A large fire broke out, on Monday 19th February, in the old crude oil reservoir located in Porto da Matola, in Maputo (Mozambique). The tank, inoperative for 40 years, was in the process of being restored when welding work caused the flames, according to the Mozambican newspaper “O País”. According to that publication, the fire consumed the entire reservoir, causing a huge column of black smoke that could be seen from several kilometers away. The
Exxon Mobil Corp. intends to exit Equatorial Guinea in the coming months, concluding nearly three decades of oil drilling that led the small West African nation to become an OPEC member. According to Bloomberg, the company announced it would transfer its investments in the country to the government during the second quarter, as conveyed in an email. “Our focus now is on a safe handover of operations and caring for all impacted by this change.”
Tanzania’s energy sector gets a reprieve as the price of petroleum products reduces. An update on the prices of petroleum products in the country shows a 1.07% decrease. This fall follows the recent decline in global energy prices and comes with several guidelines issued to local fuel marketers that ensure strict adherence to these new prices. The Energy and Water Utilities Regulatory Authorities (Ewura) disclosed that Tanzanians are to pay Sh3,051, for a liter of
French energy giant TotalEnergies is exploring the sale of its minority stake in a major Nigerian onshore oil joint venture, following Shell’s divestment last month, according to CEO Patrick Pouyanne. The Shell Petroleum Development Company of Nigeria Limited (SPDC), in which TotalEnergies holds a 10% stake, has faced challenges with numerous onshore oil spills due to theft, sabotage, and operational issues, that led to costly repairs and high-profile lawsuits over the years, Reuters reported. What
Petra Diamonds’ rough prices are showing increasing signs of a market rebound, according to results from its latest tender. The fourth trading session of fiscal 2024, which took place in February, brought in $47.8 million from the sale of 428,860 carats, at an average price of $112 per carat, Petra said last week. Although total sales were down 30% from December, prices were 4% higher on a like-for-like basis compared with similar categories of diamonds
Lucara Diamond Corp. has renewed its rough-supply agreement with Belgian manufacturer HB Antwerp after terminating the deal in September. The new contract, which spans a 10-year period, is similar to the last agreement, with HB committing to buy all rough over 10.8 carats from Lucara’s Karowe mine in Botswana, the miner said Yesterday February 19th. The purchase price of the diamonds will be based on the estimated polished outcome of each stone, which the pair
Gem Diamonds has unearthed a 113-carat rough from its Letšeng mine in Lesotho, the third over 100 carats this year. The miner discovered the high-quality, type IIa diamond on February 17, it said Monday. On January 17, the company retrieved a low-quality, 139-carat diamond from the site, and on January 8, it found a high-value, 295-carat, white, type IIa rough. The recovery of three 100-plus-carat diamonds so early in the year is a boon for
Angola is at the forefront of nurturing its domestic service industry within the oil and gas sector through robust local content regulations. These policies are instrumental in creating revenue streams for local service firms while enhancing their overall contribution to the industry. The Angolan government’s commitment to local content is exemplified through its Angolanization initiative, aimed at empowering national entrepreneurship by favoring local service providers in oil and gas contracts. Enshrined in official decrees such
Benedito Manuel, the general director of CATOCA, emphasized the need for mining companies to go beyond mere social responsibility and prioritize social justice and equity in the distribution of resources, particularly in diamond-rich areas. Speaking at the panel discussion on “the social responsibility of diamond companies in mining regions” during the Mining Indaba, Manuel stressed the importance of processing the exploited resources locally to create a value chain that fosters job creation and contributes to
According to the Paris-based International Energy Agency (IEA), India is projected to play a pivotal role in driving global oil demand growth by the end of the decade, fueled by robust economic expansion, population growth, and demographic trends. The IEA forecasts that India will emerge as the primary driver of oil demand increase until 2030, closely trailing China in this aspect. It is anticipated that India’s oil demand will surge by nearly 1.2 million barrels
