London-listed Pensana has announced that Chairperson Paul Atherley has sold 1.5 million ordinary shares to provide additional working capital for the company. This move follows a £2 million facility made available to the company by two of its directors in March. The proceeds from the sale will be used to contribute £250,000 under this facility, supporting the company while it finalizes its primary fundraising for the Longonjo rare earths refinery project in Angola. To avoid
The Egyptian Council of Ministers has approved a significant renewable energy project led by Dubai-based AMEA Power, which aims to connect 2 GW of green energy to Egypt’s grid by summer 2025. This plan includes expanding the Abydos solar project by 500 MW, boosting its total capacity to 1 GW. In addition to the solar expansion, AMEA Power is developing the 500 MW Amunet wind farm in Ras Ghareb, scheduled to commence operations in the
The Mozambican Government has approved a concession contract allowing Eni Mozambico and Empresa Nacional de Hidrocarbonetos (ENH) to explore and produce petroleum in the Angoche A6-C Offshore Area. This decision, announced by the Council of Ministers, grants exclusive rights to conduct petroleum operations and produce oil from deposits within the concession area, located offshore of Nampula and Zambézia provinces. The concession also includes non-exclusive rights to build and operate necessary infrastructure for production and transportation
Egypt’s Elsewedy Electric, in collaboration with The Arab Contractors, has successfully added three additional hydro turbine generators to Tanzania’s national power grid. This expansion boosts the Julius Nyerere Hydroelectric Power Project’s (JNHPP) total power output to 705 megawatts. The milestone was announced by Tanzanian Deputy Prime Minister and Minister of Energy Doto Biteko on July 16 during a site visit to JNHPP. This advancement represents a significant stride toward meeting the country’s electricity needs and
Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, along with several petroleum leaders, inspected the development of the West Delta fields in the Mediterranean. The focus was on the offshore drilling of two new natural gas wells at the Raven field, developed by BP. The production from the two wells, West Raven-4 and West Raven, is expected to increase to 200 million cubic feet per day (mmcf/d) of natural gas and 8,000 barrels per
The Dangote Refinery, located on the outskirts of Lagos and built by Africa’s richest man, Aliko Dangote, is the largest in Africa. With a capacity of 650,000 barrels per day (bpd), it aims to reduce Nigeria’s reliance on imported fuels due to the country’s limited refining capacity. Since beginning operations in January, the refinery has struggled to secure enough crude oil despite Nigeria being Africa’s largest oil producer. The country faces issues of theft, pipeline
Arkenu Oil, a private oil and gas development and production company, exported 1 million barrels of Sarir/Mesla crude from Marsa el-Hariga port on July 10. The shipment was transported by the Suezmax vessel Zeus, chartered by the Chinese trading firm Unipec, according to shipping agent and port reports. The bill of lading indicates that the Libyan state-owned National Oil Corporation (NOC) sent the consignment on behalf of Arkenu. Historically, Libyan crude sales have been managed
The Council of Ministers of Angola’s National Oil, Gas & Biofuels Agency (ANPG) approved the country’s incremental production initiative for 2024. This initiative, expected to be enacted by President João Lourenço later this year, introduces new incentives to boost production in active blocks. It aligns with national objectives to maximize output at producing fields, offering license extensions and favorable fiscal terms to investors, thus stimulating cost recovery regardless of well results. A significant milestone under
In 2023, Angola secured the fourth position on the list of the world’s top ten diamond producers, generating $1.55 billion from the sale of 9.8 million carats. According to the Ministry of Mineral Resources, Oil and Gas, Angola trailed only Russia, Botswana, and Canada, based on information from the Kimberley Process. Notably, eight of the ten countries in the ranking are African, including Botswana, Angola, South Africa, Namibia, Zimbabwe, Lesotho, Sierra Leone, and the Democratic
The American oil company Exxon Mobil has transferred control of Block B, one of its extraction units, to Equatorial Guinea’s national oil company, GEPetrol. “The assets of Block B of the Sapphire field now officially belong to Equatorial Guinea. The transfer from Exxon Mobil to GEPetrol took place today in Malabo,” wrote Teodoro Obiang Mangue (‘Teodorin’) on social media platform X. “This is just the beginning of a new process,” added Teodorin, son of the
