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Category: International

International Energy Gas Oil

US Steps Up Support for Libya’s Energy Sector Expansion

The US is stepping up its support for diversified energy development in Libya, specifically targeting the modernization of its oil and gas sector, enhanced transparency and improved service delivery. In a bid to bring American companies into the Libyan market, the U.S. Embassy in Tripoli and US Agency for International Development (USAID) have made recent commitments to establishing a business-enabling environment, improving fiscal transparency and promoting targeted reforms in the country, coupled with a string

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Diamonds International News

Petra reports total third-tender cycle sales of $69.7m

Diamond producer Petra Diamonds has announced the final sales results for its third tender cycle following further sales of 56 600 ct for $9.3-million. This brings total sales for the cycle to $67.9-million from 519 400 ct sold. The final sales results delivered a 19.3% increase in like-for-like prices compared with the second tender cycle. This has reaffirmed the company’s belief that diamond prices have likely bottomed. A further 25 200 ct of goods from

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Diamonds International News

India’s Modi says new Diamond bourse in Gujarat to create 150 000 jobs

India’s Surat diamond bourse will create 150 000 new jobs and become a “one-stop shop” for artisans and businessmen, Prime Minister Narendra Modi said as he inaugurated the new bourse in Gujarat. Surat, in Gujarat state, where Modi originally hails from, cuts and polishes 90% of world’s rough diamonds and the bourse will support its ambition to become the world’s diamond capital. Constructed over 6.6-million square feet, the bourse is touted as the world’s largest

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International Gas Oil

Petronas, Shell, QatarEnergy and TotalEnergies sign Suriname offshore contracts

Four oil and gas giants – Shell, TotalEnergies, QatarEnergy, and Petronas – have inked production sharing contracts (PSCs) with Staatsolie for blocks offshore Suriname, enlarging their presence in the country’s offshore oil and gas industry. These PSCs have been signed for blocks 63, 64, and 65, which were part of the Demerara Bid Round held from November 2022 to May 2023. The contracts from the bids were signed after negotiations with selected partners. The Demerara

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International Renewable Energy

South Africa Launches Bid Round 7 for REIPPP Program

South Africa has launched the seventh bid round for its flagship Renewable Energy Independent Power Producer Procurement (REIPPP) program, targeting the development of 3,200 MW of wind and 1,800 MW of solar PV power. The bid round is part of efforts to establish 14,771 MW of new installed generation and storage capacity, including 9,600 MW of wind and 3,940 MW of solar. According to South Africa’s Ministry of Mineral Resources and Energy, both the seventh

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International Oil Petroleum

10 African countries with the highest daily fuel consumption

Oil means different things to different African countries, but at the end of the day, it plays a big role in shaping the continent’s economy. Some countries see it as a major economic driver, while others rely on it as their main energy source. For instance, countries like Nigeria, Angola, Libya, and Algeria have become major players in the oil industry, shipping out millions of barrels each year. The money from these oil exports plays

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International Gas Oil

Niger to Export Oil to Benin via Pipeline Next Month

Niger has announced that it will begin exporting its crude oil through the newly constructed Niger-Benin pipeline in January 2024. The pipeline, which was inaugurated last November, establishes a crucial link between Niger’s Agadem oilfield and Benin’s Port of Cotonou. Niger anticipates the export of 90,000 barrels per day (bpd) through the pipeline to Benin, earning export revenues on approximately one-quarter of the total volume. Currently, Niger operates a modest oil refinery with a capacity

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Diamonds International News

Petra announces potential sale of Koffiefontein

London-listed Petra Diamonds has entered into a nonbinding term sheet on an exclusive basis with an undisclosed interested party for the potential sale of the Koffiefontein diamond mine, in South Africa. The diamond miner has been exploring a responsible exit from Koffiefontein since April 2022, with the operation having been placed on care and maintenance in November 2022. The company continues to transition Koffiefontein towards closure, with a closure application expected to be submitted to

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Oil Economy International

BRICS: Russia & South Africa Ditch US Dollar in $265M Oil Deal

In a continuation of the bloc’s overarching de-dollarization efforts, BRICS members Russia and South Africa had ditched the US Dollar in a landmark $265 oil deal. Indeed, reports have stated that the former tabbed Russian bank, Gazprombank as the preferred investor for the massive gas refinery contract. Although the specific currency utilized in the agreement has not been specified, the bank’s placement under US sanctions denotes its likelihood in local currencies. Moreover, the alliance has sought greater

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International Gas Oil

Indonesia’s Pertamina terminates LNG purchase Contract with Mozambique LNG

The Indonesian state oil company Pertamina has cancelled its 20-year contract to purchase liquid natural gas (LNG) from Mozambique LNG, a TotalEnergies led project, suspended since 2021 due to the terrorist attacks in Cabo Delgado. According to the Argus website, which specialises in energy matters, an agreement signed in 2019 provided for the export to Indonesia of one million mtpa (million tons per year) of natural gas over 20 years. “There is no [penalty], because

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