The long-awaited Africa Energy Bank (AEB) is set to launch in the first quarter of 2025, according to Nigeria’s Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri. The bank aims to finance oil and gas projects while supporting Africa’s energy transition, with a long-term goal of reaching a $120 billion asset base. Originally scheduled to begin operations in January 2025, AEB is a joint initiative between Afreximbank and the African Petroleum Producers Organization (APPO).
Lucara Diamond Corp has sold the 549-carat Sethunya and the 1,080-carat Eva Star diamonds—both recovered from its Karowe mine in Botswana—for a total of $54 million. The Sethunya, discovered in 2021, and the Eva Star, recovered in 2023, highlight the consistent production of large, high-quality diamonds from the South Lobe of the Karowe kimberlite. Lucara affirms that these exceptional stones reinforce Karowe’s reputation as one of the world’s premier sources of high-value diamonds. “The sale
Chinese engineering firm Hilong Offshore Engineering has secured a $54.76 million contract with energy giant Eni for the second phase of the Republic of Congo’s first LNG project, Congo LNG. The contract covers transportation and installation of two wellhead platforms at the Marine XII block, near the operational Nene and Litchendjili fields. Work is scheduled to begin in June 2025, with operations set to start in November 2025. The two wellhead platforms will extract gas
Mozambique’s gold production dropped 2% in 2024, totaling 1,626 kilograms (1.6 tonnes), compared to 1,666 kilograms in 2023, according to data from the Ministry of Finance. Despite the decline, output exceeded the government’s official estimate of 1,583 kilograms, reaching 103% of the target. Mozambique had set a record high in 2023, with a 32% increase over 2022’s production of 1,263.8 kilograms. However, the 2024 target of 3% growth over 2023 projections was not achieved. At
Rhino Resources has confirmed the discovery of a hydrocarbon reservoir at its Sagittarius 1-X well in Namibia’s Orange Basin. As the operator of Block 2914, Rhino Resources leads the project with Azule Energy—a BP and Eni joint venture—holding a 42.5% stake. CEO Travis Smithard stated that the company and its joint venture partners will now analyze the well’s results in detail. According to Rhino, the well successfully reached its Upper Cretaceous targets and confirmed the
Nigeria, Algeria, and Niger have signed key agreements to accelerate the development of the Trans-Saharan Gas Pipeline (TSGP), a project aimed at boosting gas exports to Europe. Officials from the three countries finalized the agreements during a project meeting in Algiers on February 11, 2025. President Bola Tinubu’s Special Assistant on Social Media, Dada Olusegun, confirmed the signing, noting that energy companies from all three nations were involved. The agreements cover: A Strategic Pipeline for
BP has successfully commenced production from the second phase of the Raven field’s development, connecting additional subsea infill wells to its onshore infrastructure as part of the West Nile Delta (WND) project. As the operator of the project, BP holds an 82.75% stake, while Harbour Energy owns 17.25%. The newly drilled wells are expected to produce 220 billion cubic feet of gas and 7 million barrels of condensate. The project was completed safely and ahead
French asset managers Rgreen Invest and Echosys Invest have successfully closed their Afrigreen Debt Impact Fund, securing €100 million ($104.8 million) in total commitments for green energy investments across Africa. Announced on Thursday, the fund has met its funding target, backed by major institutions, including the European Investment Bank (EIB), the International Finance Corporation (IFC), Dutch development bank FMO, France’s Proparco, Societe Generale, and BNP Paribas. Following its first close in early 2023, the fund
Senegal has successfully refined its own crude oil for the first time, marking a major milestone in the country’s energy sector, the African Refinery Company (SAR) announced. Although SAR was founded in 1961, it had previously only processed imported crude oil. Now, the company has successfully refined Senegal’s first domestically produced crude from the Sangomar field. Following a successful refining process, SAR has transported the refined products—including heating oil and diesel—to designated storage facilities. Since
Nigeria has met OPEC’s 1.5 million barrels per day (bpd) production target for the first time since the quota was established during the November 2023 ministerial meeting. According to the News Agency of Nigeria (NAN), OPEC’s monthly oil market report recorded a 54,000 bpd increase from December 2024, when Nigeria’s output stood at 1.485 million bpd. Despite falling short of its target for over a year, OPEC extended Nigeria’s production quota until 2026 in December
