De Beers has sold an iron-ore interest in Australia as part of its efforts to streamline the business and offload noncore units. The company has entered into a definitive agreement to sell a royalty right related to the Onslow Iron project in West Pilbara, it said Monday. Taurus Funds Management will acquire the subsidiary company, De Beers Exploration Australia, for $125 million in cash up-front and up to $25 million at a later stage. De
Nigeria’s daily oil production saw a substantial increase in July, as reported by Gbenga Komolafe, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). By July 23, Nigeria’s average daily production had risen to 1.61 million barrels per day (mbpd), up from 1.25 mbpd reported earlier in the month. During a two-day public/investigative hearing on oil theft and losses held by the House of Representatives Special Committee, the commission disclosed the latest production
Africa’s largest solar rooftop installation was recently launched in Ghana, announced by Herbert Krapah, the country’s Minister of State for Energy, on Thursday. According to the Russian newspaper Sputnik, the solar installation spans 95,745 square meters—equivalent to 20 football fields—and was inaugurated in the city of Tema, Ghana. Funded by the World Bank’s International Finance Corporation (IFC), this solar project aims to generate 24.7 GWh of clean energy annually. The project, costing $17 million, is
Angola’s new Cabinda crude oil refinery is set to commence operations later this year, with a target to reach full production of 30,000 barrels per day by July next year, according to Chief Executive Marcelo Hofke. Nearly two-thirds of the construction is complete, making Cabinda the most advanced of the three planned refineries. y These new facilities, including an upgraded Eni-supported plant in Luanda, are crucial for Sub-Saharan Africa’s second-largest oil producer to reduce its
Nigeria’s prominent Dangote oil refinery has reportedly been reselling cargoes of U.S. and Nigerian crude, according to four trade sources on Friday. Three of these sources cited technical problems at the refinery as the reason for the reoffer. When questioned about the offers and market rumors of operational issues affecting the crude distillation unit (CDU), a Dangote executive confirmed that the CDU was operational, Reuters reported. The Dangote refinery, which began production in January, is
Namibe province plans to invest in diverse energy sources to ensure greater sustainability in production and compete with imported goods, announced Abel Capitango, the vice-governor for the Political, Social, and Economic sector, on Friday in Luanda. Speaking to Jornal de Angola at the Luanda International Fair, Capitango acknowledged the challenges faced despite the presence of the Caraculo Solar Photovoltaic Plant, which has a capacity of nearly 25 megawatts. The primary challenge is to install an
The Luanda Refinery plans to produce 10,000 barrels per day of green diesel and bio-jet fuel (SAF) within the next two years. This increase in production, using “Ecofining TM& UOP and UOP” technology, will result from refining 500,000 tons of raw materials annually. Implemented by Sonangol Refinação e Petroquímica (Sonaref), the project is projected to create 200 direct jobs and 400 indirect jobs. Initial projections estimate production at 5,000 barrels per day, refining 70,000 tons
On Sunday, Portos e Caminhos de Ferro de Moçambique (CFM), one of Mozambique’s largest business conglomerates, began its maritime support operations for the oil and gas sector through its subsidiary, CFM Logistics. Agostinho Langa Júnior, president of CFM’s board of directors, emphasized the significance of this venture during the launch ceremony. “It is a gigantic challenge and an extraordinary opportunity. By fulfilling this aim, we will not only be implementing a Government mandate in the
The National Oil, Gas, and Biofuels Agency (ANPG) signed three production sharing contracts with ETU Energias and ACREP for blocks CON 2, CON 8, and KON 19 in Luanda last week. According to a press release, the signing ceremony was attended by the Minister of Mineral Resources, Oil, and Gas, Diamantino Azevedo. Block CON 2 will be operated by ETU Energias, with Effimax and Simples Oil as partners. Similarly, ETU Energias will also operate Block
State-owned Sonangol recorded a net profit of $1.356 billion (1.1 billion kwanzas) for the 2023 fiscal year, continuing its recovery trajectory over the past three years, according to the Annual Report and Accounts released on Monday. Despite remaining “positive,” the profits represented a 27.7% decrease compared to the same period in 2022, when the company reported $1.8 billion (1.5 billion kwanzas). This decline was attributed to various factors, including a decrease in global oil prices,
