Oil & Gas Industry – The Mozambique Resources Post

Global Markets: Oil Slips on Fresh OPEC+ Barrels

Posted on August 5, 2025August 5, 2025 by Mozambique Resources Post

Oil prices fell in choppy trading as traders took stock of OPEC+’s latest bumper supply increase while US President Donald Trump vowed to penalize India for buying Russian crude, mitigating some fears about a glut. West Texas Intermediate crude slid 1.5% to settle close to $66 a barrel after Trump’s renewed warnings of increased levies on India over purchases of Russian oil. The latest fluctuation came after prices hit the lowest in a week as…

Mozambique: AfDB Advocates for Domestic Monetization of Natural Gas as a Pillar of country’s Energy Transition

Posted on July 30, 2025July 30, 2025 by Mozambique Resources Post

Natural gas should be recognized as a strategic driver of socioeconomic development and an essential transition fuel on Southern Africa’s path toward cleaner and more sustainable energy systems. This position was put forward by Charles Nyirahuku, Head of the Gas Division at the African Development Bank (AfDB), during the Regional Inter-Parliamentary Conference on Climate Change, Energy Transition, and the Oil and Gas Sector in the SADC Region, held on Tuesday, July 29, in Maputo. As…

Mozambique: State-run Petromoc Profits Plunge to $1.7 Million in 2024, a 90% Decline

Posted on July 30, 2025July 30, 2025 by Mozambique Resources Post

Mozambique’s state-owned oil company Petromoc saw its profits plummet by 90% in 2024, falling to 127 million meticais (approximately $1.9 million), according to the company’s published financial statements. This marks a sharp drop compared to 2023, when the fuel distributor posted profits of 1.2 billion meticais (around $19.1 million). Despite the profit decline, Petromoc maintains equity of 872 million meticais ($13.6 million), still less than half of its share capital. This places the company under…

Global Industry: Ukraine Inks First Transbalkan Deal for Gas from Azerbaijan

Posted on July 30, 2025July 30, 2025 by Mozambique Resources Post

Ukraine’s state-owned Naftogaz Group has signed an agreement for the supply of natural gas from the State Oil Company of Azerbaijan Republic (SOCAR) via the Transbalkan route. “For the first time, a test shipment of gas is being delivered through the Transbalkan route along the Bulgaria-Romania-Ukraine corridor”, Naftogaz said in a statement online. It did not disclose the volume but chief executive Sergii Koretskyi said, “This is a small volume but strategically important step that…

Africa Oil & Gas: ENI’s challenges at Coral Norte have left TotalEnergies and ExxonMobil in a state of uncertainty – AI

Posted on July 30, 2025July 30, 2025 by Mozambique Resources Post

Relations between the Mozambican government and ENI have become strained these past months. This is due to the demands imposed by Maputo in the development plan for the Coral Norte FLNG (floating unit dedicated to liquefied natural gas), which represents a $7.2bn investment. The Italian major was forced to increase the percentage of domestic gas allocated to the government from Coral Norte (3.5m tonnes) in the development plan finally accepted by the authorities in April 2025. Production…

Global Markets: Crude Futures Soar

Posted on July 30, 2025July 30, 2025 by Mozambique Resources Post

Oil ended the session at the highest levels in over a month as President Donald Trump reiterated that the US may impose additional levies on Russia unless it reached a truce with Ukraine, stoking worries about tighter supplies. West Texas Intermediate oil settled at $69.21 a barrel while Brent settled above $72 a barrel, with both benchmarks at the highest since June. Speaking to reporters aboard Air Force One Tuesday, Trump warned of the potential…

Africa Oil & Gas: Mozambican Govt Seeks to Attract Russian Investment for Oil and Gas Exploration

Posted on July 24, 2025July 24, 2025 by Mozambique Resources Post

The Mozambican government is seeking to attract Russian private sector investment for oil and gas exploration within national territory, with a particular focus on Cabo Delgado province. The intention was expressed by the Minister of Foreign Affairs and Cooperation, Maria Santos Lucas, following a meeting with her Russian counterpart, Sergey Lavrov, in the Russian capital, according to news agency Lusa. “We feel we must bring the Russian private sector to Mozambique,” declared the Mozambican foreign…

Global Markets: TotalEnergies flags higher production, gas sales ahead of Q1 results

Posted on July 24, 2025July 24, 2025 by Mozambique Resources Post

TotalEnergies (TTEF.PA) boosted production and benefited from better gas sales in the first three months of 2025, though its refining branch is still recovering from an industry-wide drop in profitability, it said in a trading update on Tuesday. The French oil major’s shares were up 0.5% at 1035GMT. It is due to report first-quarter results on April 30. Oddo BHF analyst Ahmed Ben Salem said that among energy firms TotalEnergies “is the most resilient in a weaker macro…

Africa Oil & Gas: Govt resumes funding Rwandan forces tasked with securing gas projects

Posted on July 17, 2025July 17, 2025 by Mozambique Resources Post

Following months of tension, relations between Mozambique and Rwanda seem to gradually be easing. As we revealed (AI, 26/05/25), in August 2024 the Mozambican Treasury stopped paying the $2m a month that it had vowed to disburse in return for the deployment of the Rwanda Defence Force (RDF) to Cabo Delgado province, an operation that began in July 2021. Since mid-June, payments have resumed, and some of the arrears have also been settled. But the situation has yet…

Global Markets: ADNOC Is Evaluating Possibility of Buying Some BP Assets

Posted on June 12, 2025June 12, 2025 by Mozambique Resources Post

Abu Dhabi’s main oil company is evaluating whether it can buy some of BP Plc’s key assets should the embattled British firm decide to break itself up or come under pressure to divest more units, according to people with knowledge of the matter.Abu Dhabi National Oil Co. has been internally studying the prospects for acquiring some BP assets and has held initial consultations with bankers, the people said, asking not to be identified because the…

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