The law has been anticipated for years as Shell Plc and other companies delayed activity or withdrew completely from South African acreage, citing regulatory uncertainty.
The project serves as part of a series of gas-focused investments the company is undertaking in Angola alongside various partners.
The company made this known in reaction to a claim by the marketers that the refinery’s prices are higher than other suppliers, making it difficult for independent marketers to buy from it.
As a counter, frac pricing has nudged up, but nothing close to what we’ve lost to inflation. Eating into our margins too is discounting. Every attempt is being made by services companies to get E&Ps to work.
According to him, the country currently relies on approximately 150 megawatts, leading to ongoing load shedding across major cities, commonly referred to as Dumsor.
A report this week from the World Bank has set off alarm bells about a coming oil glut that has the potential to seriously disrupt global economics and trade patterns.
Saudi oil giant Aramco and Abu Dhabi’s ADNOC plan to expand their downstream businesses, especially in Asia, to lock in future demand for their crude in the petrochemicals sector.
Chinese oilfield services company Jereh has signed a development and production contract with state-run Midland Oil Company of Iraq to jointly develop the Mansuriya gasfield, Jereh announced on Thursday.
Trafigura is facing a loss of up to $1.1 billion in Mongolia, linked in part to suspected fraud by its own employees. According to Bloomberg, the company’s staff manipulated payments while concealing a mountain of overdue debts, a malpractice that continued for years without raising any red flags.
Being the first LNG project in the country, Coral Sul FLNG has helped Mozambique enter the global LNG market and monetise Africa’s largest gasfield.