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Energy Gas International Oil

Kuwait to award 22 oil and gas projects this year

1, June, 20231, June, 2023

State-owned Kuwait Oil Co (KOC) has announced plans to award 22 projects to local and foreign firms in the next few months, Zawya Projects reported, citing the Arabic language daily Alanba. KOC, which manages the OPEC member’s upstream oil industry, will gradually award those contracts after they are approved by the Central Agency for Public Tenders. The projects include installation of pipelines at KOC’s facilities in West Kuwait, providing maintenance services at KOC’s export terminals, building pipelines at Jurassic

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Energy Gas Oil Petroleum

TotalEnergies Renews Production License for Nigeria’s Deep Offshore Block

1, June, 20231, June, 2023

Global oil and gas major TotalEnergies has renewed its production license for the OML 130 block offshore Nigeria with an additional 20 years. Commenting on the development, Henri-Max Ndong-Nzue, Senior Vice President Africa, Exploration and Production at TotalEnergies, said the renewal of the license will enable the firm to improve its contribution towards the development of the West African country’s hydrocarbons resources for energy security, economic growth and energy poverty alleviation. “This 20-year extension will enable us

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Energy Gas

Natural gas prices could dip below zero in Europe

31, May, 202331, May, 2023

Natural gas prices in Europe are likely to plummet further on lackluster demand from power generation and industry.” This downward trend has led traders and industry officials to consider the possibility of day-ahead prices dipping below zero in some European markets during the summer, according to a report by Oilprice. According to the report, several factors have contributed to this situation, including abundant inventories after a mild winter, consistent imports of liquefied natural gas (LNG),

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Economy Petroleum

UAE announces major drop in June petrol prices

31, May, 202331, May, 2023

The UAE fuel price committee on May 31 announced major reduction in petrol and diesel prices for the month of June 2023. The new rates will apply from June 1.

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Gas Oil

Cairn Oil & Gas portfolio surpasses one billion barrels

31, May, 202331, May, 2023

Cairn Oil & Gas, a subsidiary of Vedanta Resources owned by billionaire Anil Agarwal, has announced that its reserves and resources portfolio in India has surpassed 1 billion barrels of oil equivalent (boe), according to media reports. This milestone makes Cairn Oil & Gas the largest private oil and gas company in India. The company has identified 20 new development projects to bring a significant portion of its resources into production within the country. The

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Economy Oil Petroleum

Nigeria faces fuel shortages

31, May, 202331, May, 2023

In 2022, the African continent experienced the worst refined fuel supply crisis in the past 40 years. Although Nigeria is a major oil producer, it lacks the capacity to refine this raw material, so the country is forced to import it. One day after Nigerian President Bola Tinubu announced the end of fuel subsidies in his inauguration speech, most fuel stations closed. According to international press reports, on Tuesday, there were long queues of drivers

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Economy Oil

Barrel of oil continues above OGE predictions

31, May, 202331, May, 2023

The Brent crude oil barrel, which serves as a reference for Angolan exports, was being traded at $76.56 until noon on Monday. This value is still above the $75 reference price set in the 2023 General State Budget (OGE), contrary to what we reported in our Sunday edition, where we mistakenly presented a price of $85. The daily variation ranged between $76.17 and $77.83, according to investing.com. It is already known, according to OPEC’s positions,

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Economy Oil

Nigeria considers ending fuel subsidies President

31, May, 202331, May, 2023

President of Nigeria, Bola Tinubu, announced on Monday the intention to remove fuel subsidies without setting a deadline. According to the BBC, at a time when inflation is reaching high levels in the country, the newly inaugurated Nigerian Head of State intends to end fuel subsidies to relieve the pressure on public finances. This measure will increase the cost of living in Nigeria, which, despite being rich in oil, does not have the capacity to

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Economy Mining

Angola confirms having commercial reserves of 36 critical minerals

31, May, 202331, May, 2023

Angola confirms having commercial reserves of 36 critical minerals The consultant to the Minister of Mineral Resources, Petroleum, and Gas, Mankenda Ambroise, stated on Tuesday in Luanda that out of the 51 minerals considered the most critical worldwide, 36 are known in Angola and ready to enter production. Recent research has revealed that the national territory is endowed with extraordinary geological potential. Mankenda Ambroise, who delivered the opening speech at the 2nd edition of the

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Energy Gas Renewable Energy

Chariot and Total Eren’s Project Nour: A Gateway for Green Hydrogen in Mauritania

31, May, 202331, May, 2023

Adonis Pouroulis, CEO of Chariot, unpacked the reasons why Mauritania is an ideal location for green hydrogen production, the benefits of the partnership with Total Eren for the project, Chariot’s plans to contribute to the local community, and the challenges associated with scaling up production. What factors contribute to Mauritania being regarded as a favorable jurisdiction for the production of green hydrogen? Mauritania is one of the best jurisdictions to produce green hydrogen. The country

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