The Government, through the Council of Ministers, approved today, Tuesday (23), in another ordinary session, the Decree approving the Terms of the Oil Exploration and Production Concession Contract for the Angoche Offshore Area A6-C, to ENI Mozambico SpA. and Empresa Nacional de Hidrocarbonetos, E.P. (ENH, E.P.), as Concessionaires....
Oil production in Angola will fall below one million barrels per day in March, for the first time since at least 2008, due to work on TotalEnergies' Dalia field. According to the Bloomberg financial information agency, quoted by Lusa, the oil export forecast...
The Organization of the Petroleum Exporting Countries and its allies (OPEC+) decided this Sunday to continue to apply a cut in oil production in 2023, a measure it defended as "necessary and correct". In a statement, the alliance, which includes Russia, reiterated that the reduction in production to two million barrels per day, which was announced...
The consultancy Fitch Solutions believes that oil production in Angola will fall by 20% by 2031 due to the maturing of oil wells and the chronic lack of investment in new discoveries. "The main reason for the mediocre growth in oil production is the legacy effect of maturing oil wells," says Fitch...
OPEC+ is preparing to substantially reduce production levels, and should announce at the October 5 meeting a cut between 500,000 and 1 million barrels per day to support prices, according to cartel sources quoted by Reuters. Earlier in the week, a source said that Moscow might suggest a reduction in...
OPEC+ decided, this Monday, to reduce oil barrel production by 100,000 barrels per day (bpd) to keep prices stable. This measure begins to take effect in October, but for now it has returned oil prices to near one hundred dollars per barrel. Next month, the group...
Oil production in Angola in July surpassed Nigeria for the third consecutive month, with the Portuguese-speaking country producing 1.180 million barrels per day, compared to 1.084 in sub-Saharan Africa's largest economy. According to the monthly report of the Organization of the Petroleum Exporting Countries (OPEC) cited by Lusa, Angola has been...
Moscow anticipates crude oil production reductions of 9.3% this year and 9.8% in 2023 due to Brussels' partial embargo on Russian oil and petroleum products, it was announced today. Under new Russian government budget guidelines, Russia will produce 9.3% less this year (to 475.3 million tons) and less...
Russia's oil production could fall by about a quarter as early as next month, the International Energy Agency (IEA) warned in its monthly report this Wednesday. The invasion of Ukraine has prompted Western countries to move forward with a series of economic sanctions on Moscow, leading several companies to cut their relations with...
The Organization of the Petroleum Exporting Countries (OPEC), Russia and allies (OPEC+) will discuss oil production policy on Tuesday with the aim of increasing supply against an increasingly worrisome backdrop of the spread of the omicron variant of covid-19. Sources close to the process indicate that OPEC+ may consolidate the idea...