The Organization of Petroleum Exporting Countries (OPEC) this Thursday raised its forecast for world oil demand in 2023 by 100,000 barrels a day, compared to estimates made a month ago. Global oil demand is forecast to grow by 2.4 million barrels per day in 2023, after an upward revision of around 0.1 million barrels per day from last month, mainly due to stronger demand in China. in the second quarter”, said OPEC in its monthly
In a remarkable display of pride and confidence, the Managing Director of Debswana, the world’s leading diamond producer by value, highlighted the company’s exceptional accomplishments during the ongoing US-Africa Business Summit. Andrew Motsomi took the opportunity to underscore the remarkable contributions that Debswana has made to the economy of Botswana and its transformation from being one of the world’s poorest nations to an upper middle-income economy. “We produce between 22 to 24 million carats per
Angola and the Democratic Republic of Congo (DRC) have signed a significant cooperation agreement for the exploration, production, and development of hydrocarbons in the Common Interest Zone located on their maritime border. The historic deal was signed on July 13th in Kinshasa by Angola’s Minister of Mineral Resources, Petroleum and Gas, Diamantino Azevedo, and DRC’s Minister of Hydrocarbons, Didier Ntubanga. This agreement marks the culmination of almost two decades of negotiations between the two countries
Gemcorp Holdings Limited (GHL), the Africa Finance Corporation (AFC), and the African Export-Import Bank (Afreximbank) announce, in a statement released this Thursday, the completion of the financial package for the construction of the Cabinda Refinery, valued at $335 million. The project, valued at $473 million, is financed with $138 million in resources already provided by its shareholders and $335 million in project financing provided by a banking syndicate led by AFC, Afreximbank, and a group
Shell announced on Wednesday that it has successfully completed drilling a fourth exploration well, Lesedi-1X, in Namibia, confirming the presence of hydrocarbons. In recent years, Shell and France’s TotalEnergies have made multiple oil and gas discoveries off the coast of Namibia, leading to a significant increase in exploration activity in the region. According to Shell’s statement, data obtained from the successful fourth drilling has confirmed the presence of hydrocarbons. However, further evaluation is required to
The UAE has set ambitious targets to become a major producer of hydrogen as part of its revised energy strategy. An official from the country’s energy ministry announced that the UAE aims to produce 1.4 million tonnes of hydrogen annually by 2031, with expectations to increase that figure to 15 million tonnes by 2050. As one of the world’s leading oil exporters, the UAE is now shifting its focus to hydrogen production to align with
The recent agreement signed between the government and De Beers, the renowned diamond mining company, has been widely regarded as a significant milestone for the country. This deal promises to bring additional revenue, technological advancements, and employment opportunities, offering numerous benefits to the nation. During a press conference held in Gaborone, Minister of Minerals and Energy, Mr Lefoko Moagi, highlighted the key aspects of the new Sales Agreement. According to the agreement, the Okavango Diamond
Lucapa Diamond Company has announced that its MD and CEO, Stephen Wetherall, will step down at the end of this month. The board has resolved that Nick Selby, appointed as Executive Director Operations in September 2017, will be appointed as Interim CEO on Wetherall’s exit, and continue in the role while an executive search for a new CEO and MD is undertaken. Selby’s material terms of employment will be unchanged from those disclosed in the
French energy giant TotalEnergies will start work on a $27-billion oil and gas contract with Iraq within one month citing a top official. Iraq, which controls the world’s fifth largest proven oil reserves, signed the massive deal with the French firm to develop its oil, gas and renewable energy sector on Monday. It is the largest foreign investment in the history of the war-torn Arab nation. Under the agreement, the four projects specified by the contract will have to
Energy Capital and Power (ECP), the leading investment platform for the African energy sector, is proud to announce its strategic partnership with CV&A Consultores em Comunicação (CV&A) for the highly anticipated Angola Oil and Gas (AOG) conference and exhibition – taking place in Luanda this year from September 13-14. Under the theme, ‘Angola Oil & Gas: Energy Security, Decarbonization and Sustainable Development’, AOG 2023, organized by ECP, brings together global industry leaders, government representatives, investors and key
