GE Gas Power has announced a major boost to Iraq’s power generation capacity through a partnership with the Ministry of Electricity. In the first half of this year, the company successfully serviced and upgraded 1400 megawatts (MW) of gas turbine capacity across the country. The aim of this strategic move is to enhance power generation capabilities and improve the efficiency and performance of the units, particularly in preparation for the peak summer demand. The Khor
ExxonMobil, the multinational oil and gas company, has announced its plans to expand its upstream investments in Egypt. Amr Abou Eita, Chairman and Managing Director of ExxonMobil Egypt, revealed that the company intends to increase its upstream exploration activities in the country. Simultaneously, ExxonMobil aims to grow its Mobil service stations network throughout Egypt. In addition to its focus on upstream operations, ExxonMobil also expressed interest in exploring opportunities related to low-carbon solutions. This indicates
Egypt and Saudi Arabia are gearing up to initiate a $1.8 billion electrical interconnection project, with testing scheduled to commence next month and trial operation set for next year. This project marks the first large-scale high-voltage direct current (HVDC) interconnection in the MENA (Middle East and North Africa) region. It involves the connection of three substations through 1,350 kilometers of overhead power transmission lines and 22 kilometers of submarine cables. A consortium consisting of Hitachi
TotalEnergies, a French energy company, is preparing to launch a significant project in Iraq as part of a $27 billion framework agreement signed between Iraq and France in September 2021. The project involves the construction of a 1,000 megawatt solar power park in the Artawi oilfield located in Basra, southern Iraq. The endorsement for the project was given by Iraq’s Electricity Minister, Ziad Fadil, during discussions with a TotalEnergies delegation in Baghdad. The initiative is
The recent increase in international oil prices, primarily driven by Saudi Arabia’s intention to reduce daily production by nearly one million barrels, has raised concerns about the future of crude oil prices. As of Tuesday, June 7, 2023, the price of a barrel of Brent crude oil stands at $78.73 USD on the Inter Continental Exchange (ICE), compared to $71 USD at the end of the previous week. The West Texas Intermediate (WTI), the American
The production cut announcement did not boost oil prices. Saudi Arabia announced an additional cut of 1 million barrels per day, but the announcement was overshadowed by demand concerns. The Organization of the Petroleum Exporting Countries and Allies (OPEC+) reached an agreement to extend production cuts until 2024 and give the United Arab Emirates a larger quota next year, according to a statement from the group. However, Saudi Arabia, the largest exporter of the commodity,
The Department of Energy (DoE) has raised its projection for the Brent crude oil barrel price in 2023 to $79.54. The U.S. Department of Energy’s Energy Information Administration (EIA) increased the average price forecast for the Brent crude oil barrel in 2023 from $78.65 to $79.54. For 2024, the department raised the projection from $74.47 in the previous forecast to $83.51 per barrel. On Tuesday, June 6, the projections were published in the Short-Term Energy
In an exclusive interview with Energy Capital & Power, Khroumbaly Lehbib, the advisor in charge of upstream hydrocarbons at the Ministry of Petroleum, Mines, and Energy of Mauritania, discussed various aspects of Mauritania’s energy strategy. One of the key topics addressed was the development of a transportation system in the country, considering the upcoming gas production from the Greater Tortue Ahmeyim (GTA) field. Lehbib confirmed that the Mauritanian government is considering the construction of a
Sonangol considers having its own economic publications that allow for a more transparent communication process with the market and the group’s employees, according to the Director of Communication, Brand and Social Responsibility of the company. The Angolan oil company has been standing out in oil production in several blocks where it is the concessionaire and made these statements in an interview published in the magazine “Pacaça,” a publication of Sonangol named after an oil field
The President of the Association of Companies Providing Services to the Angolan Oil Industry (AECIPA) argued in favor of commercial banks providing financing to oil sector operating companies as a way to help them gain consistency and strength in order to better serve the national economy. In statements to Angop, Bráulio de Brito made this consideration when discussing the Legal Regime on Local Content, in which he deemed the non-existent financial capacity of national companies
