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Author: Makungu Coco

International News Oil

Turkey Discovers 20 Billion Barrels of Oil Offshore Somalia Amid Controversial Deal

Turkish explorers have discovered an estimated 20 billion barrels of commercially viable crude oil offshore Somalia, marking a potentially transformative moment for the war-torn nation’s energy sector. The discovery stems from an agreement that grants Turkey control over 90% of Somalia’s oil and gas output rights—an arrangement that has drawn significant criticism for being heavily skewed in Turkey’s favor. Critics argue that the deal offers little benefit to Somalia, which continues to grapple with economic

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International News Oil

Nigeria Targets 2.5 Million Barrels Per Day Oil Output by Year-End

Nigeria’s federal government has raised its national oil production target, setting a new goal of 2.5 million barrels per day (bpd) by the end of the year. The announcement was made by Minister of State for Petroleum Resources Heineken Lokpobiri at the Oil Technology Conference Africa Energy Forum. Lokpobiri said he personally revised the target upward from President Bola Tinubu’s initial goal of 2 million bpd. He expressed confidence in the new benchmark, noting that

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Corporate News Oil

Egypt Approves New Oil Exploration Deals with Russia’s Lukoil

Egypt’s parliament has approved two new oil exploration and production agreements, paving the way for the Ministry of Petroleum and Mineral Resources to finalize contracts with Russian energy major Lukoil. The first agreement grants exploration and production rights in the South Wadi El-Sahl region of the Eastern Desert to the South Valley Egyptian Petroleum Holding Company and Lukoil Overseas Egypt Ltd. The second agreement authorizes a joint venture between the Egyptian General Petroleum Corporation and

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Corporate News Diamonds International

Debswana Confirms Orapa No. 2 Plant Undergoing Routine Maintenance, Not Shut Down

Debswana Diamond Company has confirmed that the Orapa No. 2 processing plant is currently undergoing its annual scheduled maintenance during the month of May and has not been shut down, contrary to recent media reports. The company clarified that the temporary plant stoppage is part of routine operational procedures aimed at ensuring continued efficiency and reliability. This clarification follows misleading claims suggesting a full halt in operations. Debswana emphasized that the maintenance shutdown is a

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Corporate News Gas International Oil

Woodside Approves $17.5 Billion LNG Project in Louisiana Amid U.S. Energy Push

Woodside Energy has approved a $17.5 billion investment to construct a new liquefied natural gas (LNG) plant in Louisiana, marking the first major U.S. LNG project to reach final investment decision (FID) since President Donald Trump returned to office and declared an energy emergency aimed at expanding American energy exports. The announcement positions the U.S. to further solidify its status as the world’s largest LNG exporter. The Louisiana facility will feature three liquefaction trains with

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Corporate News Diamonds International

Lucara Diamond Faces Financial Strain Amid Falling Prices and Delayed Project

Lucara Diamond is under increasing financial pressure as it seeks additional funding to maintain liquidity and complete the delayed underground expansion of its Karowe mine in Botswana — the company’s sole producing asset. In its first-quarter 2025 results, CEO William Lamb confirmed that Lucara had received approval from lenders to draw $28 million from its cost overrun reserve account. The reserve is part of a $61.7 million facility provided by Nemesia, Lucara’s largest shareholder and

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International Gas News Oil

AE Joins $25 Billion Nigeria-Morocco Gas Pipeline Project Amid Rising Global Interest

The United Arab Emirates (UAE) has reportedly joined efforts to co-finance the $25 billion Nigeria-Morocco gas pipeline project, following growing interest from the United States and other international stakeholders. Morocco’s Minister of Energy, Leila Benali, recently confirmed the UAE’s involvement, noting that the ambitious transcontinental project has also secured backing from major financial institutions, including the Islamic Development Bank (IDB), the OPEC Fund, and the European Investment Bank (EIB). Morocco continues to position itself as

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Local Energy Partnerships Technology & Innovation

India and Angola Deepen Strategic Ties with Energy, Defence, and Tech Agreements

India and Angola have agreed to significantly expand their strategic partnership, signing multiple Memorandums of Understanding (MoUs) covering energy, defence, digital infrastructure, space technology, and more. The agreements coincided with Angolan President João Lourenço’s landmark state visit to India—the first by an Angolan head of state in 38 years. During delegation-level talks, Prime Minister Narendra Modi described the visit as “historic,” noting its importance in deepening not just India-Angola relations, but also broader India-Africa cooperation.

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Local News Renewable Energy

Shoals Technologies and UGT Renewables to Co-Develop 12 GW of Solar Projects in Emerging Markets

Clean energy company Shoals Technologies Group has signed a memorandum of understanding (MoU) with renewable energy developer UGT Renewables to jointly develop up to 12 gigawatts (GW) of solar projects across emerging markets. This strategic partnership will expand UGT Renewables’ existing pipeline, which includes two solar parks totaling 600 megawatts (MW) in Angola’s southern provinces. Deployment of these projects is scheduled to begin this year and stems from a collaboration involving Shoals Technologies Group and

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International Energy

Mozambique Signs Energy Agreements with Zambia and Zimbabwe to Boost Regional Integration

The Government of Mozambique, through the Ministry of Mineral Resources and Energy, has signed two memoranda of understanding (MoUs) with the Republics of Zambia and Zimbabwe, reinforcing a shared commitment to regional energy integration, industrialization, and sustainable development in Southern Africa. The MoUs were signed during the 11th Mining and Energy Conference (MMEC) in Maputo and align with the goals of the Southern African Development Community (SADC). The agreement with Zambia lays the groundwork for

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