Egypt’s biggest gas field produced 2.4 billion cubic feet of gas per day (BCFPD) in 2022/2023, down from 2.7 BCFPD a year earlier, according to official data released on Monday. The figures were reported by Petroshrouk Company Chairman Khaled Mowafy during a video conference in which his company and Balayim Petroleum Company (PETROBEL) reviewed their annual operational results. The well number 20 will be put into production by the end of October 2023, in line
Angola’s premier event for the oil and gas sector, the Angola Oil & Gas (AOG) Conference and Exhibition, took place in Luanda from September 13-14. Hosted in partnership with Angola’s Ministry of Mineral Resources, Oil and Gas, the African Energy Chamber, Sonangol, and the IRDP, the event was a resounding success, achieving several milestones. VIP Speakers Spearhead Discussions AOG 2023 featured keynote addresses and presentations from a distinguished lineup of government officials, global energy major
The oil industry exceeded expectations in August. Angolan oil production in August stood at 34.995 million barrels, with an average of 1.128 million barrels per day (bpd), which is 2.6 percent more than the 1.099 million bpd forecasted for that period, according to data available on the website of the National Agency of Petroleum, Gas, and Biofuels (ANPG). The numbers from the national hydrocarbon concessionaire also indicate that August production was 1.8 percent lower than
Brent crude oil prices, which serve as a reference for Angolan oil sales, approached $95 per barrel on Monday, as investors kept a close eye on the prospect of a growing supply deficit in the fourth quarter. This comes after Saudi Arabia and Russia extended their supply cuts. Brent futures rose by 62 cents to $94.55 per barrel at 1:22 PM in Angola, while West Texas Intermediate (WTI) crude oil futures from the United States
If OPEC+ maintains the supply cuts until the end of the year, given the positive demand scenario in Asia, we now believe that Brent prices could surpass $100 per barrel before 2024,” In addition to oil supply, analysts project that interest rates in the United States are expected to peak this quarter. The American bank details that oil is expected to be traded between $80 and $100 in the short term. However, for the long
Authorities in the American state have filed a lawsuit against five major oil companies, alleging that they deceived the population for decades by downplaying the climate risks of fossil fuels. The American state of California initiated legal action on Friday, September 15th, against five of the world’s largest oil companies, claiming that they caused millions in damages and misled the public by minimizing the risks of fossil fuels in climate change. The legal action was
The Minister of Mineral Resources, Petroleum, and Gas (MIREMPET), Diamantino Azevedo, encouraged operators to invest more in the petroleum sector in Luanda. One of the important indicators, he explained, for us to assess the work in exploration is the number of drilling rigs. We want to see more rigs drilling the Angolan soil next year, which is a challenge to all who can take advantage of the opportunities provided by Angolan legislation. “With the changes
Angola plans to produce one million and one hundred thousand barrels of oil per day by the end of this year, declared the Director of Production of the National Agency for Oil, Gas, and Biofuels (ANPG) in Luanda. Ana Miala, who participated in the panel on Exploration and Production Opportunities in the Southern African Frontier as part of the sessions and discussions program of the 4th Annual Conference and Exhibition of the Oil and Gas
TotalEnergies has initiated the preparatory studies for the major exploration venture in Block 58, situated offshore of Suriname, marking a pivotal step forward in the large-scale oil project. The company holds a commanding stake in the operation, with a 50% interest, complemented by a matching 50% share held by APA Corporation. Appraisal of the two main oil discoveries, Sapakara South and Krabdagu, was successfully completed in August 2023, with the drilling and testing of three
The last day of the Angola Oil & Gas (AOG) 2023 Conference & Exhibition, organized by Energy Capital & Power, closed with final remarks delivered by Angola’s Minister of Mineral Resources, Petroleum, and Gas, Diamantino Azevedo. Minister Azevedo spoke on the success of the conference and the role that energy development in Angola will play in ensuring energy security and sustainable development in the southern African country. “Energy security, decarbonization, and sustainability have been a
