Oil futures surged on Monday, hitting their highest levels since October, driven by unexpected data from the industrial sectors of both China and the United States, while investors awaited the upcoming OPEC+ meeting. On the New York Mercantile Exchange (Nymex), WTI for May climbed 0.65%, or $0.54, to reach $83.71 per barrel, while Brent for June rose 0.48%, or $0.42, closing at $87.42 per barrel. China’s industrial Purchasing Managers’ Index (PMI) soared from 49.1 in
José Barosso, Angola’s Secretary of State for Oil and Gas, has revealed that the country is presently producing 1.1 million barrels per day (bpd) of oil and intends to uphold these levels over the next three years. Angola’s output has rebounded to pre-2023 levels when the country exited the Organization of Petroleum Exporting Countries. Barosso emphasized, “…our goal is to at least maintain this production level until 2027-2030.” He elaborated that Angola is vigorously encouraging
TotalEnergies is running simultaneous flow tests in a pair of wells on its huge Venus oil discovery offshore Namibia, according to head of exploration Kevin McLachlan. The supermajor currently has two rigs involved in appraising Venus — the drillship Tungsten Explorer, which it partly owns, and the semi-submersible drilling rig Deepsea Mira — in the prolific Orange basin. MacLachlan told delegates at the BEOS event — organised by GESGB and AAPG — on Tuesday that
The Mozambique government has given the green light for concession contracts for oil and gas exploration in vital blocks A6-E, A6-G, A6-D, S6-A, and S6-B. CNOOC Ltd. and Mozambique’s ENH have clinched offshore deals. As per Mozambique’s national regulatory body, the Instituto Nacional de Petróleo (INP), exploration activities will encompass acquiring over 26,000 km2 of 3D seismic data, drilling a minimum of four deepwater research wells, and conducting geoscientific studies in the Save and Angoche
Ades, a Saudi drilling company, has finalized a $66 million investment deal with its subsidiaries in Egypt, with the goal of enhancing oil production from the North African nation’s fields. According to a statement released to Tadawul, the Saudi stock market index, Ades Holding Co. revealed the ten-year agreement, with the option for extension, which involves injecting $30 million into Egyptian Suez Oil Co. (Suco) and $36 million into Egyptian Offshore Shukeir Oil Co. (Osoco)
Analysts and traders anticipate that Nigeria’s Dangote oil refinery could disrupt the longstanding gasoline trade from Europe to Africa, valued at $17 billion annually. This development is poised to escalate pressure on European refineries, which are already grappling with closure prospects amid heightened competition. Commencing production in January after a $20 billion investment, the refinery has a capacity to refine up to 650,000 barrels per day (bpd), making it the largest in Africa and Europe
South Sudan’s national oil company Nilepet is calling on investors to secure funding for the construction of an oil refinery in the country’s Block 5A. According to Director General of Finance, Services and Administration at Nilepet Dr. Matiok Santino Akuei, the project has amassed a total investment of $29 million, with the refinery’s estimated initial costs currently standing at $3 billion. As such, the seventh edition of the nation’s official energy event South Sudan Oil
Uganda National Oil Company (UNOC) has begun distributing limited quantities of petroleum products to its subsidiaries in Tanzania and Uganda. Uganda’s fuel distribution network is currently dependent on Kenya, importing roughly $2 billion worth of petroleum per year, for which Kenya Pipeline Company handles at least 90% of the cargoes. As a result, UNOC has signed a five-year supply deal to import fuel directly from energy trader Vitol Bahrain for distribution to consumers. Last November,
The China National Offshore Oil Corporation (CNOOC) is sending a team of senior executives to Angola to discussion opportunities in oil exploration. According to Angola’s Ministry of Mineral Resources, Petroleum and Gas, “In the coming days, a delegation from CNOOC – led by Liu Yongjie, Chairman of the CNOOC International Limited – is set to travel to Angola to start discussions around Block 24 and other oil exploration opportunities.” Located in the Southern Kwanza Basin,
The price of gasoline in South Africa will increase in April. Diesel (diesel), however, will see some reduction. The department responsible for the measures attributed the adjustments to the increase in average international prices for gasoline products For this reason, April will be a mixed month for South African motorists in terms of fuel prices, with petrol rising, while the cost of diesel will increase or decrease slightly, depending on whether you live inland or
