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Rex’s Akrake Set for July Drilling Ops off West Africa
Akrake Petroleum, Rex International's indirect subsidiary, has completed the development plan for the Seme field offshore Benin, with the drilling operations scheduled to begin in early July 2025 using Borr Drilling’s jack-up rig.Akrake holds a Production Sharing Agreement (PSA) with the government of Benin for the offshore Block 1 exploration license, which also includes the Sèmè Field.As art of the work-program for Block 1 under the PSA, Akrake is working on the redevelopment of the Sèmè Field.This is a phased development, the first of which will be to bring the field into production, while gathering more data on the subsurface, in order to optimize further development of the field, including heretofore untapped deeper reservoir sections.To this end, the reprocessing of 2007 3D seismic data has been completed, and a detailed field development plan has been finalised.Offshore operations have started, with an ongoing site-survey over the intended drilling and production location.In April 2025, Rex's Lime Petroleum, which owns Akrake Petroleum, signed a contract for Borr Drilling’s Gerd jack-up rig, to be used for an anticipated 120-day drilling campaign in Benin.The rig is scheduled to arrive in Benin later in June 2025, with drilling to begin in early July 2025.Borr Drilling’s Rig Up for 120-Day Drilling Campaign off West AfricaOver the ensuing 100 days, three well-bores will be drilled. The first will be an appraisal well designed to gather new data on deeper reservoir units.Following this, two horizontal production wells will be drilled and completed in the H6 reservoir, in which subsurface analysis has suggested significant remaining reserves, even though there has been previous production.Drilling is expected to be completed in early October 2025, at which time a Mobile Offshore Production Unit (MOPU) will arrive, along with a Floating Storage and Offloading unit (FSO).The MOPU will be hooked to the newly-drilled wells, and production is expected to start in October 2025 at production rates of approximately 16,000 barrels of oil per day (bopd).Contracts have been signed for both the MOPU and FSO, and the MOPU is currently in a yard in Dubai for refurbishment, before heading to Benin in the middle of September 2025.Rex’s Akrake Signs Deal for Production Vessels at Seme Field off BeninAkrake is the operator of the Sèmè Field in Benin, and holds approximately 76% working interest, with the remainder of the working interest held by the government of Benin (15%) and Octogone Trading (9%).
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Indonesia anticipates concluding free trade negotiations with EU by the end of June
Indonesia announced on Saturday that the free trade talks with the European Union which have lasted for nine years are expected to be completed by the end June. Airlangga hartarto, chief economic minister of Southeast Asia's largest economy, met EU Commissioner for Trade Maros Séfcovic on Friday in Brussels. Airlangga Hartarto stated in a press release that "Indonesia has agreed to resolve outstanding issues, and we are prepared to announce the conclusion of substantial negotiation by the end June 2025." He didn't disclose any details about the agreements that may have been made. A request for comment from the EU representatives in Jakarta was not responded to. In terms of total trade, the EU was Indonesia's fifth largest trading partner in 2013. The two countries exchanged $30.1 billion worth of goods and services last year. Airlangga reported that Indonesia had a trade surplus of $4.5 billion. Indonesia and the EU had previously disagreed over the EU's rules on trade for products that could be linked to deforestation, which would affect Indonesian palm oils, as well Jakarta's bans on exports raw minerals. Indonesian officials are motivated to speed up talks on free-trade agreements. They want to diversify their country's export destination as they face the challenges of U.S. Tariffs. In an effort to reduce the U.S.'s trade deficits around the world, President Donald Trump of the United States announced "reciprocal tariffs" that were halted until July. Indonesia faces a tariff rate of 32%. (Reporting and editing by Edwina G. Gibbs; Gayatri S. Suroyo)
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China's central banks purchases gold for the seventh consecutive month in May
The People's Bank of China's (PBOC) official data showed that China's central banks added gold to their reserves for the seventh consecutive month in May. Gold spot prices, which are often viewed as a safe haven from geopolitical and economic uncertainty, remained stable in May, after reaching an all-time peak of $3,500 for one ounce in April. China's gold reserves increased to 73.83 millions fine troy pounds at the end May, from 73.77million ounces ounces ounces by the end April. The PBOC reported that its gold reserves had fallen to $241.99 billion by the end last month from $243.59 at the end April. Gold market experts say that despite the high price of gold, Beijing is still willing to keep adding to its gold reserves despite this. This is due to fears about a tariff war and a 27% increase in 2024. The PBOC has not made public the reasons behind the gold purchases. After an 18-month gold buying spree in 2024, the PBOC paused for six months before resuming gold purchases when Donald Trump was elected president of the United States. Metals Focus, a consultancy, said that central banks around the world are on course to purchase 1,000 metric tonnes of gold by 2025. This would be their fourth massive purchase as they diversify from dollar-denominated investments into bullion. Reporting by Yukun Zhi and Ryan Woo from Beijing, Polina Devlin in London and Brenda Goh from Shanghai; editing by Tom Hogue
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Trump claims that China's Xi has agreed to allow rare earth minerals to flow into the US
U.S. president Donald Trump announced on Friday that Chinese President Xi Jinping had agreed to allow rare earth minerals and magnetics to flow into the United States. This could reduce tensions between world's largest economies. When asked by a reporter on Air Force One if Xi agreed to this, Trump responded: "Yes, he had." The Chinese Embassy in Washington has not responded to a comment request immediately. Trump's comments came a day after he had a rare phone call with Xi to resolve trade tensions which have been brewing for weeks. Then, Trump stated that the talks had "reached a very positive conclusion," adding that there should be "no questions" about the complexity of Rare Earth Products. Two sources with knowledge of the issue said that China granted temporary export licences to the rare-earth suppliers for the three largest U.S. automobile manufacturers. On Monday, the top U.S. aides to President Obama will meet with their Chinese counterparts for more talks in London. Trump said to reporters that "we're very much advanced" in the China deal. On May 12, in Geneva, Switzerland the countries reached an agreement to rollback for 90 days most triple-digit tit-for -tat tariffs that they had imposed on each other after Trump's inauguration. The financial markets, which had been worried about trade disruptions, rallied upon hearing the news. China's decision to suspend the export of magnets and minerals in April has caused supply disruptions for automakers, computer chip makers and military contractors worldwide. Trump accused China of breaking the Geneva Agreement and ordered a halt to chip-design software, as well as other shipments into China. Beijing denied the claim and threatened countermeasures. China could use rare earths and other minerals to exert political pressure on Trump if the economy sags due to companies being unable make mineral-powered goods. Trump, since returning to the White House, has threatened a variety of punitive actions against trading partners. However, he has retracted some of these measures at the last moment. This on-again-off-again strategy has confused world leaders and scared business executives. Trevor Hunnicutt, Leslie Adler, and Edwina gibbs edited the report.
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WTI-Brent Spread at its Narrowest in Nearly Two Years as US Prices Rise
Analysts and traders reported that the spread between U.S. West Texas Intermediate crude and Brent crude futures was at its tightest since September 2023 as U.S. oil prices increased on a declining rig count, and Canadian wildfires cut supply. Brent futures were up 2.75% as OPEC+ increased output, limiting gains. Why it's important A narrower spread can indicate a closed window of arbitrage for traders, and weaker shipping economies to Europe and Asia. If Brent crude premium remains low, the tighter spread could be an early indication that U.S. crude imports are likely to fall in the coming weeks. Since the Dated Brent price is determined by WTI Midland most trading days, the spread between them is more closely correlated with freight rates. By the numbers, the spread between two crude benchmarks was as low as $2.78 per barrel on Friday. A discount of $4 a barrel is usually considered to be the level which encourages U.S. imports into Europe as traders view it as an arbitrage opportunity. According to Phil Flynn of Price Futures Group, the spread has remained below $4 a barrel on average since May 1. This is partly due to concern about U.S. oil production. Since April, OPEC+ members including Saudi Arabia, Russia, and others have increased their production by 1.37 million barrels a day or 62%, of the 2.2 millions bpd that they intend to bring back onto the market. Baker Hughes, the energy services company, said that the U.S. oil rig count fell four times to 559 during the week ending June 6. This is the lowest level since November 2021. It has sparked some concern about future U.S. output. Traders and analysts say that this has created a price which encourages U.S. crude oil to stay on the domestic market. Analysts said that the wildfires in Canada's oil producing province of Alberta, have further boosted U.S. crude prices, as Canadian crude production has decreased by approximately 7%. Sparta Commodities analysts said that the Canadian wildfire season is underway and further disruptions could push WTI/Brent below $3 in the summer. KEY QUOTES Flynn, of Price Futures Group, said: "When you take a look at the WTI/Brent Spread you can see a bit the concern about the leveling off U.S. Production and the tightening up of export barrels."
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Trump approves coal mine expansion for Asia exports
The U.S. The U.S. The Montana-based company can now recover 22.8 millions metric tons federal coal, 34.5 millions metric tons adjacent non-federal coking coal and extend life of the Bull Mountains Mine by nine years. Interior Secretary Doug Burgum is also the co-chairman of Trump's Energy Dominance Council. He said that by unlocking more federally owned coal, it allows the U.S. strengthen ties with its allies overseas. He said that President Trump's declaration of a national emergency in the energy sector allowed us to act quickly, reduce bureaucratic delays, and secure America’s future by ensuring energy independence and strategic trade. Trump declared an emergency on January 20 to accelerate permits, rollback environmental protections and pull the U.S. out of an international climate change pact. Signal Peak sent its initial plan to expand their mining operations to Office of Surface Mining Reclamation and Enforcement (OSMRAE) in 2020. However, it has been subject to federal review and litigation since then. The Interior Department has completed the environmental impact assessment for the mine expansion in accordance with its new policy, which speeds up such reviews by a maximum 28 days. Burgum joined Energy Secretary Chris Wright, Environmental Protection Agency Administrator Lee Zeldin and other energy exports to Asian markets this week in Alaska. Bull Mountains Mine in Montana is located in Musselshell County and Yellowstone County. It employs more than 250 workers, and supplies primarily Japan and South Korea. Environmental groups tried to stop the expansion of this mine due to concerns over its water usage and greenhouse gas emissions. Anne Hedges of the Montana Environmental Information Center said, "It is utter hogwash to think that we must sacrifice our climate, water resources and wildlife to send coal to foreign countries to burn." (Reporting from Valerie Volcovici and Nichola Grroom in Washington; Editing by Barbara Lewis, Matthew Lewis and Matthew Lewis).
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US and China to hold trade talks on June 9 in London
Three of Donald Trump's closest aides are scheduled to meet their Chinese counterparts on Monday in London for talks on resolving a trade conflict between the two world's largest economies, which has been causing global markets to be on edge. U.S. Treasury Sec. Scott Bessent will be represented by the U.S. Trade Representative Jamieson Grer, Commerce Sec. Howard Lutnick, and the U.S. Trade Rep Jamieson Greer in the talks. Trump announced the talks on his Truth Social platform, but did not provide any further details. The identity of the China representative was not immediately known. The Chinese Embassy in Washington didn't immediately respond to an inquiry for comment. Trump wrote that "the meeting should go well." The meeting is scheduled a day after Trump called Chinese President Xi Jinping, in a rare call between leaders amid weeks of brewing tensions over trade and a fight over vital minerals. Trump and Xi have agreed to meet and their staffs will hold discussions in the interim. Both countries face pressure to ease tensions. The global economy is under pressure due to China's control of rare earth minerals, for which it is the leading producer. Investors are also concerned about Trump’s efforts to impose tariffs across the board on products from the majority of U.S. trading partner nations. China has also seen the supply of important U.S. products like chip-designing software cut off. On May 12, the countries reached a 90-day agreement in Geneva, to reverse some of their triple-digit, tit for tat tariffs that they had imposed on each other after Trump's inauguration. The preliminary agreement sparked an international relief rally on stock markets. U.S. indices that were in or near bear-market levels have recovered the majority of their losses. Although stocks rose, the temporary agreement did not address the broader concerns straining the bilateral relationship. These range from the illicit fentanyl traffic to the democratically-governed Taiwan, and U.S. complaints against China's export-driven, state-dominated economic model. Trump, since returning to the White House, has threatened a variety of punitive actions against trading partners. However, he has retracted some of these measures at the last moment. This on-again-off-again strategy has confused world leaders and scared business executives. Beijing views mineral exports in the United States as a way to exert political pressure. If economic growth slows down because companies are unable to produce mineral-powered products, this could lead to domestic political pressure being placed on President Donald Trump. The United States has identified China in recent years as its most important geopolitical competitor and the only nation capable of challenging the U.S. militarily and economically. (Reporting and editing by Costas Pittas, Anna Driver and Trevor Hunnicutt)
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India and central Asian countries express joint interest in rare earths exploration
In a statement released after the India-Central Asia Dialogue's fourth meeting in New Delhi, India and five countries from central Asia expressed an interest in exploring rare earths together. The announcement coincides with global alarm about China's decision not to export rare earth alloys and mixtures. This has affected industries from automotives to clean energy and defence. India and central Asian countries, including Kazakhstan, Kyrgyzstan and Turkmenistan as well as Uzbekistan, also asked "relevant authorities" to convene the India-Central Asia Rare Earth Forum sooner than the September meeting. The statement added that the sides agreed to meet again in 2026. Rare earths is a grouping of 17 elements, whose main uses include the creation of magnets for motion in cars, cellphones and missiles. China produces 90% of the rare earth magnets in the world and mines 60% of it. However, as part of a sweeping response to U.S. tariffs on imports by President Donald Trump, China announced export restrictions for these rare earth magnets. India has been in talks with companies about establishing long-term stocks of rare earth magnets, offering tax incentives to domestic producers, to reduce its dependence on Chinese shipments, according to a report on Thursday. South Asia also plans to offer incentives to recycle 24 essential minerals. The plan is currently being approved as the nation looks to secure minerals for the green energy transition. (Reporting and writing by Shivam Patel; editing by Alex Richardson, David Evans, and Sakshi Dayal)
Congo M23 rebels announce they will withdraw their forces from the town that they have seized to support peace efforts
The Rwanda-backed M23 M23 rebels who are waging an offensive against the Congolese government in the east said that they will withdraw their forces from the town of Walikale to support peace efforts. They had previously stated they would leave troops in the town as they moved on towards the capital.
The government expressed its hope that the decision would translate into concrete actions, after M23 withdrew from planned talks this week with Congolese officials at the last moment due to EU sanctions against some of their leaders and Rwandan official.
This would have been the first time they had spoken directly to Congo's government since President Felix Tshisekedi reversed a long-standing refusal to talk to rebels.
In a statement released on Saturday, the Congo River Alliance (which includes M23) said that they had "decided" to move their forces from Walikale, and other surrounding areas, that M23 has taken control of in this past week.
In a statement, which was met with skepticism by officers of the army, the statement said that this decision was in accordance with a truce declared in February. It also supported peace initiatives.
Unnamed senior members of the alliance said that repositioning was withdrawing in order to "give peace a shot". Sources refused to reveal where the M23 rebels will withdraw.
The source stated, "We ask that Walikale and its surroundings remain demilitarised." If the FARDC and its allies (the Congo's army) return, it means that they are resuming hostilities.
Therese Kayikwamba, Minister of Foreign Affairs, told reporters that "we are going to see if M23 withdraws from Walikale and if M23 gives priority to dialogue and the peace." We hope this will translate into concrete action.
PEACE EFFORTS
The Congolese army did not respond immediately to a comment request.
A senior army officer expressed skepticism about the withdrawal. A second officer claimed that M23 had advanced towards Mubi after the army and progovernment militias bombed Walikale airport and cut off M23's access to the road.
The second officer who spoke under condition of anonymity said, "They have a problem with provision." They will not retreat. "They will move both in front and behind (Walikale)."
On Thursday, an M23 officer informed Walikale residents that they would leave a small group there to provide security while the other soldiers "continued all the way up to Kinshasa".
Walikale, the furthest west rebels have advanced in their unprecedented advance which has already taken over eastern Congo's largest two cities since January.
The rebels captured the city, bringing them within 400 km of Kisangani. Kisangani is the fourth largest city in the country, with a busy port located at the farthest navigable point of the Congo River upstream from Kinshasa.
The spiraling conflict has been the subject of several attempts at resolution, stemming from the aftermath of the genocide in Rwanda in 1994 and the competition for mineral resources. These include several ceasefires which were broken and regional summits that opened up dialogue.
Congo, the United Nations, and Western governments claim that Rwanda provided arms and troops for the ethnic Tutsi led M23. Rwanda denies that, saying it was acting in self defense against Congo's military and a militia formed by genocide perpetrators.
Corneille Naanga, leader of the M23 alliance, dismissed on Friday a call by Congo and Rwanda for an immediate cessation of hostilities and reiterated his demand for direct talks with Kinshasa. He said that this was the only solution to the conflict. Reporting by Sonia Rolley, Congo newsroom. Writing by Sofia Christensen. Editing by Timothy Heritage & Alison Williams.
(source: Reuters)