Global demand for natural gas is projected to rise by 32% by 2050, increasing from 4,018 billion cubic meters (bcm) in 2023 to 5,317 bcm, according to the latest Gas Exporting Countries Forum (GECF) Global Gas Outlook 2050 report, released on March 10. The report attributes this growth to economic expansion in developing economies and a global population increase to 9.8 billion by 2050. By the late 2030s, natural gas will surpass coal as the
President Nangolo Mbumba has defended Namibia’s dual pursuit of oil exploration and renewable energy, emphasizing that the country’s energy strategy aligns with global climate commitments, including the Paris Agreement. Amid concerns about the contradiction between fossil fuel projects and decarbonization efforts, Mbumba stressed that Namibia’s newly discovered oil resources will support a sustainable energy transition. “The development of our newly discovered oil resources is not contradictory to our decarbonization agenda. It is part of a
Alrosa’s profit and revenue declined sharply in 2024, as sanctions on Russian diamonds and weak market demand weighed on its financial performance. The company reported a profit of RUB 19.25 billion ($215.3 million) for the year, a steep drop from RUB 85.18 billion ($952.8 million) in 2023. Revenue fell 26% to RUB 239.07 billion ($2.67 billion). Beyond reduced consumer demand due to sanctions, Alrosa recorded a RUB 4.98 billion ($55.6 million) impairment on property, plant,
Libya’s National Oil Corporation (NOC) has launched its first public tender for oil and gas exploration since 2008, marking a major step toward reopening the country’s energy sector to international investment after years of political instability and operational challenges. The official presentation of the tender will take place in Tripoli this evening, where NOC officials will outline available exploration opportunities for foreign oil companies. This move comes as Libya struggles with hydrocarbon production setbacks, including
VAALCO Energy is strengthening its footprint in Africa with a 70% acquisition of the offshore CI-705 block in Côte d’Ivoire. The deal, finalized on March 3, 2025, expands the company’s West African portfolio, following its 2024 purchase of the offshore Baobab field. The CI-705 block, located 70 km west of the CI-40 block, lies in the Tano Basin, a region with recent significant oil and gas discoveries. Positioned 60 km from Eni’s Calao discovery, the
Akakus Oil Operations has successfully completed drilling the B-52H well in the Sharara oil field in southern Libya, with an estimated production capacity of 1,750 barrels per day. In a significant move to boost oil exploration, Libya’s National Oil Corporation (NOC) recently launched its first exploration tender since 2008. The tender offers over 20 exploration blocks, spanning both onshore and offshore areas, as part of a broader effort to revive the country’s energy sector and
Morocco has approved green hydrogen projects worth 319 billion dirhams ($32.5 billion) to support the production of ammonia, steel, and industrial fuel, marking a major step toward energy transition and economic growth. A Moroccan government committee has chosen leading international firms to spearhead the development of green ammonia, including U.S.-based Ortus, Spain’s Acciona, and Germany’s Nordex, according to a statement from the Prime Minister’s Office. However, project timelines and funding details remain undisclosed. Additionally, the
Seplat Energy has announced plans to invest up to $320 million in 2024, focusing on drilling new wells and upgrading infrastructure as part of its strategy to boost oil production. This follows Seplat’s acquisition of Exxon Mobil’s Nigerian assets, with the company aiming to more than double its output to 140,000 barrels per day (bpd). In October 2023, Seplat obtained government approval for a 40% stake in four oil mining leases, as well as key
Mali, Africa’s second-largest gold producer, has suspended the issuance of new mining permits to foreign companies following a tragic mining accident that claimed over 40 lives. The decision, announced by the Council of Ministers, also includes a ban on issuing artisanal mining permits to foreign nationals while investigations continue. The collapse of an illegal gold mine near Kéniéba in the western Kayes region last month resulted in the deaths of at least 43 people, mostly
Nigeria is making significant progress in boosting its crude oil refining capacity through new refinery projects and the rehabilitation of existing state-owned facilities. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has issued licenses for three new refineries, expected to add 140,000 barrels per day (bpd) to the country’s refining capacity. The newly licensed refineries include: These projects align with Nigeria’s goal of reducing dependence on imported petroleum products and enhancing local refining capabilities.
