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International News Oil Petroleum

Nigeria: Shell Must Be Fully Accountable for Human Rights Abuses Before Selling Niger Delta Assets

Amnesty International urges that any sales approval process for Shell’s business in Nigeria must be comprehensive and involve safeguards to protect human rights. Reacting to the Nigerian oil industry regulator’s offer to fast-track sales approvals for oil companies selling their businesses, Isa Sanusi, Amnesty International Nigeria Director, emphasized the need for Shell to be held accountable for its long history of human rights abuses in the Niger Delta. “With Shell currently seeking regulatory approval for

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International News Oil Petroleum

Top 10 African countries with the lowest fuel prices in May 2024

Low fuel prices in Africa creates the necessary cushion needed to relief an already financially stressed economic situation. In many African countries fuel costs influence many aspects economy, and as such must be regulated. The lower the better, as energy cost directly empowers businesses and its consumers. In many African nations, high transportation costs can exacerbate poverty by limiting access to fundamental goods and services such as food, healthcare, and education. Lower fuel costs can

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International News Oil

IEA Lowers Global Oil Demand Forecast Amid European Slowdown

The International Energy Agency (IEA) announced a downward revision in global oil demand forecasts, primarily attributed to reduced demand in Europe. The latest monthly report on the oil market projects a smaller increase in global demand for 2024, with estimates now at 1.1 million barrels per day, down by 140,000 barrels compared to the previous month, totaling 103.2 million barrels per day. However, the forecast for 2025 shows a slight uptick in growth, reaching 104.5

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Diamonds International News

Petra Diamonds’ Sixth Tender Cycle Generates $44 Million Amid Seasonal Weakness

Independent diamond miner Petra Diamonds reported $44 million in revenue from its sixth tender cycle for the 2024 financial year, selling 371,000 carats. CEO Richard Duffy noted that like-for-like prices were down 2.6% from Tender 5, reflecting a seasonally quiet period with muted demand due to Indian holidays and the slow recovery of the Chinese market. “We continue to see evidence of market stabilization and are cautiously optimistic that demand and pricing will improve towards

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Diamonds International News

Anglo American Considers IPO for De Beers, Eyes London Listing

Anglo American is exploring an initial public offering (IPO) of its diamond business, De Beers, with London being the preferred venue, according to sources familiar with the matter. These discussions are still in early stages, and the individuals spoke on condition of anonymity due to the private nature of the plans. The potential listing was revealed as Anglo American announced its broader strategy for a possible break-up through a demerger or sale of some assets.

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Diamonds International News

Anglo American to Sell De Beers in ‘Radical’ Restructure 

De Beers’ parent company intends to sell the diamond miner as part of a strategy to unlock “significant” value in its businesses. The move forms part of major structural changes that will simplify the Anglo American portfolio and deliver growth, it said Tuesday. Plans will see De Beers being “divested or demerged, to improve strategic flexibility for both De Beers and Anglo American,” the company clarified. Anglo is exploring a range of options to separate

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Diamonds International

Red Diamond Sets Records at Second Phillips Geneva Auction

Phillips sold a pink diamond for $12 million at its second Geneva jewelry auction, which also saw two records set for a fancy-red. The 6.21-carat, fancy-vivid-pink, VS1-clarity, type IIa diamond ring was the leading lot at the May 13 Geneva Jewels Auction: Two, Phillips said Tuesday. The total, which amounted to $1.9 million per carat, fell within its presale estimate. Another item that performed well was the Argyle Phoenix, a 1.56-carat, fancy-red diamond ring. The

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International Gas News

Kinetiko Energy Achieves Milestone with Successful Gas-to-Power Demonstration in South Africa

ASX-listed Kinetiko Energy has successfully demonstrated its ability to produce gas-to-power (GtP) from an onshore natural gas resource at its Amersfoort project in Mpumalanga, South Africa. Kinetiko is focused on developing energy transition solutions for South Africa by commercializing advanced shallow conventional gas projects in the Mpumalanga, Free State, and KwaZulu-Natal provinces. “We are absolutely thrilled to have become the pioneers of onshore GtP from a local, conventional source, which represents another significant milestone for

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International Energy Gas Local News Oil

Azule Energy Self-Finances Operations and Pays Dividends

Azule Energy, the joint venture formed in March 2022 by Italy’s Eni and the UK’s BP to merge their oil assets in Angola, successfully finances its operations independently and pays dividends to its shareholders. Vaar, an oil and gas company established in Norway with investment fund Hitec Vision, and Azule Energy operate with minimal dependence on their parent companies. According to Eni’s CFO Francesco Gattei, both companies fund their capital expenditures and maintain their own

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Renewable Energy International News

BRILHO Programme Empowers 2.2 Million Mozambicans with Renewable Energy Access

The BRILHO Programme, designed to foster sustainability and provide universal access to clean energy, has benefitted over 2.2 million Mozambicans in the first quarter of this year. According to program officials, 1,332,230 individuals have gained access to solar systems, while 920,790 people have benefited from improved cooking solutions, resulting in a reduction of over 560,000 tonnes of carbon dioxide emissions. In addition to providing clean energy access, the BRILHO Programme has facilitated economic empowerment by

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