Aliko Dangote, Africa’s richest man has announced intentions to publicly list his Dangote Petroleum Refinery on the Nigerian Exchange Limited. Dangote made this known in an interview with the Financial Times, stating that the company has resolved challenges about crude oil supply and is now prepared for the listing. The move aligns with Dangote’s broader business strategy and could impact the company’s valuation and investor engagement positively. “We have resolved all the issues with crude
The equipment testing and natural gas injection phase at the Temane Thermal Power Plant (CTT), in the Inhassoro district, in the southern Mozambican province of Inhambane, budgeted at 652.3 million US dollars, may commence in May next year. The CTT is set to generate 450 megawatts of electricity using a combined cycle generation model based on natural gas, supplied to the publicly-owned electricity company, EDM, by the South African petrochemical giant SASOL, which operates the
Oil extended its losses on Thursday 23rd November, after OPEC announced the unexpected delay of a crucial policy meeting, indicating potential turmoil within the bloc. Concurrently, equities displayed a mixed performance following two US reports that tempered recent optimism regarding future interest rates. Both primary crude contracts experienced declines upon news that the highly anticipated gathering of major producers, including OPEC and 10 allies, would be postponed by four days to November 30. On Wednesday
The National Diamond Trading Company of Angola (SODIAM) announced on Thursday an online auction of 20 special stones, with viewing sessions scheduled from December 4th to 8th in Luanda. The event is organized by Atlantic Gem Sales, and the electronic bidding process will close on December 8th at 10 a.m. local time. The auction, as stated in the note, “is targeted at clients registered in the SODIAM database who have expertise in the trading of
Upstream oil company Kosmos Energy will collaborate with Senegal’s government and National Oil Company, Petrosen to develop an offshore Liquefied Natural Gas (LNG) facility for the country’s flagship Yakaar-Teranga gas project. The development concept will focus on the delivery of cost-competitive gas to Senegal’s domestic market combined with exports to international markets. Serving as one of the world’s largest gas discoveries in recent years and holding an estimated 25 trillion cubic feet of natural gas
Aliança Seguros issued last week, in Luanda, the policy for the second contract with MCA to ensure the construction of the second phase of the Rural Electrification Project, through the installation of solar panels in the provinces of Bié, Lunda-Norte, Lunda-Sul , Malanje and Moxico. According to a press release, two million more solar panels will be installed in the southern region of the country. Aliança Seguros was chosen to ensure the entire MCA –
Lucapa Diamond Company has put its feasibility study for the Merlin mine on hold while it weighs a smaller-scale, lower-cost alternative in light of a prolonged softening in demand for rough. The plan will take into account lower production and cost options for the Australia deposit, which Lucapa acquired in 2021, it said Monday November 20th. The options under examination include using existing resources such as the trial mining plant and other equipment to get
Oil and gas exploration company Eco (Atlantic) Oil & Gas has received approval from Guyana to acquire a 60% interest in the country’s offshore Orinduik Block from independent oil and gas exploration and production company Tullow Oil. The company will assume operatorship of the block through an upfront payment of $700,000 and contingent consideration in the event of a commercial discovery. With approval from Guyana’s Minister of Natural Resources, Vickram Bharat, Eco (Atlantic) Oil &
Following the deadline for submissions for Angola’s recent onshore tender on November 15, 2023, the country received 53 bids. The round featured 12 blocks in the Lower Congo and Kwanza basins. Of the total 53 bids received by Angola’s national concessionaire, the National Oil, Gas and Biofuels Agency (ANPG), 22 bids were submitted for four blocks in the Congo Basin. These included CON 2, CON 3, CON 7 and CON 8. Block CON 8 alone
Africa’s natural gas industry is set to see gradual year-on-year (YoY) growth in 2024, with Liquefied Natural Gas (LNG) flows alone expected to show 8% YoY growth. According to a 2024 Outlook report released by the African Energy Chamber (AEC) – produced in partnership with global market intelligence firm Rystad Energy – given the continent’s strong trade ties with Europe, existing infrastructure and substantial natural gas potential, Africa has the potential to become a much
