Liquefied Natural Gas - The African Mirror

May

2022

Tanzania’s huge green energy pivot

SETH ONYANGO, BIRD STORY AGENCY ON April 29, Tanzania announced it had inked an agreement with exploration firm Equinor and with Exxon Mobil to develop a vast liquefied natural gas (LNG) plant worth 30 billion US dollars (USD). Tanzania has an estimated 57 trillion cubic feet of gas reserves but disagreements with oil corporations over production-sharing had stalled investments in the sector. However, President Samia Suluhu Hassan renewed negotiations with energy firms to revive the construction of offshore natural gas projects in 2023. But while the East African nation looks to prop up its gas industry, its renewable energy sector…

Apr

2021

By The African Mirror

Mozambique’s economy facing multiple risks

BUSINESS

MOZAMBIQUE’S economy faces multiple challenges, including a growing insurgency against the government and recurring extreme weather events, rating agency S&P Global said in the research report. S&P said militant attacks in Mozambique's northeastren province of Cabo Delgado posed a "significant threat" to production facilities there, touted as among the biggest natural gas discoveries in the world. Dozens of civilians were killed last month in Islamic State-linked attacks in the coastal town of Palma, near gas projects that are worth $60 billion and are aimed at transforming the country's economy. S&P, which ranks Mozambique's foreign debt at CCC+, seven rungs below…

Apr

2021

By The African Mirror

Mozambique’s Nyusi vows to restore peace

NEWS

MOZAMBIQUE President Filipe Nyusi has pledged that his government will work to restore peace in the country after a deadly militant attack last month near multi-billion-dollar gas projects backed by global oil companies. "We will make all efforts to return peace to our country, in particular in the north, in Cabo Delgado which in recent years has been the target of terrorist attacks," he said during an address to the Mozambique Mining, Energy and Oil and Gas conference in Maputo. Militants attacked the coastal town of Palma on March 24, in a district near liquefied natural gas (LNG) projects that…

Oct

2020

By The African Mirror

Nigeria’s pioneering gas flaring plan risks going down in flames

ENVIRONMENT

LIBBY GEORGE JONAH Gbemre often has no electricity, but he says his home is permanently lit at night by the flames of waste gas being "flared" near his home town in Nigeria's Delta State. Like Gbemre, nearly half of Nigerians have no stable power supply, yet government attempts to harness gas belching from its oil fields to generate urgently-needed electricity or revenue have stalled. And experts say that without progress towards its 2030 target of virtually eliminating flaring, which releases carbon dioxide along with polluting methane and soot, Nigeria cannot meet its pledge to cut greenhouse gas emissions by 20%.…

Jul

2020

By The African Mirror

AFDB set to join landmark $20 billion Mozambique LNG financing

BUSINESS

THE African Development Bank (AFDB) has concluded a $400-million loan deal which paves the way for a major role in the financing the construction of Mozambique’s Liquefied Natural Gas, ranked as Africa’s single biggest direct foreign investment. Involved in the Mozambique project, estimated to cost over $20 billion, is a global team of energy developers and operators, led by Total alongside Mitsui, Oil India, ONGC Videsh Limited, Bharat Petroleum, PTT Exploration, as well as Mozambique's national oil and gas company, ENH. With the signing on 15 July, the Bank joined a global syndicate of commercial banks, development finance institutions and…