Sodiam Raises $25.8 Million in 16th Rough Diamond Auction
Shell Reaffirms Commitment to Reviving Angola’s Oil Production
Sonangol Oil Tanker Damaged by Explosion Near Iraqi Port
Angola and Namibia Advance Energy Cooperation with Focus on Electricity Interconnection
Oil Hits Multi-Year High as Iran Conflict Escalates, Boosting Vegoils and Aluminium
Ghana Prepares Alternative Gold Export Routes Amid Dubai Flight Disruptions
Global Oil Prices Surge Amid Rising Tensions in the Middle East
Middle East Tensions Send Oil Prices Higher, Raising Inflation Risks for Africa
Uganda Central Bank Launches Domestic Gold Purchase Programme to Boost Reserves
Lucara Reports Lower 2025 Earnings as Karowe Underground Expansion Advances
Sonangol announced the start of oil drilling in Block Kon 11 of the Kwanza Onshore Basin in August. The company expects the drilling of two oil wells to contribute to the growth of its operated production, elevating it from 2.0 to ten percent of the total Angolan oil industry. Ricardo Van Deste, President of the Executive Commission of the Exploration and Production Business Unit (UNEP) of Sonangol, declared that Kon 11 has been identified as
The Bakwanga mining company (MIBA), a Congolese state holding company, produced only 16,664.12 carats of diamonds in the first three months of 2023. According to figures from the Ministry of Mines, the mining industry in the Democratic Republic of Congo (DRC) reached an estimated production volume of 2,035,090.71 carats of diamonds in the first quarter of 2023. The report indicates that 1,554,858.73 carats come from artisanal mining, i.e. 76.40% of total production;479,605.11 carats from industrial
The shift towards electric mobility is likely to cause a peak in oil demand before 2025, and with Venezuela and Iran eventually returning to the market, there could be surplus supplies and lower prices, according to private bank analysis. In its latest fact sheet on crude oil, Swiss private bank Julius Baer said it was sticking with its neutral view but added that the market could become livelier with prices swinging more wildly going forward.
Uganda is seeking new investors for its $4.5 billion refinery project after three failed attempts with Russian, South Korean and now US/Italian private companies to raise a critical portion of the required financing. Uganda’s Ministry of Energy says it will work with public sector capital – a veiled admission that only bilateral deals were left to explore to get the project going. On July 3rd 2023, after the Project Framework Agreement (PFA) signed with the Albertine Graben
Nigeria expects to invest over $18 billion in oil and gas projects would between now and next year, Chief Upstream Investment Officer of the NNPC Upstream Investment Management Services (NUIMS), Bala Wunti said. Speaking during a panel session at the NOG Energy week being held in Nigeria’s capital Abuja, Wunti noted that the drive to broaden local content and develop capacity in the upstream industry is non-negotiable. Wunti noted that the FDIs are expected mainly because of the
Spanish construction company TSK, which provides sustainable solutions and services to the industrial and energy sectors, has partnered with LFR Energy – a subsidiary of Senegalese holding company LFR which invests in energy, hotel, and real estate projects – for the construction of the Sandiara Power Plant, a gas-to-power facility located in Senegal’s Special Economic Zone (SEZ). Construction is slated to begin in 2024, speaking in an exclusive interview with Energy Capital & Power (ECP),
The Organization of Petroleum Exporting Countries (OPEC) this Thursday raised its forecast for world oil demand in 2023 by 100,000 barrels a day, compared to estimates made a month ago. Global oil demand is forecast to grow by 2.4 million barrels per day in 2023, after an upward revision of around 0.1 million barrels per day from last month, mainly due to stronger demand in China. in the second quarter”, said OPEC in its monthly
In a remarkable display of pride and confidence, the Managing Director of Debswana, the world’s leading diamond producer by value, highlighted the company’s exceptional accomplishments during the ongoing US-Africa Business Summit. Andrew Motsomi took the opportunity to underscore the remarkable contributions that Debswana has made to the economy of Botswana and its transformation from being one of the world’s poorest nations to an upper middle-income economy. “We produce between 22 to 24 million carats per
Angola and the Democratic Republic of Congo (DRC) have signed a significant cooperation agreement for the exploration, production, and development of hydrocarbons in the Common Interest Zone located on their maritime border. The historic deal was signed on July 13th in Kinshasa by Angola’s Minister of Mineral Resources, Petroleum and Gas, Diamantino Azevedo, and DRC’s Minister of Hydrocarbons, Didier Ntubanga. This agreement marks the culmination of almost two decades of negotiations between the two countries
Gemcorp Holdings Limited (GHL), the Africa Finance Corporation (AFC), and the African Export-Import Bank (Afreximbank) announce, in a statement released this Thursday, the completion of the financial package for the construction of the Cabinda Refinery, valued at $335 million. The project, valued at $473 million, is financed with $138 million in resources already provided by its shareholders and $335 million in project financing provided by a banking syndicate led by AFC, Afreximbank, and a group
