The government of Angola, represented by the Ministry of Energy and Water, has committed to providing electricity to approximately six million people in the southern and eastern regions of the country within the next five years. This initiative is part of a broader government strategy aimed at granting energy access to half of the country’s total population by 2025. The plan involves utilizing the 520 MW Capanda Dam, located in Malanje province, to supply power
The International Monetary Fund (IMF) expects the non-oil sector of Saudi Arabia’s economy to maintain strong growth momentum in 2023, according to a report by the financial agency. The IMF projects that the overall real growth in Saudi Arabia will be lowered to 2.1% in 2023 due to the production cuts implemented by OPEC+. However, the non-oil sector is expected to continue growing at an average rate of 5% and remain above its potential. The
The Gulf region, known for its abundant crude oil reserves, is currently undertaking several refinery projects aimed at boosting the refining and petrochemicals industry. These projects, with a combined investment of over $40 billion, are expected to have a significant impact on the region’s economy. Here are the top five ongoing refinery projects in the Gulf region: These ongoing refinery projects in the Gulf region highlight the significant investments being made to meet domestic demand,
Dr. El-Markabi will deliver an international ministerial address during the summit’s opening ceremony on 15 June in Juba. Egypt has been a strategic partner for South Sudan, offering support and collaboration through various knowledge-sharing and project development initiatives. The participation of Hon. Minister Dr. El-Markabi at SSOP aims to strengthen the bilateral relationship between the two countries and promote cooperation in the oil, gas, and infrastructure sectors. The article also mentions that South Sudan’s partnerships
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,
