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Category: International

Gas International Oil Petroleum

88 Energy Acquires Working Interest Onshore Namibia

Oil and gas exploration company, 88 Energy, has signed a farm-in agreement with Monitor Oil and Gas Exploration – a subsidiary of U.K. private exploration company, Monitor Exploration – to earn up to a 45% non-operated working interest in Namibia’s onshore Petroleum Exploration License (PEL) 93. The activity program for the three-stage agreement will involve the acquisition of approximately 200-line-kilometers of low-impact 2D seismic data in mid-2024, along with a potential initial exploration well targeting

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International News Oil

TotalEnergies Joint Venture in Nigeria Achieves Remarkable Recovery, Restoring 275,000 bpd Production

Nigeria’s state oil firm, NNPC Ltd, announced on Sunday that it successfully restored 275,000 barrels per day (bpd) of oil production at its joint venture unit with Total Energies (TTEF.PA) following the resolution of an industrial dispute with workers. In a statement, NNPC disclosed that an agreement to suspend the industrial action had been signed among TotalEnergies, the Petroleum and Natural Gas Senior Staff Association, and the Nigerian Union of Petroleum and Natural Gas Workers.

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International News Oil

Completion of Africa’s Largest Oil Refinery Delayed by Several Months

The full ramp-up of Africa’s largest oil refinery, a landmark moment for crude and fuel markets both regionally and beyond, is still a long way off. The Dangote plant in Nigeria just concluded a deal to receive six million barrels of crude from December, an indication that commercial activity is close to getting underway. However, the facility is still several months from full-scale production of fuels, including high-quality gasoline, according to analysts tracking the refinery’s

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Energy Gas International News

Tanzania Embraces Sustainability with a Transition from Oil to Green Vehicles

To lessen its carbon footprint, Tanzania is adopting the use of vehicles that run on compressed natural gas (CNG). Plans are underway to set up CNG refilling stations in Dar es Salaam, Morogoro, and Dodoma cities. Tanzania’s $42 billion Liquid Natural Gas (LNG) project makes the transition to natural gas-powered vehicles a viable initiative. A new revolution to reduce carbon footprint is underway. The government is rolling out a plan to cease the use of

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International Oil

Iraq’s Oil Industry Achieves Remarkable $9 Billion in Sales for October

Iraq’s oil revenue surges to $9 billion in October, marking the fourth consecutive month of growth Iraq continues its impressive run of increasing oil revenues, with the country reporting over $9 billion generated from oil sales in the month of October. This marks the fourth consecutive month of growth in oil revenue for the nation, as per the preliminary monthly report released by the Iraqi oil ministry

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Economy Gold International Mining News

Egypt’s Inaugural Electronic Auction for Gold and Silver Set to Debut Next Week

The Assay and Weights Administration (AWA) of Egypt is planning to hold its first electronic auction for gold and silver, scheduled to take place next week. According to a statement on Tuesday, the auction will be facilitated through the Egyptian Mercantile Exchange (EME) trading platform. Nagy Farag, the advisor to the supply minister for gold industry affairs, told Ahram Online that this move aims to generate more revenue streams for Egypt’s treasury. “The Egyptian government’s

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Economy International News Oil

Addressing Fuel Costs and Combating Smuggling in Libya

During the meeting held on Sunday 5th of October, the Libyan Prime Minister, Abd Alhamid Aldabaiba, discussed the nation’s soaring fuel expenses with Farhat Bengdara, Chairman of the National Oil Corporation (NOC), and Suhail Bousheha, Undersecretary of the Ministry of Economy. The meeting unveiled staggering annual fuel costs, exceeding $8 billion for electricity stations and around $4 billion for various other uses.”

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Diamonds Economy International News

Botswana’s President Announces Comprehensive Review of HB Antwerp Investment

Botswana is conducting due diligence on HB Antwerp, as the world’s top diamond-producing country by value seeks to finalize a deal to acquire a 24% shareholding in the Belgian gem trader, President Mokgweetsi Masisi said on Monday. At the height of talks for a new sales contract with De Beers in March, Botswana announced a deal to become a shareholder in HB Antwerp and to supply the trader with 10% of the rough diamond output

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Energy International News Oil

Gabon’s Offshore Oil Discovery Confirmed by BW Energy

The BW Energy has announced a commercial oil discovery on the Hibiscus South exploration prospect in the Dussafu Marin license offshore Gabon, indicating significant untapped potential in the licensing area. Drilled from the MaBoMo production platform at a depth of just over 6,000m, the DHBSM-1 appraisal well has encountered recoverable reserves of 6-7 million barrels with approximately 16 million barrels of oil in place, according to initial estimations. The discovery comes as part of the

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Energy Gas International News

Mozambique’s Largest Gas-Fired Power Plant Progresses to 60% Completion

The Mozambique’s minister for mineral resources and energy, Carlos Zacarias, said last week that the construction of the country’s largest gas-fired power plant is 60% complete, and that the infrastructure is expected to be operational in 2024. “We have seen substantial progress of around 65%, this is substantial progress that satisfies us,” said Zacarias, speaking to journalists after visiting the Temane Thermal Power Plant (CTT), in the district of Inhassoro, Inhambane province, southern Mozambique. The

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