Exxon has inked a preliminary deal for exploration at four offshore blocks in Libya after a decade of absence from the country. The news was reported by Libya’s National Oil Corporation, which said the U.S. supermajor will conduct a detailed technical study of the blocks that are located off the country’s northwest coast and the...
Month: August 2025
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Petroleum revenues slump 56% in first-half 2025, sharp decline reflects falling output, global price pressures
Petroleum revenues fell by more than half in the first six months of 2025, dropping 56 percent year-on-year to US$370.6million amid a double blow from declining crude oil output and weakening global prices, according to data from the Bank of Ghana (BoG). This development marks a steep reversal from the same period in 2024, when...
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Ambassador Tong: China Ready to Support Ghana’s 24-Hour Economy Through Solar Energy Collaboration
China has reaffirmed its commitment to supporting Africa’s green energy transition, with a strong focus on solar energy development. Speaking on the sidelines of the maiden Ghana-China Media Fellowship 2025 in Accra, the Chinese Ambassador to Ghana, H.E. Tong Defa, said China stands ready to partner with African countries as they work toward achieving their...
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China’s CC7 to build 3GW green ammonia plant for Hyphen in Namibia.
China National Chemical Engineering & Construction Corporation Seven (CC7) has been awarded the contract to design and build the world’s largest green ammonia plant in Namibia. The deal with Hyphen Hydrogen Energy includes Front-End Engineering Design (FEED) and Engineering, Procurement and Construction (EPC) contracts. The signing was witnessed by China Chemical Chairman Mo Dingge and...
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Dangote Refinery Saves Nigeria $20bn in Fuel Import, Report Shows
The 650,000 barrels per day capacity Dangote Petroleum Refinery in the Ibeju-Lekki area of Lagos is currently bailing the Federal Government out of a pressing financial crisis with the steady supply of foreign currencies, Business Hallmark can report shows. The continued flow of FX to the refinery owned by Africa’s richest man, Alhaji Aliko Dangote,...
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Importation of toxic fuel deals a major blow to Dangote’s fight for market share.
According to current statistics from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), marketers have recommenced large-scale imports of refined petroleum products, bypassing domestic refining possibilities, most notably the $20 billion Dangote Petroleum Refinery in Lekki. Marketers in Nigeria have resumed large-scale imports of refined petroleum products due to domestic refining limitations, including underutilization...
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BP hails Brazil block as its largest global oil and gas find in 25 years
BP (BP.L), opens new tab has made its largest global oil and gas discovery in 25 years in Brazil’s Santos basin, it said on Monday, in what may be a major boost for the British company’s strategic shift away from renewable energy to refocus on fossil fuels.BP is seeking to bolster oil and gas in...
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Kazakhstan Holds Negotiations with China on Nuclear Power Plant ConstructionBy Staff Report in Nation on 4 August 2025
By Staff Report in Nation on 4 August 2025 ASTANA – Negotiations are underway with potential suppliers including China National Nuclear Corporation for the construction of the third nuclear power plant, reported the Kazakh Atomic Energy Agency on July 31. The discussions also include the development of high-power nuclear reactors and small modular reactors.The China...
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Climate Change Is Making Africa’s Debt Burden Worse – New Debt Contracts Could Help
Many African countries are already struggling with heavy debt burdens. Climate change is making this worse. Africa contributes the least to global emissions but suffers the most from extreme weather, rising temperatures and drought. These disasters affect not just people’s livelihoods but also national revenues, making debt repayment harder. Yet traditional debt contracts don’t account...
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Nigeria’s EV Market is in Vogue as Foreign Investment Pours in.
The arrival of a locally assembled electric SUV is the latest signal that Nigeria’s EV ambitions are picking up speed. Bonface Orucho, bird story agency Nigeria’s local EV assembling and production is growing, evidenced by the recent unveiling of a high-performance, all-electric SUV built on home soil. The launch signals a growing confidence in domestic...