Oil & Gas Industry

Energy Transition: Projections of peak oil, gas, and coal demand before 2030 deemed ‘extremely risky and impractical’

Posted on September 20, 2023September 20, 2023 by Mozambique Resources Post

Recently, Fatih Birol, Executive Director at the International Energy Agency (IEA), outlined in an article for Financial Times that the world was on the brink of “a historic turning point,” with the demand for fossil fuels set to peak before 2030, although, the decline in oil, gas and coal would not be “steep enough” to meet the requirements of the Paris Agreement and limit global warming to 1.5 C. “Despite recurring talk of peak oil and peak coal over the years, both…

Africa: BW Offshore wraps up much-anticipated sale of Nigerian FPSO

Posted on September 20, 2023September 20, 2023 by Mozambique Resources Post

After BW Offshore marked the FPSO Abo for sale, the divestment process was previously expected to close in 1H 2023. According to the Norwegian player, the FPSO was sold to STAC Marine Offshore Limited, a member of the Nigerian Transport Group (STAC) for $20 million on Friday, 15 September 2023. As part of the transaction, the duo entered into a bareboat charter to allow for uninterrupted operations during a transition period of a maximum of two months….

Congo: Eni, Lukoil, and SNPC ink LNG sale and purchase agreement in a ‘significant milestone’

Posted on September 20, 2023September 20, 2023 by Mozambique Resources Post

Courtesy of African Energy Chamber

Aramco CEO calls for ‘more realistic and robust’ multi-source plan in global energy transition

Posted on September 20, 2023September 20, 2023 by Mozambique Resources Post

The CEO of the Saudi oil and gas giant, Saudi Aramco, has called upon world leaders and energy players to devise concrete transition steps in a bid to ensure a just transition and avert a potential energy crisis, as a result of a premature phaseout of fossil fuels. Amin H. Nasser, Aramco President & CEO, who observes the path to net-zero through the lens of climate goals and ways to achieve them, believes that everyone…

EIA Boosts Brent and WTI Oil Price Forecasts – Rigzone

Posted on September 19, 2023September 19, 2023 by Mozambique Resources Post

The U.S. Energy Information Administration (EIA) increased its Brent and West Texas Intermediate (WTI) spot average price forecasts for both 2023 and 2024 in its latest short term energy outlook (STEO), which was released this week. In the latest STEO, the EIA projected that Brent spot prices will average $84.46 per barrel this year and $88.22 per barrel next year and that WTI spot prices will average $79.65 per barrel in 2023 and $83.22 per…

Mozambique: Former President calls for Social Cohesion to avoid terrorist youth recruitment in gas-rich northern province

Posted on September 19, 2023September 19, 2023 by Mozambique Resources Post

The former Mozambican head of state, Joaquim Chissano, this Monday, 18 September, defended effective social cohesion in the country to avoid recruiting young people into the ranks of terrorist groups in northern Mozambique. “We need effective social cohesion so that our young people and community members are not engaged in the terrorist cause,” said Joaquim Chissano, quoted by the Lusa news agency, during the national conference on “Peace, Security, Reconciliation and Development”, taking place in…

BP CEO Resigns amid Probe into Relationships with Colleagues

Posted on September 19, 2023September 19, 2023 by Mozambique Resources Post

BP PLC said Tuesday chief executive officer (CEO) Bernard Looney had tendered his resignation with immediate effect, revealing a company investigation is underway over his personal relationships with colleagues. Chief financial officer Murray Auchincloss takes over on an interim basis, the British energy giant said in a press release. “In May 2022, the Board received and reviewed allegations, with the support of external legal counsel, relating to Mr Looney’s conduct in respect of personal relationships…

Trafigura revamps senior leadership across divisions

Posted on September 19, 2023September 19, 2023 by Mozambique Resources Post

Global commodities trader Trafigura has reshuffled some senior leadership positions and announced replacements for outgoing chief operations officer and board member Mike Wainwright, the company said on Tuesday. CEO and executive director Jeremy Weir is staying in his roles while Ben Luckock has become the sole head of oil trading. Gonzalo De Olazaval becomes sole head of metals and bulk commodities while Richard Holtum takes on renewables alongside gas and power.

Angola: Petronas and TotalEnergies’ honeymoon period continues in offshore

Posted on September 18, 2023September 18, 2023 by Mozambique Resources Post

On 13 September, the Angolan Ministry of Oil and Gas authorised the Malaysian oil giant Petronas to take over half of TotalEnergies’ 80% stake in Block 20/11. The block is located in the Kwanza basin, off the coast from the Angolan capital Luanda. Petronas now holds 40% of Block 20, TotalEnergies 40% and state-owned Sonangol 20%. TotalEnergies took over Block 20/11 in June 2020 after the US group Cobalt Energy International went bankrupt. The asset is of major importance as the American…

International Cooperation required to get in track for 1.5C Climate Goal – IEA

Posted on September 18, 2023September 18, 2023 by Mozambique Resources Post

Countries must supercharge international collaboration on technologies and markets for sectors such as power, transport, industry, buildings and agriculture, new report finds Insufficient progress in transitions to clean technologies and sustainable solutions over the past year highlights the need for strong and targeted international collaboration in high emissions sectors to deliver transitions that are faster, easier and cheaper for all, according to the latest Breakthrough Agenda Report. The new report – an annual collaboration between…

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