Uganda Achieves Self-Sufficiency in Oil Supply

A bill enabling Uganda National Oil Business (Unoc), a state-owned oil business, to buy and supply oil to Uganda’s domestic market has been passed by the country’s cabinet. The bill will terminate the present method of importing oil through Kenyan wholesalers if it is approved by parliament. The goal of this new initiative, according to Energy Minister Ruth Nankabirwa who spoke on the issue on Tuesday, is to “improve the security of supply of petroleum products

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Angola’s First Gold Refinery Nears Completion with Portuguese-Trained Staff

Angola is on the verge of opening its maiden gold refinery, currently being built at the Viana Industrial Complex in Luanda. The facility is expected to begin operations in the second half of 2024, with 23 young Angolans currently undergoing training in Portugal, according to a ministerial source. The Ministry of Mineral Resources, Oil, and Gas, responsible for this initiative through the Angolan company GEDANGOL, reports that construction progress on the Gold Refinery has reached

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Gold Exploration Project Launched in Cabinda Province with Substantial Investment

A gold exploration project was inaugurated in Cabinda province last week, representing a $15.2 million investment. This project anticipates an estimated annual production of 3,900 ounces from secondary deposits. The inauguration ceremony was officiated by Diamantino Azevedo, the Minister of Mineral Resources, Oil, and Gas, along with Cabinda’s Governor, Mara Quiosa. The project’s goal is to explore gold in Cabinda, with an expected annual production of 8,900 ounces from secondary deposits. The Ministry of Mineral

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Kaduna Refinery in Nigeria Set to Resume Operations in 2024

Nigeria’s Government aims to reopen the country’s Kaduna oil refinery by the end of 2024. Currently undergoing a rehabilitation project, the refinery will have an initial production rate of 60,000 barrels per day. The announcement was made by Nigeria’s Minister of State for Petroleum Resources, Heineken Lokpobiri, during an assessment of the ongoing quick-fix project at the Kaduna refinery. Poised to ensure the West African country’s energy security and socioeconomic development, the rehabilitation of the

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Uganda Oil Production Expected to Commence by 2025

Government and its partners are working tirelessly, and I am happy to report that we are on track to have the first oil by the end of 2025,” Nankabirwa said, while presenting a statement on the status of oil and gas projects in the country, to Parliament on Wednesday, 25 October 2023. According to Nankabirwa, the government has already drilled a total of 11 oil wells; eight in the Tilenga and three in the Kingfisher

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Egypt Implements Gas Supply Reduction to Fertilizer Manufacturers Due to Critical Shortage

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,

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Italy’s Rosetti Marino Lands $300 Million Deal for Offshore Libyan Gas Venture

The Italian engineering and construction services firm, Rosetti Marino, has been awarded a $300-million contract by the oilfield services company Saipem to carry out Engineering, Procurement and Construction services for a project offshore Libya. Under the contract, Rosetti Marino will be responsible for constructing a Gas Recovery Module (GRM) weighing approximately 5,000 tonnes, modifying the existing central processing platform to accommodate the new GRM, and refurbishing the staff accommodation module. Expected to be completed in

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Optimal Oil Prices: The Sweet Spot Lies Between the Mid-$80s and Mid-$90s

The energy sector grapples with uncertainty as traders prioritize current fundamentals while demand weakens during the approaching low-demand season. The energy sector has recently experienced a series of fluctuations that have sent ripples through the global market. These fluctuations are predominantly tied to the losses in crude oil and diesel, which have raised questions about the sector’s stability. Amidst this uncertainty, experts are closely monitoring the market focus, which alternates between the risk of a

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Debswana’s Rough Diamond Sales in Botswana Decline by 21% Due to Softened Demand

Sales of rough diamonds at Debswana Diamond Company fell 21% in the nine months up to September, as Botswana’s central bank data on Tuesday showed, amid global economic uncertainty and slowing demand for gems. Debswana, equally owned by Botswana and Anglo American’s De Beers, sells 75% of its output to De Beers, while the balance is taken up by the state-owned Okavango Diamond Company (ODC). Botswana and De Beers in June agreed to a new

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Lulo Mine Unearths Impressive 208-Carat Diamond, Marking its Third-Largest Discovery

The ASX-listed Lucapa Diamond Company has announced the recovery of a 208 ct Type IIa diamond from the Lulo alluvial mining operations in Angola. This diamond is the third largest to be recovered from Lulo since mining operations began in 2015. Up to this point, Lulo has yielded 39 diamonds, each weighing more than 100 ct. This recent discovery closely follows the recovery of a 123 ct diamond at the same mine. Lucapa owns the

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