South Africa is accelerating the deployment of up to 3 GW of gas-fired power generation capacity amid efforts to address the country’s ongoing electricity crisis. Currently at the procurement stage, the project pipeline includes a 2 GW mobile facility as well as a 1 GW gas-to-power plant located near Coega in the Eastern Cape province. Speaking during a press briefing last week, South Africa’s Minister of Electricity Kgosientsho Ramakgopa stated that the 3 GW of
The Assay and Weights Administration (AWA) of Egypt is planning to hold its first electronic auction for gold and silver, scheduled to take place next week. According to a statement on Tuesday, the auction will be facilitated through the Egyptian Mercantile Exchange (EME) trading platform. Nagy Farag, the advisor to the supply minister for gold industry affairs, told Ahram Online that this move aims to generate more revenue streams for Egypt’s treasury. “The Egyptian government’s
During the meeting held on Sunday 5th of October, the Libyan Prime Minister, Abd Alhamid Aldabaiba, discussed the nation’s soaring fuel expenses with Farhat Bengdara, Chairman of the National Oil Corporation (NOC), and Suhail Bousheha, Undersecretary of the Ministry of Economy. The meeting unveiled staggering annual fuel costs, exceeding $8 billion for electricity stations and around $4 billion for various other uses.”
The National Oil Corporation (NOC) of Libya is expected to activate all the factories and contribute to boosting the local production of certain petroleum derivatives. The challenge lies in increasing the gasoline production, during a meeting in Tripoli with the CEO of NOC, Farhat ben Gdara, the Libyan Prime Minister, Abdulhamid al-Dbaiba, emphasized the need to explore the refineries and increase their gasoline production, reduce its imports, and rebuild those damaged by the wars of
Botswana is conducting due diligence on HB Antwerp, as the world’s top diamond-producing country by value seeks to finalize a deal to acquire a 24% shareholding in the Belgian gem trader, President Mokgweetsi Masisi said on Monday. At the height of talks for a new sales contract with De Beers in March, Botswana announced a deal to become a shareholder in HB Antwerp and to supply the trader with 10% of the rough diamond output
The BW Energy has announced a commercial oil discovery on the Hibiscus South exploration prospect in the Dussafu Marin license offshore Gabon, indicating significant untapped potential in the licensing area. Drilled from the MaBoMo production platform at a depth of just over 6,000m, the DHBSM-1 appraisal well has encountered recoverable reserves of 6-7 million barrels with approximately 16 million barrels of oil in place, according to initial estimations. The discovery comes as part of the
The price of gold had its best October in nearly half a century, defying tough resistance from surging Treasury yields and a strong U.S. dollar. The yellow metal rallied an incredible 7.3% last month to close at $1,983 an ounce, its strongest October since 1978, when it jumped 11.7%. Gold, a non-interest-bearing asset, has historically floundered when bond yields were heading higher. An exception has been made this year, however, on a number of significant
The Mozambique’s minister for mineral resources and energy, Carlos Zacarias, said last week that the construction of the country’s largest gas-fired power plant is 60% complete, and that the infrastructure is expected to be operational in 2024. “We have seen substantial progress of around 65%, this is substantial progress that satisfies us,” said Zacarias, speaking to journalists after visiting the Temane Thermal Power Plant (CTT), in the district of Inhassoro, Inhambane province, southern Mozambique. The
Kuwait witnessed a sharp decline in its fuel oil exports for the month of October. According to trade sources, analysts and ship-tracking data, exports plunged by more than 30% compared to the previous month, following a record high in September. The drop in exports is primarily attributed to the diversion of supply towards domestic power generation.
Iraq is set to approve an oil and gas law allowing foreign firms to share in production, despite disputes with Kurdistan. In a significant development, Iraq is set to approve a groundbreaking oil and gas law that will open the doors for foreign companies to participate in the country’s energy production, despite ongoing tensions with the autonomous Kurdistan region. The announcement was made by Asim Jihad, the spokesman for Iraq’s Oil Ministry, during a statement
