Nigerian President Bola Tinubu has approved the sale of crude oil to the Dangote Refinery and other local refineries in the local currency, the naira. This decision, aimed at stabilizing fuel prices and the naira-to-dollar exchange rate, was adopted by the Federal Executive Council (FEC). Bayo Onanuga, the Special Adviser to the President on Information and Publicity, announced that the FEC has approved selling the 450,000 barrels of crude oil designated for domestic consumption in
Brazil’s state-run oil firm, Petrobras, has submitted a non-binding bid for a stake in Galp Energia’s newly discovered offshore oilfield in Namibia. This move could potentially position Petrobras as the operator of the Mopane oil and gas field, which is estimated to hold 10 billion barrels of oil equivalent (bboe). “We are the best deep-water operators. If [Galp] does not choose us, it is their loss,” said Sylvia dos Anjos, Petrobras’ exploration and production director,
Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, has signed two significant agreements worth $342 million with international companies for natural gas exploration and production. The first agreement, valued at $222 million, involves the Egyptian General Petroleum Corporation (EGPC), Shell Egypt, and Malaysia’s Petronas. This collaboration aims to boost natural gas production in the West Delta area. According to a cabinet statement, the project includes drilling three new natural gas wells, with a production
Rio Tinto’s diamond revenue fell in the first half of 2024, pushing the division into the red amid a global market slowdown and lower production. Sales from the Diavik mine in Canada dropped 40% year on year to $149 million for the six months ending June 30, the mining group reported Wednesday. The diamond unit registered an underlying loss of $65 million, compared with a profit of $44 million a year earlier. While Rio Tinto
Botala Energy , a BSE listed Ausie energy development company has clinched a 4MW Solar Power Plant tender in its Serowe Energy Hub named Project Phuthi. Botala announced recently that it has entered into a binding power purchase agreement (PPA) in respect of Project Phuthi with Botswana Power Corporation , the state owned power utility company. Botala, as Project Leader and 49% owner, will construct and operate the power facility. Other owners are Botswana-based:• Ngwato
Actress Lupita Nyong’o recently visited De Beers’ Venetia diamond mine in Limpopo as part of her role as a global ambassador for the company. During her visit, she was shown how each facet of the production value chain supports sustainable development. Her tour included the 32,000-hectare Venetia Limpopo Nature Reserve, which De Beers uses for nature conservation. The Venetia mine, which began production in 1993, has grown to become South Africa’s leading diamond mine, accounting
Trade union Uasa has signed a five-year wage agreement with the management of the Cullinan mine, owned by London-listed Petra Diamonds. The agreement, effective from July 1, 2023, to July 1, 2028, stipulates a 5.5% or consumer price inflation (CPI) increase for entry-level (C Lower) employees for the first three years and a 6% increase in years four and five. C Upper employees will receive a 5% or CPI increase annually for the first three
Morocco is taking a significant step towards developing Africa’s first offshore wind energy project. The Moroccan Agency for Sustainable Energy (Masen) and the European Investment Bank (EIB) have issued a tender for a consultant to conduct a feasibility study for this pioneering initiative. The proposed site for the project is located in the Atlantic Ocean off the coast of Essaouira, a resort town renowned among windsurfers for its consistent wind flow from the Atlantic into
De Beers has lowered its production plan for 2024 by 3 million carats in response to the diamond market’s ongoing downturn and following a decline in first-half sales and profit. The miner expects to recover 23 million to 26 million carats of rough this year, compared with an earlier forecast of 26 million to 29 million carats, parent company Anglo American said Thursday in its interim results. Production was 31.9 million carats in 2023. The
De Beers has sold an iron-ore interest in Australia as part of its efforts to streamline the business and offload noncore units. The company has entered into a definitive agreement to sell a royalty right related to the Onslow Iron project in West Pilbara, it said Monday. Taurus Funds Management will acquire the subsidiary company, De Beers Exploration Australia, for $125 million in cash up-front and up to $25 million at a later stage. De
