BP has partnered with Masdar, Hassan Allam Utilities, and Infinity Power to develop a multi-phase green hydrogen project in Egypt, formalized through a joint development agreement (JDA). Under the JDA, BP will serve as the main developer and operator on behalf of the consortium. The partners will merge their respective green hydrogen (gH2) initiatives in Egypt, exploring the potential for a large-scale, multi-phase project focused on developing gH2 and its derivatives for export. The consortium
Civil construction activity remains robust, driven by renewable energy projects, particularly a notable shift from solar to wind energy. The FNB/BER Civil Confidence Index fell slightly from an eight-year high of 47 in Q1 2024 to 44 in Q2 2024. This decline indicates that over 55% of respondents are dissatisfied with current business conditions, reflecting a slight dip in business sentiment and a slowdown in activity. Despite this, the growth indicator remains well above its
Egypt is advancing its renewable energy goals by launching the construction of a massive $10 billion wind farm in March 2026. This project, set to be one of the world’s largest, aims to generate 10 gigawatts of power by 2032. The wind farm, a collaborative venture between Egyptian firm Infinity and Abu Dhabi’s Masdar, faced initial delays due to land acquisition challenges in the Upper Egyptian region of West Sohag. However, as reported by Bloomberg,
Senegal has officially become an oil exporter with the commencement of the Sangomar project, operated by Woodside. The $5.2 billion development is now producing 100,000 barrels per day of medium-sulfur oil, marking a significant milestone for the country. The Greek tanker Maran Poseidon, chartered by Shell International Trading, arrived at the export terminal to transport the first batch of Senegalese crude. With a capacity of 1.06 million barrels, this tanker is set to deliver the
President Bassirou Diomaye Faye witnessed the production of Senegal’s first barrels of oil on the Sangomar platform, marking a historic milestone for the country in the global and African oil industries. Addressing the press, President Faye commended the dedication and efforts of those who believed in the potential of Senegal’s sedimentary basin and worked towards its development. He expressed immense pride in the young Senegalese professionals showcasing their expertise on the platform. “I reiterate my
ReconAfrica is gearing up for the spudding of the Naingopo well in the Kavango onshore basin on July 7, 2024. All necessary camp setup, rig deployment, and equipment moves have been completed, with third-party service contractors mobilizing to the site ahead of schedule. At Prospect P, ongoing debushing and road access activities are progressing smoothly, with significant civil works, including well pad construction, set to commence next month. CEO Brian Reinsborough highlighted the operational intensity
De Beers, the world’s largest diamond producer by value, has reported a decline in rough diamond sales for the second time this year. The Anglo American unit recorded provisional sales of $315 million, down from $383 million in the previous cycle and $456 million during the same period last year. The company attributed the drop to the quieter summer period, but analysts suggest that the diamond market continues to struggle. BMO analyst Colin Hamilton noted,
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
