BP-Eni Venture Puts Namibia Oil Find on Fast Track to Output
Azule last year negotiated a stake in Namibia's block 2914A from operator Rhino Resources, and the partners found oil at the Capricornus well in April. A final investment decision on the project by the end of next year is challenging but possible, which would mean production can begin by 2029, Azule's Chief Executive Officer Adriano Mangini said.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Bloomberg
10 minutes ago
- Bloomberg
Oil Steadies at End of Tepid Week With Eyes on Trump-Putin Talks
Oil was steady for the day and the week, with investors focused on the meeting between the US and Russian presidents later on Friday. West Texas Intermediate traded near $64 a barrel after jumping 2.1% in the previous session to offset losses earlier in the week, while Brent settled above $66 in thin trading. Vladimir Putin stepped up his charm offensive before the summit in Alaska, while Donald Trump has sought to dial back hopes for a breakthrough.
Yahoo
38 minutes ago
- Yahoo
Montage Gold Reports Fatal Accident at Its Koné Project in Côte d'Ivoire
ABIDJAN, Côte d'Ivoire, Aug. 14, 2025 (GLOBE NEWSWIRE) -- Montage Gold Corp. ('Montage' or the 'Company') (TSX: MAU, OTCQX: MAUTF) is saddened to report that a Montage colleague passed away yesterday as a result of injuries sustained in an incident that occurred during earthworks activities at the Company's Koné project in Côte d'Ivoire. The health, safety and welfare of our colleagues is our top priority and we are deeply saddened by this news. We extend our sincere sympathies and support to his family, colleagues and friends. A comprehensive internal investigation into the incident is underway, specifically as it occurred over a kilometre away from the employee's assigned work location. Montage will work closely with the relevant local authorities. Construction activities were paused on August 14, 2025, and are scheduled to resume on August 15, 2025. ABOUT MONTAGE GOLD Montage Gold Corp. (TSX: MAU) is a Canadian-listed company focused on becoming a premier multi-asset African gold producer, with its flagship Koné project, located in Côte d'Ivoire, at the forefront. Based on the Updated Feasibility Study published in 2024 (the 'UFS'), the Koné project has an estimated 16-year mine life and sizeable annual production of +300koz of gold over the first 8 years and is expected to enter production in Q2-2027. QUALIFIED PERSONS STATEMENTThe scientific and technical contents of this press release have been verified and approved by Mr. Peder Olsen, a Qualified Person pursuant to NI 43-101. Mr. Olsen, President and Chief Development Officer of Montage, is a registered Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM). CONTACT INFORMATION For Investor Relations Inquiries:Jake CainStrategy & Investor Relations Managerjcain@ For Media Inquiries:John VincicOakstrom Advisorsjohn@ +1-647-402-6375 For Regulatory Inquiries:Kathy LoveCorporate Secretary klove@ FORWARD-LOOKING STATEMENTS This press release contains certain forward-looking information and forward-looking statements within the meaning of Canadian securities legislation (collectively, 'Forward-looking Statements'). All statements, other than statements of historical fact, constitute Forward-looking Statements. Words such as 'will', 'intends', 'proposed' and 'expects' or similar expressions are intended to identify Forward-looking Statements. Forward-looking Statements in this press release include statements related to the Company's objectives of achieving first gold pour in the second quarter of 2027; the Company's mineral reserve and resource estimates; the timing and amount of future production from the Koné Gold Project; anticipated mining and processing methods of the Koné Gold Project; anticipated mine life of the Koné Gold Project. Forward-looking Statements involve various risks and uncertainties and are based on certain factors and assumptions. There is no assurance that any economic satellite deposits will be discovered, and if discovered ever developed or mined. There can be no assurance that any Forward-looking Statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include uncertainties inherent in the preparation of mineral reserve and resource estimates and definitive feasibility studies such as the Mineral Reserve Estimate and the UFS, and in delineating new mineral reserve and resource estimates, including but not limited to, assumptions underlying the production estimates not being realized, incorrect cost assumptions, unexpected variations in quantity of mineralized material, grade or recovery rates being lower than expected, unexpected adverse changes to geotechnical or hydrogeological considerations, or expectations in that regard not being met, unexpected failures of plant, equipment or processes (including construction equipment), delays in or increased costs for the delivery of construction equipment and services, unexpected changes to availability of power or the power rates, failure to maintain permits and licenses, higher than expected interest or tax rates, adverse changes in project parameters, unanticipated delays and costs of consulting and accommodating rights of local communities, environmental risks inherent in the Côte d'Ivoire, title risks, including failure to renew concessions, unanticipated commodity price and exchange rate fluctuations, delays in or failure to receive access agreements or amended permits, and other risk factors set forth in the Company's 2024 Annual Information form available at under the heading 'Risk Factors'. The Company undertakes no obligation to update or revise any Forward-looking Statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Montage to predict all of them or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any Forward-looking Statement. Any Forward-looking Statements contained in this press release are expressly qualified in their entirety by this cautionary statement.
Yahoo
44 minutes ago
- Yahoo
AI experts return from China stunned: The U.S. grid is so weak, the race may already be over
'Everywhere we went, people treated energy availability as a given,' Rui Ma wrote on X after returning from a recent tour of China's AI hubs. For American AI researchers, that's almost unimaginable. In the U.S., surging AI demand is colliding with a fragile power grid, the kind of extreme bottleneck that Goldman Sachs warns could severely choke the industry's growth. In China, Ma continued, it's considered a 'solved problem.' Ma, a renowned expert in Chinese technology and founder of the media company Tech Buzz China, took her team on the road to get a firsthand look at the country's AI advancements. She told Fortune that while she isn't an energy expert, she attended enough meetings and talked to enough insiders to come away with a conclusion that should send chills down the spine of Silicon Valley: in China, building enough power for data centers is no longer up for debate. 'This is a stark contrast to the U.S., where AI growth is increasingly tied to debates over data center power consumption and grid limitations,' she wrote on X. The stakes are difficult to overstate. Data center building is the foundation of AI advancement, and spending on new centers now displaces consumer spending in terms of impact to U.S. GDP—that's concerning since consumer spending is generally two-thirds of the pie. McKinsey projects that between 2025 and 2030, companies worldwide will need to invest $6.7 trillion into new data center capacity to keep up with AI's strain. In a recent research note, Stifel Nicolaus warned of a looming correction to the S&P 500, since it forecasts this data-center capex boom to be a one-off build-out of infrastructure, while consumer spending is clearly on the wane. However, the clear limiting factor to the U.S.'s data center infrastructure development, according to a Deloitte industry survey, is stress on the power grid. Cities' power grids are so weak that some companies are just building their own power plants rather than relying on existing grids. The public is growing increasingly frustrated over increasing energy bills – in Ohio, the electricity bill for a typical household has increased at least $15 this summer from the data centers – while energy companies prepare for a sea-change of surging demand. Goldman Sachs frames the crisis simply: 'AI's insatiable power demand is outpacing the grid's decade-long development cycles, creating a critical bottleneck.' Meanwhile, David Fishman, a Chinese electricity expert who has spent years tracking their energy development, told Fortune that in China, electricity isn't even a question. On average, China adds more electricity demand than the entire annual consumption of Germany, every single year. Whole rural provinces are blanketed in rooftop solar, with one province matching the entirety of India's electricity supply. 'U.S. policymakers should be hoping China stays a competitor and not an aggressor,' Fishman said. 'Because right now they can't compete effectively on the energy infrastructure front.' China has an oversupply of electricty China's quiet electricity dominance, Fishman explained, is the result of decades of deliberate overbuilding and investment in every layer of the power sector, from generation to transmission to next-generation nuclear. The country's reserve margin has never dipped below 80%–100% nationwide, meaning it has consistently maintained at least twice the capacity it needs, Fishman said. They have so much available space that instead of seeing AI data centers as a threat to grid stability, China treats them as a convenient way to 'soak up oversupply,' he added. That level of cushion is unthinkable in the United States, where regional grids typically operate with a 15% reserve margin and sometimes less, particularly during extreme weather, Fishman said. In places like California or Texas, officials often issue warnings about red-flag conditions when demand is projected to strain the system. This leaves little room to absorb the rapid load increases AI infrastructure requires, Fishman ntoed. The gap in readiness is stark: while the U.S. is already experiencing political and economic fights over whether the grid can keep up, China is operating from a position of abundance. Even if AI demand in China grows so quickly renewable projects can't keep pace, Fishman said, the country can tap idle coal plants to bridge the gap while building more sustainable sources. 'It's not preferable,' he admitted, 'but it's doable.' By contrast, the U.S. would have to scramble to bring on new generation capacity, often facing years-long permitting delays, local opposition, and fragmented market rules, he said. Structural governance differences Underpinning the hardware advantage is a difference in governance. In China, energy planning is coordinated by long-term, technocratic policy that defines the market's rules before investments are made, Fishman said. This model ensures infrastructure buildout happens in anticipation of demand, not in reaction to it. 'They're set up to hit grand slams,' Fishman noted. 'The U.S., at best, can get on base.' In the U.S., large-scale infrastructure projects depend heavily on private investment, but most investors expect a return within three to five years: far too short for power projects that can take a decade to build and pay off.'Capital is really biased toward shorter-term returns,' he said, noting Silicon Valley has funneled billions into 'the nth iteration of software-as-a-service' while energy projects fight for funding. In China, by contrast, the state directs money toward strategic sectors in advance of demand, accepting not every project will succeed but ensuring the capacity is in place when it's needed. Without public financing to de-risk long-term bets, he argued, the U.S. political and economic system is simply not set up to build the grid of the future. Cultural attitudes reinforce this approach. In China, renewables are framed as a cornerstone of the economy because they make sense economically and strategically, not because they carry moral weight. Coal use isn't cast as a sign of villainy, as it would be among some circles in the U.S. – it's simply seen as outdated. This pragmatic framing, Fishman argued, allows policymakers to focus on efficiency and results rather than political battles. For Fishman, the takeaway is blunt. Without a dramatic shift in how the U.S. builds and funds its energy infrastructure, China's lead will only widen.'The gap in capability is only going to continue to become more obvious — and grow in the coming years,' he said. This story was originally featured on
