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Category: Oil

International News Oil

Oil Rises as US Reserves Decline

Crude oil rallied Wednesday 28th June after an industry report of a larger-than-expected drop in US crude reserves suggested robust demand and helped offset concerns about further hikes in interest rates. Oil reserves fell by about 2.4 million barrels, according to market sources, citing data from the American Petroleum Institute (API) industry group ahead of official Energy Information Administration data. “This morning’s relief [Wednesday] comes from last night’s API statistics,” said Tamas Varga of oil

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Exploration Gas International News Oil Petroleum

Namibian Exploration Poised to Stimulate Oil Boom

On the back of major oil and gas discoveries in recent years, Namibia’s upstream oil and gas sector is on the precipice of rapid transformation. Significant discoveries made in the southern African country’s Orange Basin in 2022 and 2023 – which include the Graff-1, Venus-1, and Jonker-1X exploration projects –, compounded by favorable fiscal incentives, have attracted oil and gas supermajors including TotalEnergies, Shell, Chevron and ExxonMobil, as well as multinational energy corporations such as

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Gas Local News Oil Petroleum

Kwanza Block Tenders Spur New Wave of Investment in Angola

Angola’s national concessionaire the National Oil, Gas and Biofuels Agency (ANPG) signed four direct concession contracts for the production of oil blocks in the onshore Kwanza Basin. Poised to increase exploration activity and production in the southern African country’s onshore acreage, the concession involves Blocks KON 2/11/12 and 16 and will serve to encourage the participation of small- and medium-sized companies within Angola’s oil and gas space. Concession Contracts Bolster Upstream Activities The signed concession

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Gas International News Oil Petroleum

Ugandans take legal action against TotalEnergies

26 Ugandans filed a lawsuit against French oil firm TotalEnergies on Tuesday June 27th in Paris, France, seeking compensation for alleged abuses of human rights at the company’s huge megaprojects there. People from the impacted areas, joined by five French and Ugandan charity organizations, claim that the energy company TotalEnergies caused “serious harm,” notably to their rights to land and food. The East African Crude Oil Pipeline (Eacop) project, a 1,500 km pipeline bringing crude

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International News Oil

Nigerian Oil Spill Pollutes Land and Rivers

A new oil spill at a Shell facility in Nigeria is contaminating land and a river, disrupting the lives of fishermen and farmers in the Niger Delta. According to the US news agency AP, the Nigeria Spill Detection and Response Agency (NOSDRA) announced that the spill comes from the ‘Trans-Niger’ pipeline, operated by Shell, which runs through several communities in the Eleme area. , in Ogoniland, a region where the London oil giant has faced

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Gas Local News Oil Petroleum

Angola to Complete Privatization of Sonangol by 2026

Angola’s Institute for Management of State Assets and Stakes (IGAPE) has indicated that the Government plans to complete the privatization of the country’s National Oil Company (NOC) Sonangol by 2026. The privatization process will be carried out in several stages and will result in the Government’s divestment of its 30% stake in the NOC. The announcement was made by IGAPE Chairperson Patrício Vilar on 21 June. The sale of government shares in Sonangol initially began

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Energy Gas International News Oil

Tanzania LNG to Ink Host Govt Agreement in July

Tanzania is set to sign a Host Government Agreement (HGA) with energy majors Shell, Equinor and ExxonMobil for the country’s $42 billion liquefied natural gas (LNG) development in July, according to Felchesmi Jossen Mramb, Permanent Secretary in Tanzania’s Ministry of Energy. The HGA will outline the rights and obligations of the government and national oil company as well as the conditions under which the onshore project will be developed and operated. In addition to signing

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Energy Gas Local News Oil

Angola and the DRC to Ink Block 14 Agreement on July 13

The Democratic Republic of the Congo’s Hydrocarbons Minister Didier Budimbu and his Angolan counterpart Diamantino Pedro Azevedo have agreed to sign the Memorandum of Understanding (MoU) for the development of Block 14 on July 13 in Kinshasa. The signing of the MoU will formalize the Block’s ownership, with the DRC and Angola set to take a 30% share while global energy major – and operator of the block – Chevron will own a 40% stake, and follows

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Economy Gas Local Oil

Afentra Targets Angolan Block 3/05 Acquisition by July 2023

Independent oil and gas company Afentra has announced that its final acquisition of Angola’s National Oil Company (NOC) Sonangol’s stake in the country’s offshore Block 3/05 will be pushed from June to July 2023. Sonangol has obtained approval for the license extension in May and is now seeking the necessary government approvals for the transaction. In April 2022, Afentra signed Sales and Purchase Agreements (PSAs) with Sonangol to acquire non-operated interests in the producing Blocks

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Economy Energy International Oil Petroleum

Oil Prices Slide as UK Rate Hike Raises Demand Concerns

Oil prices continued to slide due to concerns about global demand, following a higher-than-expected interest rate hike in the UK and warnings of future rate increases in the US. Brent futures dropped by 51 cents, or 0.4%, settling at $73.76 per barrel, while US West Texas Intermediate (WTI) crude futures fell by 42 cents, or 0.6%, reaching $69.09 per barrel. The Bank of England’s decision to raise interest rates by half a percentage point raised

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