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Local News Oil

Announcing the Angola Oil and Gas (AOG) 2023 Award Recipients: Celebrating Excellence

14, September, 202314, September, 2023

Under the event’s broader theme of ‘Energy Security, Decarbonization and Sustainable Development,’ the AOG 2023 awards, which were announced on the first day of the event, sought to identify the companies pioneering the oil and gas industry in Angola. Local Company of the Year Award: Etu Energias Awarded to the most promising Angolan company, whose support and development of the local workforce and local exploration and production efforts continue to ensure the sector’s viability and

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International Mining News

Mining Operations and Ongoing Exploration at Marsfontein Project

14, September, 202314, September, 2023

Diamond producer Botswana Diamonds (BOD) states that mining at the dumps of the company’s Marsfontein project is ongoing. In an update on its Marsfontein and Thorny River projects, in South Africa, the company says exploration, including drilling and geophysics in the mine area, has identified a blow of between 5 m and 10 m, and about 13 m from the surface. This blow has been identified as fresh kimberlite. BOD states that while the company

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International News Oil

Kuwait Oil Company Nears Completion of First Offshore Drilling Operations

14, September, 202314, September, 2023

Kuwait Oil Company anticipates concluding its inaugural offshore oil and gas exploratory and drilling initiatives by 2026, according to the firm’s chief geologist. The exact timeline remains contingent on the progress made during the sea-based operations, as explained by Ahmed Al-Otaibi during a briefing at Kuwait’s oil ministry. Should the drilling operations prove successful, they hold the potential to usher in new production phases, potentially enhancing Kuwait’s oil and gas output. This foray into offshore

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International News Oil

Nigeria Surpasses Angola to Become Africa’s Second-Largest Oil Producer

14, September, 202314, September, 2023

The Organisation of the Petroleum Exporting Countries (OPEC) revealed that Nigeria’s oil production in August 2023 rose to 1.18 million barrels per day (bpd), up from 1.08 million barrels in July. This increase allowed Nigeria to move from third place to second place among Africa’s largest crude oil producers, trailing behind Libya. OPEC’s monthly oil market report attributed Nigeria’s improved output to direct communication for the month of August 2023. Although Nigeria’s 100,000 barrel increase

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Economy Gas International News

Surging Gasoline and Diesel Costs Drive Up U.S. Inflation for August

14, September, 202314, September, 2023

The higher gasoline and diesel prices pushed U.S. inflation higher in August, prompting the White House to reach out to the oil and gas industry to ensure stable supply. Consumer prices in the United States rose by the most in 14 months, Reuters, although the annual increase was a modest one. The big driver behind the price surge was gasoline. The price of the most popular passenger car fuel rose by a significant 10.6% last

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International News Oil

Chevron’s Australian LNG Facilities Grapple with Escalating Worker Strikes

14, September, 202314, September, 2023

Workers at two LNG projects operated by Chevron have escalated their industrial action that began earlier this week and plan further escalations in the coming weeks. While the unions representing the workers have not specified how many hours every day the workers at Gorgon and Wheatstone would strike, Chevron said that it had been notified of rolling 24-hour work stoppages beginning in the early morning today. The industrial action has not yet affected LNG exports

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Economy Gold International News Oil

Crude Oil, Gold and Other Commodity Markets

14, September, 202314, September, 2023

Benchmark US crude oil for October delivery fell 32 cents to $88.52 a barrel on Wednesday. Brent crude for November delivery fell 18 cents to $91.88 a barrel. Wholesale gasoline for October delivery increased by 1 cent to $2.74 per gallon. October heating oil saw an 11-cent rise, reaching $3.44 per gallon. October natural gas declined by 6 cents to $2.68 per 1,000 cubic feet. Gold for December delivery dropped by $2.60 to $1,932.50 per

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Economy Local News Oil

Executive Calls for Oil Industry Collaboration to Drive Economic Diversification

14, September, 202314, September, 2023

The Minister of State for Economic Coordination, José de Lima Massano, expressed on Wednesday in Luanda the government’s commitment to provide all necessary support for the continuation of economic diversification efforts, with the participation of oil companies. José de Lima Massano, who was speaking at the opening of the 4th Annual Oil and Gas Sector Conference and Exhibition, stated that the government would not cease to make the necessary investments in natural resources, including petroleum

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Economy Local News Oil

Angola Aims to Sustain Oil Production at Over One Million Barrels per Day

14, September, 202314, September, 2023

The Minister of Mineral Resources, Petroleum, and Gas stated on Wednesday in Luanda that the current government’s focus is to keep oil production above one million barrels per day in the coming years. The biggest challenge in the upstream sector is the mitigation of the sharp decline in oil production,” emphasized the minister during his speech at the opening ceremony of the 4th International Conference and Exhibition “Angola oil & Gas 2023.” “Among the ongoing

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Economy Local News Oil

AIE Predicts ‘Significant Deficit’ in Oil Supply by Year’s End

14, September, 202314, September, 2023

The International Energy Agency (IEA) predicts a “significant deficit” in oil supply by the end of the year due to the decision of Saudi Arabia and Russia to maintain production cuts. In the monthly report on the oil market released today, the IEA warns of increased volatility risk by the end of the year due to the low level of reserves and confirms the forecast of global demand growth this year by 2.2 million barrels

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