You are Here

Category: Oil

International Oil

Brent opens higher and passes 80 dollars

On Monday, Brent crude prices rose by 2.64%, reaching $81.11 per barrel, while West Texas Intermediate (WTI) saw a 2.83% increase, closing at $76.95 per barrel. Globally, oil prices for October delivery surged by around 3% following the suspension of exports by the Libyan government. Although the Benghazi government is not internationally recognized, it controls most of Libya’s oil fields. The National Petroleum Corporation, based in Tripoli and responsible for managing Libya’s oil resources, has

Loading

Read More Here

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

Loading

Read More Here

International Oil Petroleum

Top 10 African countries with the lowest fuel prices in August 2024

A low cost of petrol in Africa provides much-needed relief to economies that may already be facing fiscal difficulties. Fuel costs have a major impact on several aspects of the African economy, hence the necessity of market control. Reduced energy prices benefit both consumers and companies, providing stability and economic empowerment. Expensive transportation costs can exacerbate poverty in many African nations by limiting access to needs such as food, medical care, and education. As a

Loading

Read More Here

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

Loading

Read More Here

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

Loading

Read More Here

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

Loading

Read More Here

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

Loading

Read More Here

International Oil

Eni Produces 5 Million Tons of LNG from Mozambique’s Rovuma Basin

Italian oil company Eni announced on Friday that it has produced five million tons of liquefied natural gas (LNG) from the ultra-deep waters of Area 4 in Mozambique’s Rovuma Basin. This milestone is a significant achievement for the project, highlighting the technical and operational success, as well as the dedication, commitment, and collaboration of the entire team and its partners. \ Area 4 includes major industry players such as ExxonMobil, China National Petroleum Corporation (CNPC),

Loading

Read More Here

Local Gas Mining News Oil

Diamantino Urges Mineral Sector to Align with Global Energy Transition Goals

Angola’s Minister of Mineral Resources, Oil, and Gas, Diamantino Azevedo, has called on national companies in the mineral exploration sector to invest in the global energy transition, emphasizing the need to address the country’s current and future challenges. During his visit to Cuanza-Sul, the minister highlighted the importance of exploiting natural resources sustainably to benefit the population. Regarding the ongoing ban on quartz and gypsum exploration, Minister Azevedo clarified that the government has established a

Loading

Read More Here

International News Oil

Ghana Launches $12 Billion Refinery to Become Regional Oil Hub

Ghanaian President Nana Akufo-Addo has launched the construction of a 300,000-barrel-per-day oil refinery, positioning Ghana to become a leading petroleum hub in the region. Despite this ambitious goal, the project has faced criticism regarding potential shortcomings. Since becoming an oil producer in 2010, Ghana, the world’s second-largest cocoa producer, has seen its crude oil output reach approximately 132,000 barrels per day (bpd) and its natural gas production around 325 million standard cubic feet per day.

Loading

Read More Here

1 … 9 10 11 12 13 … 119