The predictions from the monthly report on the oil market by the Organization of the Petroleum Exporting Countries (OPEC), released on Tuesday, the 13th, estimate that global demand for oil will grow steadily this year and in 2025, with China’s consumption and transport fuels being the main drivers of this trend. OPEC states that pre-Covid-19 consumption levels were already surpassed in 2022. According to the document, demand will increase by 2.2% this year, reaching 104.4
The announcement was made yesterday by Galp’s CEO, Filipe Silva. He detailed that by the end of March, the company will already have a clear view of the volume of oil reserves found in the first drilling off the coast of the African country. Galp announced the discovery of a “significant column of light oil” in a deeper zone of the first well drilled in deep waters. Next month, the company will conduct a DST
Brent crude oil futures dropped 82 cents, or about 1%, to $81.37 per barrel, while West Texas Intermediate (WTI) crude oil futures fell 74 cents, also about 1%, to $76.1 per barrel at 10:22 GMT. Last week, the key drivers behind the recovery were persistent threats to shipping in the Red Sea, Ukrainian attacks on Russian refineries, and maintenance at American refineries, said Tamas Varga of PVM oil brokerage. According to him, “this led to
The Port Harcourt refinery in Nigeria has recently received a shipment of 475,000 barrels of crude oil from the energy supermajor, Shell. The shipment was facilitated by the Shell Petroleum Development Company, the largest fossil fuel company in Nigeria, utilizing its Port of Bonny Offshore Terminal. The crude oil was delivered to the Port Harcourt Refining Company Limited. In a statement, Shell expressed that, “This milestone will support the government’s aspiration of a steady supply
According to the Paris-based International Energy Agency (IEA), India is projected to play a pivotal role in driving global oil demand growth by the end of the decade, fueled by robust economic expansion, population growth, and demographic trends. The IEA forecasts that India will emerge as the primary driver of oil demand increase until 2030, closely trailing China in this aspect. It is anticipated that India’s oil demand will surge by nearly 1.2 million barrels
Energy supermajor TotalEnergies and offshore drilling contractor Vantage Drilling have signed a binding agreement to form a new joint venture (JV). Under the agreement, TotalEnergies will acquire the Tungsten Explorer drillship from Vantage Drilling. To the tune of $199 million, TotalEnergies will acquire a 75% majority stake in the JV, with Vantage Drilling owning the remaining 25%. “Through this innovative partnership, TotalEnergies will be able to hedge deep offshore drilling costs: the JV will provide
Angola is gearing up for a significant boost in drilling activity in 2024, with plans to spud 43 wells, reflecting a 16% increase compared to the previous year. The country has set ambitious targets for a near-term production surge to reach 1.2 million barrels per day, and this will be facilitated by the expansion of the well pipeline, contributing to an overall increase in output. The planned drilling activities for 2024 mark a noteworthy advancement,
The French supermajor, TotalEnergies, has initiated production at the Akpo West Field offshore Nigeria. The field has been seamlessly integrated with the pre-existing Akpo Floating Production, Storage, and Offloading (FPSO) vessel, which exhibited a production rate of approximately 124,000 barrels per day (bpd) in 2023. This achievement marks a significant milestone, enhancing the production capacity at the Akpo Field by an additional 14,000 bpd. Furthermore, it is expected to contribute up to four million cubic
The Association of Companies Providing Services in the Angolan Oil Industry (AECIPA) is holding a workshop today at the Higher Polytechnic Institute of Technologies and Sciences (ISPTEC) in Luanda. The workshop aims to analyze the changes in the New General Labour Law (NLGT) in the petroleum sector. According to the statement, the event, titled “New General Labour Law, What Has Changed,” will address some of the key issues of major relevance in the amendments to
Angola and Botswana convened their respective ministerial delegations yesterday Wednesday 7th February, in Cape Town, South Africa, to discuss cooperation in the mineral resources sector. The ministers, Diamantino Pedro Azevedo from Angola and Lefoko Moagi from Botswana, explored the possibility of future bilateral meetings. During the meeting, the focus was on the foundational aspects of bilateral cooperation between Botswana and Angola, emphasizing the development of the extractive industry and the potential for strengthening relations in
