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
The African Energy Chamber highlights Mozambique’s emerging significance in global gas supply amidst dwindling production in key African nations like Nigeria, Angola, and Equatorial Guinea. In its “The State of African Energy 2024 Outlook Report,” the Chamber underscores Mozambique’s potential for considerable growth in liquefied natural gas (LNG) production, propelled by projects in the Rovuma basin. The country is poised to escalate its export capacity from 3.4 to approximately 43.5 million tonnes per year by
On Monday, Petrobras reduced the price of aviation kerosene (QAV) by around 1.5% despite the increase in the price of oil in recent days. The adjustments vary according to the market served by the company, ranging between 1.4% and 1.7%, as disclosed in a table by the oil company. Oil has shown high volatility,ย alternating between small increases and drops. In March, Petrobras had raised the price of fuel between 8% and 8.5%. The price of
Oil futures surged on Monday, hitting their highest levels since October, driven by unexpected data from the industrial sectors of both China and the United States, while investors awaited the upcoming OPEC+ meeting. On the New York Mercantile Exchange (Nymex), WTI for May climbed 0.65%, or $0.54, to reach $83.71 per barrel, while Brent for June rose 0.48%, or $0.42, closing at $87.42 per barrel. China’s industrial Purchasing Managers’ Index (PMI) soared from 49.1 in
Gold soared to a historic high on Monday, driven by anticipation of an interest rate cut by the United States Federal Reserve (Fed) in June. The gold reference price surged 1.2% to $2,258.53 per ounce, reaching a peak of $2,262.19 earlier in the day. According to IG Yeap experts, Jun Rong, the release of the Personal Consumption Expenditure (PCE) Price Index without positive surprises could fuel further increases in gold prices. Jun Rong told Reuters
Morocco has unveiled plans to construct a new LNG terminal at the port of Nador, which is currently under development, as part of the Nigeria-Morocco pipeline project. The announcement came through a gas infrastructure roadmap agreement signed by several Moroccan Ministries, including Finance and Energy, in March. The roadmap, set to unfold over several years, prioritizes the development of LNG import facilities, including storage and transport infrastructure. Immediate objectives include the construction of gas pipelines
TotalEnergies is running simultaneous flow tests in a pair of wells on its huge Venus oil discovery offshore Namibia, according to head of exploration Kevin McLachlan. The supermajor currently has two rigs involved in appraising Venus โ the drillship Tungsten Explorer, which it partly owns, and the semi-submersible drilling rig Deepsea Mira โ in the prolific Orange basin. MacLachlan told delegates at the BEOS event โ organised by GESGB and AAPG โ on Tuesday that
The Mozambique government has given the green light for concession contracts for oil and gas exploration in vital blocks A6-E, A6-G, A6-D, S6-A, and S6-B. CNOOC Ltd. and Mozambique’s ENH have clinched offshore deals. As per Mozambique’s national regulatory body, the Instituto Nacional de Petrรณleo (INP), exploration activities will encompass acquiring over 26,000 km2 of 3D seismic data, drilling a minimum of four deepwater research wells, and conducting geoscientific studies in the Save and Angoche
Ades, a Saudi drilling company, has finalized a $66 million investment deal with its subsidiaries in Egypt, with the goal of enhancing oil production from the North African nation’s fields. According to a statement released to Tadawul, the Saudi stock market index, Ades Holding Co. revealed the ten-year agreement, with the option for extension, which involves injecting $30 million into Egyptian Suez Oil Co. (Suco) and $36 million into Egyptian Offshore Shukeir Oil Co. (Osoco)
