Saudi Arabia’s state-run oil giant, Saudi Arabia, is now the world’s third-largest company by market capitalization, according to the companiesmarketcap.com list. Aramco, with a market cap of $1.903 trillion, slid to the number three position behind Apple ($2.413T) and Microsoft ($1.920T). Just two months ago, in mid-December, Aramco held the Number two position with a market cap of $1.81T, behind only Apple. And before that, In May of last year, Aramco was sitting at the
Brent (a benchmark for Angolan exports) for delivery in April started this week’s session (yesterday 21st February) on a high, at US$83.53 a barrel, i.e. 0.53 percent more compared to the close of markets on Friday. fair. Oil showed a daily range of 82.75 – 84.30 dollars. On Friday 17th feb, Brent crude fell $2.14, or 2.5 percent, to $83.00 a barrel, ending the week down 3.96 percent, as traders worried that future rises in interest
Engen Petroleum, a South African oil firm that specializes in downstream refined petroleum products and associated companies, and Vivo Energy, a British downstream petroleum company with subsidiaries and operations in 23 countries across Africa, have merged their African operations to form one of the continent’s largest energy distribution firms. The merged group will have approximately 3,900 service stations and more than two billion liters of storage capacity, across 27 African nations. Engen, which is the
Despite increased opposition from a number of groups, Uganda maintains that its oil dream is still alive. This week, one of those groups filed a complaint against insurer Marsh in the US for brokering underwriting services for the $5 billion East African Crude Oil Pipeline (Eacop). Approximately ten environmental and human rights organizations from Tanzania and Uganda accused Marsh of breaking rules for ethical corporate conduct on February 7 because of the company’s participation in
With Namibia’s energy sector on the precipice of rapid transformation on the back of recent oil and gas discoveries, the African Energy Chamber (AEC) will establish an office in the country dedicated to promoting local content development efforts. The AEC will engage with various stakeholders across the Namibian energy industry, including national and international oil companies, the government and service companies, utilizing a multi-tiered approach to scaling up local talent and capabilities. The office will
Antonio Oburu Ondo, Equatorial Guinea’s recently appointed Minister of Mines and Hydrocarbons, has awarded independent exploration and production company, Panoro Energy, a 56% participating interest and operatorship in Block EG-01 offshore the hydrocarbon-rich West African country, as well as Canadian oil and gas company, the Africa Oil Corporation, two production sharing contracts (PSC) for offshore Blocks EG-18 and EG-31. With the PSCs, the Ministry of Mines and Hydrocarbons, under the leadership of Minister Ondo, has
BP Oil International will be Sonangol’s gasoline supplier for the next 12 months of the current year, the same period in which Trafigura will be responsible for supplying diesel to the national oil company, as winners of the public tender held on 6 January to February 14, within the framework of the Logistics Superintendence of the Petroleum Derivatives System, which establishes the award for each of the products. According to a note sent to Jornal
The Saurimo Diamond Development Pole, in the province of Lunda-Sul, has more than 20 lots available that are waiting for private investment in the diamond cutting sector. The information was provided by the consultant to the Minister of Mineral Resources, Oil and Gas, Mankenda Ambroise, on the sidelines of the 2nd edition of the exhibition and parade of jewelry with embedded diamonds from Angola, held Thursday 16th February in Luanda. The person in charge said
Lucapa Diamond Company and its project Lulo partners, Endiama and Rosas & Petalas, have recovered 23 diamonds from a second sample from kimberlite L164 and 13 diamonds from kimberlite L056. Lulo kimberlite bulk sample KBS/164/02, totalling 365 m3 of kimberlite material was processed through the Lulo Kimberlite Bulk Sample Plant, yielding 16.32 carats at a recovered grade of 4.47 cphm3, with the largest diamond recovered weighing 2.38 carats. This is the highest grade yet recovered from
The global energy sector’s appetite for minerals, many of which can be sourced in Africa, is good news for the future of mining, and was an important focus at this year’s Investing in Mining Indaba in Cape Town, South Africa. However, despite the good news, the pressure on mines is still all about low-cost production. According to Ralf Hennecke, Managing Director of Omnia Group company BME, efforts to decarbonise the world economy are relying on energy technologies that
