TotalEnergies

TotalEnergies plans to invest multi-billion dollar investment

By: Envaalde Matheus President Netumbo Nandi-Ndaitwah has welcomed TotalEnergies’ plan to invest in the country’s energy sector. CEO Patrick Pouyanné asked Nandi-Ndaitwah to start formal discussions on large-scale oil, gas, and renewable energy projects. The President's State of the Nation Address on Thursday emphasised the importance of foreign investment in driving national progress. Nandi-Ndaitwah described the TotalEnergies plan as timely and aligned with the nation’s development goals. “The sector in […]

28 April, 2025 66

Business / Economics

07 March Biz News: Markets, Earnings, Oil Deals & Trade Policy Shifts

Local Stock Market Update As of yesterday, the local stock market's free float market capitalization stands at N$16.71 billion, with 638,974 shares traded, amounting to N$16.41 million in value across 11 deals. For the month to date, 1,364,598 shares have been traded, totaling N$47.09 million, with 31 deals recorded. FirstRand Ltd Sees 10% Earnings Growth According to CNBC Africa, South Africa’s FirstRand Ltd reported a 10% rise in first-half […]

7 March, 2025 21

Business / Economics

Morning Biz News – 13 February 2025

Bank of Namibia Cuts Interest Rate Again The Bank of Namibia has reduced its key interest rate for the fourth consecutive monetary policy meeting, lowering the repo rate by 25 basis points to 6.75%. The central bank cited stable inflation projections and the need to support economic growth as the primary reasons for the cut. This follows similar reductions in its last three policy decisions, signaling a continued effort […]

13 February, 2025 31

Business / Economics

TotalEnergies revises Venus oilfield production target

TotalEnergies has delayed its final investment decision on its offshore oil project in Namibia, with a new target set for 2026, according to CEO Patrick Pouyanne. The company has also adjusted its production forecast for the Venus oilfield, now aiming for 150,000 barrels per day, down from the previous expectation of 160,000 barrels per day, following updated projections shared at its investor day in October. According to Reuters, […]

7 February, 2025 67

Business / Economics

30 January-6 February 2025 Weekly Economics Wrap: Tourism, Telecommunications, and Global Economic Trends

The local hospitality industry in Namibia is undergoing a significant shift as several major hotels transition from fixed rates to dynamic pricing. This move, influenced by international trends and increasing operational costs, has raised concerns about the impact on domestic tourism, already facing economic challenges. A recent survey by The Brief revealed that fluctuating rates could affect local tourism, making it difficult for many Namibians to access affordable accommodations. This […]

6 February, 2025 36

Business / Economics

Namcor reports on operational progress of Venus wells

Exterior view of the NAMCOR (National Petroleum Corporation of Namibia) offices The National Petroleum Corporation of Namibia (Namcor) has made significant progress in its post-well studies for the Venus oil wells. The studies, which include analysing core samples, logging data, and fluid samples, form part of Namibia’s growing oil exploration activities in the Orange Basin. Ongoing collaboration and operational updates Namcor’s latest operational update indicates […]

27 January, 2025 117

Business / Economics

France’s TotalEnergies pauses Adani investments

French oil giant TotalEnergies has halted its investments into Adani Group amid bribery allegations against the Indian conglomerate. US authorities have accused billionaire Gautam Adani and other executives of paying more than $250 million in bribes to government officials to win solar energy contracts. Rebecca Bundhun reports from Mumbai.

26 November, 2024 58

Africa

Detained Uganda environmental activist freed but ‘in bad shape’

An environmental activist in Uganda who is opposed to a huge oil project led by French giant TotalEnergies has been freed after five days in detention, his employer said Monday. Stephen Kwikiriza was found on Sunday evening dumped on a roadside in Kyenjojo, about five hours' drive west of the capital Kampala, said Samuel Okulony, director of the Environment Governance Institute. The activist had said he was […]

10 June, 2024 18

Africa

Europe’s hydrogen rush targets Tunisia, other sunny African countries

By Bonface Orucho, bird story agency TE H2, a joint venture that includes involves TotalEnergies (as the major partner), EREN Groupe, and Austria’s leading electricity company, VERBUND, has signed a Memorandum of Understanding (MOU) with the Republic of Tunisia to explore the viability of this project, according to a press statement. The move is just the latest in a flurry of announcements involving […]

31 May, 2024 27