The Aim-listed gold producer, developer, and explorer, Shanta Gold, has reported steady gold production in line with expectations in its production and operational results for the quarter ended September 30. The report covers the company’s East African assets, comprising the New Luika and Singida gold mines, in Tanzania and the West Kenya project, in Kenya. “Our performance over the third quarter demonstrates the stable and reliable production volumes we have worked hard to achieve, with
Venezuela will not be able to increase production rapidly After the United States lifted sanctions on Venezuelan oil, analysts are assessing the possible impacts of this move in the face of the supply constraints from the Organization of the Petroleum Exporting Countries (OPEC), which have been affecting prices in the market. Venezuelan oil is more viscous – it still needs to be blended with other lighter oils for use. © Photo by: DR Due to
The scare projected for the oil trade due to the war between Israel and the Hamas group caused oil prices to rise for the second consecutive week, although the absence of any real disruption in barrels leaving the Middle East is also giving rise to permanent volatility. Both U.S. crude oil and Brent, its UK counterpart, jumped nearly 2% at one point on Friday before giving it all back and ending the day in the
New insights into the processes of continental evolution and movement during the early stages of complex life on Earth have been revealed by the examination of ancient, superdeep diamonds that were excavated from mines in Brazil and Western Africa. An international team of experts examined these diamonds, which are believed to have originated on the base of the supercontinent Gondwana between 650 million and 450 million years ago. Their analysis has provided insight into the
Oil Prices Unexpectedly Surge Past $90 Per Barrel, Sparking Concerns and Supply. The global oil market is currently witnessing a significant surge in prices, with several key factors contributing to this upward trajectory, driving oil to surpass $90 per barrel. Brent crude futures saw an increase of 94 cents, equivalent to a 1% rise, reaching $93.32 per barrel as of Friday morning. Meanwhile, U.S. West Texas Intermediate crude reached $90.78 per barrel, marking a $1.41
TotalEnergies is “hopeful” it will be possible to restart the $20-billion liquefied natural gas (LNG) project in northern Mozambique in early 2024, says TotalEnergies Gas, Renewables, and Power’s long-term LNG marketing and business development deputy VP, Christophe Auger. TotalEnergies holds a leading 26.5% stake in the development, which was halted in 2021 after Islamic State-linked insurgents launched attacks in the northern Cabo Delgado province where the project’s onshore infrastructure will be located. The French energy
Angola expects to maintain its current production of crude oil at 1.1 million barrels per day (bpd) next year, said Belarmino Chitangueleca, the Chief Executive Officer of the National Agency for Oil, Gas and Biofuels (ANPG), on Thursday. Belarmino Chitangueleca ensured that the country will announce the winning bidders for the last onshore licensing round by March 2024. He also mentioned that Angola will set up a second Natural Gas Liquids (NGL) train, which processes
The Fund for the Development of Exports in Africa (FEDA), a subsidiary investment of Afreximbank, announced a few days ago its investment in the Cabinda Refinery, which is being constructed by Gemcorp Holdings in partnership with Sonangol. Investment by Afreximbank comes shortly after Gemcorp, Afreximbank and Africa Finance Corporation successfully led the raising of a project financing debt valued at $335 million in July of this year. According to a statement from FEDA accessed by
Sonangol was honored on Tuesday 17th October with the National Petroleum Company of the Year Award during the 2023 African Energy Week (AEW), a gathering of key continental players in the sector that concludes today in Cape Town, South Africa, on the fifth day of the event. On October 19, 2023, in the latest update at 10:06 AM, Sonangol received the National Petroleum Company of the Year Award. Osvaldo Inácio, the Executive Administrator, accepted the
The Ministry of Trade and Regional Integration has kept all fuel prices unchanged for the next 30 days. Its previous two tariff adjustments prompted by the rise in the global crude oil and naphtha market saw retail prices of fuel in Ethiopia surge for two consecutive months. Also read: IMF sees “good progress” from Ethiopia In a statement today, the ministry said the prices at the pump set for September would remain unchanged for the
