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Author: Makungu Coco

Gas International Oil Petroleum

Africa Finance Corporation Invests in Mahathi Infra to Transform Petroleum Product Transportation in Uganda

Africa Finance Corporation (AFC) the leading infrastructure solutions provider on the continent, has announced its investment in Mahathi Infra Uganda Limited, one of East Africa’s largest oil and gas downstream players. AFC’s US$95.25 million investment will finance the construction of two self-propelled barges for operation on Lake Victoria, providing a more efficient and less carbon intensive alternative to traditional trucking. The financing will also support enabling infrastructure including 14 petroleum storage tanks, 20 truck loading

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Gas International News Oil Petroleum

Dual rigs in action for TotalEnergies in Namibia

Namibia is emerging as a sought-after exploration destination due to significant oil discoveries like TotalEnergies’ Venus-1 and Shell’s Graff-1, La Rona-1, and Jonker-1. These findings confirm the presence of a functional light oil system offshore Namibia. Consequently, major oil companies and other industry participants are intensifying their drilling operations within the country. Regarding TotalEnergies’ ultra-deepwater Venus-1X exploration well, it was spud at the beginning of December 2021, using the Maersk Voyager drillship. The Venus discovery is a light oil and associated

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International Oil Petroleum

Uganda Engages Prospective Partners for $4 Billion Oil Refinery

Uganda is engaged in discussions with undisclosed partners hailing from Africa, the Middle East, and China, aiming to drive forward a projected 60,000 barrel-per-day oil refinery initiative. A senior government regulator’s official disclosed this development.  This effort persists despite the recent departure of the Albertine Graben Refinery Consortium (AGRC) from the $4 billion refinery venture in June 2023. AGRC’s withdrawal resulted from challenges in securing the necessary funding within the stipulated timeframe for the final

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Exploration International Mining News

Japan and Zambia Strengthen Collaboration in Mineral Exploration

The Japanese government has announced its intention to enhance its partnership with Zambia in the search for crucial minerals necessary for electric vehicles and other products. Economy, Trade, and Industry Minister Yasutoshi Nishimura, along with Zambia’s Mines and Mineral Development Minister Paul Kabuswe, signed a collaborative agreement in Lusaka on Friday to bolster their cooperation in the mining industry. The Japanese government plans to strengthen the supply chain for key minerals by supporting the development

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Energy Gas International

Leveraging North African Expertise to Grow the Continent’s Energy Sector

Exploration efforts in both mature and emerging markets in sub-Saharan Africa continue to unveil sizeable oil and gas deposits while efforts to boost electrification are seeing new developments crop up across the renewable energy and green hydrogen fields. As markets expand, sub-Saharan African countries stand to learn valuable lessons from their North African counterparts. Leveraging Algerian Gas Expertise to Bolster LNG Markets With over 159 trillion cubic feet of gas resources, Algeria focused significant levels

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Diamonds International News

Zimbabwe stockpiles 300,000 carats of diamonds

The Reserve Bank of Zimbabwe has stockpiled 300,000 carats of diamonds under new regulations which compel miners to pay half of their royalties using commodities, the state-run Sunday Mail reported. Central bank governor John Mangudya also told the Harare-based newspaper that gold reserves stood at around 350 kilograms, or around $20 million in US dollars. The value of the diamond stockpile is hard to quantify, he added. Zimbabwe introduced regulations last year that require miners to pay

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Gas International News

Saipem Secures Contract for Libya’s Borui Gas Utilisation Project

Italian multinational oilfield services company Saipem has been selected by Mellitah Oil & Gas to provide services for the development of the Borui Gas Utilization Project in Libya. Saipem will provide engineering, procurement, construction, installation and commissioning services for an approximately 5,000-ton gas recovery module which will replace an existing platform, as part of the contract. The contract is worth approximately $1 billion and will also include Saipem installing 28km of pipelines to connect the

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Diamonds Economy Local News

Catoca Resumes Suspended Diamond Sales

Catoca Mining Company has resumed diamond sales this month after temporarily suspending them due to a drop in prices in the international market. The company’s gemstone carat prices fell by 22 percent. The chairman of the company’s Management Council, Benedito Manuel, made this announcement. Quoted by RNA yesterday August 13th, Benedito Manuel added that sales are taking place on an experimental basis, given the precautions established to assess market trends. “We have not yet reached

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Economy Energy Local News Petroleum

Angola Seeks More Chinese Investment in Energy Sector

Angola is accelerating efforts to stimulate Chinese investment into its energy sector through bids for new oil and gas projects. The move is poised to leverage China’s robust financial sector and attract additional capital and technological input into the southern African country’s energy sector development. With support from the Embassy of Angola in China, Angola is actively presenting opportunities to Chinese companies to participate in bidding opportunities for 12 major oil and gas blocks in

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Economy Gas Local News Oil Petroleum

Sonangol Issues Debt in the Domestic Market

Sonangol is set to launch a bond issuance tomorrow August 15th, through which it will contract debt in the amount of 75 billion kwanzas with a maturity of five years (2023-2028), according to a statement released by the company on Friday. In the document, the oil company announces a Public Subscription Offering of bonds valued at 75 billion kwanzas, at a unit price of 10,000 kwanzas, corresponding to 10 million units at an interest rate

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