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Economy International News Oil

Oil Prices Soar Beyond $90 per Barrel, Reaching New Heights

20, October, 202320, October, 2023

Oil Prices Unexpectedly Surge Past $90 Per Barrel, Sparking Concerns and Supply. The global oil market is currently witnessing a significant surge in prices, with several key factors contributing to this upward trajectory, driving oil to surpass $90 per barrel. Brent crude futures saw an increase of 94 cents, equivalent to a 1% rise, reaching $93.32 per barrel as of Friday morning. Meanwhile, U.S. West Texas Intermediate crude reached $90.78 per barrel, marking a $1.41

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Economy Energy Gas International News

TotalEnergies Anticipates Resumption of Mozambican LNG Project in the Coming Year

20, October, 202320, October, 2023

TotalEnergies is “hopeful” it will be possible to restart the $20-billion liquefied natural gas (LNG) project in northern Mozambique in early 2024, says TotalEnergies Gas, Renewables, and Power’s long-term LNG marketing and business development deputy VP, Christophe Auger. TotalEnergies holds a leading 26.5% stake in the development, which was halted in 2021 after Islamic State-linked insurgents launched attacks in the northern Cabo Delgado province where the project’s onshore infrastructure will be located. The French energy

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Economy Local News Oil Petroleum

Angola to maintain crude oil production at 1.1 million barrels until 2024.

20, October, 202324, October, 2023

Angola expects to maintain its current production of crude oil at 1.1 million barrels per day (bpd) next year, said Belarmino Chitangueleca, the Chief Executive Officer of the National Agency for Oil, Gas and Biofuels (ANPG), on Thursday. Belarmino Chitangueleca ensured that the country will announce the winning bidders for the last onshore licensing round by March 2024. He also mentioned that Angola will set up a second Natural Gas Liquids (NGL) train, which processes

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Economy Local News Oil

African Export-Import Bank (Afreximbank) Commits to Funding Cabinda Refinery Development

19, October, 202319, October, 2023

The Fund for the Development of Exports in Africa (FEDA), a subsidiary investment of Afreximbank, announced a few days ago its investment in the Cabinda Refinery, which is being constructed by Gemcorp Holdings in partnership with Sonangol. Investment by Afreximbank comes shortly after Gemcorp, Afreximbank and Africa Finance Corporation successfully led the raising of a project financing debt valued at $335 million in July of this year. According to a statement from FEDA accessed by

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Economy Local News Oil

Sonangol Receives Prestigious African Oil Company of the Year Award

19, October, 202319, October, 2023

Sonangol was honored on Tuesday 17th October with the National Petroleum Company of the Year Award during the 2023 African Energy Week (AEW), a gathering of key continental players in the sector that concludes today in Cape Town, South Africa, on the fifth day of the event. On October 19, 2023, in the latest update at 10:06 AM, Sonangol received the National Petroleum Company of the Year Award. Osvaldo Inácio, the Executive Administrator, accepted the

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Economy International News Oil

Ethiopia’s Ministry of Trade Maintains Stable Fuel Prices

19, October, 202319, October, 2023

The Ministry of Trade and Regional Integration has kept all fuel prices unchanged for the next 30 days. Its previous two tariff adjustments prompted by the rise in the global crude oil and naphtha market saw retail prices of fuel in Ethiopia surge for two consecutive months. Also read: IMF sees “good progress” from Ethiopia In a statement today, the ministry said the prices at the pump set for September would remain unchanged for the

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International Mining News

G7 to Deliberate on Four Proposed Measures for Russian Diamond Trade Restrictions

19, October, 202319, October, 2023

The G7 countries will this week discuss four plans to ban Russian diamonds from G7 markets starting from January 1. These proposals, which aim to restrict the entry of Russian diamonds into G7 countries, vary in their stringency and approach, reflecting the challenges in reaching a consensus. The four proposals were prepared by Belgium, India, a French jewelry industry group, and the World Diamond Council and will be discussed at a technical meeting of G7

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Economy Energy International News

UK Commits £20 Million to Support Africa’s Vital Mineral Resources at CMA 2023 Summit

19, October, 202319, October, 2023

The UK announced a pledge to help African countries expand their critical mineral supply chains with a focus on promoting mineral exploration and processing, generating value added activities, and creating local jobs during the Critical Minerals Africa 2023 summit on Wednesday 18th October. “African countries rightly have a high level of ambition for unlocking the value of their natural resources, and the UK will work with them in partnership to support the delivery of their

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Economy Gas Local News Oil

Angola’s Associated Gas Production Reaches 2.37 MMCF Per Day in the Past Month

19, October, 202323, October, 2023

Last month, the associated gas production was 71.11 million cubic feet (MMCF), with an average of 2.37 MMCF per day. Out of this, 1.50 million were injected, 417 million were supplied to the ALNG factory, 325 million were used for power generation at the oil facilities, and the remainder was used in oil operations and transportation. The report adds that during the month of September, ALNG produced 2.9 million barrels of oil equivalent, averaging 99.4

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Economy Local News Oil

Oil Prices Have Stabilized in the International Market

19, October, 202319, October, 2023

The Brent futures (which are a reference for Angolan sales) rose by seven cents to $89.50 per barrel at 5:00 PM (Angola time), and the West Texas Intermediate (WTI) from the United States rose by 19 cents to $86.47 per barrel. The Government and the opposition in Venezuela resumed long-suspended negotiations yesterday, a move that President Nicolás Maduro believed would benefit the 2024 elections and could potentially lead Washington to ease sanctions, according to several

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