The shift towards electric mobility is likely to cause a peak in oil demand before 2025, and with Venezuela and Iran eventually returning to the market, there could be surplus supplies and lower prices, according to private bank analysis. In its latest fact sheet on crude oil, Swiss private bank Julius Baer said it was sticking with its neutral view but added that the market could become livelier with prices swinging more wildly going forward.
Uganda is seeking new investors for its $4.5 billion refinery project after three failed attempts with Russian, South Korean and now US/Italian private companies to raise a critical portion of the required financing. Uganda’s Ministry of Energy says it will work with public sector capital – a veiled admission that only bilateral deals were left to explore to get the project going. On July 3rd 2023, after the Project Framework Agreement (PFA) signed with the Albertine Graben
Nigeria expects to invest over $18 billion in oil and gas projects would between now and next year, Chief Upstream Investment Officer of the NNPC Upstream Investment Management Services (NUIMS), Bala Wunti said. Speaking during a panel session at the NOG Energy week being held in Nigeria’s capital Abuja, Wunti noted that the drive to broaden local content and develop capacity in the upstream industry is non-negotiable. Wunti noted that the FDIs are expected mainly because of the
Spanish construction company TSK, which provides sustainable solutions and services to the industrial and energy sectors, has partnered with LFR Energy – a subsidiary of Senegalese holding company LFR which invests in energy, hotel, and real estate projects – for the construction of the Sandiara Power Plant, a gas-to-power facility located in Senegal’s Special Economic Zone (SEZ). Construction is slated to begin in 2024, speaking in an exclusive interview with Energy Capital & Power (ECP),
In a remarkable display of pride and confidence, the Managing Director of Debswana, the world’s leading diamond producer by value, highlighted the company’s exceptional accomplishments during the ongoing US-Africa Business Summit. Andrew Motsomi took the opportunity to underscore the remarkable contributions that Debswana has made to the economy of Botswana and its transformation from being one of the world’s poorest nations to an upper middle-income economy. “We produce between 22 to 24 million carats per
Shell announced on Wednesday that it has successfully completed drilling a fourth exploration well, Lesedi-1X, in Namibia, confirming the presence of hydrocarbons. In recent years, Shell and France’s TotalEnergies have made multiple oil and gas discoveries off the coast of Namibia, leading to a significant increase in exploration activity in the region. According to Shell’s statement, data obtained from the successful fourth drilling has confirmed the presence of hydrocarbons. However, further evaluation is required to
The UAE has set ambitious targets to become a major producer of hydrogen as part of its revised energy strategy. An official from the country’s energy ministry announced that the UAE aims to produce 1.4 million tonnes of hydrogen annually by 2031, with expectations to increase that figure to 15 million tonnes by 2050. As one of the world’s leading oil exporters, the UAE is now shifting its focus to hydrogen production to align with
The recent agreement signed between the government and De Beers, the renowned diamond mining company, has been widely regarded as a significant milestone for the country. This deal promises to bring additional revenue, technological advancements, and employment opportunities, offering numerous benefits to the nation. During a press conference held in Gaborone, Minister of Minerals and Energy, Mr Lefoko Moagi, highlighted the key aspects of the new Sales Agreement. According to the agreement, the Okavango Diamond
Lucapa Diamond Company has announced that its MD and CEO, Stephen Wetherall, will step down at the end of this month. The board has resolved that Nick Selby, appointed as Executive Director Operations in September 2017, will be appointed as Interim CEO on Wetherall’s exit, and continue in the role while an executive search for a new CEO and MD is undertaken. Selby’s material terms of employment will be unchanged from those disclosed in the
French energy giant TotalEnergies will start work on a $27-billion oil and gas contract with Iraq within one month citing a top official. Iraq, which controls the world’s fifth largest proven oil reserves, signed the massive deal with the French firm to develop its oil, gas and renewable energy sector on Monday. It is the largest foreign investment in the history of the war-torn Arab nation. Under the agreement, the four projects specified by the contract will have to
