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Local News Oil

Liberia and Angola Forge Stronger Ties in Oil and Gas Sector

24, May, 202424, May, 2024

Liberia’s Foreign Minister H.E. Sara Beysolow Nyanti, representing His Excellency Joseph Nyuma Boakai, Sr., President of the Republic of Liberia, met with His Excellency João Lourenço, President of the Republic of Angola, at the Presidential Palace in Upper City, Luanda. This high-level diplomatic engagement marks a significant step forward in bolstering bilateral relations, with a particular emphasis on cooperation in the oil and gas sector. During the meeting, both leaders expressed their commitment to deepening

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International Energy Gas Gold Mining News

Invictus Energy Seals Gas Sales Agreement to Power Zimbabwe’s Eureka Mine

24, May, 202424, May, 2024

Independent upstream oil and gas company Invictus Energy Limited has signed an MoU with mine operator Dallaglio Investments and power generation firm Himoinsa Southern Africa Proprietary for a gas-to-power project in Zimbabwe. The project will generate electricity to power operations at the Eureka Gold Mine – one of the country’s largest. Under the partnership, gas extracted from the Cabora Bassa Project will fuel operations at Eureka – located 50km from the Mukuyu-2 wellsite. The African

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International Energy News

Energy Markets Face Continued Impact from Geopolitical Conflicts – Woodside Energy Group

24, May, 202424, May, 2024

Energy markets will continue to be affected by the Russian invasion of Ukraine and the Israel-Hamas conflict, according to Woodside Energy Group, Australia’s largest oil and gas producer. “The fallout has been massive, and the volatility is not over,” CEO Meg O’Neill said in a speech prepared for the Australian Energy Producers Conference scheduled for Tuesday in Perth. “It is instability absolutely nobody wants.” Although oil and gas prices have retreated from their initial spikes

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Local Economy News Oil

Angola Prioritizes Contract Stability and Technological Investment in Oil Sector

24, May, 202424, May, 2024

Angola aims to maintain stability in contracts with external investors for the development of its oil sector while investing in new technologies. This was announced by the Minister of Mineral Resources, Oil and Gas, Diamantino Pedro Azevedo, during the opening of the “1st Offshore Exploration Forum in Angola” held in Luanda yesterday. Minister Azevedo highlighted that the stability of contracts with companies has been a cornerstone of Angola’s robust oil sector. He emphasized the importance

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International Energy News Oil

Vivo Energy to invest over $550 mln in South Africa, minister says

24, May, 202424, May, 2024

Vivo Energy, owned by global commodities trader Vitol, will invest an initial 10 billion rand ($550.79 million) in its South African operations following its merger with Engen, South Africa’s trade minister Ebrahim Patel said on Wednesday. The investment is part of a range of public interest and competition commitments, designed to prevent job losses and continue supply contracts with local refineries, that domestic regulators sought when the merger was considered. “The company (Vivo) has committed

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International News Oil

CNOOC Signs Oil Exploration and Production Contracts in Mozambique

24, May, 202424, May, 2024

State-run China National Offshore Oil Co (CNOOC) announced on Friday that it had signed oil exploration and production concession contracts with Mozambique’s energy ministry and national energy company ENH. The contracts cover five offshore blocks in Mozambique, spanning a total area of approximately 29,000 square kilometers (11,200 square miles) with water depths ranging from 500 meters to 2,500 meters (1,640 feet to 8,202 feet), according to a company statement. The initial exploration phase is set

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International Oil Petroleum

Galp Sells Mozambique Rovuma Basin Stake to ADNOC for €600 Million

24, May, 202424, May, 2024

Portugal’s Galp Energia has reached an agreement to sell its 10% stake in the consortium prospecting for natural gas in Mozambique’s Rovuma basin to the Abu Dhabi National Oil Company (ADNOC) for approximately €600 million. In a statement to Portugal’s Securities Markets Commission (CMVM) on Wednesday, Galp announced the sale as part of its “disciplined” investment strategy. The deal, valued at $650 million (€599 million), is expected to be finalized by the end of the

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International Gas News

ADNOC Acquires 10% Stake in Mozambique’s Rovuma Basin LNG Project

24, May, 202424, May, 2024

The Abu Dhabi National Oil Company (ADNOC) has acquired a 10% stake in Galp’s Area 4 concession, part of the extensive natural gas project in Mozambique’s Rovuma basin, marking ADNOC’s first venture into the African nation. With this deal, ADNOC will gain access to a portion of the liquefied natural gas (LNG) production from the concession, which boasts a combined capacity exceeding 25 million tonnes per annum, the company stated. The Area 4 concession encompasses

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Diamonds International News

De Beers Looks to Long-Term Market Recovery Amid Drop in Sales

24, May, 202424, May, 2024

Proceeds at De Beers’ fourth rough-sales cycle of the year saw a downturn from the recent improvement noted in the last few sights as it entered a traditionally slow period for the industry. The miner brought in $380 million in May, down 21% versus the equivalent period in 2023, it said Thursday. That figure is also 15% lower than the $446 million the company reported at its April cycle, and 12% lower than February’s total.

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International Energy News

Ghana Considers Global Bids for First Nuclear Power Plant

24, May, 202424, May, 2024

Ghana is set to select a company by December to build its first nuclear power plant, with contenders from the United States, Russia, China, France, and South Korea vying for the contract. France’s EDF, U.S.-based NuScale Power and Regnum Technology Group, and China National Nuclear Corporation are in the running, Reuters reported. South Korea’s Kepco, its subsidiary Korea Hydro Nuclear Power Corporation, and Russia’s ROSATOM are also competing, according to Robert Sogbadji, Deputy Director for

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