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Oil International News Petroleum

Libya’s Oil Production Halts Amid Eastern Shutdown, UN Warns of Economic Collapse

Libya’s oil production has sharply declined after authorities in the country’s east enforced a shutdown, escalating a crisis that the United Nations warns could lead to economic collapse. Operations at the El-Feel oil field in southwestern Libya have stopped, with local operators signaling plans to gradually halt production nationwide, according to sources cited by Bloomberg. The shutdown, announced by eastern authorities on Monday, is in response to the internationally recognized Western government’s decision to replace

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International Gold News

Endeavour and Lilium Settle Dispute, Transfer Gold Mines to Burkina Faso

Endeavour Mining Plc and Lilium Mining have resolved their legal dispute concerning the sale of two gold mines in Africa, with both parties agreeing to transfer the assets to the Burkina Faso government. The conflict began after Lilium acquired the Wahgnion and Boungou projects in Burkina Faso in June of the previous year, according to Bloomberg. Endeavour had accused Lilium of failing to meet payment obligations exceeding $100 million. In response, Lilium alleged that Endeavour,

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Local News

Cabinda Faces Severe Butane Gas Shortage

Cooking gas stations in Cabinda have faced a severe shortage for the past two weeks, leading to long queues and significant disruptions. Residents have been seen transporting empty cylinders across town in search of gas. Ester Fernando, 29, from the 1º de Maio neighborhood, has struggled for two weeks to purchase gas from various stations, both locally and in other parts of the provincial capital. She expressed frustration, noting the high cost of alternative cooking

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Local Economy News Oil

Oil Production Surge Boosts Angola’s Economic Growth Forecast to 2.9%

Oxford Economics has revised its growth forecast for Angola’s economy, now projecting a 2.9% expansion this year, driven by an increase in oil production to 1.17 million barrels per day. Analysts from the African department of the British consultancy highlighted that the recovery in oil production is the key factor behind this upward revision, up from the previously anticipated 2.3% growth. In their analysis of Angola’s oil production data, which was shared with clients and

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International Economy News

OPEC+ Faces Strategic Crossroads Amid Tightening Oil Inventories and Economic Uncertainty

As OPEC+ prepares for its next meeting, the group faces a pivotal decision that could influence global oil markets. With autumn approaching, key choices loom regarding whether to proceed with planned production increases or maintain current output levels. This decision is set against a backdrop of uncertain global economic conditions, fluctuating oil demand forecasts, and tightening oil inventories, particularly in the United States. Global Oil Inventories Tighten A critical factor influencing OPEC+’s upcoming decision is

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International Gas News Oil

Namibia Faces Skills Shortage in Oil and Gas Sector, Deloitte Report Reveals

Namibia currently meets only 45% of the skill requirements for its oil and gas industry, according to research conducted by Deloitte and endorsed by the Ministry of Mines and Energy. Deloitte’s country leader, Melanie Harrison, highlighted that out of 218 job types in demand, 143 are present in Namibia. However, there is a significant gap between the qualifications available and the specialized skills needed for the sector’s growth. “We mapped these job types to qualifications

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Oil International News

Uganda Prepares for Commercial Oil Production with 74 Wells Drilled

Uganda has successfully drilled 74 oil wells in its western and northern regions, setting the stage for commercial production to begin next year. During a press conference in Kampala, Ruth Nankabirwa, Uganda’s Minister of Energy and Mineral Development, announced that the wells were drilled in the Tilenga and Kingfisher production areas. This development follows the 2022 final investment decision by joint venture partners TotalEnergies E&P Uganda, China National Offshore Oil Company (CNOOC) Uganda Limited, and

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International Gas News

Egypt to Import 22 LNG Shipments for Power Plants in August and September

The Egyptian government plans to import 22 liquefied natural gas (LNG) shipments in August and September to meet the fuel demands of its power plants, according to a government official speaking to Asharq Business. The official indicated that Egypt expects to receive 11 LNG shipments each month, with daily natural gas needs amounting to 6.2 billion cubic feet. Earlier this month, the Ministry of Petroleum and Mineral Resources received the 10th of 21 LNG shipments

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News Gas International

South Africa Seeks Partnership with Mozambique for Natural Gas in Energy Transition

South Africa has reaffirmed its commitment to partnering with Mozambique to utilize natural gas as a transition fuel to replace coal and diesel. Recognizing the flexibility that natural gas provides in expanding renewable energy, South African Minister of Energy and Electricity, Kgosientso Ramokgopa, views a partnership with Mozambique—home to over 100 trillion cubic feet of gas reserves—as key to South Africa’s ambitious energy transition. Mozambique and South Africa are nearing the conclusion of negotiations for

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Oil Economy Local News

Angola’s B- Rating Reflects Stabilization Efforts in Oil and Public Spending

Oxford Economics consultancy has noted that Standard & Poor’s (S&P) decision to maintain Angola’s credit rating at B- is a reflection of the Angolan government’s efforts to stabilize oil production and manage public expenditure. Analysts from Oxford Economics, as reported by Lusa, view this rating as evidence of the government’s attempts to stabilize oil output, control public spending, and reduce reliance on Chinese loans secured by oil revenues. The analysts acknowledge that despite recent declines

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