MER Jan. 2023 The Russia-Ukraine war, Covid-19 related restrictions in China, and disrupted global supply chains which fuel inflation to record high, have all impacted on the prospects of economic growth post-pandemic era. According to Galt & Taggart in its 2023 investment outlook, “these developments coupled with the aggressive monetary tightening observed in most major…
Tanzania Signs Agreement with UAE’s ENOC to Address Oil Storage Problems Tanzanian authorities have signed a Memorandum of Understanding (MoU) with a United Arab Emirates (UAE) firm, Emirates National Oil Company Group (ENOC) for the construction of infrastructure to receive and store petroleum products. The deal was brokered on Saturday between the Tanzanian Ministry of…
‘We’re Winning against Oil Theft’ – OPDS The joint military task force operating in the Niger Delta region with the codename Operation Delta Safe, OPDS says they are winning the war against crude oil theft and militancy in the region. The Commander, 16 Brigade, Nigerian Army, Sector 2, OPDS, Brigadier General Sadisu Yakasai, disclosed this…
Qatarenergy Joins Totalenergies and Eni on Two Exploration Blocks TotalEnergies and Eni have completed the transfer to QatarEnergy of a 30% interest in exploration Blocks 4 and 9 off the coast of Lebanon. The agreements were endorsed in Beirut on January 29, during a ceremony attended by His Excellency Dr. Walid Fayad, the Minister of…
OPEC+ delegates meet next week to review crude production levels The U.S Federal Reserve’s next decision on interest rates will be made at meetings over Jan. 31 and Feb. 1 against a backdrop of a dip to inflation and gross domestic product that grew by a faster than expected 2.9% in the fourth quarter. “The…
Oil Prices Firm On Upbeat U.S. Economic Data Oil prices rose for a second session on Friday, buoyed by better than expected U.S. economic growth, strong middle distillate refining margins and hopes of a rapid recovery in Chinese demand. Brent futures gained $1.17, or 1.34%, to trade at $88.64 a barrel by 1332 GMT. U.S….
Sierra Leone Invites Investors to Engage in Licensing Round Director General of the Petroleum Directorate of Sierra Leone, Foday B. L. Mansaray, has implored investors to maximize the country’s upstream potential. He made this call during the Invest in African Energy reception in London recently, organized by the African Energy Chamber Having launched its fifth…
NDPHC Olorunsogo Plant to add 125 Megawatts to Nigeria’s Grid Nigeria’s power capacity is set to increase with an additional 125 megawatts to the national grid with the completion of the Olorunsogo Power Plant by the Niger Delta Power Holding Company (NDPHC) by end of the first quarter (Q1) 2023 findings have shown. The NDPHC…
Baltic States bought twice as much Russian LPG in 2023 Russian exporters more than doubled sales of liquefied petroleum gas to the Baltic states in 2022, some of which was sold on to Ukraine, according to data from three trading and freight-handling sources covering the region. The leap in purchases of Russian LPG came despite…
Qatar in Talks to Join Totalenergies’ $27bn Iraqi Energy Project Qatar is in talks to acquire a stake from French company TotalEnergies’ (TTEF.PA) $27 billion cluster of energy projects in Iraq, three sources told Reuters, as Baghdad hopes to stem efforts by Western energy companies to exit the country. A major investment by a Gulf…
