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Saudi Arabia and Kuwait Reiterate Exclusive Ownership of Controversial Durra Gas Field

3, August, 20233, August, 2023

Saudi Arabia and Kuwait reaffirmed on Wednesday that the ownership of natural resources in the divided submerged area in the Arabian Gulf, including the entire Al-Durra gas field, is jointly owned by both countries. The Ministry of Foreign Affairs of Saudi Arabia made an official announcement stating that Saudi Arabia and Kuwait hold exclusive and full sovereign rights to exploit the wealth in that area. In addition to asserting their joint ownership, the two nations

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Energy International News Oil

QatarEnergy to Award EPC Contract for $50 Million Refinery Upgrade

3, August, 20233, August, 2023

QatarEnergy is anticipated to award the engineering, procurement, and construction (EPC) contract for its $50 million upgrade project for eight Refinery Chemical Stores in Mesaieed Industrial City by the fourth quarter of 2023. The EPC contract tender was reportedly issued on July 18, 2023, with the bid submission deadline set for August 13, 2023. It is projected that the contract will be awarded by early November 2023, as reported by Zawya Projects. The scope of

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Diamonds Economy Local News

Lunda-Norte may gain a Diamond Polishing Hub

2, August, 20232, August, 2023

The province of Lunda-Norte may soon gain a Diamond Polishing Hub, according to the Minister of Mineral Resources, Petroleum and Gas. Diamantino Pedro Azevedo mentioned this possibility on Wednesday in Luanda, during the presentation ceremony of the results of the National Geology Plan (PLANAGEO). The minister stated that the Hub aims to strengthen the ongoing activities in the existing polishing units in Lunda-Sul and Luanda.

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Economy Local News Oil

Oil Sector Embraces Equality: Level Playing Field for National and Foreign Companies

2, August, 20232, August, 2023

National oil companies must now compete on an equal footing with foreign companies, complying with all recruitment, training, integration, and local development rules imposed by the Ministry of Mineral Resources, Petroleum, and Gas (MIREMPET). The statement was made by the Secretary of State for Mineral Resources, Jânio Corrêa Victor, during the opening of the celebration of the first program contracts with seven out of 1,540 registered national companies. This event marks the implementation of Presidential

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Diamonds International Mining

Diamond sales at Debswana slump 17% on weak demand

2, August, 20232, August, 2023

The sale of rough diamonds at Botswana’s Debswana Diamond Co fell 17% in the first six months of the year, data released by the central bank showed, amid a weak market underpinned by global macroeconomic uncertainty. Debswana, a joint venture of Botswana and Anglo American Plc’s unit De Beers, sells 75% of its output to De Beers with the balance taken up by state-owned Okavango Diamond Co. Botswana and De Beers in late June agreed

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Economy Local News

Crude oil prices fell yesterday after a month of recovery.

2, August, 20232, August, 2023

In July, investors had bet on the restriction of global supply and an increase in demand in the second half of the year. On August 2, 2023, at 12:30 PM, futures prices for Brent, the benchmark for Angolan oil sales in October, were trading at $84.86 per barrel during the London market session, a decrease of 57 cents from the previous day. Meanwhile, West Texas Intermediate (WTI) dropped to $81.21 per barrel, down 59 cents

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Local News Oil Renewable Energy Technology & Innovation

Angola’s Sonangol Research Center Nears Completion

2, August, 20232, August, 2023

Angola’s National Oil Company (NOC), Sonangol, is nearing the completion of its Research and Development Center, with the construction of the training facility set to be complete by September 2023. To date, construction is 92% complete. Located near the city of Sumbe in Cuanza Sul, the Research and Development Center will provide specialized training for the local Angolan population in key areas such as oil and gas, mineral studies, renewable energies – with a focus

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Energy Local News Technology & Innovation

World’s Longest Undersea Connectivity Cable Arrives in Angola

2, August, 20232, August, 2023

Angolan telecommunications company Unitel Angola has announced that the ‘world’s longest’ undersea connectivity cable has arrived in the southern African country. Dubbed ‘2Africa’, the submarine cable will be operated by Unitel Angola as part of a consortium comprising international telecommunications companies, including China Mobile International, Meta, Mtn Global Connect, Orange, center 3, Telecom Egypt, Vodafone/Vodacom, and Wiocc. The project will provide connectivity between Africa, Europe, and Asia, enabling access to the internet and other telecommunications

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International News Oil

Crude Oil Nears New Highs Amid Fitch Decision and Risk Aversion

2, August, 20232, August, 2023

The crude oil price pressed toward elevated levels as markets recalibrated. The Fitch downgrade dominated price action, but the impact has been disparate. If the risk-off attitude continues, will WTI face headwinds? The crude oil price has managed to hold the high ground even though other growth-aligned assets took a hit on Wednesday. The WTI futures contract is a touch above US$ 82 per barrel while the Brent contract has overcome US$ 85.50 per barrel.

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Economy International News Oil

ADNOC Partners with US Oil Giant for Carbon Capture Megaprojects

2, August, 20232, August, 2023

UAE’s ADNOC and US shale giant Occidental have signed an agreement to evaluate potential investment opportunities in carbon capture and storage (CCS) hubs in the UAE and the US, aiming to accelerate their net zero goals. The agreement is part of the UAE-US Partnership for Accelerating Clean Energy (PACE), which was launched in November 2022 and is expected to inject $100 billion into clean energy and carbon management projects, including CCS and direct air capture

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