The Nigerian oil market is facing a paradox despite the recent drop in crude prices, driven by Donald Trump’s tariff policies and a sudden increase in crude supply by OPEC+. Last week, global crude prices fell to their lowest levels since 2021, losing $10 a barrel, reaching $65 by Friday. A report from the Major Energies Marketers Association of Nigeria (MEMAN) on Saturday, as covered by the Punch newspaper, highlighted a decline in the landing
The offloading of Zambia’s first diesel consignment under the newly introduced Open Access Framework has officially begun at the TAZAMA tanks in Dar es Salaam, marking a significant step in the country’s petroleum sector reform. The inaugural shipment, totaling 95,000 metric tonnes of diesel under Lot 1 for April 2025, is the first to be imported by Oil Marketing Companies (OMCs) using the Open Access model. This new framework allows independent importation of petroleum products
The global energy transition hit a symbolic milestone in 2024. According to the latest report from the International Renewable Energy Agency (IRENA), global renewable energy capacity reached 4,448 gigawatts (GW)—a record increase of 585 GW, or 15.1%. Solar and wind power were the primary drivers of this growth, accounting for 96.6% of new installations. Solar photovoltaic (PV) capacity surged by 452 GW (+32.2%), while wind power added 113 GW. This rapid expansion is gradually eclipsing
Australian mining company MetalsGrove has signed a Binding Term Sheet to acquire three gold exploration permits in Ivory Coast, marking its official entry into the country. The acquisition includes the Vavoua, Vavoua West, and Kounahiri West prospects. Under the agreement, MetalsGrove will secure an 80% stake in Vavoua and 90% stakes in Vavoua West and Kounahiri West. The permits cover a 950 km² area along the same geological trend as the 3.8-million-ounce Abujar Gold Mine,
ONGC Videsh Ltd. (OVL), the international arm of India’s national oil company, has approved a ₹1,500 crore investment to accelerate the development of its joint venture in Mozambique’s offshore gas reserves. The funding will support the Mozambique Area 1 LNG project, a $20 billion initiative in which OVL holds a 10% stake. Despite previous delays due to security concerns, the project is set to move forward as TotalEnergies, the project operator, is expected to lift
Pan-African technology company Cassava Technologies has partnered with Microsoft to launch a renewable energy training initiative in South Africa, aimed at equipping local communities with the skills needed to advance renewable energy solutions and support the country’s energy transition. As part of the initiative, training hubs will be established in Cape Town and Johannesburg, offering programs focused on renewable energy development, energy efficiency, and microgrids. The initiative will prioritize women and youth, helping them develop
Botswana government officials are set to meet with South Africa’s electricity ministry this week to address soaring power import costs, which have more than doubled, exacerbating the country’s ongoing energy crisis. Frequent breakdowns at Botswana’s 600 MW Morupule B power plant have led to blackouts lasting up to four hours. To cover the shortfall, Eskom Holdings SOC Ltd., South Africa’s state-owned power company, has been supplying electricity. However, Botswana’s Energy Minister, Bogolo Kenewendo, informed lawmakers
Australian junior miner Cobre has commenced a diamond drilling program at the Kitlanya West project in Botswana, targeting copper-silver mineralization in partnership with diversified major BHP. The drilling campaign follows seismic surveys completed in 2024 and is part of Cobre’s recently announced earn-in joint venture with BHP. The program includes three deep drill holes, each exceeding 1 km, aimed at testing large anticlinal trap sites identified in seismic sections and providing insights into the deeper
Lucara Diamonds has ended its engineering, procurement, and construction management contract with JDS Energy & Mining (JDS) as of March 31, shifting to owner-managed operations for the Karowe underground expansion project (UGP) in Botswana. Announcing the transition on Monday, the Canada-based company stated that it had signed a master service agreement (MSA) with JDS to complete specific engineering components, while all site-based contracts and activities now fall under Lucara’s direct oversight. The move is expected
Debswana Diamond Company will suspend production at its Letlhakane Tailings Plant (LTP) and Jwaneng Modular Plant (JMP) by the end of March 2025. This decision aligns with the company’s strategic response to ongoing challenges in the global diamond market, where demand and rough diamond prices have continued to decline through 2023 and 2024. In light of these conditions, Debswana’s Board of Directors, during its March meeting, revised the 2025 production target from 18 million carats
