The Gulf Cooperation Council, which includes the major oil-rich economic powers of the Middle East, called yesterday to “avoid excluding” crude oil from the energy transition and to maintain investments in the sector in order to uphold a “balanced” policy. “We emphasize the importance of the international community avoiding the exclusion of the primary energy sources and not neglecting investments in these sectors,” said the Gulf Cooperation Council (GCC) in a statement during the Middle
Joseph Anis, President and CEO of GE Vernova’s Gas Power business for Europe, the Middle East, and Africa, sheds light on the emerging economic and environmental prospects associated with flare gas and related technologies in the MENA region. Globally, substantial volumes of natural gas are annually flared or released into the atmosphere at oil production sites, contributing to significant carbon dioxide (CO2) and methane emissions equivalent to the output of 83 million cars, as estimated
Home to an established energy market that provides for a wide range of oil and gas, renewable energy and power distribution investment opportunities, Algeria is well-positioned to serve as a major energy supplier to regional and global markets. The north African country holds up to 159 trillion cubic feet (tcf) of natural gas resources and 12.2 billion barrels of oil reserves, producing approximately 970,000 barrels of oil and 9.9 billion cubic feet of gas per
The Energy Invest: Namibia 2023 publication the official investment report on Namibia’s oil, natural gas, power, mining, and renewable energy sectors will be launched at the “Invest in Namibia Energies” strategic session at African Energy Week 2023 in Cape Town on October 18. Endorsed by the Ministry of Mines and Energy and produced by Energy Capital & Power in partnership with the African Energy Chamber, National Petroleum Corporation of Namibia (NAMCOR), Namibia Investment Promotion and
TotalEnergies has initiated the preparatory studies for the major exploration venture in Block 58, situated offshore of Suriname, marking a pivotal step forward in the large-scale oil project. The company holds a commanding stake in the operation, with a 50% interest, complemented by a matching 50% share held by APA Corporation. Appraisal of the two main oil discoveries, Sapakara South and Krabdagu, was successfully completed in August 2023, with the drilling and testing of three
The Angola Oil & Gas 2023 Conference & Exhibition (AOG 2023), organized by Energy Capital & Power, has achieved a significant milestone by receiving a prestigious carbon-free event certificate from AMBIPAR Environment Management. This accolade underscores AOG 2023’s commitment to environmental responsibility and sustainability. AMBIPAR’s carbon measurement system calculated emissions generated by the conference and bought carbon credits. With that credit money, they will plant trees in the Amazon. AOG 2023’s dedication to achieving carbon
The oil and gas industry is the most important engine of industrial growth and economic activity in Angola. However, the National Development Plan 2023–2027 addresses how the country plans to reduce oil revenue dependency to no more than 20% by diversifying the economy and investing in other sectors with growth potential, such as agriculture, infrastructure, mining, green hydrogen, and renewable energy. Infrastructure Recent investments in Angola’s infrastructure have substantially improved, with large infrastructure repairs, expansions,
Mozambique’s Hidroeléctrica de Cahora Bassa (HCB), one of the largest independent energy producers in southern Africa, has said that it is considering the “reactivation” of a project to build a new power plant, to the north of the original hydroelectric dam, in view of growing demand for electricity in the region. “In the long term, the company is conducting strategic reflections with a view to reactivating the Cahora Bassa North project, to meet the growing
Vancouver-headquartered Lucara Diamond has secured a short-term extension of the maturity of its $50-million senior secured working capital facility (WCF). The company says it will defer the placement of $52.9-million in a cost overrun reserve account (CORA) by September 2. The CORA balance is currently $18.3-million. Lucara’s debt package consists of two facilities: a project finance facility of $170-million to fund the development of an underground expansion at the Karowe mine, in Botswana, and the WCF that is used to support ongoing operations.
The North Field, located northeast of the Qatar peninsula, is the largest non-associated natural gas field in the world. QatarEnergy has awarded Técnicas Reunidas an additional Engineering, Procurement, and Construction (EPC) contract for work including pipelines, interconnections, ancillary systems, and other supporting components of the LNG Offplot facilities for the North Field South Project, the Spanish contractor said in a press release. Técnicas Reunidas is currently executing the EPC works for the expansion of the
