The BW Energy has announced a commercial oil discovery on the Hibiscus South exploration prospect in the Dussafu Marin license offshore Gabon, indicating significant untapped potential in the licensing area. Drilled from the MaBoMo production platform at a depth of just over 6,000m, the DHBSM-1 appraisal well has encountered recoverable reserves of 6-7 million barrels with approximately 16 million barrels of oil in place, according to initial estimations. The discovery comes as part of the
The Mozambique’s minister for mineral resources and energy, Carlos Zacarias, said last week that the construction of the country’s largest gas-fired power plant is 60% complete, and that the infrastructure is expected to be operational in 2024. “We have seen substantial progress of around 65%, this is substantial progress that satisfies us,” said Zacarias, speaking to journalists after visiting the Temane Thermal Power Plant (CTT), in the district of Inhassoro, Inhambane province, southern Mozambique. The
Iraq is set to approve an oil and gas law allowing foreign firms to share in production, despite disputes with Kurdistan. In a significant development, Iraq is set to approve a groundbreaking oil and gas law that will open the doors for foreign companies to participate in the country’s energy production, despite ongoing tensions with the autonomous Kurdistan region. The announcement was made by Asim Jihad, the spokesman for Iraq’s Oil Ministry, during a statement
The state-owned Egyptian Chemical Industries Company (KIMA) reported a decline in natural gas supplies, according to a bourse statement on Tuesday 31st October. The news came amid media reports that gas supplies to fertilizer companies had been cut by 30 percent. The news led to a sharp decline in the stocks of petrochemical companies, including Kima, Misr Fertilizers Production Co (Mopco), and Abu Qir Fertilizers (ABUK), which dropped 11.82 percent, 13.11 percent, and 11.49 percent,
The MSGBC region’s gas market is poised for significant transformation in 2024 as projects start production, power generation facilities progress, and investment increases across the energy value chain. Through gas, the region is set to foster long-term and sustainable economic growth. GTA Phase 1 to Kickstart in 2024 Situated on the maritime border between Senegal and Mauritania, the first phase of the Grand Tortue Ahmeyim (GTA) Liquefied Natural Gas (LNG) project is set to produce
TotalEnergies Posts Impressive Q3 Results with $6.5 Billion in Net Income, Driven by Increased Oil and Gas Production and Strong Power Division Performance. TotalEnergies, a global energy giant, has announced its third-quarter financial results, revealing an adjusted net income of $6.5 billion. While this represents a 37% decrease compared to the same period last year, it reflects a significant 30% increase sequentially and surpasses the analyst consensus estimate of $6.18 billion. The surge in oil
The state-owned oil company Sonangol and Total Energies have signed a cooperation agreement in Luanda to launch a campaign to identify, quantify, and reduce methane and carbon dioxide emissions in their activities. According to Sonangol’s website, to which ANGOP had access on Friday, the operation will be carried out through a drone, supporting the decarbonization of the Angolan oil industry and contributing to cleaner energy in the country. According to the Angolan oil company, the
Rapidly emerging as a key player on the regional energy stage, West Africa is rich in mineral resources such as bauxite, manganese, copper, cobalt, iron ore, and gold. In order for the region’s mineral resources to translate into economic wealth, however, the critical mineral value chain needs to be enhanced, with regulatory policies and reforms, advancements in processing and refining capacity, and heightened investment in exploration serving as key solutions. A Wealth of Mineral Opportunities
The Ministry of Mineral Resources, Petroleum, and Gas presented the “Angola Mining Conference” to the press this Monday, scheduled for November 22nd and 23rd in Luanda. The event was led by the Secretary of State for Mineral Resources, Jânio Víctor. The Angola Mining Conference is a trade show dedicated to the country’s mining industry and the attraction of partners for the mineral supply chain.
The French multinational integrated energy and petroleum company TotalEnergies expects to make a Final Investment Decision (FID) on the Matola Liquefied Natural Gas (LNG) import terminal, located at the Matola Port in Mozambique, by September 2024. Developed by TotalEnergies in collaboration with industrial gas supplier Gigajoule, Mozambique’s Matola Gas Company, and the country’s National Oil Company, Empresa Nacional de Hidrocarbonetos, the $550 million terminal will receive natural gas from a permanently-moored Floating Storage and Regasification
