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Category: Oil

Economy Gas International Oil

China’s CNOOC Plans Offshore Oil and Gas Development in Tanzania

China’s CNOOC is planning offshore oil and gas development in Tanzania in partnership with the state-owned Tanzania Petroleum Development Corp. This move comes as Tanzania aims to enhance the development of its natural resources. According to Tanzanian Energy Minister January Makamba, the collaboration will focus on deep-sea blocks 4/1B and 4/1C, which are currently held by TPDC. These blocks are situated near substantial gas fields that were discovered by a consortium of international energy companies

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Economy International Oil Petroleum

Brent crude oil price for delivery in August decreased by 3.89% to $74.13 per barrel

The price of Brent crude oil, which serves as a reference for Angolan exports, for delivery in August, ended Thursday on the London futures market with a 3.89% decrease, reaching $74.13. The unexpected half percentage point increase in the benchmark interest rate by the Bank of England has raised concerns about a reduction in oil demand growth, according to analysts. This concern countered the optimism that had driven prices in the previous session, thanks to

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Economy Gas Oil

Now is the Time to Invest in Angolan Oil and Gas

Angola has emerged as a top destination for large-scale oil and gas investment over the past three decades. With substantial reserves and high returns on investment, foreign investors and project developers are increasingly attracted to the Angolan market. Angola is currently the largest oil producer in sub-Saharan Africa, with confirmed reserves of 9 billion barrels of oil and 11 trillion cubic feet of natural gas. Major oil and gas companies such as TotalEnergies, Chevron, ExxonMobil,

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Economy Gas Oil

Fuel supply mechanism discussed in the meeting

Experts involved in hydrocarbon exploration from the Republics of Angola and the Democratic Republic of Congo (DRC) analyzed the situation of the Common Interest Zone (CIZ) and the approach of the joint mechanism for the supply of petroleum products between Sonangol, Sonahidroc, and Cobil S.A. in Luanda yesterday, Tuesday 20. In the opening of the expert meeting, the Secretary of State for Mineral Resources, Jânio Corrêa Victor, emphasized Angola’s interest in complying with the timeline

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Economy Oil

Namibian entrepreneurs visit mining and oil projects

A delegation of Namibian entrepreneurs, led by the Deputy Minister of Mines and Energy, Kornelia Shilunga, will be conducting work visits to mining and oil projects in the provinces of Luanda, Lunda-Sul, Bengo, Benguela, and Cuanza-Sul from the 19th to the 28th of this month. The visit is part of the implementation of the Memorandum of Understanding (MoU) between Angola and Namibia, signed in the field of mineral resources and hydrocarbons. On the first day

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Economy Energy Gas Oil

Key Governance Policies to Foster Growth in the MSGBC Region

With promising projects coming online this year, such as the Sangomar oil project in Senegal and the Greater Tortue Ahmeyim development located on the Senegal-Mauritania maritime border, it has become critical for MSGBC countries to establish effective governance policies to maximize the benefits of new energy supplies introduced to the market. Implementation of Special Economic Zones Special Economic Zones (SEZ) or free zones could be established between MSGBC governments and private sector operators to attract

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Economy Oil

UAE, Saudi Arabia, and Oman: Top 5 Oil and Gas Project Launches to Watch Out For

Despite increasing calls from climate activists, the Middle East is expected to commence over 600 projects between 2023 and 2027, according to data from GlobalData Energy. Out of these, upstream projects would be 81, midstream would be 141, the refinery at 84, and petrochemicals would be the highest with 315 projects. Here is a list of the top 5 recent oil and gas project launches that you need to know about. Despite the increasing focus

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Gas Oil

Revealed: Iraq Unveils Details of Oil and Gas Licensing Round

Iraq’s Ministry of Oil has unveiled the locations of the 11 exploration sites for the sixth licensing round, clarifying the eligibility criteria for participating companies, according to press reports. All the exploratory sites for this licensing round are located in the western region. Muhammad Al-Saadi, Assistant Director General of the Petroleum Contracts and Licenses Department at the Ministry, said that these sites are mostly unexplored and cover an expansive area ranging from 6,000 to 9,000

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Economy Oil

Angola and Dominican Republic Forge Partnership in Oil and Gas Industry

Angola and the Dominican Republic have held a meeting to explore potential collaboration in the field of oil and gas development. The discussion took place between María Cándida Pereira Teizeira, Angola’s Ambassador to the Dominican Republic, and Eng. Antonio Almonte, the Caribbean country’s Minister of Energy and Mines. During the meeting, the parties discussed how Angola, being the largest oil producer in sub-Saharan Africa and having significant mining experience, could assist in enhancing the Dominican

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Economy Gas Oil

Kuwait Appoints New Oil Minister

Kuwait has announced the appointment of Saad Al Barrak as the new oil minister, replacing Bader Al-Mulla. The formation of a new cabinet and the appointment of Al Barrak were carried out by Sheikh Ahmad Nawaf Al-Ahmad Al-Sabah, who was re-appointed as the prime minister the previous week. The announcement of the new cabinet was made through a decree published by the state news agency KUNA. In addition to the new oil minister, Kuwait also

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