Bank of America has predicted that the price of oil will surge to $95 per barrel by June. Francisco Blanch, the director of raw materials and derivatives at the bank, attributes this increase to dwindling reserves and escalating geopolitical tensions. Additionally, production cuts by OPEC+ could impact the interest rate reduction strategies of the US Federal Reserve and the European Central Bank. According to a recent Bank of America Research report, released yesterday, commodity prices
Tullow Oil, a multinational exploration company, has adjusted the value of its assets in Kenya, writing off $17.9 million. This decision comes as the company awaits updates on the Field Development Plan submitted to the Kenyan government in March 2023 for its Turkana project. The revised valuation of Tullow’s Kenya assets declined from $260.1 million in December 2022 to $242.2 million by the end of 2023. Tullow aims to reverse these impairments once uncertainties are
South Africa’s Department of Mineral Resources and Energy (DMRE) has initiated the third bid window of the Battery Energy Storage Independent Power Producer Procurement Program (BESIPPPP). This tender aims to procure five energy storage systems, totaling 616 MW/2,464 MWh. Scheduled bids must be submitted by July 31, 2024, for projects designated to five pre-selected substation sites identified by Eskom, the country’s energy company. These sites, located in the Free State province, include Harvard, Leander, Theseus,
Preliminary exploration conducted by global oil major Eni has revealed promising signs of hydrocarbons in offshore oil blocks CI-504, CI-526, CI-706, and CI-708 in Ivory Coast. The government has therefore agreed to proceed with negotiations for production sharing contracts with the major. An expression of interest was made by Eni in February 2024 for the offshore blocks. This development follows Eni’s commencement of oil and natural gas production from the deepwater Baleine field in southeast Ivory Coast
Cobre Limited has kicked off a 5-hole, 2,000-meter diamond drilling initiative at its Okavango Copper Project (OCP) in Botswana. This endeavor aims to explore for copper-silver mineralization adjacent to MMG’s Zone 5 and Boseto groups, building on previous drilling success in 2019 and leveraging geophysical data to pinpoint promising sites. Situated near MMG’s Khoemacau Copper mine, the OCP is strategically positioned to benefit from potential discoveries. The drilling program, set to begin within two months,
Solar energy provider Trina Solar – in collaboration with China Energy International Group and China Gezhouba Group – will install the 283 MW Mooi Plaats solar power plant located in Northern Cape, South Africa. Trina Solar will provide modules for the power plant, which will utilize energy generated by 416,325 panels from the NEG21C.20 Vertex N series and display efficiency levels of up to 23.2%. “We are proud to partner with China Energy International Group
Namibia boasts over 100 GW of wind potential, abundant sunlight averaging 10 hours per day, and significant hydropower potential exceeding 10,000 GWh annually. To harness these resources, the country is embarking on a renewable energy journey, aiming to achieve 70% electricity generation from renewables and near-universal electricity coverage by 2030. The upcoming Namibia International Energy Conference (NIEC) in Windhoek will play a pivotal role in supporting this transition. By connecting investors with clean energy opportunities,
Senegal will conduct an audit of the oil, gas and mining sectors, newly elected President Bassirou Diomaye Faye told the nation in a televised speech on Wednesday, while also reassuring investors they were welcome in the country. Faye defeated the ruling coalition’s candidate in a March election by a landslide, reflecting high hopes for change in the country of around 18-million. The audit is one of the first policy moves announced since the 44-year-old former tax inspector’s inauguration on Tuesday. “The
On Monday, the Botswana Energy Regulator Authority (BERA) issued an import license to Botswana Oil Limited, authorizing the company to import 90% of Botswana’s fuel requirement. The license was presented to Mr. Meshack Tshekedi, CEO of Botswana Oil, by BERA caretaker CEO Dr. Grace Tabengwa. The granting of the license is contingent upon Botswana Oil Limited complying with various terms and conditions, including: .Commencement of the license on April 1, 2024, and its indefinite validity,
Botswana Government and De Beers Group have set the 28th June 2024 as the official deadline for signing of the long form agreement. The two parties signed statement of principles on the 30 June 2023 after lengthy negotiations that birthed a new dawn for the over 50 year partnership. Later on the 30th September 2023 the two parties signed the heads of terms, further committing to a long term partnership that will last for the
