Petrofac, a leading global oilfield services provider, has secured a lucrative contract worth $350 million with Equatorial Guinea’s National Oil Company. The agreement solidifies Petrofac’s position as a key player…
In the News
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Nigeria’s new Electricity Act empowers states and attracts private investment, decentralizing power control and promising enhanced efficiency and local governance.
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Guinea launches solar PV mini-grids in Bolodou and Tianguel Bori, showcasing significant progress in renewable energy adoption and boosting local energy security.
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Hedge fund Elliott Management and a creditor group led by Centerview Partners are emerging as potential new owners for Citgo Petroleum in a court-ordered auction. The auction is expected to conclude in July and could impact global oil prices.
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Rising interest rates are casting a shadow over the booming renewable energy sector. Analysts warn that higher borrowing costs could slow the transition to clean energy sources, jeopardizing international climate goals. The industry is exploring solutions like alternative financing and cost optimization to weather this challenge.
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Energy TransitionIn the News
VW Africa Concerned Over Power Outages in Eastern Cape; Government Assures Action
Volkswagen Africa has voiced its concern over persistent power outages plaguing the Eastern Cape region of South Africa, impacting its operations and disrupting the local economy. The automotive giant, a…
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Kenya and Egypt are highlighted as leaders in the significant global expansion of wind energy, marking a record-setting year for the industry according to GWEC.
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Egypt is launching solar energy projects at key petroleum sites to reduce reliance on oil, harnessing its high solar potential for sustainable growth.
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Talks are underway between Abu Dhabi’s state-owned utility company, TAQA, and major shareholders of Spanish energy giant Naturgy. The discussions center on a potential takeover bid that could be the largest ever by a sovereign wealth fund.
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Shell is facing pressure from a major investor group to set stricter climate targets aligned with the Paris Agreement. The investor group, managing $4 trillion, argues Shell’s current goals are insufficient. Shell claims the proposal would hurt its finances and hinder the energy transition. The outcome of the shareholder vote on May 21st remains to be seen.