Crude oil closed higher on Tuesday August 8th after spending much of the trading session in the red. Prices were supported by an upward revision in the United States Department of Energy’s (DoE) projection for Brent crude oil prices. Production cuts by Saudi Arabia and Russia also seem to be having the intended effect of boosting prices by limiting supply, according to analysts. On the New York Mercantile Exchange (Nymex), September WTI crude oil closed
Australian-based uranium exploration company Elevate Uranium has confirmed the presence of large continuous mineralized zones at its Koppies uranium project in Namibia, and as a result, is advancing drilling activities with the addition of another rig. The company currently has two reverse circulation drill rigs conducting exploratory works at the Koppies project, and has recently added a third rig to the program following confirmation of mineral resources at the Koppies 3 area of the project.
The Diamond Exchange of Angola will begin experimental operations later this year to revitalize the diamond subsector market and support the diversification of the national economy, as announced on Wednesday in Luanda by the Chairman of the Board of Directors of Endiama, Ganga Júnior. Despite the delay in completing the building that was supposed to house the Diamond Exchange, which was originally scheduled for December 2022, the manager, quoted by Angop, emphasized that the process
The National Agency for Oil, Gas and Biofuels (ANPG) has approved the work plan and budget for oil concessions, which includes several campaigns for preventive maintenance of equipment, with a focus on activities to be carried out on various oil platforms. Oil production comes from 16 concessions, 13 in the offshore maritime zone and three in the onshore land zone. The approved plan by ANPG outlines activities to be conducted on the platforms “GS –
Gold mining company AngloGold Ashanti on Friday reaffirmed annual guidance as it reported an improved second-quarter performance compared with the first three months of the year, underpinned by a 12% increase in production. Gold production rose to 652 000 oz in the second quarter of 2023 compared with 584 000 oz in the previous three-month period. The stronger second quarter was supported by production and cost improvements across most assets primarily driven by both higher
Energy, Capital & Power (ECP) an Africa-focused energy investment platform and organizers of the Angola Oil & Gas (AOG) conference and exhibition is pleased to announce that João Filipe, Founder and CEO of Angolan logistics and supply chain management company, Cabship, will participate in this year’s edition of Angola’s premier event for the oil and gas sector. Taking place under the theme ‘Angola Oil & Gas Energy Security, Decarbonization, and Sustainable Development,’ AOG 2023 will
Oil prices rose for a second day on Friday, set for their sixth week of gains, after Saudi Arabia and Russia, the world’s second and third-largest crude producers, pledged to cut output through next month. Brent crude futures for October rose 2 cents to $85.16 a barrel by 0609 GMT, while U.S. West Texas Intermediate crude for September rose 9 cents, or 0.1%, to $81.64. Both benchmarks were on track for a sixth week of
Three major international oil companies have announced the resumption of their operations in Libya after a 10-year absence, the Libyan National Oil Company said on Thursday. The NOC said in a press release it “received official notifications from the Italian company Eni and the British company British Petroleum regarding the lifting of force majeure and the resumption of exploration and contractual obligations in the blocks awarded to them in the Ghadames Basin (A-B) and offshore
Over the past year, the global energy market has seen significant fluctuations, with factors such as the Russia-Ukraine war and increased gas prices impacting the industry. As a result, Big Oil CEOs have seen a boost in their earnings. Here is a breakdown of how much money some of the major oil company CEOs made in a year: Overall, the compensation figures indicate that Big Oil CEOs have received substantial pay increases, despite some of
Oil prices jumped on Thursday after Saudi Arabia said it would extend its unilateral voluntary cut of 1 million barrels per day (bpd) into September, adding that the cut could be extended or extended and deepened. Minutes after the Saudi announcement via the official Saudi Press Agency, oil prices which were flat until then, rose by 1%. The Saudi extension was largely expected by the market and traders. The announcement comes a day ahead of
