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International News Renewable Energy

Zambia Cuts Solar Project Approval Time to 48 Hours to Boost Clean Energy Investment

Zambia’s Ministry of Energy has announced a dramatic reduction in the approval time for solar project applications—from six months to just 48 hours—as part of efforts to attract private sector investment and accelerate renewable energy development. The fast-tracked process aims to support the government’s goal of adding 1,000 MW of solar power to the national grid by 2025. With hydropower currently dominating Zambia’s energy mix and severe droughts in 2024 significantly reducing output, the government

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International Gas Oil

ReconAfrica Prepares to Drill Largest Oil and Gas Prospect in Namibia’s PEL 73

Reconnaissance Energy Africa Ltd (ReconAfrica) has announced it is on schedule to drill its largest oil and gas prospect to date—Prospect I—within Petroleum Exploration Licence 073 (PEL 73) in northeastern Namibia. The company confirmed that the well is expected to be spudded this quarter, targeting substantial prospective resources in both oil and natural gas. “We remain on track to spud the well this quarter and are looking forward to unlocking the significant potential of the

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International News Oil

Galp Adds 700 Million Barrels to Namibian Reserves Following Major Offshore Discoveries

Portuguese energy company Galp Energia has significantly boosted its oil reserves in Namibia’s offshore Orange Basin, adding approximately 700 million barrels of oil equivalent (boe) to its 3C contingent resources. This increase represents a 25% year-on-year rise, bringing the total to 2.79 billion boe. The updated resource estimates were independently verified by global consultancy DeGolyer and MacNaughton, based on data collected up to 30 November 2024. “3C contingent resources increased 25% year-on-year to 2,790 mboe,

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International Energy News

EU Companies Target N$430 Billion Investment in Namibia’s Green Hydrogen Sector

Approximately seven European companies have shown strong interest in investing in Namibia’s green hydrogen economy, with potential investments exceeding N$430 billion (€20 billion), according to Ana Beatriz Martins, the European Union (EU) Ambassador to Namibia. Speaking at the grand opening of the HyIron Oshivela plant near Arandis, Martins noted: “EU companies are leading investors, contributing to Namibia’s economic growth and creating job opportunities for the future.” Namibia’s growing appeal lies in its potential to help

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Corporate News Gold International Mining

Barrick Gold Eyes Copper Future with Proposed Name Change to Barrick Mining Corp

Barrick Gold Corp., the world’s second-largest gold producer and listed on the New York Stock Exchange under the ticker “GOLD,” is signaling a major strategic shift — one that leans heavily into copper. The Canadian mining giant has proposed changing its name to Barrick Mining Corp., dropping “Gold” from its title in a move that underscores its growing focus on copper and its diversification beyond its traditional bullion roots. Barrick is currently investing $6 billion

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International

BW Energy Secures $500 Million Facility to Boost Development and Production Growth

BW Energy has secured a Reserve-Based Lending (RBL) facility of up to US$500 million to support its ongoing development activities and drive future production growth. The new senior secured long-term debt facility replaces the previous US$200 million RBL established in 2022, which was increased to US$300 million in 2023. The current facility carries an initial commitment of US$400 million, with an option to increase by an additional US$100 million, and matures on 1 October 2030.

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International

Libya Restarts Methanol Production After Seven-Year Hiatus

Libya’s Sirte Oil and Gas Company, a subsidiary of the National Oil Corporation, has successfully resumed operations at its Methanol II plant after a seven-year shutdown. Production restarted following the installation and successful testing of a new natural gas heater. The company is also working to bring its Methanol I plant back online. Technical teams are currently carrying out major overhauls, including the installation of thermal reformer pipes and a full upgrade of the plant’s

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International News Oil

Namibia’s Orange Basin Drives Surge in Foreign Direct Investment (FDI) in Q4 2024

Exploration activity in Namibia’s Orange Basin has led to a significant rise in foreign direct investment (FDI), with net inflows reaching N$12.6 billion in the fourth quarter of 2024, according to the latest quarterly bulletin from the Bank of Namibia (BoN). BoN attributed the quarterly growth to increased equity injections from oil exploration operators, noting that the expansion of oil exploration activities in the Orange Basin, along with the arrival of new operators, played a

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International Gas Oil

Namibia’s Offshore Oil Discoveries Face Challenges Due to High Gas Content

Namibia’s promising offshore oil discoveries are facing a significant obstacle to full-scale development due to high levels of associated gas, according to global consultancy Wood Mackenzie. Ian Thom, Research Director for Sub-Saharan Africa Upstream at Wood Mackenzie, discussed the challenges of developing Namibia’s offshore resources at a recent industry event. While Namibia has gained significant attention as a key oil frontier in Africa, Thom cautioned that the complexity of developing these offshore fields could be

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International News Renewable Energy

Scatec Signs 25-Year PPA for 120MW Sidi Bouzid II Solar Plant in Tunisia

Scatec has signed a 25-year power purchase agreement (PPA) with Tunisia’s state utility, Société Tunisienne de l’Électricité et du Gaz (STEG), to develop the 120MW Sidi Bouzid II solar plant. This agreement, awarded through a government tender in December 2024, supports Tunisia’s renewable energy ambitions and bolsters the country’s energy security. Tunisia aims to generate 30% of its electricity from renewable sources by 2030 as part of its strategy to lower emissions and reduce energy

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