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Economy Local News Oil

Angola Registers Stability in Oil Production

27, July, 202327, July, 2023

The President of the Executive Committee of Sonangol’s Trading and Shipping Business Unit, Luís Manuel, stated on Tuesday in Luanda that the country’s oil production has remained stable and without significant declines in recent times, thanks to various ongoing actions. According to the manager, as reported to Lusa, oil production has remained stagnant for quite some time. “A series of actions have been taken to stabilize the declining progress. If you have been following, there

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Economy Energy Gas International News

TotalEnergies raises capital in a subsidiary company

27, July, 202327, July, 2023

French company TotalEnergies, which holds a diversified portfolio of oil assets and is a partner of Sonangol in the Caraculo Photovoltaic Plant, inaugurated last March in Namibe, announced on 25th July Tuesday a global operation to buy out the capital of its renewable energy subsidiary, Total Eren, increasing its stake from approximately 30 to 100 percent. On the backdrop of this acquisition, all personnel from Total Eren will be fully integrated into TotalEnergies’ Renewable Business

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Oil

Oil Prices at Three-Month Highs

27, July, 202327, July, 2023

Oil prices remained stable on Tuesday 25th July, hovering around three-month highs, influenced by market developments such as signs of tighter supply and promises from Chinese authorities to strengthen the world’s second-largest economy, alongside lackluster Western economic data. Brent futures remained unchanged at $82.74 per barrel midway through the session, while U.S. crude oil, West Texas Intermediate (WTI), rose 1 cent, or 0.01 percentage point, to $78.75. Crude prices have already recorded four consecutive weekly

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Energy Gas

The the National Oil, Gas, and Biofuels Agency (ANPG Adopts) Satellite Radar to Detect Oil Spills

27, July, 202327, July, 2023

The the National Oil, Gas, and Biofuels Agency (ANPG Adopts) Satellite Radar to Detect Oil Spills Angola’s national concessionaire, the National Oil, Gas, and Biofuels Agency (ANPG), has signed an agreement with the National Space Program Management Office (GGPEN) to utilize the organization’s TECH-ECOLOGIA – a national technological solution that employs satellite radar imagery for monitoring oil spills. The satellite radar imagery enables the ANPG to promptly detect and monitor any occurrences of oil spills

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Gas News Oil

Angola Oil & Gas 2023 Officially Launches in Luanda

27, July, 202327, July, 2023

The Angola Oil & Gas (AOG) conference and exhibition was officially launched in Luanda by event organizer Energy Capital & Power (ECP) alongside the Ministry of Mineral Resources, Oil and Gas and partners including the National Oil, Gas and Biofuels Agency (ANPG); the Oil Derivatives Regulatory Institute (IRDP); and national oil company Sonangol. The event was attended by key stakeholders from across the public and private sectors as well as media, and served to kickstart

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Diamonds International News

Rio Tinto’s Diamond Production Down 16% in Q2

25, July, 202325, July, 2023

Rio Tinto said last week that production at the Diavik Diamond Mine fell 16 percent year-over-year in the second quarter but increased 2 percent when compared with Q1. Diavik, which Rio Tinto took sole ownership of in late 2021, produced 970,000 carats of diamonds in the second quarter, down from 1.1 million in the prior-year period but up from 954,000 in the first quarter. Rio Tinto said completion of an underground pipe as well as construction

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Diamonds International Mining News

De Beers’ Venetia Mine Achieves First Underground Production

25, July, 202325, July, 2023

The US$2.3 billion investment to take South Africa’s leading diamond mine underground bolsters De Beers’ global production and will benefit the South African economy and host communities until at least 2045 De Beers Group has celebrated a key milestone with the delivery of first production from underground operations at its Venetia Mine in Limpopo, South Africa. The overall construction of the underground mine is now 70 per cent complete, with construction and production ramp-up continuing

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Energy Gas International News

Natural Gas Drives Algerian Economic Diversification

25, July, 202325, July, 2023

Algeria serves as a blueprint for how other gas-rich countries in Africa can leverage their resources to stimulate development across various sectors of the economy. The country has positioned its gas sector as a key driver of economic diversification, using revenue generated from Liquefied Natural Gas (LNG) exports to advance industrialization and electrification while correspondingly bolstering sustainability through renewable energy developments. Advancing Renewable Energy Developments With lack of investment representing a major barrier for most

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Economy International News Oil

Crude Oil Prices Set to Record Best Month Since January 2022 as Retail Traders Adopt Bearish Stance

25, July, 202325, July, 2023

Crude oil prices have rallied over 12 percent this month so far, aiming for the best month since January 2022. On the daily chart, WTI broke above the 200-day moving average, a level not seen since August 2022. This recent surge has been bolstered by a near-term rising trendline from the end of June. WTI crude oil prices rose about 2.8 percent on Monday, marking the strongest 24-hour period since June 13th. If this push

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Energy International News

Afreximbank’s Trade Finance Head to Lead Energy Investment Dialogue at AOG 2023

25, July, 202325, July, 2023

Gwen Mwaba, Director & Global Head of Trade Finance at the supranational multilateral financial institution, African Export-Import Bank (Afreximbank), will speak at this year’s edition of the Angola Oil & Gas (AOG) conference scheduled for 13 to14 September in Luanda. The event is organized by Energy Capital & Power (ECP) and takes place under the theme ‘Angola Oil & Gas: Energy Security, Decarbonization and Sustainable Development.’ AOG 2023 will host Mwaba in high-level panel discussions

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