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Author: Makungu Coco

Corporate News Diamonds International

Petra Diamonds Revises 2025 Price Expectations Amid Market Weakness

London-listed Petra Diamonds has lowered its diamond price forecasts for 2025 and initiated a Section 189 retrenchment process affecting the group and its South African operations support functions. These measures are aimed at cutting costs and generating additional cash amid ongoing challenges in the global diamond market. To lead the restructuring efforts, the company has appointed Vivek Gadodia as Chief Restructuring Officer. “Refinancing discussions have been deferred to 2025 to allow these cash-generation initiatives to

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Oil Exploration Local News

Onshore Oil Exploration to Begin in Cabinda Norte Block in 2025

Onshore oil exploration in the Cabinda Norte block is set to begin in 2025, according to Idonio dos Santos, administrator for ACREP – Exportacao Petrolifero S.A. Speaking to the press after a project presentation ceremony in Cacongo, Cabinda, dos Santos confirmed that all bureaucratic hurdles for the project have been cleared, including the opening of roads and the construction of a shipyard. The next phase of the project will involve research aimed at assessing and

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Oil Corporate News International Petroleum

Dangote Refinery Reduces Petrol Price to N899.50 per Litre Ahead of Festive Season

Dangote Refinery has announced a reduction in the ex-depot price of premium motor spirit (PMS), commonly known as petrol, to N899.50 per litre. This follows a previous price adjustment to N970 per litre on November 24. Anthony Chiejina, Group Chief Branding and Communications Officer for Dangote Group, highlighted that the price cut is aimed at providing relief to Nigerians during the festive season. He stated, “To alleviate transport costs during this holiday season, Dangote Refinery

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Corporate News International Oil

Brent Oil Futures Drop Amid Economic Concerns, Prices Hit 17-Month Low

Brent oil futures for delivery in February 2025 closed at $73.14 yesterday, down from $73.91 at the start of the trading session. This decline represents a 1.04% decrease, translating to a drop of approximately 77 cents. In the 2025 State Budget (OGE), effective from January 1, the government has set a reference price of $70 per barrel and aims to maintain production above 1.1 million barrels per day. According to Reuters, the oil and gas

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Local Governance

Minister Diamantino Pedro Azevedo Named “African Minister of the Year 2024”

Angola’s Minister of Mineral Resources, Petroleum, and Gas, Diamantino Pedro Azevedo, has been named “African Minister of the Year 2024” by Leadership Magazine, a UK-based publication. According to sources from Jornal Economia & Finanças in the editorial office of Leadership Magazine, the official announcement is expected in the coming hours or within a few days. Minister Azevedo won the “African Government Minister of the Year 2024” category, competing against ministers from Nigeria, Rwanda, and Djibouti.

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Local Economy News Oil

Angola Exceeds Oil Production Targets with 33.8 Million Barrels in November

In November, Angola produced over 33.8 million barrels of oil, averaging approximately 1.1 million barrels per day, according to the National Agency for Oil, Gas, and Biofuels (ANPG). The official monthly report on oil production, accessed by VerAngola, revealed that the country achieved a total of 33,841,872 barrels during the month. “Angola’s oil production for November was 33,841,872 barrels, which corresponds to a daily average of 1,128,062 barrels per day (BOPD), surpassing the projected 1,073,910

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International Corporate News Oil Partnerships

VAALCO and Borr Drilling Partnership Highlights Africa’s Growing Offshore Energy Potential

Houston-based VAALCO Energy has signed a contract with UK-based Borr Drilling to provide a jack-up rig for its 2025/2026 drilling program off the coast of Gabon. This partnership signals a rise in offshore drilling activity across Africa and reflects the increasing trend of international collaboration in the continent’s energy sector. As the energy landscape evolves, the upcoming Invest in African Energy (IAE) Forum in Paris next May will provide a vital platform for fostering such

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Local Economy Partnerships

Angola and South Africa Strengthen Economic Ties During President Lourenço’s Visit

Angolan President João Lourenço visited South Africa last week to strengthen economic ties and explore strategic partnerships between the two nations. The visit aimed to enhance bilateral trade and investment, focusing on key sectors such as energy, mining, infrastructure, and logistics. Discussions centered on maximizing the benefits of the African Continental Free Trade Agreement, advancing mineral beneficiation strategies, and leveraging Angola’s Lobito Trans-Africa Corridor as a model for regional integration. Both countries also explored cross-border

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Corporate News International Oil

Shell Approves Bonga North Deepwater Project to Sustain Oil Production in Nigeria

Shell, through its Nigerian subsidiary Shell Nigeria Exploration and Production Company Limited, has made a Final Investment Decision (FID) on the Bonga North Deepwater Development in Nigeria. This project, an extension of the active Bonga field in OML 118, is aimed at sustaining production at the Bonga facility, with first oil expected by 2030. The Bonga North project is designed to achieve a production capacity of 100,000 barrels per day. It includes the development of

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Diamonds Corporate News International

Lucara Diamond Corp Names Two Exceptional Diamonds Recovered from Botswana’s Karowe Mine

Canada-headquartered Lucara Diamond Corp has named two extraordinary diamonds recovered at its Karowe mine in Botswana. The 2,488-carat diamond, found in August, has been named Motswedi, which means “a water spring” or “the flow of underground water that emerges to the surface, offering life and vitality” in the local Setswana language. The 1,094-carat diamond, discovered in September, has been named Seriti, meaning “aura” or “presence” in Setswana. “We are incredibly proud to announce the naming

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