Angolan Mining Oil & Gas - Page 324 of 390 - Top Angolan News for Oil, Gas and Mining Industries

Economy Energy Gas Oil

Sonatrach, Algeria’s State Energy Company, Secures $800 Million Contract for Oil and Gas Projects

16, June, 202316, June, 2023

Algeria’s state-owned oil company, Sonatrach, has signed a contract worth $800 million with Indonesia’s Pertamina and Spain’s Repsol to undertake joint exploration and production of hydrocarbons. The contract stems from a memorandum of understanding signed by the three companies on September 28, 2022. The contract entails an ambitious work program, which includes several key projects. Among them are the construction of an LPG (liquefied petroleum gas) extraction unit, the drilling of twelve oil wells, and

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Energy Renewable Energy

Angola Ramps Up Electrification for Six Million Consumers

12, June, 202312, June, 2023

The government of Angola, represented by the Ministry of Energy and Water, has committed to providing electricity to approximately six million people in the southern and eastern regions of the country within the next five years. This initiative is part of a broader government strategy aimed at granting energy access to half of the country’s total population by 2025. The plan involves utilizing the 520 MW Capanda Dam, located in Malanje province, to supply power

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Economy Mining News

Angola presents advances and challenges in the extractive industry at EITI

12, June, 202312, June, 2023

JA Online An Angolan delegation will participate from 13th to 14th in Dakar, the capital of Senegal, at the Global Conference of the Extractive Industries Transparency Initiative (EITI). The Minister of Mineral Resources, Petroleum, and Gas, Diamantino Azevedo, will give a presentation on the progress made in transparency and efforts for the development of the extractive sector, with a focus on prospecting and future exploration of minerals considered critical for the energy transition. According to

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Economy Gas Oil

Traders Defy Saudi Arabia’s Production Cut Announcement, Challenging Oil Prices

12, June, 202312, June, 2023

Oil traders (financial market investors seeking to profit from short-term operations, taking advantage of market volatility) are beginning to ignore the most important person in the market and it can be a risky move. Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, promised to unilaterally cut the country’s oil production in July to the lowest level in over a decade, excluding Covid-19 era restrictions. The Saudi described the move as a “lollipop.” While there have

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Economy Gas Oil

UBS Predicts Brent Crude Soaring to $95 per Barrel as Saudi Arabia Intensifies Output Reductions

12, June, 202312, June, 2023

According to a report from UBS, the global wealth manager, Brent crude oil is expected to reach $95 a barrel by the end of 2023. UBS’s Chief Investment Officer for Global Wealth Management, Mark Haefele, stated that they consider oil to be their preferred investment and have revised their forecast upward from the current price of $77.90 per barrel. Haefele also recommended selling volatility in Brent crude oil and highlighted the appeal of longer-dated oil

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Economy Energy Oil

IMF expects Saudi non-oil economy growth to remain solid in 2023

12, June, 202312, June, 2023

The International Monetary Fund (IMF) expects the non-oil sector of Saudi Arabia’s economy to maintain strong growth momentum in 2023, according to a report by the financial agency. The IMF projects that the overall real growth in Saudi Arabia will be lowered to 2.1% in 2023 due to the production cuts implemented by OPEC+. However, the non-oil sector is expected to continue growing at an average rate of 5% and remain above its potential. The

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Economy News Petroleum

DRC: Fuel Prices Increase by 140 CDF per Liter in the West Zone

9, June, 20239, June, 2023

In Sankuru, specifically the Lodja market, the price of a liter of gasoline has risen from 3,200 to 5,000 CDF, marking the first increase in fuel prices by 140 CDF in the West zone since the beginning of 2023. The latest fuel price adjustments are as follows: the price of a liter of fuel oil has been raised to 2,985.00 CDF from 2,845.00 CDF, while gasoline now costs 2,995.00 CDF compared to the previous price

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Economy Energy Gas Oil

Top 5 Ongoing Refinery Projects in the Gulf Region

9, June, 20239, June, 2023

The Gulf region, known for its abundant crude oil reserves, is currently undertaking several refinery projects aimed at boosting the refining and petrochemicals industry. These projects, with a combined investment of over $40 billion, are expected to have a significant impact on the region’s economy. Here are the top five ongoing refinery projects in the Gulf region: These ongoing refinery projects in the Gulf region highlight the significant investments being made to meet domestic demand,

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Economy Gas Oil

Oil closes higher in reaction to US reserve data

9, June, 20239, June, 2023

Oil fluctuated near stability during yesterday morning but held onto gains after the report on reserves from the United States last week, released by the Department of Energy (DoE). Additionally, the weaker dollar contributed to the movement. US oil reserves rose by 118,000 barrels last week, crude oil for August closed 1.13% higher at $72.45 per barrel on the New York Mercantile Exchange (Nymex), while Brent crude for August advanced 1.41% to $76.78 per barrel

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Economy Gas

BW Offshore Secures Short-Term Lease Extension for FPSO Espoir Ivoirien to CNR

9, June, 20239, June, 2023

BW Offshore, an oil industry company, has secured a short-term lease extension for the FPSO Espoir Ivoirien to CNR (Canadian Natural Resources International). The extension agreement ensures the continued operation of the FPSO vessel off the coast of Ivory Coast until June 9, 2023. The FPSO Espoir Ivoirien, originally a Suezmax tanker converted in 2001, has a production capacity of 45,000 barrels of crude oil per day and a storage capacity of one million barrels.

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