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Lucara provides Karowe underground expansion project update

20, July, 202320, July, 2023

Lucara Diamond Corp. has provided an update on the Karowe Underground Expansion project (the UGP). The Karowe UGP is designed to access the highest value portion of the Karowe orebody, extend the mine life to at least 2040, and deliver approximately US$4 billion in additional revenues using conservative diamond price assumptions which are unescalated and exclude exceptional stone revenues. Management initiated an update to the UGP schedule and budget in response to a slower than

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Economy Energy International News

Saudi Arabia announces major change to overseas hiring

20, July, 202320, July, 2023

Saudi Arabia has made a major change to the skills required of some international workers. The Ministry of Human Resources and Social Development (HRSD) has announced the launch of the Skill Verification Program (SVP) in Sri Lanka for five out of the 23 targeted professional specializations. The professional specializations included in the SVP are plumbing, electricity, automotive electricity, automotive mechanics, and refrigeration and air conditioning. The SVP expansion into Sri Lanka comes as part of

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Economy Gas International News Oil

$500 Billion Enough to Meet Oil and Gas Peak Demand

20, July, 202320, July, 2023

Despite concerns about underinvestment in the upstream sector, peak oil and gas demand can be met in the 2030s without a substantial increase in current annual investment levels of $500 billion. Current upstream spending is a little more than half of the $914 billion 2014 peak (in 2023 terms), according to the report titled “Enough is Enough? Debunking the Myth of Upstream Investment.” This apparent shortfall has fed a widespread belief that the industry is

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Economy International News Oil

Crude Oil Stabilizes as Markets Evaluate US Dollar Direction

20, July, 202320, July, 2023

The crude oil market is holding steady, currently trading just below US$78.50 per barrel, despite slipping overnight. This decline occurred despite the news that crude stockpiles had fallen by less than expected. Other energy products, particularly gasoline, experienced notable decreases in demand. According to data from the US Energy Information Agency (EIA), crude inventory levels fell by 708,000 barrels for the week ending July 14th, which is significantly lower than the forecast of a 2.44

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Economy Energy Mining News

Zambia’s Muntanga Uranium Project Increases Resources to 36.5 Mlb

19, July, 202319, July, 2023

Mineral resource company GoviEx Uranium has announced an increase in open-pit mineral resources at the company’s Muntanga uranium mine, located in southern Zambia. Comprising three mining permits, the Muntanga project contains five deposits: Dibbwi, Dibbwi East, Muntanga, Gwabi, and Njame. A 2023 updated Mineral Resource Estimate (MRE) shows constrained total pit resources to measure 36.5 million pounds (Mlb) of uranium, with the quality of the resource considerably higher than previous estimates. Of the total 36.5

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Economy News Oil

Afentra Expands Interests in Angolan Blocks 3/05 and 3/05A

19, July, 202319, July, 2023

Afentra, an independent oil and gas company, has signed a Sale and Purchase Agreement (SPA) with Azule Energy Angola’s largest equity producer of oil and gas for Block 3/05 and Block 3/05A, offshore Angola. The deal will see Afentra acquire a 12% and 16% stake in Block 3/05 and Block 3/05A, respectively. The transaction includes a firm consideration of $48.5 million, as well as deferred contingent payments of up to $36 million, subject to various

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Economy International News Oil

Jubilee South East Project Begins Production Offshore Ghana

19, July, 202319, July, 2023

Tullow Oil the first production well from the Jubilee South East (JSE) Project, offshore Ghana, has been brought onstream. Announced by Tullow Oil, along with its joint venture partners Kosmos Energy, Ghana National Petroleum Corporation (GNPC), and PetroSA, the independent oil and gas exploration and production (E&P) company, the project’s start-up marks a significant milestone. Alongside the commencement of operations, there are plans for a second production well and an additional water injection well, scheduled

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Economy Local News

Angola’s Oil Sector to Stimulate Agricultural Development

19, July, 202319, July, 2023

Angola’s oil and gas sector, which comprises over 90% of the country’s exports, is expected to play a crucial role in diversifying and growing its economy. The government aims to create a more favorable business environment to encourage private investment and local content development. As part of this strategy, the Minister of Finance, Vera Daves de Sousa, has highlighted the potential for significant improvements in agriculture, fisheries, and industry, driven by the oil sector. Angola’s

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Economy Gas International News

Gas will be needed by most nations well beyond 2050

19, July, 202319, July, 2023

According to HE Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs and President and CEO of QatarEnergy, natural gas will remain a critical component of the global energy mix for several decades to come. Speaking at the 12th LNG Producer-Consumer Conference in Tokyo, Al-Kaabi emphasized the importance of gas as a safer and reliable base load in the energy mix of most countries, extending well beyond 2050. Al-Kaabi highlighted the necessity for a

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Economy Oil

ADNOC Signs LNG Deal With Indian Oil Major Worth Up To $9 Billion

19, July, 202319, July, 2023

ADNOC Gas signs a long-term agreement with Indian Oil Corporation to supply liquefied natural gas (LNG). The deal is valued between $7 billion and $9 billion. ADNOC Gas, the integrated gas unit of Abu Dhabi National Oil Company (ADNOC), will export up to 1.2 million metric tonnes per annum (mmtpa) of LNG to Indian Oil over a 14-year period. The agreement is seen as a significant milestone for ADNOC Gas in expanding its global presence

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