The European Union has extended the “sunrise period” for sanctions on Russian diamonds by six months and introduced a significant concession regarding goods predating the new rules. According to a statement released Monday, the EU has postponed the mandatory implementation of the traceability program for imports of rough and polished natural diamonds from September 1, 2024, to March 1, 2025. This extension aims to facilitate the establishment of the G7 traceability scheme, as outlined in
The Petroleum Hub Development Corporation (PHDC) has finalized a $12 billion agreement with the TCP-UIC Consortium, marking a pivotal move towards establishing Ghana as a prominent petroleum and petrochemical hub in Africa. Comprising Touchstone Capital Group Holdings Ltd., UIC Energy Ghana Ltd., China Wuhan Engineering Co. Ltd., and China Construction Third Engineering Bureau Co. Ltd., the consortium will initiate the first phase of the transformative Petroleum Hub Project. This significant development, announced today, signifies the
An executive from Dangote Refinery has accused major oil companies of hindering access to local crude by either overpricing it or claiming it’s unavailable. This situation has compelled the refinery to rely heavily on costly imports. The refinery, which represents a $20 billion investment and is set to become the largest in Africa and Europe upon reaching full capacity, commenced production in January. However, it has encountered difficulties in securing sufficient crude oil to meet
Energy prices in Nigeria have skyrocketed by 223% within one year of the current administration, according to a report from the National Bureau of Statistics published in the Punch newspaper. Since President Bola Tinubu took office, petrol prices have surged over 200%, as detailed in the May 2024 Premium Motor Spirit (Petrol) Price Watch report by the NBS. The sharp increase in petrol prices follows the president’s decision to eliminate fuel subsidies, previously considered financially
Nigeria has been identified as one of the top nine gas-flaring countries in 2023, according to the latest Global Gas Flaring Tracker Report by the World Bank. Together with countries such as the Russian Federation, the Islamic Republic of Iran, Iraq, the United States, the Bolivarian Republic of Venezuela, Algeria, and Libya, Nigeria contributes to 75% of the world’s gas flaring. The remaining 25% is attributed to over 60 other countries globally. Despite producing 46%
Most oil-producing African nations are concentrated in the Western, Northern, and Central regions of the continent, leaving the Southern and Eastern parts with limited oil resources. Apart from Angola, no Southern African nation significantly contributes to the global oil market. However, recent discoveries in Namibia suggest a potential paradigm shift. According to a Reuters report, major oil companies have been actively exploring Namibia’s offshore regions in recent years. In 2023, Namibia’s National Petroleum Company (NAMCOR)
British International Investment Plc (BII), the UK’s development-finance arm, is embarking on its first renewable energy project in Tanzania. According to Nick O’Donohoe, CEO of BII, the firm has agreed to initially lend $15 million to Meridiam SAS’s Rift Valley Energy for the development of 7.6 megawatts of wind and small-scale hydro projects. This investment could potentially increase to $25 million. “These new installations will provide electricity to 170,000 consumers, many of whom were previously
The National Oil Corporation (NOC) announced last week that daily crude oil production has reached 1,254,000 barrels. Additionally, condensate production over the past 24 hours was 54,141 barrels, while natural gas production stood at 200,483 barrels of oil equivalent. On June 11, the NOC revealed plans to drill 121 new wells in 2024 to explore additional oil and gas resources. The corporation also plans to conduct maintenance on approximately 1,335 existing wells to ensure the
TotalEnergies is investing $550 million to build a gas processing facility in Rivers State, Nigeria, aimed at boosting both exports and domestic supply. According to a source within the Nigerian National Petroleum Corporation Limited (NNPCL), the investment will encompass a gas processing plant and a pipeline. An official announcement of the agreement is expected this week. This development follows TotalEnergies’ recent decision to invest $6 billion in energy projects in Angola, citing policy inconsistencies in
Recent discoveries along Namibia’s coast have transformed the country into a major hotspot for oil exploration. While Namibia has not yet produced any oil or gas, significant finds by major oil companies like TotalEnergies and Shell, estimated at 2.6 billion barrels, set the stage for production to begin around 2030. The Orange Basin has been a focal point of these discoveries, with other promising areas including the Luderitz, Kavango, and Walvis basins. Chevron, the U.S.
