Natural gas prices are likely to decline further today after Woodside Energy reached an in-principle agreement with a trade union that should significantly reduce the risk of industrial action at the largest LNG production facility in Australia. That’s according to ING’s Warren Patterson and Ewa Manthey, who wrote a note today, stating that natural gas prices in Europe had already shed 14% on Wednesday due to the prospect of an agreement between Woodside and its
A report by the United Nations Conference on Trade and Development (UNCTAD) shows that Africa has the potential to become a major participant in the global supply chain of critical minerals. According to the report, which was released this month, Africa’s abundance of critical minerals and metals vital for technology-intensive industries and the energy transition, including aluminum, cobalt, copper, lithium, and manganese, offers a new regional market opportunity for businesses and industries seeking to diversify
The Mozambican authorities are finalizing negotiations with the two consortia that won the sixth international tender for hydrocarbon exploration and production, but the contracts have yet to be approved and signed, the government said on last week. “The negotiations are almost over and, at the latest, by the end of this year, the contracts will be presented to the government, so that it can approve them, so that operations can begin,” said the Minister of
From 2023 to 2027, Nigeria, Algeria, and Egypt are anticipated to control the African natural gas and liquefied natural gas (LNG) supply market, as the use of fossil fuel becomes unpopular globally. Data from the African Energy Chamber’s August 2023 State of African Energy report support this. The analysis estimates that Africa’s natural gas supply will be at 25.5 billion cubic feet per day (Bcf/d) in 2023, an increase of 1% from 2022. Meanwhile, long-term
Global spending on conventional oil and gas exploration will hit over $50 billion in 2023, according to energy research company Rystad Energy. Upstream companies are strategically directing their investments towards offshore projects, focusing on lucrative regions that have a robust geological understanding. Rystad Energy says that up to 95% of the total expenditure in 2023 is allocated to offshore initiatives. “Upstream companies are facing a period of uncertainty. They are eager to capitalize on the increased
Exploration efforts in both mature and emerging markets in sub-Saharan Africa continue to unveil sizeable oil and gas deposits while efforts to boost electrification are seeing new developments crop up across the renewable energy and green hydrogen fields. As markets expand, sub-Saharan African countries stand to learn valuable lessons from their North African counterparts. Leveraging Algerian Gas Expertise to Bolster LNG Markets With over 159 trillion cubic feet of gas resources, Algeria focused significant levels
Angola President Ramaphosa is meeting with his Angolan counterpart, João Lourenço, alongside regional Heads of State from the Southern African Development Community to discuss driving sustainable industrialization in the region. Additional topics to be explored will include political and security challenges, as well as the socioeconomic outlook of the region. President Ramaphosa will be joined by South Africa’s Minister of International Relations and Cooperation, Dr Naledi Pandor; Minister of Defense and Military Veterans, Thandi Modise;
The National Mineral Resources Agency announced on Wednesday that the country has 20 existing mining titles in the period from 2017 to 2023, of which 45% correspond to prospecting and 55% to exploitation. On the occasion, the general registry of prospecting and exploitation mining licenses issued and the map of mining concessions for prospecting in the Cuanza-Sul province were also presented.
Mauritania launches major infrastructure projects for the economic transformation of the country under the leadership of President Mohamed Ould Ghazouani. The Government of Mauritania is investing heavily in the development of the Port of N’Diago with the aim of transforming the facility, 32 km away from the associated fishing village of Ndiago, into a maritime hub for the oil and gas sector. Strategically located just 40 km and 100 km from the Greater Tortue Ahmeyim
The Egyptian firm, TWMA, has secured a $15 million contract to provide support for BP’s offshore project. The project involves the deployment of TWMA’s RotoMill drill cuttings processing technology for BP’s WND & END exploration and development initiative in the Mediterranean Sea. This five-year project is set to begin in October of this year. The RotoMill technology was chosen for its positive environmental impact. Through thermal desorption, it separates drill cuttings and associated materials into
