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Australian Securities Exchange (ASX)-listed Magnis Energy Technologies has signed a binding funding proposal for up to A$50m ($33.4m) with US investment fund SBC Global.

In the run up to elections, president-elect Bola Ahmed Tinubu sought to burnish his pro-business credentials by offering everything from taking Nigerian National Petroleum Corporation Ltd (NNPCL) beyond corporatisation to privatisation, to cutting fuel subsidies in reforms that would bring greater coherence to public finances.

The BP-Eni joint venture has kickstarted the process of contract awards on the offshore Agogo oil scheme, with some $7.8bn signed to date following a final investment decision.

National Oil Corporation has relaunched its growth-oriented upstream strategy and is encouraging international companies to help Libya achieve the 2m b/d crude oil production target mooted for at least 15 years. Eni’s recent huge gas development agreement with NOC suggests the market’s need for Libyan hydrocarbons has trumped more pessimistic assessments of the government’s capabilities, but widespread political, social and legal opposition to the Italian deal is a reminder that, while huge growth in oil and gas production is technically feasible, developments remain prey to Libya’s volatile politics.

A Lagos court ruling against the leadership of ambitious independent oil and gas company Seplat could reinforce concerns that, even with an apparently pro-business president-elect, Nigeria may not prove an easy market for international oil companies.

Plans by Eskom to build a 3GW CCGT plant at Richards Bay may yet go ahead, following reports that regulator Nersa had reversed its previous opposition to the scheme. A Nersa spokesman told African Energy the energy regulator had yet to make a final decision on the matter.

Its wealth of renewable energy resources, availability of land and proximity to markets mean Africa holds the key to Europe’s vision of a net zero future based on green hydrogen (GH2) use. The manufacture of carbon-free liquid fuels could also transform the continent, but project sponsors, financers and offtakers need to ensure this is done fairly, while contributing to economic and social development. The establishment of the European Hydrogen Bank can be a crucial step in that direction.

Political, social and legal opposition to Eni’s multi-billion-dollar upstream gas development deal is driven by an alliance of fief holders who may not be able to stop the deal, but could make it harder and more expensive to complete. The opposition reflects continuing dysfunction, raising the prospect of more blockades and disruption, writes Mohamed Eljarh*, with John Hamilton.

Algerian state giant Sonatrach has been courting international oil companies to capitalise on the potential to ramp up deliveries to Europe, but African Energy’s soundings suggest there are plenty of reasons for caution, despite the improved investment climate since hydrocarbons sector reforms were unveiled.

Zambian energy minister Peter Kapala has confirmed the time frame for completion of work to convert the Tanzania Zambia Mafuta (Tazama) pipeline from its previous role of handling imports of commingled crude feedstock.

The Zambian authorities have opened talks with oil marketing companies (OMCs) to refinance the $600m they are owed as a result of a now-ended fuel subsidy scheme. African Energy spoke to energy minister Peter Kapala in Lusaka.

The Department of Forestry, Fisheries and the Environment’s rejection of all three of Karpowership South Africa’s environmental impact assessment applications has thrown the Turkish company’s – and other departments of government’s – emergency gas-to-power plans into disarray once more.

West Africa-focused oil and gas independent Afentra has provided an update on its planned acquisition of 4% stakes in offshore Angola blocks 3/05 and 3/05A from Croatia’s Ina-Indstrija Nafte (Ina) plus the status of its 20% acquisition in Block 3/05 from state-owned Sociedade Nacional de Combustíveis de Angola (Sonangol).

Somalia has been accused of circulating an unofficial maritime map that includes offshore blocks that are claimed by Yemen.

Energy trader BB Energy Group has made an early-stage minority investment in Kigali-based developer GasMeth Energy Global and its project to extract, process and distribute methane gas from the Rwandan side of Lake Kivu.