country’s oil and gas sector. The plan focuses on attracting investment, achieving self-sufficiency in refined products, and promoting responsible development. The Angolan government is actively seeking investment in several areas: -Refining, Storage, Transport, and Distribution (RST&D) of petroleum products -Construction of gas stations to improve distribution efficiency -Onshore storage facilities with the Barra do Dande Ocean Terminal

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Oil News

Brent Oil Prices Dip Below $80 as OPEC+ Extends Production Cuts

The price of Brent crude oil, a key benchmark for Angolan exports, fell below $80 a barrel for the first time since February. Brent for August delivery dropped 2.62% to $78.93 a barrel. The North American benchmark, West Texas Intermediate (WTI), for July delivery, also declined 2.86%, settling at $74.79 a barrel. This price decline coincides with the recent decision by OPEC+ (Organization of the Petroleum Exporting Countries and allies) to extend production cuts. On

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International News Oil

OPEC+ Extends Production Cuts, Saudi Arabia and Others Announce Phased Increases

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, have announced plans to extend production cuts and introduce a phased increase for some member states. Eight OPEC+ members, including Saudi Arabia and Russia, will extend their voluntary production cuts beyond their original June 2024 expiration date. These additional cuts, totaling 2.2 million barrels per day (mbpd), will be extended until the end of September 2024. Following this, a gradual

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