The Dangote oil refinery is preparing to process around 400,000 barrels of Nigerian crude per day in the coming months, significantly altering Africa’s oil import and export dynamics. According to a cargo allocation list seen by Bloomberg, the refinery, with a capacity of 650,000 barrels per day (bpd), will receive approximately 24 million barrels of Nigerian oil in October and November. This marks a shift towards increased reliance on local crude supplies. Business Insider Africa
Libya’s oil production has surged back above 1 million barrels per day (bpd) for the first time in two months, following the resolution of a political standoff, according to Bloomberg. The country’s eastern government had previously halted all oil production and exports due to a dispute over the control of the central bank, which oversees billions of dollars in energy revenues. Last Thursday, Libya resumed oil production, reintroducing hundreds of thousands of barrels per day
Chevron has announced the sale of its assets in the Athabasca Oil Sands and Duvernay Shale to Canadian Natural Resources for $6.5 billion. The all-cash deal, part of Chevron’s plan to divest $10-15 billion in assets by 2028, is expected to close in the fourth quarter of 2024. The assets, located in Alberta, Canada, contributed 84,000 barrels of oil equivalent per day (boepd) to Chevron’s production in 2023. The Duvernay Shale, one of Canada’s most
Canada-based Lucara Diamond has sold its 100% interest in the Clara rough diamond sales platform to its original founders, led by the HRA Group of Companies and Lucara’s CEO, Eira Thomas. The Clara platform, a digital marketplace for rough diamonds, is designed to modernize the diamond trading process by connecting buyers and sellers through advanced technology. Clara offers verification technologies that integrate provenance and traceability services, providing greater transparency and trust in transactions of individual
African hydrocarbon-producing nations have successfully raised 45% of the $5 billion required to establish the African Energy Bank (AEB). This pan-African institution is designed to address the financing gap for oil and gas projects, a challenge heightened by the withdrawal of several international donors from fossil fuel investments. According to credible sources, the funds for the project have been secured by African nations, with Angola, Ghana, and Nigeria emerging as the largest contributors. “The funds
Rio Tinto has launched its 2024 ‘Beyond Rare’ tender, the second in its Art Series collection, showcasing 48 exceptional lots of rare diamonds. This year’s collection, titled ‘Colour Awakened,’ features seven historic diamonds from Australia’s now-closed Argyle diamond mine, which operated from 1983 to 2020. The “old masters” consist of seven round brilliant-cut pink and red diamonds, ranging from 0.60 to 2.63 carats. Each was unearthed from the Argyle mine over a decade ago, with
The National Bank of Ethiopia has allocated $175 million in foreign exchange to the state-owned Ethiopian Petroleum Supply Enterprise to cover upcoming fuel import payments, as the country continues to grapple with severe dollar shortages. Ethiopia, which spends approximately $4 billion annually on fuel imports, has faced growing financial strain due to the COVID-19 pandemic and a two-year civil war that ended in late 2022. To alleviate these pressures, Ethiopia is set to receive $345
British Petroleum Exploration, a subsidiary of BP, has partnered with ADNOC International Limited to establish a joint venture that will acquire specific rights to BP’s natural gas concession contracts in Egypt. This collaboration, disclosed to the Egyptian Competition Authority (ECA), focuses on the exploration, extraction, and marketing of natural gas and condensates from designated fields in the country. In August, the Ministry of Petroleum and Mineral Resources announced that the Egyptian Natural Gas Holding Company
Algeria, along with two other African nations, is set to resume discussions to advance the Trans Saharan Gas Pipeline (TSGP), a proposed 4,000 km gas pipeline aimed at delivering natural gas to Europe. Algerian Energy Minister Mohamed Arkab announced plans to meet with the oil ministers of Nigeria and Niger to discuss the project’s progression. Following a meeting with Niger’s Oil Minister, Sahabi Oumarou, Arkab described the TSGP as a “strategic” initiative poised for realization.
At the BRICS Energy Ministers Conference, Minister of Electricity and Renewable Energy Mahmoud Esmat outlined Egypt’s ambitious objectives, aiming for renewable energy to constitute over 42% of the country’s energy mix and to capture 5-8% of the global green hydrogen market by 2040. In his opening remarks at the conference in Moscow, Esmat emphasized Egypt’s commitment to transitioning to sustainable energy sources, leveraging the country’s abundant solar and wind resources. He explained that Egypt’s strategy
