The crash in lithium prices over the past year is holding back reinvestment in new supply, the world’s largest producer of the key battery metal, Albemarle, says.
Slowing growth in electric vehicle sales, including in the top EV market, China, and a market oversupply in battery metals sent lithium prices crashing by 80% in the past year, prompting lithium miners to pause and scale back expansion projects.
In recent months, the oil and gas sector has experienced a remarkable surge in merger and acquisition (M&A) activity, with over $155 billion in deals in the fourth quarter of 2023, according to Bloomberg. That’s more than the prior five quarters combined. Faced with challenging market and economic conditions, oil and gas companies—particularly upstream, midstream and oil field services companies—are poised to continue this consolidation wave into 2024. Middle market companies are especially likely to be involved in this M&A activity, so it is crucial for them to proactively position themselves for strength in this cycle.
The House of Representatives’ Special Committee on Crude Oil Theft has collaborated with the Nigeria Navy to initiate for effective policing of pipelines and other critical assets in the oil and gas industry with the overall goal to tackle the menace of crude oil theft and pipeline vandalism.
This is however lower than the $696.815 million secured in the same period of 2022.
No reasons have yet been attributed to the drop in proceeds.
Meanwhile, the sad development comes particularly at a time when the government is in dire need of funds to shore up its domestic revenue in the wake of the closure of the international capital markets to the country.
The Republic of Congo is a mature hydrocarbon market with proven resources, numbering 1.8 billion barrels of oil reserves and 284 billion cubic meters of natural gas reserves. Despite this, the country’s on- and offshore territory remains underexplored and operators have been slow to add value to crude resources. Yet a new gas monetization drive, coupled with several offshore exploration and development programs, presents investors with dynamic opportunities in gas processing and refining, LNG trade and infrastructure upgrades.
Ghana Gas Company Limited is expected to acquire Ghana Cylinder Manufacturing Company (GCMC) Limited by the end of the first quarter of 2024.
The African Group of Negotiators on Climate Change (AGN) has reaffirmed its commitment to Africa’s climate and development aspirations.
The Chamber of Petroleum Consumers, (COPEC) has projected an increase in fuel prices, beginning tomorrow, February 16, 2024.
In September last year, the European Union’s electric utility industry association, Eurelectric, warned that the bloc needed what Reuters called “unprecedented” investments in grid upgrades. Otherwise, Eurelectric said, the EU could well miss its energy transition targets.
Researchers at NYU Tandon School of Engineering achieved a major breakthrough in Redox Flow Desalination (RFD), an emerging electrochemical technique that can turn seawater into potable drinking water and also store affordable renewable energy.