Mozambique’s President, Daniel Chapo, recently met with Patrick Pouyanne, CEO of TotalEnergies, to discuss the status of the company’s delayed $20 billion liquefied natural gas (LNG) project in the southern African country. The Mozambique LNG project, initially expected to restart construction by the end of 2024 and begin gas production by 2029, has faced setbacks. Last week, TotalEnergies confirmed that force majeure remains in place for the project due to ongoing security concerns and pending
Oil marketers have announced that the landing cost of Premium Motor Spirit (PMS), commonly known as petrol, decreased to ₦922.65 per litre as of Friday, marking a ₦32.35 drop from the previous ₦955 per litre price at Dangote’s loading gantry. This figure reflects several components, including shipping fees, import duties, and exchange rate variations. “The lower cost of imported petrol often serves as an incentive to dealers, and you can’t fault marketers who choose to
Algeria has signed a two-year agreement with U.S. energy giant Chevron to evaluate offshore oil reserves in the Mediterranean, according to the country’s energy ministry. The agreement, established between Algeria’s national hydrocarbon agency, Alnaft, and Chevron North Africa, focuses on conducting detailed studies to assess offshore oil resources, identifying opportunities for exploration and development. This initiative is part of Algeria’s strategy to advance its hydrocarbon sector, attract high-quality investments, and enhance technical expertise in offshore
TotalEnergies has confirmed that its $20 billion Mozambique LNG project will miss the 2029 production target due to unresolved force majeure and ongoing security concerns in the region. Initially, the company planned to lift force majeure and restart construction by late 2024, which would have facilitated production by 2029. However, delays in financing and security stabilization have extended the timeline. A $4.7 billion loan from the US Export-Import Bank (Exim) remains unapproved since construction halted
De Beers has announced Botswana-born Olympic gold medalist Letsile Tebogo as its new global ambassador, further strengthening the company’s ties to the nation where it has played a pivotal role in economic development. Tebogo made history at the 2024 Olympics by clinching gold in the 200-meter race and was later named World Athletics Male Athlete of the Year. This partnership between De Beers and Tebogo underscores Botswana’s remarkable transformation into a leading diamond-producing country, a
Lucapa Diamond Company (ASX: LOM) has achieved significant results from the first geophysical survey conducted in 25 years at its Merlin diamond project in the Northern Territory, utilising advanced exploration technology. A preliminary review of the electromagnetic (EM) survey data revealed two large, highly conductive base metal targets, prompting the company to plan follow-up ground-based geophysics to further define these targets. A second phase of survey data processing is in progress, aimed at identifying new
South Africa-focused miner Petra Diamonds has agreed to sell its 75% stake in Tanzania’s Williamson Diamonds Limited (WDL) to Pink Diamonds Investments for up to $16 million (£13 million). The remaining 25% of WDL is owned by the Government of Tanzania. WDL operates the Williamson open-pit diamond mine, with Petra acquiring its majority stake in 2009. The buyer, Pink Diamonds Investments, is affiliated with Taifa, a fully Tanzanian-owned company and the long-term technical services contractor
Woodside Energy, Australia’s leading independent oil and gas producer, announced it expects flat production in 2025, projecting output between 186 million and 196 million barrels of oil equivalent (mmboe). This aligns with its record production of 193.9 mmboe in 2024, though analysts had anticipated figures at the higher end of the range. Despite meeting fourth-quarter revenue expectations, softer-than-expected realised prices weighed on investor sentiment, leading to a 2.4% drop in shares to A$25.12, their weakest
Australia’s Lucapa Diamond Company has announced the discovery of two large, highly conductive base metal targets at its Merlin Diamond Project in the Northern Territory, marking a significant step in the project’s exploration potential. The findings stem from the first geophysical survey conducted at Merlin in 25 years, unveiling opportunities for significant mineral discoveries. The targets were identified through a helicopter-borne time-domain electromagnetic (TDEM) survey, which covered the 234 km² project area, including the Merlin
The OPEC Fund for International Development (OPEC Fund) has approved a $30 million loan to co-finance Egypt’s 1.1 GW wind energy project, the largest onshore wind initiative in Africa. This loan positions the OPEC Fund alongside key financial partners, including the European Bank for Reconstruction and Development, African Development Bank, British International Investment, Deutsche Investitions-und Entwicklungsgesellschaft, the Arab Energy Fund, Arab Bank, and Standard Chartered Bank, in supporting the $1.1 billion project. Abdulhamid Alkhalifa, President
