The announcement was made yesterday by Galp’s CEO, Filipe Silva. He detailed that by the end of March, the company will already have a clear view of the volume of oil reserves found in the first drilling off the coast of the African country. Galp announced the discovery of a “significant column of light oil” in a deeper zone of the first well drilled in deep waters. Next month, the company will conduct a DST
The Algerian oil and gas company, Sonatrach, has recently signed a medium-term contract with the gas supplier VNG Handel & Vertrieb GmbH (VNG) for the supply of pipeline natural gas to Germany. The agreement was finalized during a recent visit by a German delegation to Algiers. Rachid Hachichi, CEO of Sonatrach, expressed satisfaction with the strengthening of energy business partnerships with Europe through this significant agreement with VNG. He stated, “We are happy to strengthen
The Port Harcourt refinery in Nigeria has recently received a shipment of 475,000 barrels of crude oil from the energy supermajor, Shell. The shipment was facilitated by the Shell Petroleum Development Company, the largest fossil fuel company in Nigeria, utilizing its Port of Bonny Offshore Terminal. The crude oil was delivered to the Port Harcourt Refining Company Limited. In a statement, Shell expressed that, “This milestone will support the government’s aspiration of a steady supply
According to the Paris-based International Energy Agency (IEA), India is projected to play a pivotal role in driving global oil demand growth by the end of the decade, fueled by robust economic expansion, population growth, and demographic trends. The IEA forecasts that India will emerge as the primary driver of oil demand increase until 2030, closely trailing China in this aspect. It is anticipated that India’s oil demand will surge by nearly 1.2 million barrels
De Beers’ prices fell last year as a prolonged oversupply in the midstream and economic challenges weighed on demand. The company’s rough-price index, which reflects like-for-like values, dropped 6% for the 12-month period, parent company Anglo American reported last week. Sales volume slipped 19% to 27.4 million carats, with the average selling price sliding 25% to $147 per carat. While the company has not published its full-year revenue, rough sales decreased 36% to $3.63 billion,
Botswana has designated BWP 890 million ($65 million) from its new fiscal 2024-2025 budget for the purchase of a 24% stake in Belgian manufacturer HB Antwerp. The deal, which it first announced in March, calls for the African country to supply rough from state-owned Okavango Diamond Company (ODC) to HB Botswana for five years. The partnership would operate in a similar fashion to HB’s previous supply deal with Lucara Diamond Corp, enabling Botswana to retain
Energy supermajor TotalEnergies and offshore drilling contractor Vantage Drilling have signed a binding agreement to form a new joint venture (JV). Under the agreement, TotalEnergies will acquire the Tungsten Explorer drillship from Vantage Drilling. To the tune of $199 million, TotalEnergies will acquire a 75% majority stake in the JV, with Vantage Drilling owning the remaining 25%. “Through this innovative partnership, TotalEnergies will be able to hedge deep offshore drilling costs: the JV will provide
The Democratic Republic of Congo (DRC) is seeking ‘modern investors’ to tap into the country’s mining sector, which boasts over $460 trillion worth of untapped mineral deposits. Miguel Kashal Katemb, Director General of the DRC’s Regulatory Authority for Subcontracting in the Private Sector (ARSP), said the country wants to collaborate with responsible investors, particularly those focused on equity funds and exchange-traded funds, to drive infrastructure development within the mining sector. “We have many big investors
The French supermajor, TotalEnergies, has initiated production at the Akpo West Field offshore Nigeria. The field has been seamlessly integrated with the pre-existing Akpo Floating Production, Storage, and Offloading (FPSO) vessel, which exhibited a production rate of approximately 124,000 barrels per day (bpd) in 2023. This achievement marks a significant milestone, enhancing the production capacity at the Akpo Field by an additional 14,000 bpd. Furthermore, it is expected to contribute up to four million cubic
The OPEC Fund for International Development (OPEC Fund) allocated $1.7 billion to finance 55 global projects in 2023, according to a recent statement from the organization. In a bid to address climate change, social and economic resilience and sustainable growth, 60% of the funds supported renewable energy initiatives. At 42%, Africa received the largest share of the funding, with recipient projects including solar power initiatives in Niger and Nigeria, as well as an energy security
