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Category: International

International Gas Oil

TotalEnergies Withdraws from Offshore Gas Block in South Africa Amid Development Challenges

TotalEnergies, the French oil major, announced on Monday its decision to withdraw from an offshore natural gas block off South Africa’s southern coast, citing commercial challenges in developing the discoveries. Earlier this month, the company indicated plans to exit Block 11B/12B, marking a significant setback for South Africa’s ambitions to achieve energy independence through its largest offshore gas discoveries to date. TotalEnergies entered Block 11B/12B in 2013 and made two gas discoveries, Brulpadda and Luiperd.

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International Gas News

Mozambique’s Natural Gas Exports Surge 30% to $443 Million in Q1 2024

Mozambique’s natural gas exports reached $443 million (€408.8 million) in the first quarter of 2024, marking a nearly 30% increase compared to the same period in 2023. According to a report from the Bank of Mozambique obtained by Lusa, revenues from liquefied natural gas (LNG) exports in Q1 2024 stand in contrast to $340.9 million in Q1 2023. The report attributes the revenue increase to a higher volume of exports, coinciding with the commencement of

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Oil International News

Oil Prices Drop Nearly 2% Amid Middle East Tensions

Oil prices fell nearly 2% on Monday after Israeli officials expressed a desire to avoid escalating tensions in the Middle East while responding to a deadly rocket attack on the Israeli-occupied Golan Heights over the weekend. Brent crude for September delivery closed the first trading day of the week at $79.78 a barrel, down $1.35, or 1.7%. Meanwhile, U.S. oil finished at $75.81 a barrel, falling $1.35, or 1.8%. Two Israeli officials informed Reuters on

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Oil International News

Nigeria’s Crude Oil Production Rises to 1.61 Million Barrels Per Day

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported an increase in Nigeria’s daily crude oil production, rising from 1.25 million barrels per day (mbpd) in June to 1.61 mbpd by July 23rd. This update was provided by Gbenga Komolafe, the Chief Executive of NUPRC, during a public hearing by the House of Representatives Special Committee on oil theft and losses. Nigeria remains Africa’s largest producer of crude oil, with proven reserves of 37.50 billion barrels

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Oil International News

Nigerian President Approves Sale of Crude Oil to Local Refineries in Naira

Nigerian President Bola Tinubu has approved the sale of crude oil to the Dangote Refinery and other local refineries in the local currency, the naira. This decision, aimed at stabilizing fuel prices and the naira-to-dollar exchange rate, was adopted by the Federal Executive Council (FEC). Bayo Onanuga, the Special Adviser to the President on Information and Publicity, announced that the FEC has approved selling the 450,000 barrels of crude oil designated for domestic consumption in

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International Gas Oil

Petrobras Bids for Stake in Namibia’s Offshore Oilfield

Brazil’s state-run oil firm, Petrobras, has submitted a non-binding bid for a stake in Galp Energia’s newly discovered offshore oilfield in Namibia. This move could potentially position Petrobras as the operator of the Mopane oil and gas field, which is estimated to hold 10 billion barrels of oil equivalent (bboe). “We are the best deep-water operators. If [Galp] does not choose us, it is their loss,” said Sylvia dos Anjos, Petrobras’ exploration and production director,

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Oil Exploration Gas International

Egypt Signs $342 Million Deals for Natural Gas and Oil Exploration

Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, has signed two significant agreements worth $342 million with international companies for natural gas exploration and production. The first agreement, valued at $222 million, involves the Egyptian General Petroleum Corporation (EGPC), Shell Egypt, and Malaysia’s Petronas. This collaboration aims to boost natural gas production in the West Delta area. According to a cabinet statement, the project includes drilling three new natural gas wells, with a production

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Diamonds International News

Rio Tinto Diamond Unit Slumps to Loss

Rio Tinto’s diamond revenue fell in the first half of 2024, pushing the division into the red amid a global market slowdown and lower production. Sales from the Diavik mine in Canada dropped 40% year on year to $149 million for the six months ending June 30, the mining group reported Wednesday. The diamond unit registered an underlying loss of $65 million, compared with a profit of $44 million a year earlier. While Rio Tinto

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International Renewable Energy

𝗕𝗢𝗧𝗔𝗟𝗔-𝗟𝗘𝗗 𝗖𝗢𝗡𝗦𝗢𝗥𝗧𝗜𝗨𝗠 𝗔𝗪𝗔𝗥𝗗𝗘𝗗 𝗧𝗘𝗡𝗗𝗘𝗥 𝗙𝗢𝗥 𝟰𝗠𝗪 𝗦𝗢𝗟𝗔𝗥 𝗣𝗥𝗢𝗝𝗘𝗖𝗧𝗜𝗡 𝗦𝗘𝗥𝗢𝗪𝗘

Botala Energy , a BSE listed Ausie energy development company has clinched a 4MW Solar Power Plant tender in its Serowe Energy Hub named Project Phuthi. Botala announced recently that it has entered into a binding power purchase agreement (PPA) in respect of Project Phuthi with Botswana Power Corporation , the state owned power utility company. Botala, as Project Leader and 49% owner, will construct and operate the power facility. Other owners are Botswana-based:• Ngwato

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Diamonds International News

Lupita Nyong’o Visits De Beers’ Venetia Diamond Mine to Promote Sustainable Development

Actress Lupita Nyong’o recently visited De Beers’ Venetia diamond mine in Limpopo as part of her role as a global ambassador for the company. During her visit, she was shown how each facet of the production value chain supports sustainable development. Her tour included the 32,000-hectare Venetia Limpopo Nature Reserve, which De Beers uses for nature conservation. The Venetia mine, which began production in 1993, has grown to become South Africa’s leading diamond mine, accounting

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