The price of oil will continue to stay elevated as demand for energy increases, says the secretary general of Opec+. Opec+ is a group of 23 oil-exporting countries which decides how much crude oil to sell on the world market. “We see demand growing about 2.4 million barrels a day,” Haitham Al Ghais told the BBC. Saudi Arabia said it would be cutting its production of crude oil by a million barrels a day to
Nafusah Oil Operations – a joint venture comprising the Libyan National Oil Corporation, Medco International Ventures Limited and the Libyan Investment Authority – has kickstarted the connection of the North Hamada fields to the El-Feel pipeline and Mellitah oil and gas treatment facilities in Libya. The aim is to ensure the transportation of 10,000 barrels of crude oil per day from the North Hamada fields for processing at Mellitah and monetization both on the local
Home to an established energy market that provides for a wide range of oil and gas, renewable energy and power distribution investment opportunities, Algeria is well-positioned to serve as a major energy supplier to regional and global markets. The north African country holds up to 159 trillion cubic feet (tcf) of natural gas resources and 12.2 billion barrels of oil reserves, producing approximately 970,000 barrels of oil and 9.9 billion cubic feet of gas per
According to forecasts from American finance and insurance giant Citigroup, the barrel of Brent, which serves as a benchmark for a large part of global oil production, could collapse to around $70 in 2024. According to these forecasts published on Monday October 2, 2023, it appears that this collapse estimated at around 70 dollars would be dependent on an expected excess supply. “There is a risk of a significant correction during the fourth quarter of
Global oil and gas services provider Sapura Energy has been awarded a $300 million contract by Azule Energy – a 50:50 joint venture between oil and gas supermajors Eni and bp – for the provision of offshore transportation and installation services for Angola’s offshore Northern Gas Complex project. Under the contract, Sapura Energy will provide engineering services, transportation and installation, and other services for the Quiluma and Maboqueiro platforms, with work for the project expected for completion
To alleviate the consequences of removing the petrol subsidy, the federal government has announced its intention to temporarily exempt diesel from value-added tax (VAT) for the next six months. Femi Gbajabiamila, the Chief of Staff to President Tinubu, revealed this development as part of the waivers from the resolution reached between the Federal Government and leadership of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) at the end of a four-hour meeting held
Oil and gas supermajor TotalEnergies has finalized the sale of a 40% stake in Block 20 – situated in the Kwazna Basin, offshore Angola – to global energy group, Petonas, for $400 million. Following the transaction, TotalEnergies will retain operatorship of the block and a 40% interest in the concession. Petronas will own a 40% stake while Angolan National Oil Company, Sonangol, will hold its 20% stake in the block. TotalEnergies is pleased to welcome
The National Oil, Gas and Biofuels Agency (ANPG) announced that it had maintained contacts with representatives of companies specializing in onshore oil exploration and production, in the city of Calgary, Canada, in meetings held to request investment in the Angolan hydrocarbon industry. the meeting took place on the 19th of this month, with the partnership of the Calgary Petroleum Club, with discussions focusing on the potential of the hydrocarbons sector within the framework of the
The company Oceaneering International announced the signing of two contracts worth 100 million US dollars for the provision of offshore support services, in oil and gas projects, in Angola and Guyana (overseas region of France on the Northeast coast of South America). According to news on the PetroAngola website, in the first contract, Oceaneerin will provide transport and installation services as part of the project to extend the useful life of the Girassol field offshore
It’s touted by some as possibly the world’s biggest-ever deep-water oil find. The discovery off the shores of Namibia last year by TotalEnergies and Shell of an estimated 11-billion barrels of crude has generated understandable excitement in the southern African country. Even if only a small portion of that potential load valued at about $1 trillion at current prices – is realistically recoverable, it holds the promise of untold riches for this nation of 2.7
