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International News Oil

CNOOC Signs Oil Exploration and Production Contracts in Mozambique

State-run China National Offshore Oil Co (CNOOC) announced on Friday that it had signed oil exploration and production concession contracts with Mozambique’s energy ministry and national energy company ENH. The contracts cover five offshore blocks in Mozambique, spanning a total area of approximately 29,000 square kilometers (11,200 square miles) with water depths ranging from 500 meters to 2,500 meters (1,640 feet to 8,202 feet), according to a company statement. The initial exploration phase is set

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International Oil Petroleum

Galp Sells Mozambique Rovuma Basin Stake to ADNOC for €600 Million

Portugal’s Galp Energia has reached an agreement to sell its 10% stake in the consortium prospecting for natural gas in Mozambique’s Rovuma basin to the Abu Dhabi National Oil Company (ADNOC) for approximately €600 million. In a statement to Portugal’s Securities Markets Commission (CMVM) on Wednesday, Galp announced the sale as part of its “disciplined” investment strategy. The deal, valued at $650 million (€599 million), is expected to be finalized by the end of the

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International Gas News

ADNOC Acquires 10% Stake in Mozambique’s Rovuma Basin LNG Project

The Abu Dhabi National Oil Company (ADNOC) has acquired a 10% stake in Galp’s Area 4 concession, part of the extensive natural gas project in Mozambique’s Rovuma basin, marking ADNOC’s first venture into the African nation. With this deal, ADNOC will gain access to a portion of the liquefied natural gas (LNG) production from the concession, which boasts a combined capacity exceeding 25 million tonnes per annum, the company stated. The Area 4 concession encompasses

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Diamonds International News

De Beers Looks to Long-Term Market Recovery Amid Drop in Sales

Proceeds at De Beers’ fourth rough-sales cycle of the year saw a downturn from the recent improvement noted in the last few sights as it entered a traditionally slow period for the industry. The miner brought in $380 million in May, down 21% versus the equivalent period in 2023, it said Thursday. That figure is also 15% lower than the $446 million the company reported at its April cycle, and 12% lower than February’s total.

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International Energy News

Ghana Considers Global Bids for First Nuclear Power Plant

Ghana is set to select a company by December to build its first nuclear power plant, with contenders from the United States, Russia, China, France, and South Korea vying for the contract. France’s EDF, U.S.-based NuScale Power and Regnum Technology Group, and China National Nuclear Corporation are in the running, Reuters reported. South Korea’s Kepco, its subsidiary Korea Hydro Nuclear Power Corporation, and Russia’s ROSATOM are also competing, according to Robert Sogbadji, Deputy Director for

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Diamonds International News

Petra Diamonds Secures Renewable Energy PPAs for Cullinan and Finsch Mines

Petra Diamonds has entered into long-term power purchase agreements (PPAs) with licensed South African energy trader Etana Energy to procure wheeled renewable energy for its Cullinan and Finsch diamond mines. Etana Energy provides cost-competitive, clean energy from new large-scale renewable projects, primarily wind-based, through wheeling over the existing South African grid. The company’s portfolio includes multiple ready-to-build and grid-secured wind and solar projects expected to come online in 2025 and 2026. Under the PPAs, Etana

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Diamonds International News

Botswana Diamonds Secures Four New Prospecting Licenses in Kalahari Region

Diamond exploration company Botswana Diamonds has been granted four new prospecting licenses, covering nearly 2,332 km² in the Kalahari region of Botswana. These licenses are located in the same general area as Gem Diamonds’ Ghaghoo mine and Botswana Diamonds’ own KX36 project. “I am pleased that we have been awarded these prospecting licenses in the Kalahari of Botswana, which we believe will be the next major diamond-producing area in the country,” said John Teeling, Chairperson

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International News Oil

Dangote Refinery Seeks to Purchase 24 Million Barrels of US Crude

The Dangote Petroleum Refinery, constructed by Africa’s wealthiest individual, plans to buy 24 million barrels of US crude over the next year to boost its processing rates. Specifically, the refinery is interested in purchasing 2 million barrels of West Texas Intermediate (WTI) Midland crude each month for a year, starting in July. This tender, aimed at securing overseas oil, highlights the significant role the Dangote Refinery is poised to play in global crude and fuel

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International Economy News Petroleum

IMF Urges Nigeria to End Fuel and Electricity Subsidies to Boost Economy

The International Monetary Fund (IMF) has reiterated its call for the Nigerian government to eliminate subsidies for fuel and electricity, contingent upon the enhancement of the social protection scheme. In its recent report titled “Nigeria: 2024 Article IV Consultation,” the IMF highlighted that these subsidies are projected to consume 3% of Nigeria’s Gross Domestic Product (GDP) in 2024, up from 1% in the previous year. The IMF praised the Nigerian Federal Government for several measures,

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Gas International News

Australia Faces Gas Supply Shortfalls Despite New Government Strategy

Australia’s energy producers have endorsed the government’s new Future Gas Strategy aimed at bolstering natural gas development but cautioned that the country is still at risk of gas supply shortfalls this decade amidst volatile global markets due to ongoing conflicts. Meg O’Neill, chair of the Australian Energy Producers, expressed the group’s support for the Future Gas Strategy, which was released earlier this month. The strategy underscores the need for new gas sources to satisfy both

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