De Beers has released its sales schedule for this year, with plans to hold the usual 10 sights across the 12-month period. The miner sells most of its rough to sightholders through a contract system under which clients make certain purchasing commitments in return for consistent supply. Over the last few cycles, the company has allowed sight holders to buy fewer goods amid oversupply issues and weak demand, aiming to rebalance the market. De Beers
Italy’s Eni has supplied first gas to its Tango floating liquefied natural gas (FLNG) facility in the Republic of the Congo, achieving the milestone just twelve months after the final investment decision was made. Tango FLNG is expected to produce its initial LNG cargo by Q1 2024, transforming the country into a leading LNG export market. The facility is part of Eni’s broader natural gas development project in the Marine XII block. Manufactured by Chinese
Shares in Corcel jumped over 12% on Thursday morning as the company reported positive drilling results from its part-owned site in Angola. Drilling in the TO-14 well, which is part of the onshore KON-11 block, confirmed oil throughout, the company said in an update. These mirrored drilling results from the TO-13 well and effectively confirm production can be reactivated on the potentially significant hydrocarbon deposit, Corcel added. “We’ve confirmed that the same formations are contiguous
Africa’s largest oil independent, Aiteo, has marked a significant expansion in its global energy portfolio by acquiring a major stake in the Mazenga gas block, the largest onshore gas reserve in Africa, situated in Mozambique. The strategic acquisition was made possible through a series of agreements with Mozambique’s State oil firm, Empresa Nacional de Hidrocarbonetos (ENH), effectively positioning Aiteo as the new operator of the block. The Mazenga gas block, located in Mozambique’s prolific sedimentary
French energy firm TotalEnergies plans to restart its long-delayed $20 billion Mozambique liquefied natural gas (LNG) project in the first quarter of next year, two sources told Reuters late on Friday. Work on the project has been halted since 2021 when a violent insurgency led by Islamic State-linked militants threatened the Cabo Delgado site, leading to TotalEnergies declaring force majeure and halting construction. In September, chief executive officer at TotalEnergies, Patrick Pouyanne, said the company
Riverside LNG, an energy-based in Nigeria, has announced plans to supply gas to South Africa, in what would be the first such deal between the two countries. Earlier this year, Riverside LNG inked a gas-export partnership agreement with Johannes Schuetze Energy Import AG of Germany, and the company is presently exploring potential deals on the continent, according to Chief Executive Officer David Ige, Bloomberg reported. Nigeria boasts the largest gas reserves in Africa. The country
London-listed exploration and production company, Europa Oil & Gas, has acquired a working interest in Block EG-08 offshore Equatorial Guinea through a three-million-dollar acquisition of Antler Global. In partnership with national oil company GEPetrol (20%), Antler Global owns an 80% stake in Block EG-08, located in the Douala Basin. The deal sees Europa Oil & Gas acquire a 42.9% equity interest in Antler Global, with the funds used to execute a first-year work program that
Nigeria’s Dangote oil refinery has received its next one-million-barrel crude oil cargo from Shell International Trading and Shipping Company Limited (STASCO), bringing the total to two million barrels at the facility’s Single-Point Mooring. The latest shipment supports the refinery’s phased plan to receive a total of six million barrels from various sources to support its 650,000 barrel-per-day (bpd) capacity. Subsequent shipments will be provided by the Nigerian National Petroleum Corporation and ExxonMobil. The refinery, gearing
The Republic of Equatorial Guinea shares the same core values as OPEC/OPEC+, in its strategic positioning and vision in the world, but above all, in the constant objective of improving the standard of living of the people, to whom we owe a position of responsibility and solidarity, through a policy that imprints certainty in the ability of governments to plan their Economy, through policies that provide markets certainty, states Equatorial Guinea’s Minister of Mines and
In a strategic move to bolster its presence and investments, ETU Energias SA, formerly known as Somoil – Sociedade Petrolífero Angolana SA, has successfully concluded the acquisition of a 2.5% stake in the Thai company PTTEP, operating in Block 17/06 offshore Angola. The process, initiated back in December 2022, forms a critical part of ETU Energias SA’s growth strategy. The company signed the purchase and sale contract for this significant participatory interest, withholding the value
