South Africa and Germany have inked a bilateral cooperation deal for the two countries to collaborate on a series of green hydrogen projects. The deal builds on existing cooperation established between the countries and aims to support the trade and development of the resource. Green Hydrogen Lead in the Investment and Infrastructure Office of the President of South Africa Masopha Moshoeshoe stated that under the terms of the deal, Germany will provide support regarding the
26 Ugandans filed a lawsuit against French oil firm TotalEnergies on Tuesday June 27th in Paris, France, seeking compensation for alleged abuses of human rights at the company’s huge megaprojects there. People from the impacted areas, joined by five French and Ugandan charity organizations, claim that the energy company TotalEnergies caused “serious harm,” notably to their rights to land and food. The East African Crude Oil Pipeline (Eacop) project, a 1,500 km pipeline bringing crude
A new oil spill at a Shell facility in Nigeria is contaminating land and a river, disrupting the lives of fishermen and farmers in the Niger Delta. According to the US news agency AP, the Nigeria Spill Detection and Response Agency (NOSDRA) announced that the spill comes from the ‘Trans-Niger’ pipeline, operated by Shell, which runs through several communities in the Eleme area. , in Ogoniland, a region where the London oil giant has faced
Reforming fuel subsidies could help Gabon boost the growth of its economy, the World Bank states. According to the international financial institution, current fuel subsidies in place continue to stifle development, with high fiscal and social opportunity costs leaving the economy susceptible to global price shocks. However, through the implementation of five measures, the country can mitigate such development challenges. According to the World Bank’s recent Gabon Economic Update report, measures that can be implemented
Senegal has taken an important step towards its energy transformation ambitions by signing a $2.7 billion Just Energy Transition Partnership (JET-P) contract with G7 nations and the European Union (EU). The agreement intends to help Senegal achieve its goal of increasing the amount of renewable energy in its energy mix to 40% by 2030. The JET-P will unlock financial support from France, Germany, the EU, the United Kingdom and Canada, totaling $2.7 billion over a
Tanzania is set to sign a Host Government Agreement (HGA) with energy majors Shell, Equinor and ExxonMobil for the country’s $42 billion liquefied natural gas (LNG) development in July, according to Felchesmi Jossen Mramb, Permanent Secretary in Tanzania’s Ministry of Energy. The HGA will outline the rights and obligations of the government and national oil company as well as the conditions under which the onshore project will be developed and operated. In addition to signing
Oil prices continued to slide due to concerns about global demand, following a higher-than-expected interest rate hike in the UK and warnings of future rate increases in the US. Brent futures dropped by 51 cents, or 0.4%, settling at $73.76 per barrel, while US West Texas Intermediate (WTI) crude futures fell by 42 cents, or 0.6%, reaching $69.09 per barrel. The Bank of England’s decision to raise interest rates by half a percentage point raised
Shell will open its first gas station in Saudi Arabia’s capital city Riyadh later this year after the British energy firm signed an agreement with Asyad Holding Group, as part of the Saudi Energy Ministry’s efforts to bring international companies into the Kingdom. The agreement will pave the way for Shell International to open its fuel stations in the fourth quarter of this year, the ministry said in a press release. It added that the deal is the result of the efforts of Saudi Arabia’s permanent executive
China’s CNOOC is planning offshore oil and gas development in Tanzania in partnership with the state-owned Tanzania Petroleum Development Corp. This move comes as Tanzania aims to enhance the development of its natural resources. According to Tanzanian Energy Minister January Makamba, the collaboration will focus on deep-sea blocks 4/1B and 4/1C, which are currently held by TPDC. These blocks are situated near substantial gas fields that were discovered by a consortium of international energy companies
The price of Brent crude oil, which serves as a reference for Angolan exports, for delivery in August, ended Thursday on the London futures market with a 3.89% decrease, reaching $74.13. The unexpected half percentage point increase in the benchmark interest rate by the Bank of England has raised concerns about a reduction in oil demand growth, according to analysts. This concern countered the optimism that had driven prices in the previous session, thanks to
