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International Mining News

Billionaire Agarwal Commits to Settling Zambia’s Creditors Prior to Mine Reacquisition

24, August, 202324, August, 2023

“Vedanta Resources Ltd. is ready to pay $250 million owed to suppliers in Zambia as soon as it resumes control of the copper mines that were seized by the southern African nation’s government more than four years ago. Former President Edgar Lungu’s administration placed Konkola Copper Mines under provisional liquidation in 2019, after accusing Anil Agarwal’s Vedanta of lying about expansion plans and paying too little tax. That sparked a series of court cases, culminating

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International News

Oil Prices Stabilize

24, August, 202324, August, 2023

The oil prices steadied after earlier declines on Thursday caused by disappointing economic data from key economies, with investors awaiting a speech by U.S. Federal Reserve Chair Jerome Powell on Friday for clues on interest rate moves. Brent crude climbed by 6 cents, or 0.1%, to $83.27 a barrel by 0855 GMT, after dropping to $82.57 earlier in the session. U.S. West Texas Intermediate crude rose by 4 cents, or 0.1%, to $78.93 a barrel,

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Economy International News Oil

Namibia’s Offshore Oil Discoveries Estimated at 11 Billion Barrels

24, August, 202324, August, 2023

Namibia’s offshore oil discoveries and their potential impact on the country’s economy. The discoveries are estimated to be around 11 billion barrels in total. The article highlights that TotalEnergies’ Venus-1X find constitutes nearly half of this total. Shell and TotalEnergies have made these deep-water discoveries over the past two years. Namibia, a southern African country that has not yet produced any oil or gas, is now considered a global exploration hotspot due to these recent

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Economy Energy Gas International News

QatarEnergy Awards $560 Million EPC Contract for Enormous North Field South Project

24, August, 202324, August, 2023

The North Field, located northeast of the Qatar peninsula, is the largest non-associated natural gas field in the world. QatarEnergy has awarded Técnicas Reunidas an additional Engineering, Procurement, and Construction (EPC) contract for work including pipelines, interconnections, ancillary systems, and other supporting components of the LNG Offplot facilities for the North Field South Project, the Spanish contractor said in a press release. Técnicas Reunidas is currently executing the EPC works for the expansion of the

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Energy Gas International News

Looming Reduction in LNG Strike Risk Points to Continued Drop in Natural Gas Prices

24, August, 202324, August, 2023

Natural gas prices are likely to decline further today after Woodside Energy reached an in-principle agreement with a trade union that should significantly reduce the risk of industrial action at the largest LNG production facility in Australia. That’s according to ING’s Warren Patterson and Ewa Manthey, who wrote a note today, stating that natural gas prices in Europe had already shed 14% on Wednesday due to the prospect of an agreement between Woodside and its

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Economy International News Oil

Sasol Reports Impressive 13% Increase in Annual Profit

23, August, 202323, August, 2023

The South African petrochemicals major, Sasol, posted a 13% rise in annual profit on Wednesday as better operations in the second half offset the impact of weaker crude prices. The company stated that its headline earnings per share (HEPS), a measure of profit, were 53.75 South African cents for the 12 months ended on June 30, up from 47.58 cents posted a year ago. However, its basic earnings per share, which include one-off costs, were

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International News Petroleum

Cheiron Petroleum Corp. Unveils New Egypt Discovery

23, August, 202323, August, 2023

The Cairo-based Cheiron Petroleum Corporation announced a new oil discovery in Egypt’s Geisum and Tawila West Concession in the Gulf of Suez, according to a statement by the Ministry of Petroleum and Mineral Resources on Tuesday. The petroleum ministry reported that the discovery was made through the GNN-11 exploratory well, and that three further wells can be drilled in the same area. According to the ministry, the output of crude oil in the Geisum and

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Energy International Mining News

UNCTAD Report Highlights Africa’s Growing Role in Global Mineral Chains

23, August, 202323, August, 2023

A report by the United Nations Conference on Trade and Development (UNCTAD) shows that Africa has the potential to become a major participant in the global supply chain of critical minerals. According to the report, which was released this month, Africa’s abundance of critical minerals and metals vital for technology-intensive industries and the energy transition, including aluminum, cobalt, copper, lithium, and manganese, offers a new regional market opportunity for businesses and industries seeking to diversify

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Economy International News Petroleum

Nigeria’s NNPC Secures $3 Billion in Funding from Afreximbank

23, August, 202323, August, 2023

A dynamic energy company, the Nigerian National Petroleum Corporation (NNPC), has secured an emergency $3 billion loan from the pan-African financial institution, African Export–Import Bank (Afreximbank), to improve its services across the entire petroleum value chain. The NNPC says the loan – which will be repaid using a limited amount of future crude oil production – will enable the company to settle taxes and royalties in advance while supporting the Nigerian government to stabilize the

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Diamonds Local Mining News

MIREMPET Holds Meeting to Present Achievements in Diamond Production

23, August, 202323, August, 2023

The Ministry of Mineral Resources, Petroleum, and Gas (MIREMPET) is holding a meeting on Thursday to present the achievements in diamond production, marketing, and exportation. The meeting will take place at the MIREMPET Building and will have the participation of companies such as Endiama, Catoca Mining Company, Somiluana Mining Company, among others.

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