Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, along with several petroleum leaders, inspected the development of the West Delta fields in the Mediterranean. The focus was on the offshore drilling of two new natural gas wells at the Raven field, developed by BP. The production from the two wells, West Raven-4 and West Raven, is expected to increase to 200 million cubic feet per day (mmcf/d) of natural gas and 8,000 barrels per
The Dangote Refinery, located on the outskirts of Lagos and built by Africa’s richest man, Aliko Dangote, is the largest in Africa. With a capacity of 650,000 barrels per day (bpd), it aims to reduce Nigeria’s reliance on imported fuels due to the country’s limited refining capacity. Since beginning operations in January, the refinery has struggled to secure enough crude oil despite Nigeria being Africa’s largest oil producer. The country faces issues of theft, pipeline
Arkenu Oil, a private oil and gas development and production company, exported 1 million barrels of Sarir/Mesla crude from Marsa el-Hariga port on July 10. The shipment was transported by the Suezmax vessel Zeus, chartered by the Chinese trading firm Unipec, according to shipping agent and port reports. The bill of lading indicates that the Libyan state-owned National Oil Corporation (NOC) sent the consignment on behalf of Arkenu. Historically, Libyan crude sales have been managed
Namibia is on the brink of an economic transformation, driven by significant oil discoveries off its Atlantic coast. At the bustling Walvis Bay port, workers are preparing for a surge in activity as oil exploration equipment is staged alongside typical consignments of minerals and vehicles. Recent successes by TotalEnergies SE, Shell Plc, and Galp Energia SGPS SA have highlighted Namibia’s potential as a major new oil province. Since early 2022, drilling in the region has
The Nigerian National Petroleum Company (NNPC) Limited has announced that Nigeria is set to become a net exporter of petroleum products by December 2024. Mele Kyari, the Group Chief Executive Officer (GCEO) of NNPC, attributed this forecast to positive developments in the energy and gas sectors. Kyari made this announcement during a session with the Senate Committee on Finance, chaired by Senator Sani Musa. He highlighted several key indicators supporting this projection, including the imminent
Petra Diamonds’ sales rose 13% for the full fiscal year as the miner recovered a higher proportion of rough and sold goods it had held over from the previous period due to low demand. Revenue increased to $366 million for the 12 months that ended June 30, the company reported Tuesday. Sales volume grew 36% to 3.2 million carats. The company, which operates the Cullinan and Finsch mines in South Africa as well as the
Engie Energy Access has successfully connected over 220,000 families in Mozambique to solar energy through a project valued at more than €18.3 million, the company announced on Thursday. This initiative has provided solar power to over 1.2 million people across ten of Mozambique’s eleven provinces. The company, which started operations in 2019, is the sole renewable energy provider in Mozambique offering comprehensive off-grid solutions, including solar home systems and mini-grids. To strengthen its presence, Engie
The International Monetary Fund (IMF) projects that TotalEnergies’ massive liquefied natural gas (LNG) project in Cabo Delgado, northern Mozambique, will resume development in 2024, with first exports anticipated within four years. According to the IMF’s recent report on the fourth review of the Extended Credit Facility (ECF) program, the onshore LNG project led by TotalEnergies is slated to restart next year. The report, released this month, notes that while the official resumption of the development
A security firm linked to Rwanda’s ruling party has been contracted to safeguard TotalEnergies’ $20 billion liquefied natural gas (LNG) project in Mozambique, marking a significant expansion of Rwanda’s commercial interests in the region. According to The Financial Times, Isco Segurança—a joint venture between Rwanda’s Isco Global Limited and a local Mozambican company—is providing unarmed security services for the project in Cabo Delgado province. This development follows an Islamist insurgency attack in Palma in 2021,
Botswana’s mineral sector is expected to experience slower growth in 2024 compared to the previous year, primarily due to a decline in diamond production. On July 13, the International Monetary Fund (IMF) revised Botswana’s growth forecast for 2024 from 3.6% to 1%, as reported by Mines.cd. This decline is anticipated to lead to a budget deficit increase from 3.45% to 6%, attributed to reduced revenue from mineral resources. In response to these challenges, the IMF
