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Local News

Lobito Corridor to facilitate the export of mining products

18, July, 202318, July, 2023

A delegation from the United States of America Development Finance Corporation, headed by the General Manager of Structured Finance, Nancy Riveira, visited the headquarters of the Ministry of Mineral Resources, Petroleum and Gas, to obtain more information about the Mining and Hydrocarbon Sector. The Secretary of State for Mineral Resources, Jânio Corrêa Victor who was representing the Minister Diamantino Azevedo at the meeting, provided the necessary clarifications to the American delegation, which has expressed interest

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Diamonds International News

Petra Delays Tender Amid Rough Diamonds Market Slump

18, July, 202318, July, 2023

Petra Diamonds has postponed its sixth tender for the financial year (FY) 2023 due to a temporary downturn in the market for rough diamonds. The miner said the diamonds originally earmarked for sale in June will now be tendered in August, which historically coincides with stronger demand due to the end of Northern Hemisphere summer holidays and the commencement of manufacturing orders being filled ahead of the seasonally strong end of year festive period. The

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Diamonds Local Mining News

MME Namibian delegation visits ENDIAMA

18, July, 202318, July, 2023

A delegation from the Ministry of Mines and Energy of Namibia visited the offices of ENDIAMA-E.P, with the aim of exchanging experiences to make the diamond subsector increasingly dynamic and attractive. The meeting was guided by the President of the National Diamond Company of Angola, Ganga Júnior, who also discussed with the Namibian delegation issues related to the exploitation of diamonds in the sea, an activity already developed by Namibia. Miina Gahutu, Director of Diamond

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Diamonds Local Mining News

Angola and Namibia Forge Mining Sector Cooperation with Mutual Benefits

18, July, 202318, July, 2023

Deputy minister of Mines and Energy of the Republic of Namibia, Kornelia Shilunga, said on Last week in Luanda, that the cooperation protocol in the mining sector recently signed by Angola and Namibia will bring reciprocal advantages for both countries. Kornelia Shilunga was speaking at the end of her visit to ENDIAMA-E.P, where he met with the chairman of the board of directors of the national diamond company, Ganga Junior, to learn about the technical

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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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