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Economy Energy International Oil Petroleum

Oil Prices Slide as UK Rate Hike Raises Demand Concerns

23, June, 202325, June, 2023

Oil prices continued to slide due to concerns about global demand, following a higher-than-expected interest rate hike in the UK and warnings of future rate increases in the US. Brent futures dropped by 51 cents, or 0.4%, settling at $73.76 per barrel, while US West Texas Intermediate (WTI) crude futures fell by 42 cents, or 0.6%, reaching $69.09 per barrel. The Bank of England’s decision to raise interest rates by half a percentage point raised

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Economy International Petroleum

Shell Inks Agreement to Establish Gas Stations in Saudi Arabia

23, June, 202325, June, 2023

Shell will open its first gas station in Saudi Arabia’s capital city Riyadh later this year after the British energy firm signed an agreement with Asyad Holding Group, as part of the Saudi Energy Ministry’s efforts to bring international companies into the Kingdom. The agreement will pave the way for Shell International to open its fuel stations in the fourth quarter of this year, the ministry said in a press release. It added that the deal is the result of the efforts of Saudi Arabia’s permanent executive

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Economy Gas International Oil

China’s CNOOC Plans Offshore Oil and Gas Development in Tanzania

23, June, 202326, June, 2023

China’s CNOOC is planning offshore oil and gas development in Tanzania in partnership with the state-owned Tanzania Petroleum Development Corp. This move comes as Tanzania aims to enhance the development of its natural resources. According to Tanzanian Energy Minister January Makamba, the collaboration will focus on deep-sea blocks 4/1B and 4/1C, which are currently held by TPDC. These blocks are situated near substantial gas fields that were discovered by a consortium of international energy companies

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Economy International Oil Petroleum

Brent crude oil price for delivery in August decreased by 3.89% to $74.13 per barrel

23, June, 202326, June, 2023

The price of Brent crude oil, which serves as a reference for Angolan exports, for delivery in August, ended Thursday on the London futures market with a 3.89% decrease, reaching $74.13. The unexpected half percentage point increase in the benchmark interest rate by the Bank of England has raised concerns about a reduction in oil demand growth, according to analysts. This concern countered the optimism that had driven prices in the previous session, thanks to

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International Mining News

Ionic Rare Earths Makes Significant Progress with Drilling Operations at Uganda’s Makuutu Project

22, June, 202326, June, 2023

Ionic Rare Earths Limited (IonicRE), an Australia-based global mineral exploration company, is making significant progress in its Makuutu Rare Earths Project in Uganda. The company has completed drilling 45 holes under the ELOO147 license, and the mineral samples extracted will be sent for testing in Perth. Additionally, IonicRE has begun drilling 51 out of the planned 76 holes under the ELOOO257 permit, utilizing the RAB drilling rig. The company plans to start infill drilling under

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Economy Energy Gas International Renewable Energy

Mauritania’s Hydrocarbons Company Updates Gas and Renewable Projects

22, June, 202326, June, 2023

Mauritania possesses natural resources of world-class quantity and quality, including gas, solar and wind renewables, and minerals. These three pillars form an integrated and synergetic strategy adopted by the government to establish the country as an energy and steel hub for the local, regional, African, and international markets. Within this context, SMH is actively involved in various projects, both in the exploration and development stages. In terms of exploration, we are collaborating with partners Shell

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Economy International

Saudi Arabia Presents $8 Billion Plan to Host Expo 2030

22, June, 202322, June, 2023

Saudi Arabia has unveiled its proposal to host Expo 2030 to the General Assembly of the Bureau International des Expositions (BIE) in Paris. The Saudi plan, presented by the Kingdom’s delegation led by Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah, outlines a comprehensive strategy for the event with a budget allocation of $7.8 billion and a theme focused on global togetherness. Riyadh, the capital city of Saudi Arabia, is prepared to welcome

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Economy Energy Gas

Boosting Africa’s Energy Transition – Initiatives, Funding, and Investment

22, June, 202322, June, 2023

Countries across Africa are taking significant steps to address the energy crisis and increase access to electricity, particularly in sub-Saharan Africa, where 43% of the population still lacks access to electricity. The continent is embracing the potential of renewable energy sources and seeking to leverage its vast reserves of critical minerals necessary for the global energy transition. To facilitate this transition, African nations are implementing policies that consider the energy crisis, climate change, and the

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Economy Energy

Africa Energy Conference held in Africa for the First Time

22, June, 202322, June, 2023

The Africa Energy Forum (AEF) has made history by holding its conference in Africa for the first time. Celebrating its 25th anniversary, the forum took place at the Kenyatta International Convention Centre (KICC) in Nairobi, Kenya. The event, organized by EnergyNet and officially endorsed by Kenya’s President H.E. Dr. William Ruto, commenced on June 20th and will run until June 23rd, 2023. The aef has established itself as the leading gathering of decision-makers in African

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Economy Gas Renewable Energy

Kuwait Awards Multi-Million Dollar Contract for Gas Plant

21, June, 202322, June, 2023

Kuwait Oil Tanker Co (KOTC) has announced in a statement that it has awarded a contract for a solar energy project at the gas factories in Um AlAish and Shuaiba. The contract has been granted to Kuwait’s Life Energy Co. and is valued at $6.35 million. The scope of work for this project includes the design, construction, operation, and maintenance of an electric power generation station using renewable energy (6.8MWp) at the two liquefied gas

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