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Local Gas Mining Oil

Angola to Invest in Geological Staff Training to Enhance Mineral Exploration

Angola is prioritizing the technical training of its geological workforce to tackle the challenges of prospecting, discovering, and managing valuable mineral deposits. This commitment was reaffirmed at the recent opening of a seminar titled “Geological Workflow – Drilling to Geological Decision, Applied to the Oil and Gas Industry.” The event, co-hosted by the Geological Institute of Angola (IGEO) and Seequent, brought together industry professionals for a two-day discussion on mining challenges in Angola. Importance of

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Local Economy Gas News Oil

Angola Ramps Up Oil and Gas Sector with Investments in Refining, Storage, and Decarbonization

Angola’s Minister of Mineral Resources, Oil and Gas, Diamantino de Azevedo, outlined a multi-pronged approach to strengthen the country’s oil and gas sector. The plan focuses on attracting investment, achieving self-sufficiency in refined products, and promoting responsible development. The Angolan government is actively seeking investment in several areas: -Refining, Storage, Transport, and Distribution (RST&D) of petroleum products -Construction of gas stations to improve distribution efficiency -Onshore storage facilities with the Barra do Dande Ocean Terminal

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Oil News

Brent Oil Prices Dip Below $80 as OPEC+ Extends Production Cuts

The price of Brent crude oil, a key benchmark for Angolan exports, fell below $80 a barrel for the first time since February. Brent for August delivery dropped 2.62% to $78.93 a barrel. The North American benchmark, West Texas Intermediate (WTI), for July delivery, also declined 2.86%, settling at $74.79 a barrel. This price decline coincides with the recent decision by OPEC+ (Organization of the Petroleum Exporting Countries and allies) to extend production cuts. On

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International News Oil

OPEC+ Extends Production Cuts, Saudi Arabia and Others Announce Phased Increases

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, have announced plans to extend production cuts and introduce a phased increase for some member states. Eight OPEC+ members, including Saudi Arabia and Russia, will extend their voluntary production cuts beyond their original June 2024 expiration date. These additional cuts, totaling 2.2 million barrels per day (mbpd), will be extended until the end of September 2024. Following this, a gradual

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Local News Oil

Sonangol Controls Fuel Leak on Catete Road Pipeline

A fuel leak discovered midweek in a pipeline along Catete Road, near the FTU drainage ditch, has been brought under control. Sonangol Distribuição e Comercialização, the public company managing the pipeline, announced that upon identifying the rupture, they immediately suspended the pipeline’s operation. In a statement accessed by Jornal de Angola, Sonangol mentioned that the leak was likely caused by external factors, which are still under investigation. Ongoing analyses are expected to provide a precise

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International Exploration Gas News Oil

Mozambique Signs Oil and Gas Exploration Contracts with CNOOC and ENI

The Mozambican government and Chinese oil company CNOOC Hong Kong Holding signed five concession contracts on Thursday in Maputo for oil and gas exploration in the Angoche sedimentary basin, located off the coast of Nampula province. Additionally, a sixth contract was signed with Italian energy company ENI. At the signing ceremony, Minister of Mineral Resources and Energy Carlos Zacarias noted that this milestone is the culmination of a process that began in November 2021, when

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International News Oil

Galp to Sell Stake in Mozambique’s Rovuma Basin to ADNOC

The Mozambican Ministry of Mineral Resources and Energy has announced a potential change in the partnership of Area 4 in the Rovuma Basin, located off the coast of Cabo Delgado province. This follows the decision by the Portuguese oil and gas company Galp to sell its stake to the Emirati oil company ADNOC. Galp has reached an agreement with ADNOC to sell its position in the Area 4 natural gas consortium for nearly 600 million

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Oil International News

Oil Prices Rise Despite Weekly Decline Amid Fed Concerns

Oil prices ended the week with a 1% increase, closing at $82.12 per barrel, although they experienced a weekly decline due to concerns that strong US economic data could lead to prolonged high interest rates, subsequently reducing fuel demand. Brent crude futures for July delivery rose by $0.76 on Friday, reaching $82.12 per barrel. International experts anticipate an increase in summer demand in the United States starting this weekend, leading some investors to question whether

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Local News Oil

TotalEnergies Launches “100 Years, 100 Entrepreneurs” Initiative in Cuando Cubango

TotalEnergies introduced the “100 Years, 100 Entrepreneurs” project to young entrepreneurs in Cuando Cubango on Friday. This initiative aims to transform innovative business ideas into successful enterprises. The project is currently in its application phase, and the presentation was led by project coordinator Márcio Castro during a meeting between TotalEnergies and the youth community in Menongue. The event focused on fostering investment in the private sector to drive economic and social development. The program targets

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Local News Oil

TechnipFMC Delivers First Subsea 2.0 Production System to TotalEnergies for Angola’s CLOV Project

Energy engineering and technology company TechnipFMC has successfully delivered the first Subsea 2.0 Production System to TotalEnergies. This innovative system aims to simplify, compact, and enhance submarine equipment, boosting production for the CLOV project in Block 17 offshore Angola. The Subsea 2.0 Production System results from a contract signed between TechnipFMC and TotalEnergies, under a framework agreement established in May 2022. This system is crucial for developing Phase 3 of the CLOV project in Block

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