Latest news with #energydiversification
Zawya
3 days ago
- Business
- Zawya
Africa Energy sees first output from South Africa's largest gas field by 2033
Canada-listed Africa Energy Corp is aiming to start production from South Africa's largest gas discovery by 2033 as it forges ahead with a project former operator TotalEnergies walked away from. The company is awaiting regulatory approval for a reworked environmental authorisation to survey Block 11B/12B off South Africa's southern coast. Using domestic gas is a key part of South Africa's strategy to diversify away from coal-fired power generation, with a flurry of new projects being pursued, including the country's first liquefied natural gas import terminal along the east coast. "Our 11B/12B indigenous gas should be very competitive versus imported LNG," Robert Nicolella said from the Africa Energy offices in Cape Town. Nicolella said the company was studying various ways to market the gas, although its preference is to supply a gas-to-power plant. South Africa is targeting 6,000 megawatts of new gas power projects. The CEO said Africa Energy is currently in talks with former national oil company PetroSA to use some of its infrastructure to land gas from the Brulpadda and Luiperd fields at Mossel Bay. TotalEnergies first mooted using PetroSA's infrastructure, which includes the FA offshore platform in Block 9, to help accelerate production. The idea was to connect Block 11B/12B to existing subsea pipelines that run to the FA platform and from there onwards to Mossel Bay. "It could be a commercial alternative. It's an option, without a doubt," Nicolella said of using PetroSA infrastructure. Africa Energy's majority-owned local subsidiary Main Street 1549 was left as operator of Block 11B/12B after TotalEnergies and joint venture partners QatarEnergy and Canadian Natural Resources decided to leave the project last year. Announcing its withdrawal last July, TotalEnergies said it appeared to be "too challenging to economically develop" and monetise the gas discoveries for the domestic market, without elaborating. Main Street will hold a 75% participating interest in the block and Arostyle Investments the remainder, according to Africa Energy Corp's website.
Reuters
10-06-2025
- Business
- Reuters
Africa Energy sees first output from South Africa's largest gas field by 2033
CAPE TOWN, June 10 (Reuters) - Canada-listed Africa Energy Corp (AFE.V), opens new tab is aiming to start production from South Africa's largest gas discovery by 2033, its CEO said on Tuesday, as it forges ahead with a project former operator TotalEnergies walked away from. The company is awaiting regulatory approval for a reworked environmental authorisation to survey Block 11B/12B off South Africa's southern coast. Using domestic gas is a key part of South Africa's strategy to diversify away from coal-fired power generation, with a flurry of new projects being pursued including the country's first liquefied natural gas import terminal along the east coast. "Our 11B/12B indigenous gas should be very competitive versus imported LNG," Robert Nicolella said from the Africa Energy offices in Cape Town. Nicolella said the company was studying various ways to market the gas, although its preference is to supply a gas-to-power plant. South Africa is targeting 6,000 megawatts of new gas power projects. The CEO said Africa Energy is currently in talks with former national oil company PetroSA to use some of its infrastructure to land gas from the Brulpadda and Luiperd fields at Mossel Bay. TotalEnergies first mooted using PetroSA's infrastructure, which includes the FA offshore platform in Block 9, to help accelerate production. The idea was to connect Block 11B/12B to existing subsea pipelines that run to the FA platform and from there onwards to Mossel Bay. "It could be a commercial alternative. It's an option, without a doubt," Nicolella said of using PetroSA infrastructure. Africa Energy's majority-owned local subsidiary Main Street 1549 was left as operator of Block 11B/12B after TotalEnergies ( opens new tab and joint venture partners QatarEnergy [RIC:RIC: and Canadian Natural Resources ( opens new tab decided to leave the project last year. Announcing its withdrawal last July, TotalEnergies said it appeared to be "too challenging to economically develop" and monetize the gas discoveries for the domestic market, without elaborating. Main Street will hold a 75% participating interest in the block and Arostyle Investments the remainder, according to Africa Energy Corp's website.
Times of Oman
05-06-2025
- Business
- Times of Oman
India eyes expanded US energy imports to diversify sources, balance trade
Paris: India is exploring increased imports of American shale gas, liquefied natural gas, and crude oil to diversify its energy sources and leverage competitive US pricing, a senior official said as both countries prepare for fresh bilateral trade negotiations. The strategy comes as India seeks to balance its growing trade surplus with the United States while capitalising on America's energy abundance and relatively lower prices compared to traditional suppliers. "There are several things we can buy from the US - for example, shale gas, LNG, crude oil," said the official, who requested anonymity. "The more diversified our sources, the greater the benefit for us. Prices are also low in the US." The energy diversification plan aligns with India's broader goal of reducing dependence on traditional suppliers while taking advantage of America's shale revolution, which has transformed the US into a major energy exporter. India's energy imports from the US could help address the bilateral trade imbalance, where India maintains a significant surplus. The US remained India's largest trading partner for the fourth consecutive year in 2024-25, with bilateral trade valued at USD 131.84 billion. Negotiating teams from both countries will begin the next round of discussions this week in Paris on the proposed bilateral trade agreement. However, officials acknowledge significant uncertainties stemming from the Trump administration's trade policies. The official cited concerns about potential increased tariffs on steel and ongoing legal challenges to US tariff decisions. "A lot of uncertainties are there at present," the official said, referring to developments including court orders affecting US tariff policies. Despite these challenges, India remains committed to finding mutually beneficial pathways. "Within the constraints of uncertainties, India has to find pathways which are good for the country," the official stated. The bilateral trade framework announced in February by President Donald Trump and Prime Minister Narendra Modi aims to negotiate the first phase of a comprehensive trade agreement by fall 2025. The ambitious goal seeks to more than double bilateral trade to USD 500 billion by 2030 from the current USD 191 billion. Currently, the US accounts for approximately 18 per cent of India's total goods exports, 6.22 per cent of imports, and 10.73 per cent of the country's total merchandise trade, making it a crucial economic partner. India has already reserved its right to impose retaliatory tariffs against US duties on steel and aluminium and has sought World Trade Organization consultations on US tariffs affecting auto components. When asked about potential similar measures on additional products, the official emphasized India's commitment to protecting its interests. "We will see what is good for India... accordingly we will take decisions," the official said, noting the current climate of uncertainty affecting trade policy decisions. While India seeks a "balanced and mutually beneficial trade agreement," officials acknowledge that final terms will depend on comparative advantages. "What we get as compared to other countries will determine what we ultimately finalise in the deal," the official explained. The energy import expansion represents one concrete area where both countries could benefit - India gains supply diversification and competitive pricing, while the US expands its export market and helps reduce the trade deficit.
Zawya
30-05-2025
- Business
- Zawya
Iraq in advanced talks with Saudi's ACWA Power and UAE's Masdar for solar plants
Iraq's Ministry of Electricity announced on Thursday that it is close to finalising agreements with Saudi Arabia's ACWA Power and the UAE's Masdar to build solar power stations across the country. Speaking to the Iraqi News Agency (INA), ministry spokesperson Ahmed Musa said discussions are advancing with ACWA Power for a 1,000-megawatt (MW) solar power plant in Najafm and with Masdar to develop four solar power plants with a combined capacity of 1,000 MW. In March, Iraq started construction of its largest solar power project - the 1,000 MW Basra Sun. Musa said the talks are part of Iraq's broader strategy to diversify its energy sources and reduce dependency on imported gas, adding that the the OPEC member's power sector is currently facing a 4,000 MW deficit due to reduced gas imports from Iran, which resulted in the shutdown of several power generation units. Musa disclosed that 93 percent of the electricity interconnection project with GCCIA has been completed, and connections with Jordan and Turkey are already contributing to Iraq's grid. At the start of May, Iraq's Wasit province issued a tender for 3,000 MW of renewable energy projects. Prior to that, in April, the Iraqi government signed an agreement with US-based UGT Renewables for the development of a 3,000 MW solar power project coupled with a Battery Energy Storage System (BESS) providing 500 megawatt-hours (MWh). (Writing by Majda Muhsen; Editing by Anoop Menon)
