Shell’s plan to divest its stake in Nigeria’s onshore and shallow water operations has encountered a significant setback. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has put the deal on hold, citing the proposed new owners’ lack of qualifications to manage the assets. In January 2024, Shell International PLC announced its decision to exit the Nigerian onshore oil market by selling its subsidiary, Shell Petroleum Development Company Ltd (SPDC), in order to focus on more
The Republic of Congo, an oil-rich nation, is considering the feasibility of establishing an oil refinery in collaboration with the Central African Republic and Russia. This initiative follows a joint plan to construct an oil pipeline within the Congolese state. Jocelin Patrick Mandzela, the Honorary Consul of the Republic of Congo in St. Petersburg, shared with Russian media that both nations aim to work together on the refinery project, as reported by Sputnik. “Our country
Lucara Diamond Corp (TSX: LUC) has sold its 100% stake in the Clara rough diamond sales platform to its original founders, a group led by the HRA Group of Companies and company founder Eira Thomas. Clara is a digital marketplace that revolutionizes rough diamond sales, leveraging technology to connect buyers and sellers while enhancing transparency and trust. The platform integrates provenance and traceability services for individual rough diamonds, addressing the industry’s growing need for improved
Trans Atlantic Gem Sales (TAGS) and Angola’s state-owned Sodiam sold $12.9 million worth of rough diamonds at their third tender of the year. The sale, held in Luanda, featured 44 diamonds over 10.8 carats, including two stones exceeding 175 carats. Of the 44 stones offered, 42 were sold. Despite a challenging global diamond market, 38 international manufacturing firms participated in the tender. Both TAGS and Sodiam highlighted the benefits of the transparent tender system, which
Starting in 2025, De Beers will provide country-of-origin information for all rough diamonds larger than 1.25 carats sourced from its mines and registered on its Tracr platform. This will extend to diamonds over 1 carat to comply with new Group of Seven (G7) import regulations, the company announced. “For the first time, we can offer customers the provenance of their diamonds at scale,” said De Beers CEO Al Cook. “Our goal is to share the
Chevron Nigeria Limited (CNL), a subsidiary of Chevron Corporation, has announced the discovery of a new oil field in the Western Niger Delta, capable of producing an estimated 17,000 barrels of oil per day (bpd). This significant find aims to bolster Nigeria’s declining oil output. The “near-field discovery” was made by the Meji NW-1 spud in Petroleum Mining Lease (PML) 49, located in the shallow offshore region. Chevron disclosed this development in a statement to
CAIRO, October 2024: Egypt has lowered its renewable energy target for 2040 from 58% to 40%, as announced by Petroleum Minister Karim Badawi. He emphasized that natural gas will remain a key part of Egypt’s energy strategy for the foreseeable future. Before hosting the COP27 climate summit in 2022, Egypt committed to increasing renewable energy to 42% of its energy mix by 2035, later advancing the goal to 2030. In June 2024, former Electricity Minister
ABUJA, 21 October 2024: Nigeria has officially approved Seplat Energy’s $1.28 billion acquisition of ExxonMobil’s onshore assets, as confirmed by Gbenga Komolafe, CEO of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The long-awaited approval comes more than two years after the deal was initially agreed upon in February 2022. The sale had faced regulatory scrutiny but received final clearance following President Bola Tinubu’s announcement on October 1, stating the deal would gain ministerial approval within
Vivo Energy Mozambique, the representative of the Engen brand and exclusive distributor of Shell lubricants, has inaugurated a new Engen N1 service station in Mumemo, Marracuene. This station opening is part of a strategic partnership with Camel Oil, a fuel and lubricants distribution company. Through this collaboration, which involves 12 stations in the Maputo province, Vivo Energy Mozambique will increase its network to 58 operational stations nationwide, strengthening its market presence. João Oliveira e Sousa,
State-owned utility Electricidade de Moçambique (EDM) is set to invest $110.6 million, in partnership with private companies, to build a 60 MW solar power plant near the Corumana Dam in Maputo province. The project, involving private partners from VBC and operated by Central Solar de Corumana, aligns with Mozambique’s strategic energy goals, according to the non-technical summary of the Environmental Impact Study (EIS), now under public consultation. “This renewable energy project will help the Government
