China produces more than 15 million tons of crude oil Daqing, China’s largest onshore oil field, produced 15.09 million tonnes of crude oil in the first half of 2023, said the entity, a subsidiary of China National Petroleum Corporation. Since the beginning of 2023, the Daqing Oilfield has been focusing on the target tasks of stabilizing oil production. In the same period, the oil field produced around 2.97 billion cubic meters of natural gas, an
The Luanda Refinery carried out a successful test of the use of hydrogen (a fuel that does not generate greenhouse gases) in the production of energy for production, in what Sonangol, which controls the petrochemical unit, considers to be the scope a milestone in the decarbonization process. Luanda refinery uses hydrogen energy in production this is defined as a process of reducing carbon emissions into the atmosphere, especially carbon dioxide, decarbonization is adopted to achieve
Kuwait’s oil minister, Saad Al Barrak, has announced that Kuwait plans to invest more than $300 billion in the energy sector by 2040. Al Barrak made this statement during the 8th OPEC International Seminar held in Vienna. The country aims to increase its oil production capacity to 3.2 million barrels per day by the end of 2024. According to Al Barrak, Kuwait plays a positive role in supporting OPEC and works towards fostering consensus and
Global oil and gas company TechnipFMC has been awarded a contract by Azule Energy – a joint venture between oil and gas supermajors, Eni and bp – to supply subsea production systems for the Block 18 Infills development, offshore Angola. Announced on 26 June, the contract will involve the mobilization of between $75 million and $250 million and will see TechnipFMC design and manufacture subsea trees, a manifold, subsea distribution equipment, topside controls and spearhead the engineering, procurement
Senegal has taken an important step towards its energy transformation ambitions by signing a $2.7 billion Just Energy Transition Partnership (JET-P) contract with G7 nations and the European Union (EU). The agreement intends to help Senegal achieve its goal of increasing the amount of renewable energy in its energy mix to 40% by 2030. The JET-P will unlock financial support from France, Germany, the EU, the United Kingdom and Canada, totaling $2.7 billion over a
Tanzania is set to sign a Host Government Agreement (HGA) with energy majors Shell, Equinor and ExxonMobil for the country’s $42 billion liquefied natural gas (LNG) development in July, according to Felchesmi Jossen Mramb, Permanent Secretary in Tanzania’s Ministry of Energy. The HGA will outline the rights and obligations of the government and national oil company as well as the conditions under which the onshore project will be developed and operated. In addition to signing
The Democratic Republic of the Congo’s Hydrocarbons Minister Didier Budimbu and his Angolan counterpart Diamantino Pedro Azevedo have agreed to sign the Memorandum of Understanding (MoU) for the development of Block 14 on July 13 in Kinshasa. The signing of the MoU will formalize the Block’s ownership, with the DRC and Angola set to take a 30% share while global energy major – and operator of the block – Chevron will own a 40% stake, and follows
The government will initiate the production of neodymium and praseodymium, minerals used in the manufacturing of batteries for electric cars, over the next five years, according to a statement by the Ministry of Mineral Resources, Petroleum, and Gas (Mirempet) and AME Trade. They announced the 2nd Angolan Mining Conference & Exhibition (AMC) 2023, which will take place in November. Country is positioned to benefit from critical minerals, Archive Copper and niobium are joining the list
The Angola Liquefied Natural Gas (LNG) project, one of the largest energy projects in Africa, shipped its 400th cargo of LNG this month. Coinciding with the 10th anniversary of the 5.2 million ton per annum project’s first cargo delivery in 2013, this significant milestone demonstrates the project’s reliability as a competitive supplier of LNG to the global market. Angola LNG’s momentous cargo was loaded onto a 160,000 cubic meter LNG carrier, berthed at the country’s Soyo terminal on 13
Oil prices continued to slide due to concerns about global demand, following a higher-than-expected interest rate hike in the UK and warnings of future rate increases in the US. Brent futures dropped by 51 cents, or 0.4%, settling at $73.76 per barrel, while US West Texas Intermediate (WTI) crude futures fell by 42 cents, or 0.6%, reaching $69.09 per barrel. The Bank of England’s decision to raise interest rates by half a percentage point raised
