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Economy International News Oil

Petrofac Secures Multimillion Integrated Services Contract in Africa

Petrofac, a leading global oilfield services provider, has recently been awarded a significant facilities management contract by CNR International (CNRI) for offshore operations in the Ivory Coast, West Africa. This multimillion-dollar contract spans an initial three-year period and entails Petrofac’s Asset Solutions business delivering integrated services for the Espoir Ivoirien Floating Production Storage and Offloading (FPSO) vessel. Under this agreement, approximately 110 personnel currently supporting the FPSO, both onshore and on the vessel, will transition

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Economy Local News Oil

Angola’s Cabinda Refinery Secures $335M Credit Facility

Emerging markets asset manager, Gemcorp, has successfully secured a $335 million financing facility to support the construction of the Cabinda oil refinery in Angola. The financing was mobilized in collaboration with two finance organizations, the African Finance Corporation (AFC) and the African Export-Import Bank (Afreximbank). With this financial backing, project partners Sonangol and Gemcorp have obtained the necessary capital to move forward with the development of the refinery. The $335 million facility, combined with $138

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Economy Local News Oil

Angola’s Fast-Tracking Sustainable Oil Development Yields Fruit

Angola has a long history in the petroleum business, and it has risen to become one of Africa’s largest crude oil producers. However, the country’s oil sector faces significant challenges due to a decline in output resulting from various factors, such as the maturation of offshore oil fields and inadequate investment in upstream capacity. Despite these challenges, Angola is taking steps to raise production levels and stabilize them. Minister of Mineral Resources, Oil and Gas,

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Energy Local News Oil

Sonangol begins drilling to reactivate two wells

Sonangol announced the start of oil drilling in Block Kon 11 of the Kwanza Onshore Basin in August. The company expects the drilling of two oil wells to contribute to the growth of its operated production, elevating it from 2.0 to ten percent of the total Angolan oil industry. Ricardo Van Deste, President of the Executive Commission of the Exploration and Production Business Unit (UNEP) of Sonangol, declared that Kon 11 has been identified as

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Diamonds Economy International News

DRC’s MIBA produces 16.6K carats of diamonds in Q1 2023

The Bakwanga mining company (MIBA), a Congolese state holding company, produced only 16,664.12 carats of diamonds in the first three months of 2023. According to figures from the Ministry of Mines, the mining industry in the Democratic Republic of Congo (DRC) reached an estimated production volume of 2,035,090.71 carats of diamonds in the first quarter of 2023. The report indicates that 1,554,858.73 carats come from artisanal mining, i.e. 76.40% of total production;479,605.11 carats from industrial

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Economy International News Oil

Oil outlook: Demand to peak before 2025 due to shift towards EV adoption

The shift towards electric mobility is likely to cause a peak in oil demand before 2025, and with Venezuela and Iran eventually returning to the market, there could be surplus supplies and lower prices, according to private bank analysis. In its latest fact sheet on crude oil, Swiss private bank Julius Baer said it was sticking with its neutral view but added that the market could become livelier with prices swinging more wildly going forward.

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Economy International News Oil

Uganda Targets investors for $4.5 billion refinery project

Uganda is seeking new investors for its $4.5 billion refinery project after three failed attempts with Russian, South Korean and now US/Italian private companies to raise a critical portion of the required financing. Uganda’s Ministry of Energy says it will work with public sector capital – a veiled admission that only bilateral deals were left to explore to get the project going. On July 3rd 2023, after the Project Framework Agreement (PFA) signed with the Albertine Graben

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Gas International News Oil

Nigeria to pump a whopping $18 billion in oil and gas projects

Nigeria expects to invest over $18 billion in oil and gas projects would between now and next year, Chief Upstream Investment Officer of the NNPC Upstream Investment Management Services (NUIMS), Bala Wunti said. Speaking during a panel session at the NOG Energy week being held in Nigeria’s capital Abuja, Wunti noted that the drive to broaden local content and develop capacity in the upstream industry is non-negotiable. Wunti noted that the FDIs are expected mainly because of the

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Energy Gas International News

Construction Set for 2024 For Senegal’s Sandiara Gas-to-Power Plant

Spanish construction company TSK, which provides sustainable solutions and services to the industrial and energy sectors, has partnered with LFR Energy – a subsidiary of Senegalese holding company LFR which invests in energy, hotel, and real estate projects – for the construction of the Sandiara Power Plant, a gas-to-power facility located in Senegal’s Special Economic Zone (SEZ). Construction is slated to begin in 2024, speaking in an exclusive interview with Energy Capital & Power (ECP),

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Economy News Oil

OPEC revises high world oil demand in 2023

The Organization of Petroleum Exporting Countries (OPEC) this Thursday raised its forecast for world oil demand in 2023 by 100,000 barrels a day, compared to estimates made a month ago. Global oil demand is forecast to grow by 2.4 million barrels per day in 2023, after an upward revision of around 0.1 million barrels per day from last month, mainly due to stronger demand in China. in the second quarter”, said OPEC in its monthly

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