Nigeria is preparing to lobby the Organisation of Petroleum Exporting Countries (OPEC) for a higher oil production quota as the country recovers from years of declining crude output. Gbenga Komolafe, the chief executive of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), stated that the country aims to boost production to meet budgetary targets before formally requesting an adjustment in its OPEC quota. “Nigeria’s priority is to ramp up production to align with its budget goals
India is emerging as a bright spot for cut and polished diamonds, despite a slowdown in key markets such as the US and China, according to Amit Pratihari, Managing Director of De Beers India, in an interview with Reuters on Wednesday. India remains the world’s largest hub for cutting and polishing diamonds, accounting for approximately 90% of the world’s polished diamonds, according to Indian government data. This year, however, the country’s exports of cut and
Botswana’s President, Duma Boko, who secured a victory in October’s elections, announced that his government has reached a diamond extraction and sales agreement with De Beers, providing much-needed certainty to the nation’s gem-dependent economy. The terms of the deal were finalized by midnight on January 24, and an official announcement is expected soon. Botswana is the world’s leading producer of rough diamonds by value, with the industry accounting for the majority of its income. Most
Golden Deeps has initiated a new diamond drilling program targeting the Nosib copper-silver deposit on its Otavi Mountain Land tenements in northern Namibia. The Nosib deposit, initially defined in June 2024, features a significant zone of copper-vanadium-lead-silver oxide and supergene mineralization from surface levels. As drilling extends deeper and further west, the deposit transitions into a primary copper-silver stratabound sulphide zone, hosted by the Nosib Formation clastic sediments—an uncommon geological setting in a region known
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
Ghana recorded a historic $5 billion trade surplus in 2024, bolstered by a sharp increase in gold exports, according to the Bank of Ghana. The surplus marked a significant jump from the $2.7 billion recorded in 2023, underscoring the country’s financial progress. Gold exports soared by more than 50% to $11.6 billion, solidifying the country’s reputation as a major gold producer. This strong trade performance is expected to provide much-needed stability to Ghana’s economy, which
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
French infrastructure fund Meridiam has joined forces with the European Bank for Reconstruction and Development (EBRD), Hassan Allam Utilities (HAU), and Saudi-based ACWA Power to develop a €1 billion wind energy project in Egypt, poised to become Africa’s largest. Spanning two sites in the Gulf of Suez desert, the wind farm is expected to generate 1,100 MW of power upon completion in 2027. This aligns with Egypt’s renewable energy target to increase renewables to 42%
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
