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Local Gas News Oil

Angola Oil & Gas to bring strengths to the Oil industry

The upcoming 5th edition of the International Conference “Angola Oil & Gas – AOG/2024” is poised to bolster the oil industry and national economy, stated Alexandre Barroso, Secretary of State for Oil and Gas, during a press briefing in Luanda last Tuesday. Scheduled for October 2nd and 3rd, the conference’s theme, “Boosting Exploration and Development to Increase Production in Angola,” underscores the imperative of addressing production decline through enhanced exploration efforts. Barroso emphasized the sector’s

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Oil International News Petroleum

OPEC+ considers continuing to make voluntary cuts in Oil production

OPEC+ plans to extend voluntary cuts in oil production until the second quarter, three sources from the organization told Reuters. According to the British news agency, two of the sources also said that the group could keep the cuts in force until the end of the year. Last November, the Organization of Petroleum Exporting Countries and allies led by Russia agreed to voluntary cuts totaling about 2.2 million barrels per day (bpd) for the first

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International News Oil Petroleum

Nigeria uncovers an alarming amount of illegal refineries in just 5 days

82 illegal refineries in Nigeria were discovered and demolished between the 10th to 15th of February 2024. The Nigerian National Petroleum Company Limited (NNPCL) relayed that it uncovered these illegal operations in the south-south region of the country. Oil theft has been a major issue plaguing the country’s oil sector. Additionally, the NNPCL said on Tuesday that multiple sources had reported 223 instances during the previous week, according to a report from the Nigerian newspaper,

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Oil International News Petroleum

Oil rises as attacks in Red Sea escalate

The price of oil is rising in major international markets due to fears of an increase in attacks on ships in the Red Sea. West Texas Intermediate (WTI), a reference for the United States, registered an increase of 0.44%, reaching 78.25 dollars per barrel. Meanwhile, North Sea Brent, crude oil traded in London and used as a reference for European imports, is rising 0.23%, reaching $83.22. Yemen’s Houthi rebels, supported by Iran, in retaliation for

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Oil Local News Petroleum

Angolan Petroleum Service Companies Urge Enhanced Focus on Local Content

The Association of Angolan Petroleum Service Companies (AECIPA), representing 150 members within the Angolan oil industry, advocates for a heightened emphasis on the implementation of local content initiatives. Highlighting the strategic importance of industry efficiency, the association underscores the pivotal role of local content in supporting Angola’s goal of increasing oil production to 1.18 million barrels per day. During a recent address in Luanda, AECIPA CEO Bráulio de Brito emphasized that embracing local content fosters

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Oil News Petroleum

CNOOC Secures Union Oil Cargo in Sépia Block Auction

In a recent direct sales process conducted by Pré-Sal Petróleo (PPSA), the Chinese oil giant CNOOC emerged as the victor, securing 500 thousand barrels of oil. This marks the third Union cargo sold under the production sharing contract for the Sépia Block, located in the Campos Sedimentary Basin off the coast of Rio de Janeiro. Under the sharing regime governing pre-salt fields, a portion of the extracted oil is allocated to the Union. With the

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Local News Oil Petroleum

Sonangol Reports 2023 Financial Results and Infrastructure Progress

Sonangol disclosed its financial performance for the year 2023 last week, revealing a turnover of $10.9 billion and a net profit of $3.1 billion, a decrease from the $5.3 billion recorded in 2022. The 41.5 percent drop in profits reflects a challenging year marked by global adversities, as emphasized by the oil company. Despite facing multiple hurdles, Sonangol remains steadfast in its commitment to operational excellence. In 2023, Sonangol’s turnover experienced a decline of 18.6

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Gas Local News Oil

Angola Aims for Increased Gas Production with New Consortium Ventures

The Government of Angola plans to increase gas production levels in the coming years, with the entry of a new consortium, which will explore new oil fields. The information was provided by the president of the National Oil, Gas and Biofuels Agency (ANPG). Paulino Jerónimo, who was recently reappointed for his second term at ANPG, highlighted that the new consortium for gas production in the country is made up of several companies.  Their mission is to

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Oil Gas International News

Sintana Energy Leads Venture 50 with Namibian Orange Basin Discoveries

Sintana Energy has surged to the top position on the TSX Venture 50, propelled by its significant oil and gas discoveries in the Orange Basin. The company’s indirect interest in the PEL 83 exploration campaign, led by Galp Energia (80%), Namcor (10%), and Custos (10%), has positioned it as a standout performer among 50 other companies. With Custos Energy, in which Sintana holds a 49% indirect ownership, the CEO, Robert Bose, emphasized the transformative impact

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Oil Gas International News

Petrobras Introduces Hisep Project for CO2 Reinjection in Offshore Oil Fields

Petrobras unveiled plans on Tuesday February 19th to launch the pilot phase of the Hisep project within four years, aiming to reinject carbon dioxide (CO2) extracted from oil fields underground. Unlike traditional methods, Hisep conducts this process directly on the seabed rather than on the platform. The pilot phase is scheduled to take place in the pre-salt Mero field located in the Santos Basin. Following successful laboratory tests, Petrobras will proceed with the assembly of

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