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
Cascade Natural Resources Boosts Investment in Pensana to Accelerate Longonjo Rare Earths Project
Seplat Accelerates Production Growth with Idle Well Revival Program
Eni Raises Stake in Algeria’s Touat Gas Field to 42.9% After Engie Exit
Nigeria Restructures OPL 245, Clearing Path for Shell and Eni Development
Port of Lobito Extends Timoneiro Concession for Towing and Marine Operations
Angola’s MIREMPET Assesses Mining and Oil Potential in Icolo & Bengo Province
The decision of the Executive to partially reduce subsidies for gasoline is justified by the need to bridge the gap between the rich and the poor, such as the populations in rural, urban, or peri-urban areas that have reduced or no consumption of fuel. BACKGROUND CHARACTERIZATION OF FUEL SUBSIDIES
Supply zones filled one day prior the new price list The last hours of yesterday June 1st were marked by enormous queues of motorists looking to refuel their vehicles before the new gasoline pricing came into effect. A long line of motorists eager to refuel their vehicles for the last time at the price of 160 kwanzas was observed in Ilha de Luanda, considering that starting today, gasoline will cost 300 kwanzas per liter. The
Gold prices fell in UAE and globally on Thursday morning as investors expect more interest rate hikes by the US Federal Reserve. The Dubai Jewellery Group data showed 24K trading at Dh238.0 per gram at the opening of the markets on Thursday, down from Dh238.75 per gram at the close of the markets on Wednesday. The other variants of the precious also opened lower as 22K was trading at Dh220.25, 21K at Dh213.25 and 18K
India and China’s purchases of Russian crude oil in May are seen to have breached all-time highs. As buyers including these two big economies gorged on discounted supplies from Russia, it led to a fall in demand for oil from the Middle East and Africa, news agency Reuters reported citing ship tracking data. China, world’s No. 1 crude importer, India (world No. 3) are top buyers of Russian oil. In May In May, these two
The Government of Uganda and economic and social development agency, the Japan International Cooperation Agency (JICA), have awarded a $3.6 million contract to multinational engineering, procurement, and development (EPC) company, Elsewedy Electric’s Indonesia subsidiary to strengthen the power transmission network in the Kampala metropolitan area, southern Uganda. Under the contract Elsewedy Electric Indonesia will supply the Kampala metropolitan area with a 20 MVA 132/133-11 kV Mobile Substation, the first such substation in Africa. The mobile unit
Tanzania’s $42 billion liquefied natural gas (LNG) project is nearing approval, as negotiations with investors have been successfully concluded, according to a senior government minister. The project aims to tap into Tanzania’s vast offshore gas resources. The finalized agreements are currently awaiting review and approval, which is expected to take place next month. Energy Minister January Makamba stated that the agreements will be presented to the government’s cabinet for approval before being officially signed. The
The People’s Republic of China and the Democratic Republic of Congo agree to regularly assess their mining cooperation with a view to its consolidation in the mutual and long-term interest of the two countries, and to settle any disputes arising in this cooperation in mutual trust and with pragmatism and fairness, in particular through friendly consultations. This is one of the thirteen (13) key points included in the final declaration published on Friday, May 26,
Dana Gas, a prominent UAE-based company, is preparing to commence drilling operations on 11 new wells in Egypt this year with an investment of approximately $100 million, according to a senior company official. Mohammed Mubaideen, the head of investor relations at Dana Gas, revealed that the investment is expected to contribute around 80 billion cubic feet of reserves and production. His statements were published in a report by Asharq Business. Currently, Dana Gas holds four
State-owned Kuwait Oil Co (KOC) has announced plans to award 22 projects to local and foreign firms in the next few months, Zawya Projects reported, citing the Arabic language daily Alanba. KOC, which manages the OPEC member’s upstream oil industry, will gradually award those contracts after they are approved by the Central Agency for Public Tenders. The projects include installation of pipelines at KOC’s facilities in West Kuwait, providing maintenance services at KOC’s export terminals, building pipelines at Jurassic
Global oil and gas major TotalEnergies has renewed its production license for the OML 130 block offshore Nigeria with an additional 20 years. Commenting on the development, Henri-Max Ndong-Nzue, Senior Vice President Africa, Exploration and Production at TotalEnergies, said the renewal of the license will enable the firm to improve its contribution towards the development of the West African country’s hydrocarbons resources for energy security, economic growth and energy poverty alleviation. “This 20-year extension will enable us
