UAE announces major drop in June petrol prices
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.
Cairn Oil & Gas portfolio surpasses one billion barrels
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
Nigeria faces fuel shortages
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
Barrel of oil continues above OGE predictions
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,
Nigeria considers ending fuel subsidies President
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
Angola confirms having commercial reserves of 36 critical minerals
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
Chariot and Total Eren’s Project Nour: A Gateway for Green Hydrogen in Mauritania
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
The Impact of Angolan Banks and Insurers on the Growth of Local Exploration and Production (E&P) Companies
As the primary driver of its economy, the local content regime for the oil and gas sector in Angola is heavily dependent on a robust and efficient financial sector. Exploration and production (E&P) of the country’s oil and gas resources have set the stage for a strong economic outlook for Angola, with the country’s GDP projected to grow 5% between 2023 and 2026. As such, domestic financiers and insurers have called for increased synergy between
Sonangol Inaugurates 25 MW Caraculo Solar PV Plant in Angola
Sonangol, Angola’s National Oil Company, along with its partners, has inaugurated the first phase of the Caraculo Photovoltaic (PV) Plant, a 25 MW solar power plant located in Namibe Province. The inauguration ceremony, held on May 30, saw the presence of Angola’s Minister of Mineral Resources, Oil and Gas, H.E. Diamantino Azevedo, Minister of Energy and Waters, H.E. João Baptista Borges, Governor of Namibe, Archer Mangueira, and officials from Sonangol and Eni, an oil and
Nigeria:NNPC Resumes Oil Exploration in Chad Basin
The Nigerian National Petroleum Corporation (NNPC) Limited has announced the resumption of an oil drilling campaign at its Wadi-B well in Nigeria’s Borno State. The drilling activities had been inactive for several decades due to a lack of sufficient commercial oil quantities. The Group Managing Director (GMD) of NNPC Limited, Mele Kyari, stated that the company will adopt a new approach to exploration and conduct a comprehensive evaluation of all frontier basins in Nigeria. This