The Egyptian Ministry of Electricity and Energy plans to integrate 3 gigawatts (GW) of solar and wind power into the national grid by the summer of 2025, according to a government official who spoke to Asharq Business. The projects will be executed by private sector companies under a Build, Own, Operate (B.O.O.) model, meaning the investors will finance, construct, operate, and own the projects, while the Egyptian Electricity Transmission Company (EETC) will purchase all the
Exploration company Corcel has completed the data acquisition phase of the Enhanced Full Tensor Gradiometry (eFTG) Survey on Block KON-16, located in Angola’s onshore Kwanza Basin. The collected data, acquired by contractor Metatek Group, will now undergo analysis and interpretation through the end of 2024. This phase is crucial for gaining geological insights to support exploration and development plans for the 1,000 km² block. “This marks a significant milestone in our exploration efforts, providing a
Türkiye’s Energy and Natural Resources Minister, Alparslan Bayraktar, announced the country’s active exploration of offshore gas fields in Egypt, aiming to utilize Turkish Floating Storage and Regasification Unit (FSRU) vessels for hydrocarbon supply. In an interview with Anadolu in Ankara, Bayraktar highlighted Türkiye’s normalized relations with Egypt and recent energy agreements between the two nations. During Egyptian President Abdel Fattah al-Sisi’s visit to Ankara last week, both countries discussed potential cooperation in oil and natural
Nigeria’s daily crude oil production grew by 3.4% in August, reaching 1.352 million barrels per day, according to the latest data from OPEC. The Organisation of Petroleum Exporting Countries (OPEC) reported that Nigeria’s output increased by 45,000 barrels per day, up from 1.307 million barrels per day in July. These figures are based on direct communication between OPEC and Nigerian authorities. Secondary sources indicate an even higher average of 1.448 million barrels per day in
The European Investment Bank (EIB) and South Africa’s FirstRand Bank have jointly invested €400 million (R7.9 billion) into various solar and wind energy projects across South Africa. This partnership aims to increase private-sector energy generation, strengthen energy security, and reduce the country’s ongoing power shortages. FirstRand is matching EIB’s €200 million ($221.82 million) loan as part of Europe’s Global Gateway initiative, a strategy focused on clean and sustainable infrastructure. EIB, a key partner in the
Uganda plans to issue new oil and gas exploration licenses in the 2025/2026 fiscal year (July-June) to attract further investment into the sector. The country’s last licensing round, which began in 2019, concluded in early 2023, with two out of five available blocks awarded. “Accelerating oil and gas investments will be key to driving Uganda’s economic growth next fiscal year,” said Finance Minister Matia Kasaija during a speech outlining the government’s priorities for 2025/2026. He
The US Export-Import Bank (Ex-Im) is evaluating funding for Eni SpA’s liquefied natural gas (LNG) project off the coast of Mozambique. This follows its previous investment in an onshore LNG facility that faced delays due to security concerns and opposition from environmental groups. Eni’s Coral North floating LNG plant is listed as a pending project by Ex-Im. The bank stated in an emailed response that the financing amount would be disclosed upon final board approval,
Consultancy firm Oxford Economics has revised its forecast for Angola’s oil production, projecting the country will pump 1.18 million barrels per day in 2024, a 4% increase from 2023 levels. Angola is the second-largest oil producer in sub-Saharan Africa. “We expect Angola’s oil production to rise by 4%, from 1.13 million barrels per day in 2023 to 1.18 million barrels per day in 2024, with a slight increase to 1.19 million barrels per day in
Lucara Diamond Corp today announced the recovery of an extraordinary 1,094carat rough diamond from its 100% owned Karowe Mine in Botswana. This remarkable stone bears striking similarities to the 692 carat diamond announced in August 2023, which was polished by HB Antwerp and yielded polished diamonds that sold for in excess of USD13 million. Lucara confirmsthat this newly recovered 1,094 carat stone will also be polishedby HB Antwerp, as part of the ongoing partnership between
Gem Diamonds has unearthed a 122.20-carat rough diamond from its Letšeng mine in Lesotho, marking the third diamond over 100 carats discovered in the past month and the 11th of its kind this year. The company recovered this high-quality, type II diamond on September 1, following the discovery of a 129.71-carat rough on August 23 and a 145.55-carat stone on August 3. Additional notable finds this year include a 212.49-carat rough in May and two
