Libya’s state-owned oil company the National Oil Corporation (NOC) is preparing to launch a tender aimed at mobilizing private sector investment in oil production and development. Targeted towards domestic private players in Libya, the move marks the first time in the country’s history that Libyan companies have been invited to invest in the production segment of the value chain. The tender falls under efforts by the NOC to stimulate new investment, “increasing oil production and developing
Namibia is emerging as a sought-after exploration destination due to significant oil discoveries like TotalEnergies’ Venus-1 and Shell’s Graff-1, La Rona-1, and Jonker-1. These findings confirm the presence of a functional light oil system offshore Namibia. Consequently, major oil companies and other industry participants are intensifying their drilling operations within the country. Regarding TotalEnergies’ ultra-deepwater Venus-1X exploration well, it was spud at the beginning of December 2021, using the Maersk Voyager drillship. The Venus discovery is a light oil and associated
The Japanese government has announced its intention to enhance its partnership with Zambia in the search for crucial minerals necessary for electric vehicles and other products. Economy, Trade, and Industry Minister Yasutoshi Nishimura, along with Zambia’s Mines and Mineral Development Minister Paul Kabuswe, signed a collaborative agreement in Lusaka on Friday to bolster their cooperation in the mining industry. The Japanese government plans to strengthen the supply chain for key minerals by supporting the development
Angola President Ramaphosa is meeting with his Angolan counterpart, João Lourenço, alongside regional Heads of State from the Southern African Development Community to discuss driving sustainable industrialization in the region. Additional topics to be explored will include political and security challenges, as well as the socioeconomic outlook of the region. President Ramaphosa will be joined by South Africa’s Minister of International Relations and Cooperation, Dr Naledi Pandor; Minister of Defense and Military Veterans, Thandi Modise;
The Cabinda Gulf Oil Company (Cabgoc), a subsidiary of the American oil company Chevron, announced on Wednesday the start of the construction of the platform for oil exploration at the N’dola Sul well, in the province of Cuanza Sul. In a press release, the oil company stated that “to celebrate this important project milestone,” a symbolic “first steel cut” ceremony was carried out at the ALGOA shipyard, located in the Porto Amboim municipality. “The development
The National Mineral Resources Agency announced on Wednesday that the country has 20 existing mining titles in the period from 2017 to 2023, of which 45% correspond to prospecting and 55% to exploitation. On the occasion, the general registry of prospecting and exploitation mining licenses issued and the map of mining concessions for prospecting in the Cuanza-Sul province were also presented.
The oil reserves in the United States fell by 5.96 million barrels last week, totaling 439.662 million barrels, as reported by the Department of Energy (DoE). However, this figure is well above the 1.7 million barrel decrease The US oil reserves decreased by 5.96 million barrels last week, totaling 439.662 million barrels, as reported by the Department of Energy (DoE) Gasoline reserves dropped by 262 thousand barrels to 216.158 million barrels, compared to an expected
The prices of iron ore futures contracts on the Dalian Exchange in China closed in a mixed fashion. The price of the most traded contract, with delivery for January 2024, rose by 0.55% to 732.5 yuan (100.88 dollars) per ton, while the contract for September 2023, which had the second highest turnover, remained stable at 821 yuan (113.0 dollars) per ton. The ore traded on the Dalian Exchange contains 62% iron content and is considered
Copper closed significantly lower this week after China released new indicators pointing to an economic slowdown. The metal attempted a recovery after the People’s Bank of China (PBoC) cut interest rates to stimulate local demand, but the incentive seemed insufficient in the face of the negative outlook in the real estate and infrastructure sectors. On the Comex, the division for metals at the New York Mercantile Exchange (Nymex), copper with delivery scheduled for October fell
The price of gold was close to its lowest point in over five weeks yesterday, as confirmed by precious metals market traders. The metal is being hindered by the strengthening of the dollar and the yields of U.S. Treasury bonds, at a time when the minutes of the July meeting of the Federal Reserve (Fed) are expected to be released. These minutes could provide clarity on the intention to raise interest rates. Spot gold experienced
