The equipment testing and natural gas injection phase at the Temane Thermal Power Plant (CTT), in the Inhassoro district, in the southern Mozambican province of Inhambane, budgeted at 652.3 million US dollars, may commence in May next year. The CTT is set to generate 450 megawatts of electricity using a combined cycle generation model based on natural gas, supplied to the publicly-owned electricity company, EDM, by the South African petrochemical giant SASOL, which operates the
Oil extended its losses on Thursday 23rd November, after OPEC announced the unexpected delay of a crucial policy meeting, indicating potential turmoil within the bloc. Concurrently, equities displayed a mixed performance following two US reports that tempered recent optimism regarding future interest rates. Both primary crude contracts experienced declines upon news that the highly anticipated gathering of major producers, including OPEC and 10 allies, would be postponed by four days to November 30. On Wednesday
Upstream oil company Kosmos Energy will collaborate with Senegal’s government and National Oil Company, Petrosen to develop an offshore Liquefied Natural Gas (LNG) facility for the country’s flagship Yakaar-Teranga gas project. The development concept will focus on the delivery of cost-competitive gas to Senegal’s domestic market combined with exports to international markets. Serving as one of the world’s largest gas discoveries in recent years and holding an estimated 25 trillion cubic feet of natural gas
Lucapa Diamond Company has put its feasibility study for the Merlin mine on hold while it weighs a smaller-scale, lower-cost alternative in light of a prolonged softening in demand for rough. The plan will take into account lower production and cost options for the Australia deposit, which Lucapa acquired in 2021, it said Monday November 20th. The options under examination include using existing resources such as the trial mining plant and other equipment to get
Oil and gas exploration company Eco (Atlantic) Oil & Gas has received approval from Guyana to acquire a 60% interest in the country’s offshore Orinduik Block from independent oil and gas exploration and production company Tullow Oil. The company will assume operatorship of the block through an upfront payment of $700,000 and contingent consideration in the event of a commercial discovery. With approval from Guyana’s Minister of Natural Resources, Vickram Bharat, Eco (Atlantic) Oil &
Africa’s natural gas industry is set to see gradual year-on-year (YoY) growth in 2024, with Liquefied Natural Gas (LNG) flows alone expected to show 8% YoY growth. According to a 2024 Outlook report released by the African Energy Chamber (AEC) – produced in partnership with global market intelligence firm Rystad Energy – given the continent’s strong trade ties with Europe, existing infrastructure and substantial natural gas potential, Africa has the potential to become a much
Uganda and Tanzania have inked an agreement to conduct a feasibility study for a gas pipeline connecting Tanzania’s expansive yet secluded deepwater gas fields to Kampala, as stated by the energy ministers of the two countries. Tanzania is currently awaiting cabinet approval for a $42 billion liquefied natural gas (LNG) project aimed at tapping into its substantial 57.5 trillion cubic feet of natural gas reserves. In May, Tanzania’s energy ministry reached an agreement with Equinor
African billionaire, Aliko Dangote, has announced that his refinery has obtained a license to process over 300,000 barrels of Nigerian crude daily and will commence gasoline production soon. “We don’t want to start our refinery with foreign goods, we want to start with the Nigerian crude,” the billionaire said in an interview in Riyadh on the sidelines of the Saudi-Nigeria business roundtable. “We’re more than ready and you will see our gasoline products soon.” The
Environmental lobby groups have sent a letter urging banks and other financiers to withdraw their support for TotalEnergies’ $20 billion liquefied natural gas (LNG) terminal in Mozambique. The letter, sent to over two dozen project funders, coincides with a crucial moment for the French energy company as it readies to resume Africa’s largest foreign direct investment project. Activists caution that the project may exacerbate climate change and contribute to human rights abuses in the impoverished
Namibia is one of the eight African countries that made it into the 10 largest diamond producers in the world in 2022. UNI Diamonds, a collaborative polished diamond marketplace, says Namibia produced 2.1 million carats, bringing in US$2,1b. A South African precious metals and diamonds expert, Dr Ashok Damarupurshad, says Namibia diamonds are first stage polished by the Benguela current and the west coast of Southern Africa into the most sought-after gems diamonds in the
