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Economy Local News Oil

Angolan Oil Production Shows Significant Recovery Since May

18, July, 202318, July, 2023

Angolan oil production began to recover in May and is expected to grow slightly by the end of the year, following a temporary decline in the first quarter, mainly due to maintenance operations, according to the consultancy firm Oxford Economics. The firm released predictions about the growth of the national economy throughout the current year on Monday. The report cited by Lusa states, “The production decline was only temporary due to maintenance work, and production

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Economy Gas International News

Gasoline Prices Inch Up As Crude Soars

18, July, 202318, July, 2023

After months of decline following falling crude prices, gasoline and diesel prices have started rising thanks to soaring crude prices. The national average gas prices in the United States have inched up to $3.565 per gallon from $3.543 a week ago, while a gallon of diesel now averages $3.842 from $3.837 a week ago. Oil markets are looking to build on three straight weeks of increases, which coincides with the oil price rally. Oil markets

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Economy Gas International Oil

Kuwait to introduce new rules for oil and gas contracts

18, July, 202318, July, 2023

Kuwait National Petroleum Co (KNPC) is currently working on implementing a strategy for reviewing the terms and conditions of new contracts, according to a local media report. The company will consider not awarding the same scope of work to the same contractor for different areas in the future to avoid any potential failure to implement the assigned work. This strategy will include clauses specifying fines to impose on the contractor in case of such a

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Gas International News Oil

Iraq Announces Completion Date for Multibillion-Dollar Oil and Gas Project

18, July, 202318, July, 2023

TotalEnergies aims to complete four multi-billion-dollar oil, gas, and renewables projects in Iraq by 2029. Phase 1 of these gas projects is expected to boost Iraq’s gas production by nearly 300 million cubic feet per day. During Phase 2, this quantity is set to double. The projects fall under a $27-billion agreement signed with TotalEnergies on July 10th 2023, with Iraq contributing $1.4 billion towards their realization. TotalEnergies is committed to completing these projects by

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Economy International News Oil

Crude Oil Prices Plunge Due to China’s Growth Concerns and Libya’s Re-opening

18, July, 202318, July, 2023

Crude oil prices continued to retreat from the 3-month peak seen last week on a soft economic outlook for China and easing political tensions in Libya, potentially lifting production capacity. The WTI front futures contract touched US$ 77.33 per barrel last Thursday before tumbling into the weekend and continuing lower to start this week, trading below US$ 74 per barrel. The Brent futures contract saw similar price action, nudging US$ 81.75 before visiting US$ 78.25

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Economy Gas International News Oil Petroleum

Nigeria’s oil production continues on an upward trend

18, July, 202318, July, 2023

Following a rise in output last month, Nigeria’s crude oil revenues increased to nearly N1.68tn in June 2023, according to a study of the latest oil production numbers given by the Federal Government. According to data acquired last week from the Nigeria Upstream Petroleum Regulatory Commission’s June 2023 crude oil production report, the country’s daily oil output in the review month increased to 1,248,960 barrels. Nigeria produced 1,183,691 barrels of crude oil per day in

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Economy International News Oil

Oil Prices Fall on Profit-Taking, Still Record Weekly Gain

17, July, 202317, July, 2023

Oil prices fell by more than a dollar per barrel on Friday 14th of July due to profit-taking and a stronger dollar. Despite the drop, crude benchmarks still recorded their third-straight weekly gain. Brent crude futures settled at $79.87 per barrel, down $1.49, or 1.8%, while U.S. West Texas Intermediate crude futures fell $1.47, or 1.9%, to settle at $75.42 a barrel. The decrease in oil prices was attributed to profit-taking by oil traders who

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Economy International News Oil

Petrofac Secures Multimillion Integrated Services Contract in Africa

17, July, 202317, July, 2023

Petrofac, a leading global oilfield services provider, has recently been awarded a significant facilities management contract by CNR International (CNRI) for offshore operations in the Ivory Coast, West Africa. This multimillion-dollar contract spans an initial three-year period and entails Petrofac’s Asset Solutions business delivering integrated services for the Espoir Ivoirien Floating Production Storage and Offloading (FPSO) vessel. Under this agreement, approximately 110 personnel currently supporting the FPSO, both onshore and on the vessel, will transition

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Economy Local News Oil

Angola’s Cabinda Refinery Secures $335M Credit Facility

17, July, 202317, July, 2023

Emerging markets asset manager, Gemcorp, has successfully secured a $335 million financing facility to support the construction of the Cabinda oil refinery in Angola. The financing was mobilized in collaboration with two finance organizations, the African Finance Corporation (AFC) and the African Export-Import Bank (Afreximbank). With this financial backing, project partners Sonangol and Gemcorp have obtained the necessary capital to move forward with the development of the refinery. The $335 million facility, combined with $138

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Economy Local News Oil

Angola’s Fast-Tracking Sustainable Oil Development Yields Fruit

17, July, 202318, July, 2023

Angola has a long history in the petroleum business, and it has risen to become one of Africa’s largest crude oil producers. However, the country’s oil sector faces significant challenges due to a decline in output resulting from various factors, such as the maturation of offshore oil fields and inadequate investment in upstream capacity. Despite these challenges, Angola is taking steps to raise production levels and stabilize them. Minister of Mineral Resources, Oil and Gas,

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