Mozambique’s natural gas exports generated $901 million in the first half of 2024, a 33% increase compared to the same period in 2023, according to the central bank’s Semi-annual Balance of Payments and International Investment Position Report. The rise in natural gas revenue was attributed to increased export volumes, driven by the commencement of gas extraction and exports from Area 4 of the Rovuma Basin. This growth occurred despite a 28% drop in the average
KBR, a global engineering company, has partnered with AMUFERT, a fertilizer production and marketing firm, to develop a large-scale ammonia production plant in Soyo, Angola. The facility will have a daily production capacity of 2,300 metric tons, aiming to enhance food security in Angola and across the region. The project will leverage KBR’s proprietary ammonia technology, with the company providing a technology license, specialized engineering design, and tailored solutions to support the plant’s development. Jay
The Minerals Income Investment Fund (MIIF) of Ghana has reported $1.02 billion in revenue over the past year through its gold trade desk. This platform was created to formalize the country’s small-scale mining sector, enhance gold traceability, and provide a dependable market for locally produced gold. In addition to stabilizing the small-scale mining sector, the desk has significantly supported the economy by channeling $600 million to Bulk Distribution Companies for petroleum imports. This measure has
Banco Sol has expressed interest in financing and supporting sustainable projects led by local entrepreneurs along the Lobito Corridor, the bank’s Executive Committee Chairman, Osvaldo de Lemos Macaia, confirmed on Wednesday in Benguela. Speaking to Jornal de Angola, Macaia emphasized the region’s economic potential and the government’s active efforts to attract investors to the Lobito Corridor. “For initiatives along the Lobito Corridor, Banco Sol will evaluate the projects and companies to assess how local entrepreneurs
Gold and oil prices fell by approximately 3% on Monday following reports of a potential ceasefire agreement between Israel and Lebanon, which could ease tensions in the Middle East. By 6:00 PM Luanda time, gold—a traditional safe-haven asset—had dropped by 3.13%, trading at $2,631 per ounce. This decline interrupted a five-session streak of consecutive gains. Market analyst Adrián Hostaled highlighted that, in addition to the potential ceasefire, the nomination of Scott Bressent as the future
Angola’s President João Lourenço has approved a special legal regime aimed at maximizing hydrocarbon recovery in mature oil concessions within the country’s maritime zone. This initiative, announced in a presidential decree dated November 20, focuses on promoting incremental production in aging fields through enhanced investment opportunities. The regime targets fields that have been operational for over 25 years or have utilized 70% or more of their proven reserves, as defined by the National Oil, Gas,
The fuel supply challenges in the municipalities of Quiculungo and Bolongongo in Angola’s Cuanza Norte province are set to be resolved with the construction of new fuel stations. These two areas, previously lacking such facilities, will soon benefit from the ongoing development of fuel pumps, according to Luís Fernandes, General Director of the Petroleum Regulatory Institute (IRDP). Fernandes shared this update during a Ministry of Mineral Resources, Oil, and Gas meeting held in Cuanza Norte.
The Bank of Namibia (BoN) has expressed concerns that ongoing challenges in the mining sector, particularly in the diamond industry, may extend beyond 2024, posing a significant threat to the country’s economic growth. Kazembire Zemburuka, BoN’s Director of Strategic Communications and International Relations, highlighted declining production volumes and falling international diamond prices as critical issues affecting GDP growth throughout 2024, with projections indicating continued struggles in the coming years. “The challenges facing the diamond mining
Morocco is set to initiate tenders in 2025 for the Nigeria-Morocco gas pipeline, focusing on sections within Moroccan territory. This milestone is part of the National Office of Hydrocarbons and Mines’ (ONHYM) 2025 Action Plan, according to Asharq Al-Awsat. The pipeline’s first phase will span Morocco, Mauritania, and Senegal, with additional gas transport agreements expected next year. A dedicated private company will oversee the project’s construction, operation, and maintenance, as outlined in a project document
President Nana Akufo-Addo has inaugurated the Bridge Power Plant, a 200MW combined cycle power facility in Kpone, located in Greater Accra’s Heavy Industrial Area. The plant, developed by Early Power Limited, is powered primarily by natural gas and is designed to be one of Ghana’s most operationally flexible combined cycle facilities. Supplied with five TM2500 aeroderivative gas turbines by GE Vernova, the Bridge Power Plant represents a critical milestone in Ghana’s energy sector. It is
