The South African petrochemicals major, Sasol, posted a 13% rise in annual profit on Wednesday as better operations in the second half offset the impact of weaker crude prices. The company stated that its headline earnings per share (HEPS), a measure of profit, were 53.75 South African cents for the 12 months ended on June 30, up from 47.58 cents posted a year ago. However, its basic earnings per share, which include one-off costs, were
The Cairo-based Cheiron Petroleum Corporation announced a new oil discovery in Egypt’s Geisum and Tawila West Concession in the Gulf of Suez, according to a statement by the Ministry of Petroleum and Mineral Resources on Tuesday. The petroleum ministry reported that the discovery was made through the GNN-11 exploratory well, and that three further wells can be drilled in the same area. According to the ministry, the output of crude oil in the Geisum and
A report by the United Nations Conference on Trade and Development (UNCTAD) shows that Africa has the potential to become a major participant in the global supply chain of critical minerals. According to the report, which was released this month, Africa’s abundance of critical minerals and metals vital for technology-intensive industries and the energy transition, including aluminum, cobalt, copper, lithium, and manganese, offers a new regional market opportunity for businesses and industries seeking to diversify
A dynamic energy company, the Nigerian National Petroleum Corporation (NNPC), has secured an emergency $3 billion loan from the pan-African financial institution, African Export–Import Bank (Afreximbank), to improve its services across the entire petroleum value chain. The NNPC says the loan – which will be repaid using a limited amount of future crude oil production – will enable the company to settle taxes and royalties in advance while supporting the Nigerian government to stabilize the
The Ministry of Mineral Resources, Petroleum, and Gas (MIREMPET) is holding a meeting on Thursday to present the achievements in diamond production, marketing, and exportation. The meeting will take place at the MIREMPET Building and will have the participation of companies such as Endiama, Catoca Mining Company, Somiluana Mining Company, among others.
The Minister of State for Petroleum and Gas, José Barroso, observed the progress of the construction of the future refinery in Cabinda. During the technical visit to the refinery project, José Barroso received explanations from the Odebrecht representative, Joel Peito, with a focus on phase 1 of the refinery. Joel Peito also presented the ongoing infrastructure and civil works, the 30,000 barrels per day distillation unit, which is considered the heart of the refinery, the
The development of the Floating Production Storage and Offloading (FPSO) vessel for the Sangomar Field Development – Senegal’s first offshore oil project – is now 90% complete, according to Senegal’s Ministry of Petroleum and Energy. After it is completed in Singapore by the Japanese shipbuilding company MODEC, the Very Large Crude Carrier is expected to arrive in Senegal in February 2024. The completion of the 100,000-barrel-per-day FPSO will play a pivotal role for Woodside Energy,
The Ivory Coast’s Minister of Mines, Petroleum and Energy, Mamadou Sangafowa Coulibaly, has announced the country’s plans to fast-track the development of gas reserves in Blocks CI-523 and CI-525. The aim of these plans is to strengthen the resilience of the local electricity market through the provision of gas-fired power generation. “These deposits, which have been awaiting development for several decades, require integrated development, which will boost our natural gas production capacity,” said the Minister.
The Pan-African multilateral development financial institution, the Africa Finance Corporation (AFC), will invest $95.25 million in Uganda’s petroleum logistics infrastructure. The investment will be directed towards the oil and gas company Mahathi Infra Uganda. The funds will be used to finance the construction of two self-propelled barges for operation on Lake Victoria. The financing will also support the development of 14 petroleum storage tanks, 20 truck loading bays, a jetty, and a parking lot with
Lucara Diamond Corp. has recovered a 692.3-carat diamond from its Karowe mine in Botswana, the second massive rough from the deposit this month. The white, type IIa stone came from the EM/PK(S) unit in the south lobe, known for its large, high-quality rough, Lucara said on Monday 21st of August. The miner found the diamond via its XRT unit, which uses X-ray technology to identify huge stones in large pieces of ore before they get broken up.
