VenturesNow

TotalEnergies sells off offshore blocks in South Africa. Here’s why

Published

1 month ago

November 1, 2024

Following the release of TotalEnergies’ third-quarter results on Thursday, CEO Patrick Pouyanne informed analysts that the French company had just sold off its South African offshore blocks because it was having trouble making a profit at the locations.

According to him, there was no gas market where any gas discovered might be sold.

In June, South Africa’s crude oil production stayed steady at 1 BBL/D/1K. From 1998 to 2024, the country’s crude oil production averaged 12.14 BBL/D/1K; it peaked in November 2003 at 58.00 BBL/D/1K and fell to a record low of 0.90 BBL/D/1K in November 2020.

As of 2016, South Africa ranked 84th in the world with proven oil reserves of 15,000,000 barrels, or roughly 0.0% of the world’s total oil reserves of 1,650,585,140,000 barrels.

South Africa is heavily dependent on oil imports to maintain its consumption levels because its total oil reserves (233,600,000 barrels as of 2016) are less than even a year’s worth of oil usage.

Related Topics:Featured South Africa TotalEnergies

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Nigeria’s Dangote Refinery exports first fuel to Cameroon

Published

14 hours ago

December 12, 2024

Ifeoluwa Dada

The Dangote Refinery in Nigeria said on Wednesday that it had exported its first petrol to Cameroon, marking a significant milestone that may help stabilise gasoline costs throughout the region and open the door for regional energy integration.

When fully operational, Nigerian billionaire Aliko Dangote’s 650,000-barrel refinery in Lagos is intended to alter the trade of refined products in the Atlantic basin and compete with refineries in Europe.

According to a statement by Neptune Oil, an energy company based in Cameroon, both businesses were looking into new projects to create a dependable supply chain that would assist in stabilising fuel costs and opportunities throughout the area.

According to Neptune Oil, there were no middlemen involved in the petrol delivery deal.

It is anticipated that the refinery’s operations will spur growth in the upstream, midstream, and downstream sectors, increasing investments in cement manufacture, plastic and rubber production, chemical and pharmaceutical goods, and oil refining.

VenturesNow

Egypt’s November inflation drops to 25.5%, near 2-year low

Published

2 days ago

December 11, 2024

Ifeoluwa Dada

According to figures released Tuesday by statistics agency CAPMAS, Egypt’s annual urban consumer price inflation rate fell more than anticipated to 25.5% in November, the lowest level since December 2022.

Following the Russian invasion of Ukraine, which caused international investors to pull billions of dollars out of Egyptian treasury markets, inflation started to rise sharply in early 2022.

In September 2023, headline inflation reached a record high of 38.0%. It dropped to 26.5% by October 2024.

In a Reuters survey last month, 15 economists’ consensus prediction was for annual inflation to gradually decline to 26.4%.

According to CAPMAS statistics, headline inflation decreased from 1.1% in October to 0.5% in November every month.

Compared to October, when they fell 1.1%, food costs fell 2.8% over the month, making them 23.3% more than they were a year ago.

An increase in the money supply has been a major contributor to inflation. According to central bank data, Egypt’s M2 money supply increased by 29.54% in October compared to the same month last year.