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International News Oil

Oil Market Remains Steady Amid Uncertainty Over OPEC+ Production Cuts

4, December, 20234, December, 2023

Oil prices held steady following a 2.0 percent decline last week, reflecting market skepticism regarding the potential impact of the new OPEC+ production cuts in reversing recent downturns. On the first day of the front-month contract, Brent futures for February delivery saw a modest rise of 16 cents, marking a 0.2 percent increase to reach $81.02 per barrel. Simultaneously, West Texas Intermediate (WTI) futures experienced a 0.33 percent increase, climbing 25 cents to $76.21. The

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Oil Local News

Expert applauds Angola’s decision to contravene OPEC Oil production Targets

4, December, 20234, December, 2023

On Saturday, December 2nd, oil expert José Oliveira endorsed Angola’s decision to reject the production quota assigned by the Organization of Petroleum Exporting Countries (OPEC), which mandates cuts in the country’s oil production. “Angola is right to contest, especially due to the way in which OPEC determined the quotas for three African countries (Angola, Democratic Republic of Congo and Nigeria) differently”, said the expert, quoted by Lusa, noting that Angola marked its position and must

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Gas Local News

Sonagás to ensure Cooking Gas during the festive season

4, December, 20234, December, 2023

Sonagás is formulating a strategy to ensure an ample supply of butane gas (cooking gas) throughout the upcoming festive season. During a training seminar for journalists organized by the Association of Economic Journalists of Angola (AJECO) in Luanda, Félix Jorge, the Director of Transport and Distribution at Sonagás and Energias Renováveis, highlighted the company’s efforts. He revealed that Sonagás presently produces an average of 2,020 tons of butane gas, with 70% allocated for bottled gas

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Local News Renewable Energy

U.S. Commits $2 Billion for Renewable Energy Projects in Angola

4, December, 20234, December, 2023

The President of the American Chamber of Commerce in Angola (AmCham), Pedro Godinho, announced in Luanda last week that the United States government has approved a $2 billion investment in renewable energy projects across Benguela, Cuando Cubango, Moxico, and Namibe provinces. During President João Lourenço’s ongoing visit to the United States to bolster economic and commercial ties, Pedro Godinho highlighted the U.S. government’s commitment to finance these projects, signaling the Biden administration’s keen interest in

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Local News Oil Petroleum

AFC Invests $60 Million in Angola’s Etu Energias to Bolster Oil Reserves Acquisition

30, November, 202330, November, 2023

The Africa Finance Corporation (AFC) has undertaken a strategic investment of $60 million in Etu Energias, Angola’s largest private oil company, forming part of a $190 million debt facility. This initiative aims to facilitate the company’s acquisition of oil and gas reserves jointly owned by TotalEnergies and INPEX Corporation. Upon the completion of this acquisition, Etu Energias will secure a 20% stake in deepwater Block 14 and a 10% interest in deepwater Block 14K, located

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International Oil Petroleum

Dangote Refinery to be Listed on Nigerian Exchange

30, November, 202330, November, 2023

Nigeria’s Dangote Refinery is set to be publicly listed on the Nigerian Exchange Limited following the resolution of supply challenges. Announced by Aliko Dangote, CEO of project developer and operator the Dangote Group, the move to publicly list is centered on a broader strategy to increase the company’s valuation while generating positive investor interest in the facility. Launched in May 2023, the Dangote Refinery has the capacity to produce up to 650,000 barrels per day

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Diamonds News

Rio Tinto Backs Out of Canada Diamond Project

29, November, 202329, November, 2023

Rio Tinto will transfer its 75% share in the Saskatchewan Fort à la Corne project to Star Diamond Corporation as it moves its exploration primarily to metals and minerals. In exchange, Rio Tinto will up its stake in Star Diamond to 19.9% from its previous 2.3% share, Star Diamond said Wednesday. The Australian miner will also pay Star Diamond CAD 4 million ($2.9 million) to remove itself from the project and will transfer ownership of

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Diamonds International News

Lucara Diamond Corp Outlines Production and Expansion Plans for 2024

29, November, 202329, November, 2023

Lucara Diamond Corp, under the new leadership of CFO Glenn Kondo effective January 1, anticipates a diamond output ranging between 345,000 and 375,000 carats in 2024, extracted from 3.6 to 4.6 million tonnes of ore. These figures align with the mine’s past operational performance. The company, operating the Karowe mine in Botswana, recently revised down its 2023 production guidance to a range of 395,000 to 405,000 carats, marking a slight adjustment from the initial estimate

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International Energy Infrastructure News

Germany and Italy to Develop North Africa Pipeline Project

29, November, 202329, November, 2023

Germany and Italy are set to collaborate on the construction of a hydrogen pipeline stretching from North Africa to southern Germany. German Chancellor Olaf Scholz and Italian Prime Minister Giorgia Meloni formalized this partnership through the signing of an Action Plan for Strategic Cooperation, reinforcing energy ties between the two nations. The plan outlines the intention to progress the construction of new gas and hydrogen pipelines connecting Germany and Italy via Austria or Switzerland, with

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International Gas News Oil

Ghana Commissions Sentuo Pipeline

29, November, 202329, November, 2023

The West African Gas Pipeline Company – the limited liability company that owns and operates the West African Gas Pipeline (WAGP) – has commissioned the interconnected pipeline in Ghana to the Sentuo Oil Refinery project in Tema. First gas officially flowed from the Tema Regulating & Metering Station through the pipeline to the refinery project, representing a key step towards starting operations at the 120,000 barrel per day plant. “This will enable us to complete

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