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TotalEnergies’ LNG Restart May Spur ExxonMobil’s $30 Billion Investment in Mozambique

26, March, 202526, March, 2025

Financial rating agency Fitch Ratings has stated that the resumption of TotalEnergies’ Liquefied Natural Gas (LNG) project in Mozambique this year could pave the way for ExxonMobil’s long-awaited final investment decision on a major LNG development in the country’s north. “The resumption of construction on TotalEnergies’ LNG project could facilitate a final investment decision (FID) on ExxonMobil’s proposed $30 billion LNG project. This partially onshore project would drive economic growth during its construction phase,” Fitch

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International Energy News

Mozambique and Zambia Sign Energy Interconnection Deal to Boost Regional Power Supply

26, March, 202526, March, 2025

Mozambique and Zambia have signed an agreement to interconnect their energy systems, enhancing electricity supply within the Southern African Development Community (SADC). The project will be carried out by Mozambique’s state-owned electricity company, EDM, and Zambia’s ZESCO. The Memorandum of Understanding (MoU) was signed on Wednesday by António Manda, Permanent Secretary of Mozambique’s Ministry of Mineral Resources and Energy, and Zambia’s Minister of Energy, Makoze Chikote. With an estimated investment of $411.5 million, the initiative

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International Gas News Oil

Libya Launches Open Licensing Sale for 22 Oil and Gas Acreages

24, March, 202524, March, 2025

Libya has initiated its first open licensing sale since 2007, offering 22 acreages for exploration and development. The available blocks include 11 offshore and 11 onshore sites, with undeveloped discoveries estimated to contain at least 2 billion barrels of oil equivalent (BBOE) in hydrocarbon resources, according to the National Oil Corporation (NOC). To support the licensing process, NOC has compiled extensive geological and geophysical datasets using advanced digital tools. Libya is reported to hold approximately

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Corporate News International Oil

Dangote Refinery Halts Petroleum Sales in Naira to Align with Dollar-Based Crude Costs

24, March, 202524, March, 2025

Dangote Petroleum Refinery has temporarily paused the sale of petroleum products in Naira to address discrepancies between its sales revenue and crude oil purchase obligations, which are currently priced in U.S. dollars. In a statement issued to customers on Wednesday, the refinery’s management explained that the value of petroleum products sold in Naira had surpassed the worth of Naira-denominated crude it had received, prompting the need for the adjustment. The statement also refuted claims circulating

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Corporate News International Oil

Vitol Acquires Stakes in Eni’s West African and Congo Assets for $1.65 Billion

24, March, 202524, March, 2025

Vitol has agreed to acquire a $1.65 billion stake in Eni’s assets, including the Baleine project in Côte d’Ivoire and the Congo LNG project in the Republic of Congo. The deal encompasses both producing oil and gas assets as well as exploration, appraisal, and development-stage blocks. Under the agreement, Vitol will acquire: This acquisition strengthens the partnership between Vitol and Eni in West Africa, building on their existing collaborations in Ghana’s OCTP and Block 4

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International Renewable Energy

South Africa Secures Funding for Wind and Solar Energy Projects

24, March, 202524, March, 2025

South Africa’s renewable energy sector is set for expansion following successful funding for two major projects: the Overberg Wind Farm in the Western Cape and the Du Plessis Dam Solar PV2 project in the Northern Cape. Red Rocket has secured funding to begin phase one of the Overberg Wind Farm near Swellendam, which will eventually have a total capacity of 380MW. The first phase will contribute 242MW, with Richards Bay Minerals (RBM), a subsidiary of

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International News Oil

Niger Expels Chinese Oil Executives Over Wage Disparities

24, March, 202524, March, 2025

Niger has expelled three Chinese oil executives following a dispute over salary inequalities between expatriate staff and local workers, Oil Minister Sahabi Oumarou announced. Oumarou stated that the Nigerien government was dissatisfied with how wealth was distributed between the state and its foreign partners. He highlighted that in 2023, a Chinese employee in Niger earned an average of $8,678 per month, while a local worker in the same role received just $1,200. Despite repeated attempts

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International News Oil Petroleum

Nigeria Increases Petrol Imports as NNPC Ends Naira-for-Crude Program

24, March, 202524, March, 2025

Nigeria is set to witness a surge in Premium Motor Spirit (PMS) imports following the Nigerian National Petroleum Company (NNPC) Limited’s decision to end the Naira-for-Crude initiative—a policy that allowed local refiners to purchase crude in the local currency. The move could significantly impact local fuel production, particularly at the Dangote Refinery. According to a document from the Nigerian Ports Authority, reported by The Punch, seven vessels carrying 115,000 metric tonnes (154.22 million liters) of

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Corporate News Diamonds International

Petra Diamonds to Cut 468 Jobs Amid Market Challenges

24, March, 202524, March, 2025

Petra Diamonds plans to lay off approximately 468 workers at its Cullinan and Finsch mines in South Africa, according to the National Union of Mineworkers (NUM). NUM claims Petra intends to replace many of its permanent employees with contract labor to cut costs. The union attributes the job cuts to weak diamond market conditions, operational underperformance, upcoming debt refinancing, and cost-cutting measures. “The NUM believes these justifications are pretexts to sacrifice workers and shield executives

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International

Mountain Province Secures $20 Million Loan to Maintain Operations Amid Financial Struggles

24, March, 202524, March, 2025

Mountain Province has secured a $20 million loan from its majority shareholder, Dunebridge Worldwide, to sustain operations and settle outstanding debts with joint-venture partner De Beers. The loan aims to offset losses caused by weak diamond demand, which has driven prices down and placed the company under financial strain. This funding is part of a broader refinancing effort after Mountain Province recently disclosed difficulties in meeting both immediate and near-term obligations, including payments to lien

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