First oil production from Senegal’s Sangomar oilfield is expected to commence within days, according to the national oil company, Petrosen. Representing Senegal’s first offshore oil development, the project aims to produce 100,000 barrels per day (bpd). Speaking at the Invest in African Energy Forum in Paris, Petrosen’s Director General, Thierno Seydou Ly, stated, “We started development in 2020, and today, we are around 97% complete. We expect first oil in the coming days. This will
Amnesty International urges that any sales approval process for Shell’s business in Nigeria must be comprehensive and involve safeguards to protect human rights. Reacting to the Nigerian oil industry regulator’s offer to fast-track sales approvals for oil companies selling their businesses, Isa Sanusi, Amnesty International Nigeria Director, emphasized the need for Shell to be held accountable for its long history of human rights abuses in the Niger Delta. “With Shell currently seeking regulatory approval for
Low fuel prices in Africa creates the necessary cushion needed to relief an already financially stressed economic situation. In many African countries fuel costs influence many aspects economy, and as such must be regulated. The lower the better, as energy cost directly empowers businesses and its consumers. In many African nations, high transportation costs can exacerbate poverty by limiting access to fundamental goods and services such as food, healthcare, and education. Lower fuel costs can
According to the latest report from the Organization of the Petroleum Exporting Countries (OPEC), the global oil demand forecast 2024 remains unchanged. Most African OPEC members, according to secondary sources saw a decline in the amount of oil produced during the period under review save Algeria Libya, and Congo. According to the report Nigeria produced the most oil for the month despite falling in oil production. In April, the period under review for the latest
In April, Angola’s oil production reached approximately 32.206 million barrels, with a daily average of 1.073 million barrels per day (bpd), slightly lower than the forecasted 1.129 million bpd. The National Petroleum, Gas, and Biofuels Agency (ANPG) monthly report revealed that associated gas production during April was 82.580 million cubic feet, translating to a daily average of 2.753 million cubic feet. Of this, 1.489 million cubic feet were injected, 606 million cubic feet were allocated
The International Energy Agency (IEA) announced a downward revision in global oil demand forecasts, primarily attributed to reduced demand in Europe. The latest monthly report on the oil market projects a smaller increase in global demand for 2024, with estimates now at 1.1 million barrels per day, down by 140,000 barrels compared to the previous month, totaling 103.2 million barrels per day. However, the forecast for 2025 shows a slight uptick in growth, reaching 104.5
Independent diamond miner Petra Diamonds reported $44 million in revenue from its sixth tender cycle for the 2024 financial year, selling 371,000 carats. CEO Richard Duffy noted that like-for-like prices were down 2.6% from Tender 5, reflecting a seasonally quiet period with muted demand due to Indian holidays and the slow recovery of the Chinese market. “We continue to see evidence of market stabilization and are cautiously optimistic that demand and pricing will improve towards
Anglo American is exploring an initial public offering (IPO) of its diamond business, De Beers, with London being the preferred venue, according to sources familiar with the matter. These discussions are still in early stages, and the individuals spoke on condition of anonymity due to the private nature of the plans. The potential listing was revealed as Anglo American announced its broader strategy for a possible break-up through a demerger or sale of some assets.
De Beers’ parent company intends to sell the diamond miner as part of a strategy to unlock “significant” value in its businesses. The move forms part of major structural changes that will simplify the Anglo American portfolio and deliver growth, it said Tuesday. Plans will see De Beers being “divested or demerged, to improve strategic flexibility for both De Beers and Anglo American,” the company clarified. Anglo is exploring a range of options to separate
Lucapa Diamonds has announced plans to divest its 70% interest in the Mothae mine, located in Lesotho. This decision follows a comprehensive review of the company’s asset portfolio by its newly restructured board of directors. Chairperson Stuart Brown explained that the company aims to streamline its portfolio to concentrate on core assets in Africa and Australia. Lucapa’s primary focus will now be on its 60% interest in the Lulo mine in Angola and the Merlin
