The African Export and Import Bank (Afreximbank) has one billion dollars, which will serve to set up a financial institution, essentially focused on supporting the oil and gas operations of national companies, members of the Organization of Oil Producers (APPO), said Monday, in Luanda, the chairman of the Board of Directors of Sonangol, Gaspar Martins. The official who assumed the presidency of the Forum of national oil companies, as host, during the 3rd Meeting of
Join Our Community The OPEC+ group’s crude oil production rose in September to the highest level since the Saudi-Russia price war of April 2020, but producers in the pact remained a massive 3.6 million barrels per day (bpd) below their collective output quota, the Platts survey by S&P Global Commodity Insights showed. OPEC+ lifted their combined production last month by 170,000 bpd, with Saudi Arabia and Iraq boosting output, but Nigeria and Angola pumped the lowest
Europe is importing record volumes of liquefied natural gas (LNG) this year, looking to replace pipeline gas supply from Russia and wean itself off Russian energy in the wake of Putin’s invasion of Ukraine. The record LNG imports, however, come at a high cost for European governments, which are spending billions of euros to help vulnerable customers with soaring energy bills and to save struggling utilities that are bleeding money to procure alternative gas supplies.
Oil prices slipped further on Tuesday as the market reassessed the OPEC+ production quota cut, and the IMF warned about the increased risk of a global recession. Oil prices slipped over the weekend and again on Monday as the bump realized from last week’s OPEC+ meeting began to wear off. The prices continued to slip on Tuesday, as the IMF Managing Director Kristalina Georgieva and World Bank President David Malpass warned the markets on Monday of
The bullish news of the OPEC+ output cut is wearing off, and the market is once again focusing on the possibility of a global recession. Reader Update: The most recent Intelligent Investor report for GEA subscribers details the strengths and weaknesses of two promising oil stocks. The 10-page report is exactly the kind of thing energy investors should be reading ahead of a potential oil price rally. As a member of Global Energy Alert, you will get this report and
The Galp/Shell consortium and the National Petroleum Agency announced that they had drilled a new oil well in São Tomé, which confirms the existence of an “active oil system” in the country. In a statement, the two entities indicate that the initial results of the survey indicate that there is no evidence that the prospect, designated Jaca 1, has a sufficiently large recoverable potential to be commercial. The National Petroleum Agency indicates that the “focus
After OPEC+ announced production cuts of about a million barrels daily last week, oil prices jumped, only to ease earlier today as traders took profits. The nominal size of the OPEC+ production cut was set at 2 million barrels daily but the actual cuts were agreed at between 1 million bpd and 1.1 million bpd, according to Saudi energy minister Abdulaziz bin Salman. The decision signaled even tighter physical oil markets ahead, pushing oil prices higher, although
PetroAngola has started the public voting process to determine the winners of the 2022 edition of the Angola Oil & Gas Awards. Around 100 companies operating in the Angolan oil and gas industry are eligible for this edition, from operating companies, companies providing goods, services and professionals in the sector. The award will be based on the companies’ operational and commercial performance, quality and service delivery capacity, and the contributions made to this important sector
Sonangol, the National Petroleum Corporation of Namibia (NAMCOR) and the Namibiam Ports Authority (NAMPORT) signed, this Sunday, a memorandum of understanding for the development of an integrated logistics base to support the oil and gas industry in Namibia, similar to the Sonils base. According to a press release from the Angolan oil company sent today to Jornal de Angola, the “structuring project of strategic importance” was signed by the chairman of the Board of Directors
Dr. Mustapha Abdul-Hamid, Chief Executive of the National Petroleum Authority of Ghana, will be discussing trends across the country’s downstream sector at AEW 2022 The African Energy Chamber (AEC), the voice of the African energy sector, is proud to announce the attendance and participation of Dr. Mustapha Abdul-Hamid, Chief Executive at Ghana’s National Petroleum Authority (NPA), at the African Energy Week (AEW) (https://AECWeek.com/) conference and exhibition, which will take place from 18 – 21 October
