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Browsing: crude oil
Russia’s invasion of Ukraine in February 2022 threw oil and gas markets into disarray. Consequently, the world experienced the first real global energy crisis during the uneven economic recovery from the COVID-19 epidemic. Russia’s inclusion in the OPEC+ group has hampered international attempts to manage the situation. This has made it harder to handle the significant inflationary effects of rising global fuel prices, particularly in developing nations.
Global fuel prices have risen exponentially in the last few months. The rise is hugely significant, as it has seriously aggravated the global cost-of-living crisis. African economies have particularly been on the receiving end. The continent has suffered from disrupted supply chains and a slowdown in the global economic outlook. Thus, rising energy costs complicate matters even further.…
There is still plenty to accomplish. Even after a year, the PIA is still in a transitional period, with committees deliberating its practical implications. One seasoned Nigerian expert questioned how much the NNPC would change due to its transition into a limited liability corporation. Still, post-PIA data suggests that Nigeria’s oil and gas industry may be moving in the right direction.…
- Mega oil projects in East Africa such as EACOP are transforming the way local content is executed
- Pan African Energy Tanzania (PAET) is transforming energy generation capacities in Tanzania
- Tanzania is planning to expand its power ambition by becoming an independent power provider beyond the border
TheTanzania Energy Congress (TEC) kicked off in the nation’s commercial capital – Dar es Salaam by summoning more than 1000 participants and 100 exhibitors from 25 countries worldwide at the forefront of top-tier discussions about partnership and groundwork.
TEC is unveiling several exciting issues that could bring Tanzania’s local players and international oil and gas companies on the same page and realize the East African ambition.
With local actors showcasing their groundwork up and downstream such as Tanzania Petroleum Upstream Regulatory Authority (PURA), Tanzania Petroleum Development Company (TPDC), as well as energy producers such as Tanzania National Energy Supply Company (TANESCO), the congress …
If someone were to put me on the spot and ask me to name an environmentalist group, I’d probably blurt out the first thing that comes to mind, Greenpeace. There are obvious reasons for this: Greenpeace has been around for more than 50 years, and it has done a masterful job of bringing environmental concerns to the world’s attention and keeping them there. The group has a strong track record when it comes to advocacy and awareness, and it has a global reach. It’s truly one of the most visible non-governmental organizations (NGOs) in the world.
And that’s why I see it as significant that Greenpeace’s African division has come out swinging for a major new oil pipeline slated for construction in Uganda and Tanzania. Let me explain what I mean.
What’s at Stake
On April 14, Greenpeace issued a statement expressing dismay about the signing of a new agreement
East Africa (Tanzania and Uganda in this case) is endowed with plenty of natural resources that mark it as a potential region for investment and economical prosperity. The East Africa Crude Oil Pipeline (EACOP) is another milestone that will levitate Tanzania to a good position economically.
The crude oil project which was stalled since 2019, has taken a new leap that sounds promising to the two countries which are eyeing maximizing the potential of $15 billion in investment (The East African 2021).
Earlier this week, the project was signed off by Uganda President Yoweri Museveni in the nation’s capital, Kampala and Tanzanian President Samia Suluhu. The process was postponed from the original date of March 22 after the sudden death of President John Magufuli.
The EACOP project landscape
This historic project plans to transfer crude oil via a 1,445 long pipeline extending from western Uganda to the Indian ocean in …
Brent crude oil’s return to a $40/b handle has so far proved to be short-lived. During the past week the oil market has continued to move higher in the belief that the OPEC+ group of producers would extend a deal to curb production. Thereby continuing their support for the market while demand slowly recover.
Saudi Arabia and Russia, the leaders of the group, have preliminary agreed on a one-month extension of existing OPEC+ cuts. The problem, however, is once again what to do with countries that fail to deliver the promised cuts. Moscow, usually a laggard in previous deals, has almost reached its target of 8.5 million barrels/day. That has left the group in a stronger position to demand compliance from others.
Once again the focus has returned to Iraq and Nigeria, OPEC’s notorious cheaters, who for years now have failed to deliver fully on any of the previous …
The falling price of crude oil spells good favour for importers in Africa. The price of crude has been on a steady drop despite attempts by producers to cut output. As a result, many African countries are taking advantage of the situation and stock piling their reserves.
Take for instance the case of East Africa, crude oil represents more than 20 percent of Tanzania’s annual imports. So a drop in price of crude means the country can afford to buy more and reserve for future use. However no official report has been issued as to the government policy on the matter.
The issue that arises here is the matter of crude versus refined oil. Africa, Tanzania included, imports refined oil which is more costly than crude but with falling prices of crude then follows that even the price of refined oil has taken a dive
As such, the country is …