Ivory Coast’s Council of Ministers has approved production-sharing agreements with Eni for four oil blocks. Under the deal, a minimum of $80 million will be invested in blocks CI-504, CI-526, CI-706, and CI-708 over an initial three-year exploration period, the council said in a statement. The world’s top cocoa-producing nation is hoping to become a major regional oil and gas producer and energy hub and expects oil output to more than triple by 2027, boosted
The African Development Bank Group (AfDB) has granted Nigeria $500 million to overhaul its electricity infrastructure and boost access to cleaner energy. In a statement released by the bank on Thursday, the African lender said the loan will finance the first phase of the Economic Governance and Energy Transition Support Program (EGET-SP). The statement read: “The Board of Directors of the African Development Bank Group has approved a loan of $500 million to the Federal
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has launched a new crude oil grade, the Utapate blend, into the global market. Sourced from Oil Mining Lease (OML) 13, which is fully operated by NNPC Ltd.’s upstream subsidiary NEPL, the Utapate crude oil blend began operations in July 2024, with its first shipment destined for Spain. Located offshore Akwa Ibom State, Nigeria, the Utapate blend currently produces 28,000 barrels per day (bpd), with the potential
TotalEnergies and Bujagali Energy Ltd. have signed an agreement to invest in energy projects in Uganda, reflecting TotalEnergies’ commitment to renewable energy across Africa and supporting the continent’s energy transition. The agreement includes TotalEnergies acquiring a 28.3% stake in the Bujagali hydropower plant in Jinja, Uganda, which has a capacity of 250 MW and significantly contributes to the country’s electricity supply. Additionally, TotalEnergies will acquire minority stakes in two other projects under development in Rwanda
Gem Diamonds has unearthed a 145.55-carat rough diamond from its Letšeng mine in Lesotho, marking the ninth stone over 100 carats found this year. The high-quality, type II diamond was discovered on August 3, the company announced on Wednesday. This follows the recovery of a 123.20-carat and a 172.06-carat diamond in June, and a 212.49-carat stone in May. Additionally, in April, Gem Diamonds extracted two type IIa diamonds weighing 169.15 and 118.74 carats, and in
Libya has initiated a partial shutdown of production at its largest oil field, Sharara, according to three individuals with direct knowledge of the operations. As of Saturday night, output at the Sharara field decreased by 30,000 barrels per day to 230,000. The reduction followed orders to partially shut down production, said the sources, who requested anonymity as they are not authorized to speak to the media. The reason for the shutdown and the timeline for
On Thursday, August 1, the Assembly of the Republic, Mozambique’s parliament, unanimously approved the definitive revision of the Electricity Law. This legislation establishes the general organization and legal framework for electricity supply activities in the country. Minister of Mineral Resources and Energy, Carlos Zacarias, presented the justification for the proposed revision, explaining that it is based on Article 51, Section 4 of the law. This section deals with exceptional situations allowing the adoption of different
On Thursday, Mozambican President Filipe Nyusi inaugurated a solar power station in the Bazaruto Archipelago, located in the Inhassoro district of Inhambane province. The solar power station, a result of a partnership between the state-owned electricity company EDM and the National Energy Fund (FUNAE), will enable over 400 new electricity connections in the surrounding communities of Pangaia and Sithone. President Nyusi emphasized the positive impact of the new power plant, stating that it will bring
London-listed Petra Diamonds has postponed its August/September tender to support measures taken by major producers to limit supply amid weaker demand. Rough diamond parcels from its South African operations, originally intended for sale in August/September as part of the first tender for the 2025 financial year, will now be included in the second tender, expected to close in mid-October. The schedule for tenders from the Williamson mine in Tanzania remains unchanged. Petra’s South African operations
Sales of rough diamonds at Debswana Diamond Company fell by 49.2% to $1.29 billion in the first half of the year, compared to $2.54 billion in the same period last year, according to Botswana’s central bank data. In local currency, sales dropped by 47.3% to 17.555 billion pula. This decline is a significant setback for Botswana, which relies on rough diamond sales for 30-40% of its revenue, 75% of its foreign exchange earnings, and one-third
