Eni to Invest $8 Billion in Egypt Over Five Years to Expand Oil, Gas, and Mining Operations Eni has announced plans to invest $8 billion in Egypt over the next five years in partnership with its collaborators, focusing on the development of existing fields and further exploration, according to Guido Brusco, Chief Operating Officer for Global Natural Resources. Brusco revealed the investment plan during a meeting with Prime Minister Mostafa Madbouly and Petroleum Minister Karim
TotalEnergies’ Failed Nigerian Onshore Asset Sale Hinders Debt Reduction and Divestment Plans TotalEnergies’ planned sale of a minority stake in a Nigerian onshore oil producer has collapsed, disrupting its strategy to divest mature, high-cost assets and reduce debt. In July 2024, the French energy giant agreed to sell its 10% stake in Shell Petroleum Development Company of Nigeria (SPDC) to Mauritius-based Chappal Energies, part of a broader wave of divestments by oil majors from Nigerian
Seplat Energy to Boost Nigeria Oil and Gas Output Following ExxonMobil Shallow-Water Asset Deal Seplat Energy Plc has announced plans for significant investment in Nigeria over the coming years following its acquisition of ExxonMobil’s shallow-water assets. The acquisition brought Mobil Producing Nigeria Unlimited under Seplat’s portfolio, marking what CEO Roger Brown described as a turning point for the company. Speaking at the firm’s Capital Markets Day, Brown said the transaction strengthens Seplat’s position and makes
PENGASSAN Strike Halts Dangote Refinery, Shuts Down NNPC, NUPRC, and NMDPRA Operations in Nigeria Major oil institutions in Nigeria, including the Nigerian National Petroleum Company Limited (NNPC), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), have been shut down following a strike initiated by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) on Monday. Background to the Strike The disruption follows reports on
Petra Diamonds Extends Refinancing Deadline Again as Talks Continue with Senior Lender London-listed Petra Diamonds has announced that it requires a further extension to finalise the terms of a commitment agreement with a senior secured bank lender as part of its ongoing refinancing plans. The original deadline for entering into a commitment letter under the terms of a lock-up agreement was extended from September 10 to September 24. However, full agreement on terms has not
Newmont Pours First Gold at Ahafo North Project in Ghana, Commercial Output Set for Q4 2025 Gold producer Newmont has poured its first gold at the Ahafo North project in Ghana, marking a major milestone on September 19, 2025, as the company advances toward commercial production in the fourth quarter of this year. “The first gold pour at Ahafo North represents a major operational milestone that validates years of careful planning, engineering, and construction, and
Angola’s ENDIAMA Seeks Minority Stake in De Beers to Promote Pan-African Ownership, Countering Botswana’s Push for Control Angola’s state-owned diamond company, ENDIAMA E.P., has submitted a fully funded offer to acquire a strategic minority stake in De Beers, signaling a major shift in African diamond industry dynamics. The Angolan government clarified that the bid is not aimed at majority control. Instead, it seeks to foster a pan-African ownership model that would support De Beers’ long-term
ExxonMobil Says Mozambique LNG Project Could Begin by 2030 if Cabo Delgado Security Improves US energy giant ExxonMobil has reaffirmed that security remains the decisive factor for advancing its multi-billion-dollar LNG project in Cabo Delgado, northern Mozambique. The company is leading the construction and future operation of natural gas liquefaction and related facilities for Area 4, one of the Rovuma Basin’s largest offshore blocks. The project is operated by Mozambique Rovuma Venture (MRV), a joint
ExxonMobil Confirms Mozambique LNG Production Could Begin by 2030 if Cabo Delgado Security Improves ExxonMobil’s general manager in Mozambique, Arne Gibbs, has said that the company’s gas project in Cabo Delgado will only move forward if the security situation in the province continues to improve. The region, rich in natural gas reserves, has faced terrorist attacks since 2017. Speaking at the 10th Mozambique Gas and Energy Summit and Exhibition in Maputo, Gibbs stressed that “the
Eni and Azule Energy Commit Billions to Angola Oil and Gas with Focus on Deepwater, Gas, and Clean Energy The CEO of Italian multinational oil company Eni announced that Azule Energy has already invested $5 billion (4.3 billion euros) in Angola and plans to invest additional funds over the next four years. Speaking at the 6th Angola Oil & Gas International Conference, Claudio Descalzi emphasized Eni’s pioneering role in deepwater operations and complex, market-oriented projects,
