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Non-OPEC supply growth may hinder OPEC plans

The International Energy Agency's June Oil Market Report has revealed that the Organization of Petroleum Exporting Countries (OPEC) will have a tough job keeping a balanced oil market next year. The agency believes that the tighter oil market of the OPEC countries in the second half of this year will result in a surge of oil production from…

Uganda is learning from Nigeria – PAU

The Manager, National Content, Petroleum Authority of Uganda (PAU), Mrs. Betty Namubiru, has revealed that her country is impressed with Nigeria’s oil and gas industry regulatory activities. She also shared that her country is taking lessons from the Department of Petroleum Resources (DPR). She said this at her agency’s visit to the DPR…

OPEC is monitoring oil market – Secretary-General

The Organization of the Petroleum Exporting Countries has revealed that it is monitoring the global oil market developments as it is aware of the underlying risks in the oil sector. In the past 30 months OPEC and its partners in the ‘Declaration of Cooperation’ have continually demonstrated its commitment to do whatever it takes to balance and

Europe saved $8 billion on gas bill in 2018 – IEA

The International Energy Agency has revealed that Europe has saved up to $8 billion because surging U.S. shale production and a shake-up in EU energy markets forced Russia to change its gas pricing mechanism. The Executive Director of the agency, Fatih Birol, while releasing the annual gas report said 2018 was a “golden year” for natural gas

Saudi petrochemical complex gets $2bn investment boost

Saudi Aramco and Total’s petrochemical complex located in Saudi Arabia is set to receive a $2billion dollar boost in investment by INEOS. The British company, INEOS, is investing to build three plants in Saudi Arabia. The plants will be part of Saudi Aramco and Total's planned construction of a $5 billion petrochemical complex called Project

Oil industry captains call for African countries collaboration

Oil and gas industry players have stated that African countries need to work together, focus more on collaborative measures and strategies that will position the region to compete globally. They shared this in their speeches at the 3rd West African Petroleum Exhibition and Conference with the theme: “Innovention – Sustaining Sub-Saharan Oil and

Algeria’s gas exports dropped in 2018 – Sonatrach

Reports have revealed that for gas exports dropped for Algeria’s state-run oil and gas firm, Sonatrach in 2018. This is a great contrast compared to its totals in 2017. Petroleum Africa reported that the country exported 51.5 Bcm of gas in 2018 which is a great difference from 54 Bcm in 2017. Also, the company reported that the total

Eskom CEO steps down

The Chief Executive Officer of South Africa’s struggling power utility, Eskom, Phakamani Hadebe has resigned due to health reasons despite efforts to stabilize the highly indebted state firm. Reuters reported that Eskom is regularly cited by rating agencies as one of the main threats to the country’s creditworthiness and economic growth. Hadebe

We will withdraw licenses from underperforming energy firms- Zimbabwe energy minister

Zimbabwe’s newly appointed Energy Minister, Fortune Chasi has said that his ministry will follow up on all companies issued licenses in the energy sector to ascertain if they are delivering on set targets. He made this known at the Zimbabwe Energy Regulatory Authority (ZERA) ISO Certification event held in Harare. He said “as a new minister, I
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