Sales of rough diamonds at Debswana Diamond Company fell 21% in the nine months up to September, as Botswana’s central bank data on Tuesday showed, amid global economic uncertainty and slowing demand for gems. Debswana, equally owned by Botswana and Anglo American’s De Beers, sells 75% of its output to De Beers, while the balance is taken up by the state-owned Okavango Diamond Company (ODC). Botswana and De Beers in June agreed to a new
The German Chancellor, Olaf Scholz, has announced that Germany will enter into future partnerships with Nigeria to invest in critical minerals and natural gas, with a focus on facilitating private investment and economic development. Announced during a joint briefing with Nigeria’s President, Bola Tinubu, in Abuja on October 29, Chancellor Scholz welcomed the West African country’s efforts to expand its liquefied natural gas capacity, while highlighting Germany’s readiness to invest in critical minerals. “There is
The MSGBC region’s gas market is poised for significant transformation in 2024 as projects start production, power generation facilities progress, and investment increases across the energy value chain. Through gas, the region is set to foster long-term and sustainable economic growth. GTA Phase 1 to Kickstart in 2024 Situated on the maritime border between Senegal and Mauritania, the first phase of the Grand Tortue Ahmeyim (GTA) Liquefied Natural Gas (LNG) project is set to produce
TotalEnergies Posts Impressive Q3 Results with $6.5 Billion in Net Income, Driven by Increased Oil and Gas Production and Strong Power Division Performance. TotalEnergies, a global energy giant, has announced its third-quarter financial results, revealing an adjusted net income of $6.5 billion. While this represents a 37% decrease compared to the same period last year, it reflects a significant 30% increase sequentially and surpasses the analyst consensus estimate of $6.18 billion. The surge in oil
Rapidly emerging as a key player on the regional energy stage, West Africa is rich in mineral resources such as bauxite, manganese, copper, cobalt, iron ore, and gold. In order for the region’s mineral resources to translate into economic wealth, however, the critical mineral value chain needs to be enhanced, with regulatory policies and reforms, advancements in processing and refining capacity, and heightened investment in exploration serving as key solutions. A Wealth of Mineral Opportunities
The French multinational integrated energy and petroleum company TotalEnergies expects to make a Final Investment Decision (FID) on the Matola Liquefied Natural Gas (LNG) import terminal, located at the Matola Port in Mozambique, by September 2024. Developed by TotalEnergies in collaboration with industrial gas supplier Gigajoule, Mozambique’s Matola Gas Company, and the country’s National Oil Company, Empresa Nacional de Hidrocarbonetos, the $550 million terminal will receive natural gas from a permanently-moored Floating Storage and Regasification
Algeria is currently in talks with Germany to become a major supplier of green hydrogen to Europe’s largest economy. With plans underway to upgrade its pipeline connections to reach a wider swath of the continent, the North African country is poised to cover up to 10% of European demand for green hydrogen. The discussions between Algeria and Germany, which took place in Algiers on October 23, focused on converting and extending existing natural gas pipelines
Egypt’s natural gas imports have ground to a halt, in a development that reflects the impact of the Gaza conflict on the North African nation and could dash hopes of a resumption of exports to Europe. The cabinet, explaining the reasons for the expansion of power cuts that have roiled the country for months, said that natural gas imports have fallen from 800mcf/d to zero at a time when warmer-than-usual temperatures led to an increase
The natural gas operations by the Coral Sul floating platform off the coast of the northern Mozambican province of Cabo Delgado, over the last year, have contributed 6.5 percent to the increase in the Gross Domestic Product (GDP). The figure was announced by the representative of the Italian energy company ENI in Mozambique, Giorgio Vicini, who was speaking at a meeting on the challenges of the gas and electricity sectors. The Coral Sul floating LNG
The MIBA, or Bakwanga diamond mining company In the Democratic Republic of Congo, has long been a cornerstone of the country’s economy. After several years of stagnation, it gradually recommenced operations in 2011. However, today, its business is no longer as lucrative as it once was. The company’s recovery plan, estimated at USD 453 million, is set to be implemented over five years, accompanied by an investment plan of USD 161 million to be executed
