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International News Oil Petroleum

Republic of the Congo and Azerbaijan Forge Collaborative Agreements for Oil Sector Development

The Société Nationale des Pétroles du Congo (NOC) of the Republic of the Congo and the State Oil Company of Azerbaijan (SOCAR) have inked three pivotal agreements aimed at bolstering cooperation in refinery development, training, and sustainable natural resource management. During a state visit to Azerbaijan in April, President Denis Sassou-Nguesso oversaw the signing of these agreements, marking a significant step in enhancing bilateral relations between the two nations. The first agreement, an MoU on

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Energy International News Renewable Energy

Botala Energy and AAAS Energy Collaborate on 250 MW Solar Project in Botswana

Botala Energy Ltd. (ASX:BTE) and AAAS Energy BV, a Sub-Saharan Africa-focused solar developer, have inked an agreement to evaluate the feasibility of installing up to 250 MW of solar capacity at an energy hub currently in progress in Botswana. The proposed project is slated for Botala’s Leupane Energy Hub and Industrial Park near Palapye. The site has the potential to accommodate an impressive 500 MW of solar energy and 200 MW of gas-fired power generation.

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International News Oil Petroleum

Another African Country Overtakes Nigeria as Top Oil Producer

According to data from the Organisation of Petroleum Exporting Countries (OPEC), Libya overtook Nigeria as the top African oil producer in March. The April 2024 monthly oil report published by OPEC said the North African country recorded 1.24 million barrels per day of crude oil in March, a 5.7% increase from the 1.17mbpd recorded in February. Nigeria recorded an oil output of 1.23mbpd in March compared to the 1.32mbpd produced in February. The March figure

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Oil Exploration International News

Ivory Coast Expands Offshore Exploration with ExxonMobil Partnership

Ivory Coast’s Oil Minister recently announced a significant milestone in the country’s offshore exploration efforts—a production-sharing agreement with ExxonMobil for two ultra-deepwater blocks in the Gulf of Guinea. The agreement encompasses Ivory Coast’s CI-602 and CI-603 blocks, spanning 3,874 and 5,543 square kilometers, respectively, and featuring depths ranging from 3,000 to 4,000 meters. Oil and Energy Minister Adama Toungara highlighted that each block has a maximum exploration period of nine years, with a potential contract

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International News Oil Petroleum

Nigeria Secures $1B Crude Prepayment Facility

Multilateral financial institution the African Export-Import Bank (Afreximbank) is providing a $1 billion crude oil prepayment facility to Nigeria. Aimed at boosting the country’s foreign reserves, the facility will be released in May 2024. The loan represents part of a larger $3.3 billion crude prepayment facility, with Afreximbank having already disbursed $2.25 billion in January 2024. The country’s state-owned Nigerian National Petroleum Corporation will repay the loan using revenue generated from crude sales. According to

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International Gold Mining

South Sudan Govt to Establish Mining Marketing Stations

South Sudan’s government has announced its plans to work with Qatari gold firm United Gold Factory to establish mining marketing stations in mineral-rich areas in the country. The marketing stations will be used to organize small-scale mining enterprises in South Sudan and facilitate the trade of refined extractive resources. The marketing stations will also serve to formalize the mining sector, improving working conditions and hours, wages as well as health and safety concerns. In addition

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International Oil Petroleum

Libya Surpasses Nigeria as Top African Crude Oil Producer in March

According to the April 2024 Monthly Oil Market Report (MOMR) from the Organization of Petroleum Exporting Countries (OPEC), Libya emerged as the leading African crude oil producer in March, surpassing Nigeria. The data revealed that Libya produced 1.236 million barrels per day (bpd) of crude, up from 1.173 million bpd in February. On the other hand, Nigeria recorded a production output of 1.23 million bpd in March 2024, compared to 1.32 million bpd in February.

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International Gas News

TotalEnergies Faces Scrutiny Over Mozambique Gas Operations Amid Conflict

French multinational TotalEnergies is facing scrutiny over its plans to resume natural gas extraction in Mozambique’s conflict-ridden Cabo Delgado region, potentially violating the EU’s Corporate Sustainability Due Diligence Directive (CSDDD), according to NGOs. Following a terror attack in 2021, TotalEnergies, along with ExxonMobil and Eni, halted operations in Cabo Delgado. However, during a recent presentation of its 2023 annual results, TotalEnergies CEO Patrick Pouyanné announced intentions to restart operations in Mozambique this year. NGOs, including

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Oil International News

World oil demand slows to 1.6 million barrels

World oil demand continued to slow down in the first quarter to 1.6 million barrels per day, 120,000 barrels less than initially forecast, mainly due to developments in richer countries, Energy International (IEA) announced yesterday. In the monthly report on the oil market released yesterday, the IEA indicates that, for the whole of 2024, the increase will be 1.2 million barrels per day, a value that will fall slightly to 1.1 million in 2025, although

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Renewable Energy International News

Nigeria Gets $750M World Bank Loan for Solar Mini-Grids

The World Bank has granted Nigeria’s Federal Government a $750 million loan to offer subsidies to developers and operators of solar mini-grids in areas across the country that lack electricity access. The loan, approved under the Distributed Access through Renewable Energy Scale-up (DARES) project, aims to increase the supply of electricity to households and micro, small, and medium-sized enterprises (MSMEs) through private sector-led distributed renewable energy initiatives. The financing agreement for the loan was signed

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