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Local News Oil

Yinson Production Secures $1.3 Billion Financing for Agogo FPSO Project in Angola

12, May, 202412, May, 2024

Yinson Production, an energy infrastructure and technology company, has finalized a $1.3 billion limited recourse term loan facility for the construction of the Agogo FPSO in Angola. The financing, backed by a consortium of 13 lenders, encompasses both pre- and post-delivery expenses for the facility, with Standard Chartered Bank acting as the Global Coordinating Bank. Structured into three secured tranches with staggered maturities spanning up to 10 years, the multi-tranche financing will support the complete

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International News Oil Drilling

ADES Wins $43M Rig Contract in Egypt

12, May, 202412, May, 2024

Offshore services company ADES Holding has secured a drilling contract from Egypt’s Suez Oil Company. Under the $42.93 million contract, a jack-up unit will be used for drill works at the Gulf of Suez, with the 21-month term expected to commence in the coming weeks. This latest contract comes on the heels of ADES Holding’s recently awarded campaigns in Qatar and Thailand, set to begin in the second half of 2024. As a result, the services company has

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International Gas News

Mozambique’s Coral South FLNG Passes Performance Test

12, May, 202412, May, 2024

Mozambique’s Coral South floating LNG (FLNG) facility reached a critical milestone on Monday, successfully passing a performance test achieving production above 3.4 million tons per year. Dual mixed refrigerant LNG process technology and equipment developed by global industrial gases company Air Products passed the evaluation, enabling maximum efficiency, increased reliability and reduced environmental impact. In addition to its proprietary equipment and technology, Air Products provided technical advisory services for the installation, commissioning, start-up and performance

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International Exploration Iron Mining Projects

Arrow Minerals Unveils High-Grade Mineralization at Simandou North Iron Project

12, May, 202412, May, 2024

Arrow Minerals, an exploration and development company, has discovered high-grade mineralization at its newly acquired Simandou North Iron Project in Guinea-Conakry. During the initial drilling phase in February, the company unearthed promising results from the first five holes, with surface samples showing grades as high as 63%. Additional testing of 392 samples is currently underway. With a commitment to establishing a direct shipping grade iron mining operation by June, Arrow Minerals plans to capitalize on

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International Economy News

Senegal’s BNDE Secures €70 million from South African DFI

12, May, 202412, May, 2024

Senegal’s National Bank for Economic Development (BNDE) has obtained a €70-million financing line from the Development Bank of Southern Africa (DBSA), promoting South-South financial cooperation. The loan aims to bolster BNDE’s capacity to support the Senegalese economy, particularly projects led by SMEs, while strengthening its role as a development bank. DBSA will provide the line of credit for a seven-year period. The announcement aligns with Senegal’s decision to boost BNDE’s capital to €79 million, reflecting

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International Gas

Mauritanian Government Opts Against Renewing bp’s Contract for BirAllah Gas Field

12, May, 202412, May, 2024

The Mauritanian government has decided not to renew international oil company bp’s contract for the exploitation of the BirAllah gas field, situated in the coastal basin of Mauritania. Although bp expressed interest in extending the contract to conduct additional feasibility studies for field exploitation, the Mauritanian government has chosen to initiate development work independently and is seeking a new partner for the project. bp, in partnership with American oil company Kosmos Energy, currently operates the

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International Gas News

Eni Kenya BV Plans to Establish Biogas Facility in Kenya

12, May, 202412, May, 2024

Integrated energy company Eni Kenya BV plans to establish a biogas facility in Kenya that will utilize trash dumps from five major landfills across Kenya to generate energy for households. Awaiting government authorization, Eni Kenya BV’s proposal holds promise for addressing environmental hazards posed by dumpsites while simultaneously providing a renewable energy source. The company’s initiative aims to transform these dumpsite into sources of clean energy. “In 2023, in support of the subsidiary Eni Kenya

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International Gas News

ACWA Power to Conduct Study for Mauritanian Gas Pipeline

12, May, 202412, May, 2024

Saudi renewable energy company ACWA Power has been mandated by the Kingdom’s Ministry of Energy to conduct a feasibility study for the construction of a natural gas pipeline in Mauritania. The proposed pipeline will transport natural gas from the Greater Tortue Ahmeyim production site to the port of N’Diago for power generation purposes. The feasibility study also covers the construction of a gas-to-power plant, with the port serving as a distribution point for domestic electricity.

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International Energy

World Bank Loan to Support Namibian Power Expansion

12, May, 202412, May, 2024

International financial institution the World Bank is providing financial backing for a $138.5 million electricity project in Namibia. The project will strengthen Namibia’s electricity transmission network while advancing the integration of renewable energy in national grid infrastructure. Implemented by Namibia’s state-owned power utility NamPower, the project comprises the development of the second Auas-Kokerboom transmission line as well as a utility-scale battery energy storage system. The financing also serves to promote technical assistance to support NamPower

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International Gold Mergers & Acquisitions News

Avanti Expands Asset Base with MTM Share Acquisition

12, May, 202412, May, 2024

Mining exploration companies Avanti Gold Corp. and MTM have finalized a Share Exchange Agreement, encompassing Avanti’s acquisition of prospecting rights in South Africa’s Kraaipan Greenstone Belt. Under this agreement, Avanti Gold Corp. will issue 29 million common shares to MTM’s shareholders in exchange for all issued and outstanding share capital of MTM. These shares will be subject to a five-month resale restriction and other relevant securities regulations. The strategic move expands Avanti Gold Corp.’s portfolio without constituting a fundamental

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