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TotalEnergies’ $27 Billion Deal Details Revealed by Iraq

25, July, 202325, July, 2023

A $27-billion agreement signed between Iraq and France’s oil giant TotalEnergies will support Iraq’s plans to expand its crude oil output and petrochemical industries, the Iraqi Oil Ministry said in a report on Tuesday. The agreement, which involves four major projects, will also significantly boost Iraq’s revenue and allow it to avoid wasting its gas wealth by ending flaring practices. “This is a strategic package that will largely support the Iraqi economy… it will help

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News Oil

Brent for delivery in September rises to $82.74

25, July, 202325, July, 2023

The price of a barrel of Brent crude oil, which serves as a reference for Angolan exports, for delivery in September, ended today in the London futures market with an increase of 2.06%, reaching $82.74. File Brent maintained its upward trend as investors awaited the decisions that the European and US central banks will make this week regarding their respective benchmark interest rates. Analysts are confident in the maintenance of oil demand, even in the

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International News Oil

Saudi Arabia Eyes More Investments in Iraq’s Oil Projects

24, July, 202324, July, 2023

Saudi Arabia’s investments in the oil sector are expected to accelerate further as top Saudi and Iraqi officials met in Baghdad. Aramco officials accompanied the Saudi minister and reviewed several investment opportunities in the energy sector, exploratory sites, and refining facilities, Arab News reported. The state news agency reported that Iraqi Oil Minister Hayan Abdul Ghani welcomed Saudi companies to invest in various sectors, including energy refining and infrastructure. According to the Iraqi News Agency,

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Energy Gas International News

TotalEnergies and Partners Expand the PSC for Algerian Onshore Blocks

24, July, 202324, July, 2023

Algerian National Oil Company Sonatrach has extended a production sharing contract (PSC) with majors TotalEnergies and Eni, and U.S. petroleum company Occidental Petroleum for blocks 404a and 208 with an additional 25 years in Algeria’s Berkine Basin. The extension of the PSC will enable the four parties to develop additional liquid hydrocarbon resources while reducing the carbon intensity of the blocks through the deployment of a carbon reduction-dedicated program. “This new contract on Berkine asset,

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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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