Vital Industry News
UAE Exit from OPEC Raises Volatility Risks for Global Oil Markets and African Producers Sudan’s Gold Sector Becomes Economic Lifeline Amid Prolonged Conflict Dangote Backs New East African Refinery Project in Tanzania Libya Partners with Chevron to Assess Shale Oil and Gas Potential Uganda Plans New Oil Licensing Round to Expand Reserves Cameroon Awards Five Oil and Gas Blocks in 2025–2026 Licensing Round Dakar LNG Terminal Project Set to Strengthen Senegal’s Energy Security UAE Exit from OPEC Raises Concerns Over Oil Market Stability and Nigeria’s Revenue Outlook Angola Oil Revenue Rises to $7.16 Billion in Q1 on Stronger Prices Angola Oil Sector Faces Medium Risk of Money Laundering, Study Finds
International Corporate News Oil

UAE Exit from OPEC Raises Volatility Risks for Global Oil Markets and African Producers

Gold International News

Sudan’s Gold Sector Becomes Economic Lifeline Amid Prolonged Conflict

International Corporate News Oil

Dangote Backs New East African Refinery Project in Tanzania

More Angolan Mining News

International Corporate News Oil

UAE Exit from OPEC Raises Volatility Risks for Global Oil Markets and African Producers

UAE OPEC Exit Sparks Supply Uncertainty as Global Oil Market Faces Demand Weakness and Rising…
Gold International News

Sudan’s Gold Sector Becomes Economic Lifeline Amid Prolonged Conflict

Sudan Relies on Gold Revenues as War Enters Fourth Year, Smuggling and Investor Shifts Reshape…
International Corporate News Oil

Dangote Backs New East African Refinery Project in Tanzania

Dangote to Lead Tanzania Refinery Project as East Africa Pushes to Cut Fuel Imports Aliko…
Oil Corporate News Gas

Libya Partners with Chevron to Assess Shale Oil and Gas Potential

Libya’s NOC and Chevron Sign Deal to Study 123 Tcf Gas and 18 Billion Barrels…
International News Oil

Uganda Plans New Oil Licensing Round to Expand Reserves

Uganda to Launch Third Oil Licensing Round as It Prepares for First Crude Production Uganda…
International Gas News

Cameroon Awards Five Oil and Gas Blocks in 2025–2026 Licensing Round

Cameroon Grants Key Exploration Blocks to Murphy and Octavia to Revive Oil Output Cameroon’s Société…
International Gas News

UK Development Bank Eyes African Gas Projects Potentially in Mozambique

UK development bank British International Investment is still willing to consider funding energy projects in Africa that run on natural gas if they increase electricity access on the continent, according to officials. As the world gears up for the next round of United Nations climate talks, which start in Dubai on Thursday, there’s growing pressure on financial institutions to stop supporting fossil-fuel projects. This has prompted concerns that the fight to tackle global warming could

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Energy News Renewable Energy

COP 28: Italy pledges €5 million to advance sustainable energy in Africa

Italy has committed a new €5 million to support Africa’s sustainable energy initiatives through the Special Fund of the Sustainable Energy Fund for Africa (SEFA). The announcement of this new contribution was made by Vannia Gava, the Italian Deputy Minister of Environment and Energy Security, during a side event at the 2023 United Nations Climate Change Conference, COP28, on Monday 4th December. The event co-organised by Res4Africa Foundation and GSE co-organised focused on the necessity

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International Energy News

TotalEnergies Leads Top Large-Scale Solar PV Developers Globally

French multinational integrated energy company, TotalEnergies, has been ranked as the leading large-scale solar photovoltaic (PV) developer in the world. With a total capacity of 41.3 GW, the supermajor ranks as the top company for projects currently under construction, while also taking the top spot for awarded Power Purchase Agreement (PPA) projects and operational projects, with 29.3 GW and 12 GW, respectively. Targeting data from July 2022 to June 2023, Mercom Capital Group’s Annual Global

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International Energy Gas News Oil

Invictus Energy Extends Rig Contract Onshore Zimbabwe

Independent upstream oil and gas company, Invictus Energy, has extended its contract with European onshore drilling contractor, Exalo Drilling, for its Rig 202 by up to two years at the Cabora Bassa Project in Zimbabwe. The extension will enable Exalo Drilling to undertake maintenance on Rig 202, which will remain stacked at the Mukuyu-2 well, providing for the drilling and testing of future wells within the basin. “The contract amendment…underpins our confidence in the basin and provides us

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Oil Energy International Petroleum

Chappal Energies to Acquire Equinor’s Nigerian Assets

Nigeria’s Chappal Energies is set to acquire the Nigerian business of Norwegian multinational energy company Equinor. Announced last week, the transaction involves the sale of Equinor Nigeria Energy Company, which holds 53.85% ownership in Oil Mining License 128. The license includes a 20.21% stake in the offshore Agbami field, which was the second major deepwater oil field discovered off the Niger Delta and is currently operated by Chevron. “Chappal Energies is a committed Nigerian-owned energy

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International News Oil Petroleum

Nigerian Crude Output to Reach 1.5M bpd in 2024

Nigeria is targeting the production of up to 1.5 million barrels of crude oil per day (bpd) in 2024, aligning with a production quota proposed for the country by the Organization of the Petroleum Exporting Countries (OPEC). The quota shows a 120,000 bpd increase from initial OPEC targets of 1.38 million bpd for Nigeria in 2024, however falls short of the country’s planned 1.78 million bpd for the year. OPEC’s proposed quota, aimed at ensuring a stable

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Diamonds Infrastructure News

Rio Tinto Sees ‘Exceptional’ Colored-Diamond Tender Results

Rio Tinto sold 87 polished colored diamonds from its Argyle and Diavik mines through its first Beyond Rare tender, noting strong bidding from global participants. The collection, called Born of this World, comprised 48 lots weighing a total of 29.96 carats, Rio Tinto said Monday. It included pink and red diamonds from the company’s Argyle mine in Australia, which closed in November 2020, as well as yellow diamonds from the Diavik deposit in Canada. Within

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Diamonds International News

De Beers Reduces Value of Rough Allocations

De Beers will offer sightholders up to 20% less supply by value for 2024 due to declines in rough prices, market insiders told Rapaport News. The miner informed customers of their allocations on Friday ahead of the December sight, which takes place this week in Botswana, the sources said Monday December 4th on condition of anonymity. De Beers reviews the allotments every year, basing its decisions on clients’ past buying records as well as expected availability

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International Gas Oil

Galp Kicks off PEL 83 Drilling in Namibia

Portuguese oil and gas company Galp has started drilling operations in the Mopane prospect complex, located in the southern area of the Petroleum Exploration License (PEL) 83 license in Namibia. Drilling kicked off with the spudding of the Mopane 2X well – the first of two wells set to be drilled in the license area. Galp is utilizing the Hercules semi-submersible rig, a sixth generation deepwater and harsh environment rig which operates in water depths

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News Local Oil Petroleum

Angola’s Oil Production Declines While Sub-Saharan Africa Foresees Growth

Consultancy firm BMI Research anticipates a 1.7 percent drop in oil production for Angola in 2024, projecting a decrease to 1.16 million barrels per day, in contrast to a 2.5 percent expected rise in sub-Saharan Africa’s overall production. Their report on hydrocarbon production in the region indicates an estimated 2.5 percent increase in crude and natural gas production in sub-Saharan Africa, supported by new wells in Nigeria, the onset of production in Senegal, and ongoing

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