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International Diamonds News

Ekati Mine Sees 70% Revenue Surge in First Fiscal Quarter

21, May, 202421, May, 2024

Revenue from the Ekati mine’s rough diamond output soared by 70% in the first fiscal quarter, according to Burgundy Diamond Mines, the mine’s owner. The company reported sales of 1.3 million carats from the Canadian deposit, totaling $117 million for the period ending March 31. This is a significant increase compared to the sale of 798,199 carats for $69 million during the same period last year. The average price per carat rose by 3.5% to

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Diamonds International News

Seasonal Slowdown Dents Petra’s Rough Prices

21, May, 202421, May, 2024

Petra Diamonds’ rough prices decreased at its latest tender as it noted seasonal weakness across all size categories. The sixth trading session, which took place in May, brought in $44 million from the sale of 371,104 carats, while like-for-like prices slipped 2.6% versus April, the miner reported last week. The sales value was down 11% from April’s $49 million but up 4.8% from the equivalent tender in May 2023. Sales volume increased 2% from April

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International Exploration News Oil

QatarEnergy Joins ExxonMobil in Egypt Offshore Exploration

21, May, 202421, May, 2024

QatarEnergy partners with ExxonMobil, acquiring a 40% stake in two offshore Egypt exploration blocks through a farm-in agreement. Under the terms of the agreement, which is subject to customary approvals by the government of Egypt, QatarEnergy will acquire a 40% working interest in each of the Cairo and Masry offshore concession agreements, while ExxonMobil, as the operator, will retain the remaining 60% working interest. The Cairo and Masry offshore exploration blocks were awarded to ExxonMobil

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International News Oil Petroleum

TotalEnergies and Dangote Refinery Sign Landmark Supply Deal

21, May, 202421, May, 2024

TotalEnergies CEO Patrick Pouyanne announced that the company has signed its first supply agreement with Nigeria’s Dangote Refinery. The announcement was made during a meeting with Aliko Dangote, although specific details of the agreement were not disclosed. “We met this morning; we made the first deal between both of us,” Pouyanne said during a panel at the Africa CEO Forum in Kigali, Rwanda. “The two CEOs met with our head of trading, and we found

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International News Oil

Dangote Refinery Secures 24 Million Barrels of US Crude

21, May, 202421, May, 2024

Nigeria’s Dangote refinery, Africa’s largest, is actively sourcing a portion of its crude oil from the United States. A Bloomberg report said the $20 billion refinery, established by Africa’s richest man, Aliko Dangote, has issued a term tender to buy two million barrels per month. The tender for overseas oil—from a refinery that’s situated in Africa’s largest producer nation—highlights how significant the plant will be in global crude and fuel trading. It will be the

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International Infrastructure News Renewable Energy

Egypt secures land for world’s largest wind farm

21, May, 202421, May, 2024

Egypt has signed a land access agreement with an Egyptian-Emirati consortium to construct a 10 GW onshore wind farm in Upper Egypt. The project, set to be one of the largest in the world, has a project value exceeding $10 billion, according to a statement by the Egyptian cabinet. The coalition includes Egyptian-Emeriti Infinity Power, the largest African renewable energy developer, Egyptian infrastructure company Hassan Allam Utilities, and the UAE’s flagship renewable energy company, Masdar.

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Oil International News

Nigeria Starts allocation of new oil blocks

21, May, 202421, May, 2024

On Tuesday, May 14, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced the start of the 2024 oil block licensing round. The Chief Executive of NUPRC, Gbenga Komolafe, announced this at the Miami, Florida, International Roadshow for the 2024 licensing round, hosted by the NUPRC, in collaboration with the Petroleum Technology Association of Nigeria (PETAN). The commission said the 2024 block licensing round would last for approximately nine months. Mr. Komolafe, while unveiling the bidding

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Local Economy Energy News

Luachimo Hydroelectric Plant Inaugurated, Boosting Economic Growth in Eastern Angola

21, May, 202421, May, 2024

The inauguration and commencement of full operations at the Luachimo Hydroelectric Plant in Lunda-Norte marks a significant step in revitalizing economic growth in Angola’s eastern provinces. The plant, with a capacity of 34 megawatts (MW), will initially supply electricity to the city of Dundo. Minister of Energy and Water João Baptista Borges, speaking at the inauguration ceremony, emphasized the importance of the project in integrating the future 220 KVA electricity network connecting Dundo, Lucapa (Lunda-Norte),

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Local News Oil

Angola Plans to Bid for Over 50 Oil Blocks by 2025

21, May, 202421, May, 2024

Angola aims to bid for more than 50 oil blocks by 2025, announced José Paulino, the President of the Board of Directors of the National Agency for Petroleum, Gas, and Biofuels (ANPG), on Tuesday in Luanda. Speaking at the opening of the 1st Luanda Exploration Forum, Paulino emphasized that this ambitious bidding plan underscores the government’s dedication to the development of the oil sector. “These actions reflect our country’s vision of increasing production in a

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Local Economy News Oil

Angola’s Oil Production Set to Rise by 3% in 2024

21, May, 202421, May, 2024

Angola’s oil production is expected to increase by 3% this year, rising from 1.13 million barrels per day (bpd) in 2023 to 1.16 million bpd in 2024, according to British consultancy Oxford Economics. Despite a slight drop in production in April, where output fell to 1.11 million bpd, 60,000 barrels less than the previous month, production has overall increased since the beginning of the year. Oxford Economics forecasts that Angola’s oil production will maintain an

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