With the biggest energy event in Africa post-COP27 set to take place in Luanda from November 29 to December 1, a strong lineup of regional energy ministers will make their way to Angola to lead discussions on the state of play of their respective energy sectors.
In the aftermath of the 2022 United Nations Climate Change Conference, or COP27, which closed over the weekend following two weeks of intense negotiations, many argue that very little progress was made on the phasing out of fossil fuels.
After years of waning activity, oil and gas exploration is heating up in a big way off the coast of Newfoundland and Labrador: over $238 million worth of exploration licences were recently awarded by the provincial-federal regulator.
The ground-breaking ceremony of the Kolmani Oil Prospecting Lease (OPL) 809 and 810 at the Kolmani field site will be the first oil drilling in Northern Nigeria.
Eight oil drilling rigs operated in Nigeria in October as against seven in the previous month, the Organisation of Petroleum Exporting Countries has stated.
Shortly after the dawn call to prayer sounded across Sharm el-Sheikh, Egypt, on Sunday, negotiators adopted a climate deal to polite applause.
Back in 2005, the world economy was “humming along.” World growth in energy consumption per capita was rising at 2.3% per year in the 2001 to 2005 period. China had been added to the World Trade Organization in December 2001, ramping up its demand for all kinds of fossil fuels. There was also a bubble in the US housing market, brought on by low interest rates and loose underwriting standards.
During this year’s United Nations (UNFCCC) 27th Conference of the Parties (COP 27) in Egypt, Ghana’s President Akufo-Addo has been teaming up with colleague African presidents to push rich countries who pollute the most to release the $100 billion in climate finance promised to poor countries to help them green their economies and adapt better to climate change.
Short-term oil price forecasts have been persistently bullish this year, with most forecasters expecting benchmarks to top $100 sometime next year.
Oil prices declined on Wednesday and were still lower early on Thursday morning as NATO made clear that the missile that fell in a Polish village did not come from Russia.