Connect with us

Economy

Discovery of “large” oil and gas deposits in Ivory Coast

Published

on

الصورة:

Ivory Coast, a moderate producer of hydrocarbons, announced on Wednesday that Italian oil company Eni had discovered “large” deposits of oil and gas during a drilling operation off its coast.

Ivorian Minister of Mining and Petroleum Thomas Camara said in a statement, “A major oil discovery in the sediment bed of C டிte d’Ivoire manages it in deep water on the Italian company Eni Block C-101. The formation of a consortium with the National Petroleum Holding Company.”

He added, “The discovered reserves are related to crude oil and the associated natural gas.”

The Minister explained in his statement that the volume in this volume is “about 1.5 to 2 billion barrels of crude oil on the one hand and about 1800 to 2400 billion cubic feet of related gas on the other.”

Camara stressed that “this important discovery will significantly increase C டிte d’Ivoire’s proven reserves and its oil and gas production in the coming years.”

In 2019, Ivory Coast signed $ 185 million worth of investment agreements with Italy’s Eni and France’s Total to explore for oil and gas in four oil volumes.

In 2019, Ivory Coast recorded a 12% increase in its oil production to over 36,000 barrels a day, but most of this oil comes from wells located on its shores near the Ghanaian border.

And Ivory Coast, a moderate oil producer, amended the laws on oil extraction in 2015 to attract new investors, thanks to production sharing agreements.

The country has 51 specific oil fields, four of which are under production, 26 sectors are under study and 21 sectors are still free or under negotiation.

See also  In that case I will support the interest rate cut decision!

In 2014, the French group “Total” said its research activities in the deepest waters of Ivory Coast were “the most promising result”.

In addition to Total and Eni, a number of international companies, particularly Britain’s Tallow Oil, have announced major discoveries in recent years.

Print
Email




Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Economy

Dollar hits 10-month high as interest rates linger, via Reuters

Published

on

Dollar hits 10-month high as interest rates linger, via Reuters
© Reuters. One hundred US dollar bills in Seoul, a photo from the Reuters archive.

SINGAPORE (Reuters) – The dollar hit a 10-month high as the U.S. continues to dominate at long-term highs.

In recent trading, the euro fell 0.14 percent to $1.05575, its lowest level in six months at $1.05555. The euro is heading for a quarterly loss of more than three percent, its worst quarterly performance in a year.

It fell 0.09 percent to $1.2146 after touching a six-month low of $1.2141 on Wednesday. Sterling is heading for a quarterly loss of more than four percent.

It hit a ten-month low of 106.30.

The rise in earnings led to a fall in the yen, which rose slightly to 149.03 yen against the dollar after falling to an 11-month low of 149.185 on Tuesday.

Some experts believe a breach of the 150 yen threshold could force Japanese authorities to intervene to support the currency, as they did last year.

The Australian dollar was down 0.20 percent at $0.6385.

The New Zealand dollar was down 0.23 percent at $0.5931.

(Prepared by Marwa Salam for Arabic Bulletin – Editing by Marwa Gharib)

See also  Oil rises 1% as stocks fall
Continue Reading

Economy

Copper shortage threatens global green energy transition |

Published

on

Copper shortage threatens global green energy transition |

Paris – The long global path to carbon neutrality to replace energy systems dependent on fossil fuels runs into a pitfall: the transition requires more copper than companies can currently produce.

Supply in the world copper market is expected to record a shortfall of up to six million tonnes relative to demand in the medium term, raising concerns about the energy transition.

Experts consider the red metal, which has not received enough attention in the past four years, to be a vital artery for energy networks, electrical equipment and other resources and industries, and a key means of reducing greenhouse gases.

Nexans Group Operations Director Vincent Desalle says: “If you want to transfer energy within a car or a building or between a production plant and a point of consumption, you have to send electricity, and currently we don’t have any. Better than copper, with acceptable cost and durability.”

Desalle confirmed to Agence France-Presse that the world was forced to rely on electricity to reduce greenhouse gas emissions, which increased demand for copper.

Europe, in particular, wants to reduce carbon dioxide emissions by 55 percent by 2030 compared to 1990. At the same time, developing countries are turning to electricity.

The International Energy Agency, which is organizing a summit on minerals critical to the energy transition this week, confirms that the copper market will see growth of about 50 percent between 2017 and 2022, reaching about $200 billion.

Diesel explained that two decades ago the world consumed 9 to 10 million tons of copper, and now its consumption is 23 to 24 million tons, which means the number has doubled.

See also  The dollar calmed down against the Egyptian pound, while the euro and sterling fell

“We believe that in just ten years, global consumption will reach 35 to 40 million tonnes,” he said.

A study by Standard & Poor’s Global last February indicated that annual demand will double and reach 50 million tonnes by 2035, and that assumes sufficient red metal is available, which of course is not.

Copper is a relatively abundant electrical conductor, has no better substitute, and can be found in all kinds of products, from toasters to air conditioners, computer chips, smartphones and electric cars.

Diesel pointed out that in addition to the many cables needed to connect offshore wind turbines to power grids, a battery-powered car typically requires twice the amount of copper as a conventional car.

It’s unclear whether the usually cautious mining sector will absorb the scale of investment needed to meet the world’s needs, while faltering means the energy transition program could be derailed.

Laurent Soccoli of the International Copper Association, which includes mining companies and smelters and represents 50 percent of the world’s tonnage of copper produced, pointed out that the data pointed to the possibility of a “supply shortfall” for several years.

He stressed that the shortage was not yet due to “various reasons, including the development of prices and (copper’s) periodic replacement”.

Due to the tremendous growth in demand, he said, “we will face a problem with a shortfall of around 5 to 6 million tonnes in the early 2030s”.

Several ways to avoid shortages in the copper market have been mentioned, including the use of aluminum, which is a good conductor of electricity and does not see a shortage of resources, but its supply chain poses difficulties.

See also  Oil rises 1% as stocks fall

According to Desalle, “Its production requires three different stages, and they are not always in the same geographical areas.”

Aluminum production uses a large amount of energy and leads to carbon emissions, so its price depends on energy prices.

He added, “Finally, there is a geopolitical element, which is that Russia, one of the world’s largest aluminum producers, has created additional restrictions on this market.”

As a way to avoid shortages in the copper market, the issue of recycling it is often mentioned among some experts and companies in the field.

The International Copper Association estimates that 40 percent of this metal is currently recycled, representing “one-third of the annual supply.” The importance of this method is increasing in industrialized countries.

According to Shokwali, while full copper recycling is difficult to envision in the long term, since it is often buried in the ground or in buildings, the 40 percent rate could be increased “through aggregate collection methods and improved copper separation techniques.”

Forecasts show that supply growth will peak in 2024 as fewer new mining projects come online and existing copper resources dry up.

Goldman Sachs analysts estimate that mining companies will need to spend nearly $150 billion over the next decade to deal with a shortfall of up to eight million tons.

According to the Global Copper Research Group, the global copper deficit in 2021 was 441 thousand tons, which is less than two percent of the demand for the refined metal.

Standard & Poor’s Global’s current worst-case scenario projections indicate a deficit equivalent to twenty percent of consumption by 2035.

See also  Global Clarity Market Stock, Earnings, Competitive Opportunity Analysis and Forecast 2021-2031

Continue Reading

Economy

Abu Dhabi Securities Exchange enters into a partnership with BNY Mellon to expand custodial services globally

Published

on

Abu Dhabi Securities Exchange enters into a partnership with BNY Mellon to expand custodial services globally

ABU DHABI: The Abu Dhabi Securities Exchange, one of the world’s fastest growing financial markets, has appointed BNY Mellon, the world’s largest hedge bank, to support the dual listing of global companies on the Abu Dhabi Securities Exchange.

Through this collaboration, the bank will act as a link between the Abu Dhabi Securities Exchange and the International Securities Depository Institutions (ICSD), enabling the market to benefit from BNY Mellon’s global presence.

This initiative is part of ADX’s strategy to work with internationally recognized global capital markets institutions to develop innovative solutions that help improve the market’s infrastructure and capabilities. This collaboration with BNY Mellon will enable international issuers to dual-list their securities, starting in the US and expanding to other countries. Also, the market will provide investors with new investment opportunities in global markets.

On this occasion, Abu Dhabi Securities Exchange CEO Abdullah Salem Al Nuaimi said: “We are pleased to collaborate with BNY Mellon to strengthen our relationships with international securities depositories and facilitate dual listing in our fast-growing financial market. Our partnership with BNY Mellon, the world’s largest custodian, supports our strategy to drive innovation in our infrastructure, which will provide investors with a wide range of unique growth opportunities. Financial market in the region.

For his part, Hani Kiblawi, President of BNY Mellon International, said: “With our decades of presence in the region, we are pleased to work with a leading financial market such as the Abu Dhabi Securities Exchange to help investors have broad access to financial instruments.” Globalism. We focus on simplifying market complexity and connecting the financial system through innovative products and services that meet the needs of customers worldwide, and our appointment by the Abu Dhabi Securities Exchange is a prime example of this.

See also  Spectral Imaging Sensor: Global Market, Value, Growth Rate, Key Player Analysis, Demands, Trends and Forecasts for 2031

In recent years, the Abu Dhabi Securities Market has introduced several new initiatives to attract more investors and improve market liquidity. The most important of these initiatives are the launch of the Financial Derivatives Market in 2021 and the launch of FTSE Abu Dhabi Securities. Market 15 “Fadax 15” Index and “Fadax 15” Index. For futures contracts in 2022, it will be the first benchmark for futures contracts on the market’s financial derivatives platform.

#Corporate Data
– I finish –

About Bank of New York Mellon (BNY Mellon).

BNY Mellon is a global investment firm offering sophisticated and thoughtful investment and wealth management services in 35 countries as part of its financial services offering to institutions, companies and individual investors. As of December 31, 2022, BNY Mellon’s total assets under custody/management reached $44.3 trillion in the securities and/or administrative services sectors, while total assets under management reached $1.8 trillion. A bank can act as a single point of contact for customers who want to initiate, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate banking brand of Bank of New York Mellon Corporation (NYSE: BK).

About Abu Dhabi Securities Market:

The Abu Dhabi Securities Market was established on November 15, 2000, pursuant to Local Law No. (3) of 2000. Under this Act, the market enjoys legal personality, financial and administrative independence and necessary supervisory and administrative powers. Duties. On March 17, 2020, the Abu Dhabi Securities Market was converted from a public company to a public joint stock company in terms of Law (8) of 2020. Abu Dhabi Securities Market is affiliated with the Holding Company (ADQ). of the largest holding companies in the region. , Abu Dhabi has a broad portfolio of major companies operating in key sectors within the Emirate’s diversified economy.

See also  Developing countries are at risk of defaulting on debt

The Abu Dhabi Securities Market is a market for trading securities. Including shares issued by public joint stock companies, bonds issued by governments or corporations, exchange-traded funds and other financial instruments approved by the UAE Securities and Commodities Authority. The Abu Dhabi Securities Exchange is the second largest market in the Arab region, and its strategy of providing sustainable financial performance with diversified income sources is in line with the guiding principles of the UAE’s “Preparing for 50” agenda. The National Plan outlines the UAE’s strategic development roadmap, which aims to create a vibrant, sustainable and diversified economy that positively contributes to the transition to a new global model of sustainable development.

For more information on Abu Dhabi Securities Exchange, please contact:

Abdul Rahman Saleh Al Khatib

Director of Corporate Communications and Digital Marketing

Email: [email protected]

Continue Reading

Trending

Copyright © 2023