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Author: Makungu Coco

International Energy News

Namibia Eyes Energy Export Leadership and Regional Security

Namibia’s President Netumbo Nandi-Ndaitwah has reaffirmed the country’s ambition to become a major power exporter and a driving force behind Africa’s collective energy security. Speaking at the official opening of the 7th Namibia International Energy Conference, President Nandi-Ndaitwah—represented by Prime Minister Elijah Ngurare—called for deeper collaboration between government, academia, and industry. “Our goal is to export power, strategic energy commodities, and foster knowledge partnerships, while promoting regional integration and enhancing Africa’s collective energy security,” she

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International Diamonds

Botswana Cuts Spending and Revises Budget Deficit Amid Ongoing Diamond Market Slump

Botswana is taking steps to reduce spending in response to a prolonged downturn in the diamond market, which has led the government to raise its budget deficit forecast to post-Covid levels, according to the country’s Finance Minister and Vice President, Ndaba Gaolathe. In an interview in Washington, Gaolathe emphasized the urgency of the situation, stating, “Something drastic” needs to be done. He added, “The first thing we need to do is live within our means.

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Gas International

Ghana Loses US$100 Million Annually Due to Gas Flaring

Ghana is losing an estimated US$100 million annually from gas flaring in its oil and gas sector, according to Mr. John Nkaw, Country Director of ActionAid Ghana. In a recent interview, Mr. Nkaw emphasized the significant economic, environmental, and health-related consequences of the ongoing practice, which sees excess gas flared instead of processed. “We have data showing that $100 million worth of gas is flared each year due to the inability to process excess gas.

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International Gold News

Ghana Expands Gold Purchase Program with Nine More Mining Companies to Bolster Reserves

Ghana has secured agreements with nine additional mining companies to purchase 20% of their gold production, strengthening a government-backed program aimed at increasing the country’s gold reserves and stabilizing the national currency. This move builds on a 2022 initiative, in which major producers including Gold Fields, Newmont, AngloGold Ashanti, and Asanko Mining agreed to sell a portion of their annual output to the Bank of Ghana, with payments settled in Ghanaian cedis. As a result

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Corporate News International Local Oil

BW Energy Confirms Significant Oil Discovery at Bourdon Prospect Offshore Gabon

BW Energy has announced a major oil discovery at the DBM-1 ST2 appraisal well within the Dussafu license offshore Gabon, marking the second successful sidetrack of the well. Drilled to a total depth of 4,731 meters, the well encountered approximately 11 meters of net oil pay within a 35-meter gross hydrocarbon column in the Gamba reservoir, located in the Bourdon prospect. The Bourdon discovery is estimated to contain 56 million barrels of oil in place,

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International Gas News

Morocco Launches LNG Terminal Project to Support Energy Transition and Regional Connectivity

Morocco’s Ministry of Energy has issued an expression of interest for the development of a liquefied natural gas (LNG) terminal at the Port of Nador, marking the first phase of a tender process aimed at strengthening the country’s energy infrastructure. The proposed terminal will include a floating storage and regasification unit (FSRU) and will be connected to a planned pipeline stretching south to Dakhla, eventually linking to the Nigeria-Morocco Gas Pipeline, which will span 13

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Corporate News Diamonds Local

Lucapa Diamond Reports Strong Q1 Performance Despite Local Challenges

ASX-listed Lucapa Diamond Company, with operations in Angola and Australia, has posted strong operational and financial results for the quarter ended March 31, showing year-on-year increases in carat recoveries, grade, revenue, and diamond prices. Lucapa reported a 6% increase in carat recoveries to 6,027 carats, along with a rise in the number of special diamonds—those weighing over 10.8 carats—from 51 in Q1 2024 to 54 in the current quarter. While diamond sales volume dipped 4%

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Oil Corporate News Exploration

Africa Oil’s Marula-1X Well Comes Up Dry, but Data to Guide Future Exploration in Namibia

Africa Oil Corp. has confirmed that its Marula-1X exploration well in Namibia’s Orange Basin did not encounter hydrocarbons in its primary target, despite the drilling operation being technically successful. As a result, a Drill Stem Test (DST) was not conducted. The Marula-1X well was safely drilled to a total measured depth of 6,460 metres using the Deepsea Mira semi-submersible drilling rig. The well targeted Albian-aged sandstones within the Marula fan complex, located approximately 47 kilometres

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International Corporate News Oil

NAMCOR and Subsea7 Forge Strategic Partnership to Advance Namibia’s Offshore Energy Development

The National Petroleum Corporation of Namibia (NAMCOR) has signed a Memorandum of Understanding (MoU) with global offshore energy contractor Subsea7, marking a significant step toward advancing offshore infrastructure development in Namibia’s rapidly emerging oil and gas sector. The agreement follows recent offshore energy discoveries and is set to promote knowledge-sharing, capacity-building, and the development of a highly skilled and technically proficient local workforce. NAMCOR stated that the partnership will “drive innovation, enhance safety, and support

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Local Governance Oil

Angola Maintains Salary Commitments Despite Falling Oil Prices, Says Finance Minister

The recent decline in international oil prices—now below the benchmark set in Angola’s 2025 State Budget—will not impact the government’s ability to pay public sector salaries. This assurance was given by Finance Minister Vera Daves de Sousa, who emphasized the state’s ongoing commitment to financial obligations, both domestic and international. “Since becoming Finance Minister, our focus has consistently been to safeguard salaries and honor our commitments to international and local creditors, as well as financial

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