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Economy Energy International

TotalEnergies Granted Authorization to Explore Offshore South Africa

South Africa’s Department of Mineral Resources and Energy has granted French major TotalEnergies environmental authorization to conduct exploration activities in the offshore Block 5/6/7, located in an area approximately 10,000km² between Cape Town and Cape Agulhas. The decision follows the conclusion of all prescribed procedural requirements by TotalEnergies, including public consultation and environmental checks, with the major expected to drill up to five exploration wells between Q4 this year and mid-2024.  Representing a high-potential block –

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Economy Energy International

Prices register Reduction in the Italian Energy market

Year-on-year inflation in Italy slowed to 7.6 percent in March, against 9.1 percent in February, thanks mainly to the slowdown in energy prices, announced the Italian National Institute of Statistics (Istat). The slowdown in inflation is mainly due to the deceleration in the prices of non-regulated energy goods (from 40.8 to 18.9 percent) and the fall in regulated energy prices (from 16.4 to 20.3 percent), whose effects were only partially offset by acceleration in unprocessed

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Economy International News Oil

DRC’S OIL INDUSTRY YIELDED A MEAGER USD 364.6 MILLION FROM 2020 TO 2021

COUNTED AMONG THE COUNTRIES OF THE CONTINENT WITH AN OIL POTENTIAL CAPABLE OF REVOLUTIONIZING ITS ENTIRE ECONOMIC SECTOR, THE DEMOCRATIC REPUBLIC OF CONGO (DRC) STILL DOES NOT ATTRACT GREAT BENEFITS FROM THIS SECTOR. According to the Extractive Industries Transparency Initiative (EITI) report, between 2020 and 2021, the DRC’s oil sector brought in only USD 364.6 million to the public treasury. A modest sum that does not reflect the oil potential of the country estimated at more

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Economy International News Oil

Nigeria lost N16.3tn to Crude Oil theft, spent N13tn on fuel subsidies since 2005

The Federal Government of Nigeria stated on Thursday 13th April that N13 trillion was spent on petrol subsidies between 2005 and 2021. It also stated that N16.3 trillion was lost to oil theft from 2009 to 2020. At a policy dialogue on oil swap that was co-hosted by the Nigeria Extractive Industries Transparency Initiative and Policy Alert, an indigenous civil society organization, with assistance from the Opening Extractives, it was revealed in Abuja. Orji Ogbonnaya-Orji,

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Economy International News Oil

Russia boosts Oil sales despite sanctions

Russian oil exports reached a three-year peak in March despite sanctions, but gains are lower than in 2022, according to data released this Friday 14th April by the International Energy Agency (IEA). Ukraine’s allies have adopted economic sanctions against Moscow to reduce Russia’s ability to finance the war effort that began with the invasion of the neighboring country on February 24, 2022. Even so, Russian oil exports increased in March by 600,000 barrels a day

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Diamonds International News

Botswana threatens break-up with De Beers in push for better deal

Botswana may not renew a five-decade sales agreement with De Beers if the diamond producer doesn’t offer a larger share of rough diamonds to the state’s gem trading company, Okavango Diamond Company (ODC). The move comes after the southern Africa nation acquired last month a 24% stake in Belgian diamond processing firm HB Antwerp for an undisclosed sum.  Analysts saw this deal as a way for Botswana to loosen the Anglo American-owned miner’s grip on its diamond

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Diamonds Economy International News

Botswana Diamonds begins mining in South Africa

Botswana Diamonds has begun mining at Marsfontein in South Africa, as a proof-of-concept trial project that it expects will help improve operations at its larger Thorny River project. The company, which has faced challenges including plant delivery delays and adverse weather, said it’s now on track to start production at Thorny River in the second half of this year.  Botswana Diamonds is working on bringing the two projects — Marsfontein and Thorny River — into production this

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Diamonds Economy International

Zimbabwe confident of meeting $1bn Diamond industry target

Zimbabwe is confident of meeting its $1 billion revenue target from the sale of diamonds in 2023 due to improved production, a government official has said. “We will meet the target. All producers are selling now unlike last year when little was sold for the better part of that year,” Newsday quoted Mines permanent secretary Pfungwa Kunaka as saying at the ordinary meeting of the African Diamond Producers Association (ADPA) held in Victoria Falls last

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Energy Gas International News Oil Petroleum

The African Energy Sector Condemns The Sentry’s Attack on South Sudan and African Entrepreneurs

The AEC believes The Sentry’s report is a classic case where there is a sinister rush to judgment, an obsession to taint an African Energy Company, Trinity Energy and the South Sudan oil industry The African Energy Chamber rejects the accusations made by The Sentry as misleading, disrespectful, and unfair to South Sudan and Trinity Energy. The AEC believes The Sentry’s report is a classic case where there is a sinister rush to judgment, an

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Energy International News

West African Ministers to Participate at MSGBC Oil, Gas & Power 2023

This year’s MSGBC Oil, Gas & Power Conference and Exhibition will feature the participation of the ministries of energies and resources from Mauritania, Senegal, The Gambia, and Guinea-Bissau Energy Capital & Power (ECP) is pleased to announce the participation of the Ministries of energy, resources, and related sectors from Mauritania, Senegal, The Gambia, and Guinea-Bissau at this year’s MSGBC Oil, Gas & Power 2023 Conference and Exhibition. During this year’s edition, the respective Ministries will showcase the

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