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Economy Energy News

Stalemate at G20 Summit: No Consensus Reached on Fossil Fuels

24, July, 202324, July, 2023

Energy ministers from G20 countries met on Saturday in India without reaching an agreement on a timeline to progressively reduce reliance on fossil fuels (oil, gas, and coal). Justifying the impasse, India, which currently presides over the G20 (comprising the 19 largest economies in the world and the European Union) until November, explained that some members wanted “a continuous reduction of fossil fuels” without relying on carbon capture or storage devices, “in accordance with different

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Economy News Oil

British Consulting Firm Oxford Economics Predicts Decline in Oil Production

24, July, 202324, July, 2023

The consultancy forecasts that Angola’s oil production will decrease by 1.6 percent this year to 1.12 million barrels per day, despite the recent reduction in production due to maintenance. .Due to the lost production in the Dalia field in February and March, we predict a 1.6 percent decrease in oil production, down to 1.12 million barrels per day in 2023,” according to a comment on the latest data about the sector in the country, which

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Economy News Oil

Brent Kicks Off the Week at $80 per Barrel

24, July, 202324, July, 2023

The Brent crude oil barrel, which is a reference for Angolan exports, starts the week with a price of 80.88 dollars, the same value at which it closed in the previous trading sessions. Experiencing an increase of 1.25 dollars (1.57 percent) compared to the previous closing price, the Brent crude oil, during the period from June 23rd to July 21st, recorded an average price of 77.28 dollars. The highest price reached was 81.75 dollars, while

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Diamonds Economy Local News

Angola’s Lulo Diamond Mine Sees 18% H1 2023 Production Growth

21, July, 202321, July, 2023

The Lulo Diamond Mine (Angola) delivered 15,367 carats of diamonds in the first half of 2023, up 18% year-on-year. The announcement is made by Australian Lucapa Diamond. The source indicates that sales also increased by 37% compared to the corresponding period in 2022, reaching 14,337 carats. Revenue from these sales also increased 47% year-on-year to $33.3 million. The average price per carat sold was 2,326 US dollars, compared to 2,177 US dollars in the first half of

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Economy Gas International News Oil

Russian Oil and Gas Revenues Expected to Surge by 60% in July

21, July, 202321, July, 2023

Russian oil and gas revenues in July, projecting a 60% rise from May receipts to 844 billion roubles ($9.3 billion). The boost in income is attributed to cyclical patterns and is expected to help alleviate Moscow’s budget deficit, which reached 2.6 trillion roubles ($28.7 billion) in the first half of the year. Russia’s Finance Minister, Anton Siluanov, had previously acknowledged that the country’s budget deficit in the coming year might exceed the expected 2% of

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Economy Energy Gas Oil

National Agency for Oil, Gas and Biofuels (ANPG) Encourages Increased Investment in the Oil and Gas Sector

21, July, 202321, July, 2023

The President of the National Agency for Oil, Gas, and Biofuels (ANPG), Paulino Jerónimo, appealed on Thursday in Luanda for oil companies to continue investing in the Oil and Gas sector to increase production levels so that the country can surpass the current levels evaluated at one million and 100 barrels per day. The CEO of ANPG, who spoke at the closing of the Sustainability Forum in the Petroleum sector, part of the Oil and

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Economy Gas News Oil

Angola Oil and Gas Conference

21, July, 202321, July, 2023

From September 3 to September 14 of this year, the country will host the 4th edition of the International Angola Oil and Gas Conference, with the participation of more than 40 oil and gas industry producing and service-providing companies. The President of Energy Capital and Power, the event organizer, pointed out that the conference will serve as an opportunity for investors to explore the great potential of Angola’s Oil and Gas sector and the favorable

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Local News Oil

FILDA’s third day dedicated to the USA and the oil sector

20, July, 202320, July, 2023

The third day of the Luanda International Fair (FILDA), an event taking place since Tuesday, in the Industrial Economic Zone, is being dedicated to the United States of America and the oil sector.

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Economy International News Oil

Djibouti Secures $120M Afreximbank Loan for Oil Storage, Terminal Project

20, July, 202320, July, 2023

Djibouti’s state-owned logistics and transportation infrastructure investment vehicle, Great Horn Investment Holding (GHIH), has secured a $120 million financing package from the African Export-Import Bank (Afreximbank) to implement a series of oil and logistics projects in the Damerjog Industrial Development Free Trade Zone. The financing for the project involves a combined package of $120 million from the African Export-Import Bank (Afreximbank) and $35 million from the local banking institution Banque pour le Commerce et l’Industrie

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Economy Energy Mining News

Rio Tinto Invests in Malawian Graphite Project

20, July, 202320, July, 2023

Anglo-Australian multinational company Rio Tinto has announced its investment of A$40.4 million in the mining firm Sovereign Metals Limited. This investment will allow Rio Tinto to acquire a 15% stake in Sovereign and provide the necessary funding to advance the Kasiya Rutile-Graphite Project in Malawi. In a press release, Ben Stoikovich, Chairman of Sovereign, described the agreement with Rio Tinto as a landmark one, highlighting the potential for Kasiya to become a globally significant supplier

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