The crude oil market is holding steady, currently trading just below US$78.50 per barrel, despite slipping overnight. This decline occurred despite the news that crude stockpiles had fallen by less than expected. Other energy products, particularly gasoline, experienced notable decreases in demand. According to data from the US Energy Information Agency (EIA), crude inventory levels fell by 708,000 barrels for the week ending July 14th, which is significantly lower than the forecast of a 2.44
Afentra, an independent oil and gas company, has signed a Sale and Purchase Agreement (SPA) with Azule Energy Angola’s largest equity producer of oil and gas for Block 3/05 and Block 3/05A, offshore Angola. The deal will see Afentra acquire a 12% and 16% stake in Block 3/05 and Block 3/05A, respectively. The transaction includes a firm consideration of $48.5 million, as well as deferred contingent payments of up to $36 million, subject to various
Tullow Oil the first production well from the Jubilee South East (JSE) Project, offshore Ghana, has been brought onstream. Announced by Tullow Oil, along with its joint venture partners Kosmos Energy, Ghana National Petroleum Corporation (GNPC), and PetroSA, the independent oil and gas exploration and production (E&P) company, the project’s start-up marks a significant milestone. Alongside the commencement of operations, there are plans for a second production well and an additional water injection well, scheduled
ADNOC Gas signs a long-term agreement with Indian Oil Corporation to supply liquefied natural gas (LNG). The deal is valued between $7 billion and $9 billion. ADNOC Gas, the integrated gas unit of Abu Dhabi National Oil Company (ADNOC), will export up to 1.2 million metric tonnes per annum (mmtpa) of LNG to Indian Oil over a 14-year period. The agreement is seen as a significant milestone for ADNOC Gas in expanding its global presence
Luanda hosts the 4th edition of the Angola Oil & Gas in September, as announced by the Ministry of Mineral Resources, Petroleum, and Gas (MIREMPET) on their official Facebook page on Tuesday 18th of July 2023. The event, organized by Energy Capital & Power in collaboration with MIREMPET, will take place at the Talatona Convention Center and aims to bring together experts from the global oil and gas sector. They will analyze topics related to
The government of Uganda, through the Ministry of Energy and Mineral Development, has announced that it is seeking investment partners to advance the development of a 60,000 barrel-per-day oil refinery. In a press statement, the ministry stated that it has reached several milestones regarding the implementation of the refinery and now seeks financing to progress further. Specifically, the Ministry is turning to public sector capital providers to accelerate the implementation of the downstream project. “The
Angolan oil production began to recover in May and is expected to grow slightly by the end of the year, following a temporary decline in the first quarter, mainly due to maintenance operations, according to the consultancy firm Oxford Economics. The firm released predictions about the growth of the national economy throughout the current year on Monday. The report cited by Lusa states, “The production decline was only temporary due to maintenance work, and production
Kuwait National Petroleum Co (KNPC) is currently working on implementing a strategy for reviewing the terms and conditions of new contracts, according to a local media report. The company will consider not awarding the same scope of work to the same contractor for different areas in the future to avoid any potential failure to implement the assigned work. This strategy will include clauses specifying fines to impose on the contractor in case of such a
TotalEnergies aims to complete four multi-billion-dollar oil, gas, and renewables projects in Iraq by 2029. Phase 1 of these gas projects is expected to boost Iraq’s gas production by nearly 300 million cubic feet per day. During Phase 2, this quantity is set to double. The projects fall under a $27-billion agreement signed with TotalEnergies on July 10th 2023, with Iraq contributing $1.4 billion towards their realization. TotalEnergies is committed to completing these projects by
Crude oil prices continued to retreat from the 3-month peak seen last week on a soft economic outlook for China and easing political tensions in Libya, potentially lifting production capacity. The WTI front futures contract touched US$ 77.33 per barrel last Thursday before tumbling into the weekend and continuing lower to start this week, trading below US$ 74 per barrel. The Brent futures contract saw similar price action, nudging US$ 81.75 before visiting US$ 78.25
