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International News Oil

Completion of Africa’s Largest Oil Refinery Delayed by Several Months

9, November, 20239, November, 2023

The full ramp-up of Africa’s largest oil refinery, a landmark moment for crude and fuel markets both regionally and beyond, is still a long way off. The Dangote plant in Nigeria just concluded a deal to receive six million barrels of crude from December, an indication that commercial activity is close to getting underway. However, the facility is still several months from full-scale production of fuels, including high-quality gasoline, according to analysts tracking the refinery’s

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Gold News

Harmony Gold Partners with Global Leader in Gold Mining for PNG Venture

9, November, 20239, November, 2023

outh Africa’s Harmony Gold expressed excitement at the prospect of working with the Newmont team as its new Wafi-Golpu Joint Venture (JV) partner in Papua New Guinea (PNG). Denver-based Newmont closed its approximately $15-billion acquisition of Newcrest Mining on Monday, concluding a nearly year-long effort to purchase the Australian gold mining company. “As the largest gold mining company in the world, Newmont is an excellent partner with great credentials,” Harmony investor relations head Jared Coetzer

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Energy Gas International News

Tanzania Embraces Sustainability with a Transition from Oil to Green Vehicles

9, November, 20239, November, 2023

To lessen its carbon footprint, Tanzania is adopting the use of vehicles that run on compressed natural gas (CNG). Plans are underway to set up CNG refilling stations in Dar es Salaam, Morogoro, and Dodoma cities. Tanzania’s $42 billion Liquid Natural Gas (LNG) project makes the transition to natural gas-powered vehicles a viable initiative. A new revolution to reduce carbon footprint is underway. The government is rolling out a plan to cease the use of

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International Oil

Iraq’s Oil Industry Achieves Remarkable $9 Billion in Sales for October

9, November, 20239, November, 2023

Iraq’s oil revenue surges to $9 billion in October, marking the fourth consecutive month of growth Iraq continues its impressive run of increasing oil revenues, with the country reporting over $9 billion generated from oil sales in the month of October. This marks the fourth consecutive month of growth in oil revenue for the nation, as per the preliminary monthly report released by the Iraqi oil ministry

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Economy Local News Oil

Brent falls below 80 dollars.

9, November, 20239, November, 2023

The price of a barrel of Brent crude oil (used as a reference for Angolan exports) was trading below $80 on Wednesday for the first time since July due to concerns about an economic slowdown that could affect global demand. Brent was down 1.99% to $79.99 per barrel, and U.S. WTI crude oil was down 2.20% to $75.67, both at their lowest levels since July. According to Lusa, at the end of June, Brent crude

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Economy Energy Local News

Chevron and Angola Join Forces to Advance Sustainable Energy Initiatives

8, November, 20238, November, 2023

The American multinational energy corporation, Chevron, through its Angolan subsidiary Cabinda Gulf Oil Company Limited (CABGOC) has signed a Memorandum of Understanding (MoU) with Angola to identify low carbon business opportunities. They will explore the potential of nature-based technological carbon offsets as well as biofuels, such as hydrogen and carbon capture and storage solutions, to advance Angola’s energy production and energy mix diversification for energy security, economic growth and environmental sustainability. “Through our work here,

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Diamonds Local Mining News

Lulo Unearths Its Second-Largest Diamond

8, November, 202310, November, 2023

The ASX-listed Lucapa Diamond Company and its partners, Endiama and Rosas & Petalas, have recovered a 235 ct diamond at their Lulo mine in Angola. Not only is it the second-largest diamond to be recovered at the mine since operations started in 2015, but it follows only a week after the recovery of a 208 ct diamond at the mine. The 235 ct diamond was recovered from Mining Block 550, which is immediately south of

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Energy Gas News

South Africa’s Ambitious Plan to Add 3 GW of Gas-Fired Power to Address Energy Shortage

8, November, 20238, November, 2023

South Africa is accelerating the deployment of up to 3 GW of gas-fired power generation capacity amid efforts to address the country’s ongoing electricity crisis. Currently at the procurement stage, the project pipeline includes a 2 GW mobile facility as well as a 1 GW gas-to-power plant located near Coega in the Eastern Cape province. Speaking during a press briefing last week, South Africa’s Minister of Electricity Kgosientsho Ramakgopa stated that the 3 GW of

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Economy Gold International Mining News

Egypt’s Inaugural Electronic Auction for Gold and Silver Set to Debut Next Week

8, November, 20238, November, 2023

The Assay and Weights Administration (AWA) of Egypt is planning to hold its first electronic auction for gold and silver, scheduled to take place next week. According to a statement on Tuesday, the auction will be facilitated through the Egyptian Mercantile Exchange (EME) trading platform. Nagy Farag, the advisor to the supply minister for gold industry affairs, told Ahram Online that this move aims to generate more revenue streams for Egypt’s treasury. “The Egyptian government’s

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Economy International News Oil

Addressing Fuel Costs and Combating Smuggling in Libya

8, November, 20238, November, 2023

During the meeting held on Sunday 5th of October, the Libyan Prime Minister, Abd Alhamid Aldabaiba, discussed the nation’s soaring fuel expenses with Farhat Bengdara, Chairman of the National Oil Corporation (NOC), and Suhail Bousheha, Undersecretary of the Ministry of Economy. The meeting unveiled staggering annual fuel costs, exceeding $8 billion for electricity stations and around $4 billion for various other uses.”

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