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International News Oil Petroleum

Financing Challenges Prompt Increased Investments in East African Crude Oil Pipeline

The East African Crude Oil Pipeline (EACOP), a joint project between Tanzania, Uganda, and major external stakeholders TotalEnergies and China National Offshore Oil Corporation (CNOOC), is facing significant financing hurdles. Originally set up to transport oil from Uganda’s Lake Albert reserves to Tanzania’s Tanga port, this $5 billion project has seen its two primary foreign investors step in with additional funding due to debt-financing constraints. The project has attracted criticism from environmental groups and parts

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Diamonds International News

Gem Diamonds Reports Strong Revenue Growth from Letšeng Mine

London-listed Gem Diamonds, operating the Letšeng diamond mine in Lesotho, generated revenues of $42.7 million from the sale of 26,627 carats of diamonds in the quarter ending September 30. This marks a significant increase from the $34.8 million generated from the sale of 24,422 carats in the previous quarter, which ended on June 30. The average price achieved for diamonds during the recent quarter was $1,603 per carat, up from $1,424 per carat in the

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Local Gas News

Angola Poised to Become Major Gas Supplier in Southern Africa

The Secretary of State for Oil and Gas, José Barroso, announced on Monday that Angola is emerging as a potential gas supplier for Southern Africa. He highlighted growing demand from countries such as the Democratic Republic of Congo (DRC), South Africa, and Namibia, adding that the region is increasingly looking to Angola for gas supplies. Speaking at a public consultation on the Natural Gas Master Plan, Barroso revealed that Zambia has proposed constructing an Angola-Zambia

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Local News Oil Renewable Energy

Sonangol Partners with Qinghai Lihao Clean Energy for Solar Panel Production in Angola

Sonangol, Angola’s state oil company, has signed a memorandum of understanding with the Chinese firm Qinghai Lihao Clean Energy to establish a partnership aimed at developing a photovoltaic solar energy industrial chain in Angola. The agreement focuses on the production of solar panels using locally sourced quartz ore as the primary raw material. According to a statement from Sonangol, the partnership will lead to the creation of a solar panel industry in Angola, integrating quartz

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Diamonds Local News

Angola Acquires Advanced System for Diamond Traceability and Certification

Angola’s state-owned diamond trading company, Sodiam, has acquired advanced equipment to track and certify the origin of its diamonds, according to Secretary of State for Mineral Resources, Janio Correa Victor. This move is part of Angola’s efforts to ensure greater transparency in its diamond sector, in line with its membership in the Extractive Industry Transparency Initiative (EITI) since 2022. Speaking at the opening of a workshop on the Assessment and Classification of Mineral Resources and

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International News Oil Petroleum

Nigeria Moves Closer to Self-Sufficiency in Petrol Production Amid Declining Imports

Nigeria appears to be on track to achieving self-sufficiency in petrol production, as recent data reveals a significant decline in the volume of Premium Motor Spirit (PMS) imported in October 2024. This decline follows an increase in PMS production at the Dangote refinery, particularly during the first two weeks of the month. According to a ship-tracking report from S&P Global Commodity Insights obtained by Nairametrics, Nigeria imported 280,400 barrels of gasoline and blend stock during

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International News Oil

Shell’s Sale of Nigerian Operations Faces Regulatory Hurdles

Shell’s plan to divest its stake in Nigeria’s onshore and shallow water operations has encountered a significant setback. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has put the deal on hold, citing the proposed new owners’ lack of qualifications to manage the assets. In January 2024, Shell International PLC announced its decision to exit the Nigerian onshore oil market by selling its subsidiary, Shell Petroleum Development Company Ltd (SPDC), in order to focus on more

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Oil International News

Republic of Congo Explores Oil Refinery Project with Russian Partnership

The Republic of Congo, an oil-rich nation, is considering the feasibility of establishing an oil refinery in collaboration with the Central African Republic and Russia. This initiative follows a joint plan to construct an oil pipeline within the Congolese state. Jocelin Patrick Mandzela, the Honorary Consul of the Republic of Congo in St. Petersburg, shared with Russian media that both nations aim to work together on the refinery project, as reported by Sputnik. “Our country

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Local Corporate News Diamonds News

TAGS and Sodiam Sell $12.9M in Rough Diamonds at Angola Tender

Trans Atlantic Gem Sales (TAGS) and Angola’s state-owned Sodiam sold $12.9 million worth of rough diamonds at their third tender of the year. The sale, held in Luanda, featured 44 diamonds over 10.8 carats, including two stones exceeding 175 carats. Of the 44 stones offered, 42 were sold. Despite a challenging global diamond market, 38 international manufacturing firms participated in the tender. Both TAGS and Sodiam highlighted the benefits of the transparent tender system, which

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International Gas News Renewable Energy

Egypt Revises 2040 Renewable Energy Target to 40%, Prioritizes Natural Gas

CAIRO, October 2024: Egypt has lowered its renewable energy target for 2040 from 58% to 40%, as announced by Petroleum Minister Karim Badawi. He emphasized that natural gas will remain a key part of Egypt’s energy strategy for the foreseeable future. Before hosting the COP27 climate summit in 2022, Egypt committed to increasing renewable energy to 42% of its energy mix by 2035, later advancing the goal to 2030. In June 2024, former Electricity Minister

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