French company TotalEnergies, which holds a diversified portfolio of oil assets and is a partner of Sonangol in the Caraculo Photovoltaic Plant, inaugurated last March in Namibe, announced on 25th July Tuesday a global operation to buy out the capital of its renewable energy subsidiary, Total Eren, increasing its stake from approximately 30 to 100 percent. On the backdrop of this acquisition, all personnel from Total Eren will be fully integrated into TotalEnergies’ Renewable Business
The Angola Oil & Gas (AOG) conference and exhibition was officially launched in Luanda by event organizer Energy Capital & Power (ECP) alongside the Ministry of Mineral Resources, Oil and Gas and partners including the National Oil, Gas and Biofuels Agency (ANPG); the Oil Derivatives Regulatory Institute (IRDP); and national oil company Sonangol. The event was attended by key stakeholders from across the public and private sectors as well as media, and served to kickstart
Rio Tinto said last week that production at the Diavik Diamond Mine fell 16 percent year-over-year in the second quarter but increased 2 percent when compared with Q1. Diavik, which Rio Tinto took sole ownership of in late 2021, produced 970,000 carats of diamonds in the second quarter, down from 1.1 million in the prior-year period but up from 954,000 in the first quarter. Rio Tinto said completion of an underground pipe as well as construction
The US$2.3 billion investment to take South Africa’s leading diamond mine underground bolsters De Beers’ global production and will benefit the South African economy and host communities until at least 2045 De Beers Group has celebrated a key milestone with the delivery of first production from underground operations at its Venetia Mine in Limpopo, South Africa. The overall construction of the underground mine is now 70 per cent complete, with construction and production ramp-up continuing
Algeria serves as a blueprint for how other gas-rich countries in Africa can leverage their resources to stimulate development across various sectors of the economy. The country has positioned its gas sector as a key driver of economic diversification, using revenue generated from Liquefied Natural Gas (LNG) exports to advance industrialization and electrification while correspondingly bolstering sustainability through renewable energy developments. Advancing Renewable Energy Developments With lack of investment representing a major barrier for most
Crude oil prices have rallied over 12 percent this month so far, aiming for the best month since January 2022. On the daily chart, WTI broke above the 200-day moving average, a level not seen since August 2022. This recent surge has been bolstered by a near-term rising trendline from the end of June. WTI crude oil prices rose about 2.8 percent on Monday, marking the strongest 24-hour period since June 13th. If this push
Gwen Mwaba, Director & Global Head of Trade Finance at the supranational multilateral financial institution, African Export-Import Bank (Afreximbank), will speak at this year’s edition of the Angola Oil & Gas (AOG) conference scheduled for 13 to14 September in Luanda. The event is organized by Energy Capital & Power (ECP) and takes place under the theme ‘Angola Oil & Gas: Energy Security, Decarbonization and Sustainable Development.’ AOG 2023 will host Mwaba in high-level panel discussions
Russian state-owned atomic energy corporation Rosatom has announced plans to start mining uranium in Namibia by 2029. The corporation through its global mining company, Uranium One plans to complete the prospecting and exploration phase of the project by 2026, dubbed the Wings project. Exploration started in 2010, with geological studies conducted between 2018 and 2021, confirming the presence of a large sandstone-type uranium deposit. With an initially projected lifespan of 25 years, the project will
A $27-billion agreement signed between Iraq and France’s oil giant TotalEnergies will support Iraq’s plans to expand its crude oil output and petrochemical industries, the Iraqi Oil Ministry said in a report on Tuesday. The agreement, which involves four major projects, will also significantly boost Iraq’s revenue and allow it to avoid wasting its gas wealth by ending flaring practices. “This is a strategic package that will largely support the Iraqi economy… it will help
The price of a barrel of Brent crude oil, which serves as a reference for Angolan exports, for delivery in September, ended today in the London futures market with an increase of 2.06%, reaching $82.74. File Brent maintained its upward trend as investors awaited the decisions that the European and US central banks will make this week regarding their respective benchmark interest rates. Analysts are confident in the maintenance of oil demand, even in the
