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International Gas Oil

TotalEnergies Withdraws from Offshore Gas Block in South Africa Amid Development Challenges

31, July, 202431, July, 2024

TotalEnergies, the French oil major, announced on Monday its decision to withdraw from an offshore natural gas block off South Africa’s southern coast, citing commercial challenges in developing the discoveries. Earlier this month, the company indicated plans to exit Block 11B/12B, marking a significant setback for South Africa’s ambitions to achieve energy independence through its largest offshore gas discoveries to date. TotalEnergies entered Block 11B/12B in 2013 and made two gas discoveries, Brulpadda and Luiperd.

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International Gas News

Mozambique’s Natural Gas Exports Surge 30% to $443 Million in Q1 2024

31, July, 202431, July, 2024

Mozambique’s natural gas exports reached $443 million (€408.8 million) in the first quarter of 2024, marking a nearly 30% increase compared to the same period in 2023. According to a report from the Bank of Mozambique obtained by Lusa, revenues from liquefied natural gas (LNG) exports in Q1 2024 stand in contrast to $340.9 million in Q1 2023. The report attributes the revenue increase to a higher volume of exports, coinciding with the commencement of

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Oil Economy Gas News

Angola’s Oil and Gas Sector Set to Attract Up to $60 Billion in Investments

31, July, 202431, July, 2024

Angola’s oil and gas industry could see investments of up to $60 billion over the next five years, according to Energy Capital & Power. This potential influx arises as international oil companies, independent exploration and production (E&P) companies, and smaller firms capitalize on new opportunities in onshore, offshore, and marginal fields. To support national goals of maintaining production above one million barrels per day (bpd), Angola’s upstream operators are expanding their portfolios through block acquisitions

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Oil International News

Oil Prices Drop Nearly 2% Amid Middle East Tensions

31, July, 202431, July, 2024

Oil prices fell nearly 2% on Monday after Israeli officials expressed a desire to avoid escalating tensions in the Middle East while responding to a deadly rocket attack on the Israeli-occupied Golan Heights over the weekend. Brent crude for September delivery closed the first trading day of the week at $79.78 a barrel, down $1.35, or 1.7%. Meanwhile, U.S. oil finished at $75.81 a barrel, falling $1.35, or 1.8%. Two Israeli officials informed Reuters on

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Oil Local News

Afentra Completes Acquisition of Stake in Angola’s KON 19 Block

31, July, 202431, July, 2024

The English upstream oil and gas company Afentra, focused on acquiring production and development assets in Africa, has successfully completed the acquisition of a stake in the KON 19 block, located in the Kwanza Basin onshore. This acquisition follows the announcement on July 10th, confirming the award of the Angola KON 19 onshore license by Presidential Decree, which was signed last weekend with the National Petroleum, Gas and Biofuels Agency (ANPG). As part of this

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Oil Local News

Minister of Mineral Resources to Launch Sonangol Headquarters Construction in Cabinda and Zaire

31, July, 202431, July, 2024

Diamantino Azevedo, the Minister of Mineral Resources, Oil and Gas, will lay the first stone for the construction of Sonangol’s headquarters in Cabinda and Zaire today and tomorrow. According to the agenda, the minister, accompanied by Sonangol’s CEO Sebastião Martins and Afreximbank President Benedict Oramah, will visit the Falcão-2 and Amufert Projects in the city of Soyo, Zaire, where they will officially launch the construction of Sonangol’s headquarters in that oil city. In the afternoon,

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Oil International News

Nigeria’s Crude Oil Production Rises to 1.61 Million Barrels Per Day

31, July, 202431, July, 2024

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported an increase in Nigeria’s daily crude oil production, rising from 1.25 million barrels per day (mbpd) in June to 1.61 mbpd by July 23rd. This update was provided by Gbenga Komolafe, the Chief Executive of NUPRC, during a public hearing by the House of Representatives Special Committee on oil theft and losses. Nigeria remains Africa’s largest producer of crude oil, with proven reserves of 37.50 billion barrels

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Oil International News

Nigerian President Approves Sale of Crude Oil to Local Refineries in Naira

31, July, 202431, July, 2024

Nigerian President Bola Tinubu has approved the sale of crude oil to the Dangote Refinery and other local refineries in the local currency, the naira. This decision, aimed at stabilizing fuel prices and the naira-to-dollar exchange rate, was adopted by the Federal Executive Council (FEC). Bayo Onanuga, the Special Adviser to the President on Information and Publicity, announced that the FEC has approved selling the 450,000 barrels of crude oil designated for domestic consumption in

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International Gas Oil

Petrobras Bids for Stake in Namibia’s Offshore Oilfield

31, July, 202431, July, 2024

Brazil’s state-run oil firm, Petrobras, has submitted a non-binding bid for a stake in Galp Energia’s newly discovered offshore oilfield in Namibia. This move could potentially position Petrobras as the operator of the Mopane oil and gas field, which is estimated to hold 10 billion barrels of oil equivalent (bboe). “We are the best deep-water operators. If [Galp] does not choose us, it is their loss,” said Sylvia dos Anjos, Petrobras’ exploration and production director,

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Oil Exploration Gas International

Egypt Signs $342 Million Deals for Natural Gas and Oil Exploration

31, July, 202431, July, 2024

Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, has signed two significant agreements worth $342 million with international companies for natural gas exploration and production. The first agreement, valued at $222 million, involves the Egyptian General Petroleum Corporation (EGPC), Shell Egypt, and Malaysia’s Petronas. This collaboration aims to boost natural gas production in the West Delta area. According to a cabinet statement, the project includes drilling three new natural gas wells, with a production

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