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Local Energy News Petroleum

TotalEnergies chooses Angola over Nigeria for $6 billion energy project

21, May, 202421, May, 2024

French oil major TotalEnergies has chosen Angola over Nigeria for a $6 billion energy project. The oil giant is moving forward with the development of the Kaminho oil project, located 100 km off the coast of Angola, following a final investment decision on the block, it announced on Tuesday. The $6 billion project involves developing two oil fields, Cameia and Golfinho, located in Block 20/11, according to a statement from Angola’s national hydrocarbon agency, ANPG.

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International Economy News Petroleum

IMF Urges Nigeria to End Fuel and Electricity Subsidies to Boost Economy

21, May, 202421, May, 2024

The International Monetary Fund (IMF) has reiterated its call for the Nigerian government to eliminate subsidies for fuel and electricity, contingent upon the enhancement of the social protection scheme. In its recent report titled “Nigeria: 2024 Article IV Consultation,” the IMF highlighted that these subsidies are projected to consume 3% of Nigeria’s Gross Domestic Product (GDP) in 2024, up from 1% in the previous year. The IMF praised the Nigerian Federal Government for several measures,

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Gas International News

Australia Faces Gas Supply Shortfalls Despite New Government Strategy

21, May, 202421, May, 2024

Australia’s energy producers have endorsed the government’s new Future Gas Strategy aimed at bolstering natural gas development but cautioned that the country is still at risk of gas supply shortfalls this decade amidst volatile global markets due to ongoing conflicts. Meg O’Neill, chair of the Australian Energy Producers, expressed the group’s support for the Future Gas Strategy, which was released earlier this month. The strategy underscores the need for new gas sources to satisfy both

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International Gas News

IFC intends to fund Mozambican biofuels

21, May, 202421, May, 2024

The International Finance Corporation (IFC), a member of the World Bank Group, has expressed its interest in funding the Mozambican biofuels sector, given the country’s high potential. The interest was expressed on Thursday by the IFC executive director, Makhtar Diop, at an audience granted to him by Mozambican President, Filipe Nyusi, during his visit to Kigali, on the sidelines of the Africa CEO Forum. “We talked about cooperation between Mozambique and the IFC. We discussed

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International Energy Gas

Temane Thermal Power Plant Set to Boost Mozambique’s Energy Capacity

21, May, 202421, May, 2024

According to a document from Eletricidade de Moçambique (EDM), the Temane Thermal Power Plant (CTT), located in Inhassoro district, Inhambane province, will commence commercial operations in January 2025. Expected to be the largest gas-fired power station in Mozambique, the plant will generate 450 megawatts (MW) of electrical energy using natural gas reserves from Pande and Temane over a period of 25 years. This capacity increase is projected to raise the country’s installed electricity production capacity

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International News Renewable Energy

Mozambique’s Solar Power Production Rises by 14% in Q1

21, May, 202421, May, 2024

Electricity production from solar parks in Mozambique increased by nearly 14% in the first quarter of this year compared to the same period last year, according to official data reviewed by Lusa. However, solar energy still accounts for less than 0.5% of the country’s total electricity production. The government’s budget execution report for January to March indicates that the country’s six large solar parks, along with other smaller plants, produced a total of 19,688 megawatt-hours

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International Energy Mining News Oil Petroleum Transport and Logistics

Expansion of Beira-Harare Pipeline Secures Regional Energy Supply

21, May, 202421, May, 2024

The Beira corridor stands as a critical fuel supply route for Zimbabwe and a primary transit pathway for fuels heading to Zambia and the Katanga region of the Democratic Republic of the Congo. Integral to the region’s energy infrastructure are the combined assets of CFM (Port of Beira operator), CPMZ (Mozambican pipeline operator), PZL (Zimbabwean pipeline operator), and NOIC (Zimbabwe’s government-appointed shipper). Their efficient operation ensures energy security for Mozambique and the landlocked nations along

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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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