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Author: Makungu Coco

Diamonds Local News

Angola Expands Diamond Industry with Eight New Cutting Factories in Five Years

Between 2019 and 2024, Angola significantly expanded its diamond cutting industry by opening eight new cutting factories. These include the Stone Polished Diamond factories in Luanda, with a combined processing capacity of 24,000 carats per year, KGK (60,000 carats/year), and Pedra Rubra (60,000 carats/year). At the Saurimo Diamond Development Pole (PDDS), KGK opened additional factories with a capacity of 180,000 carats per year, alongside Stardiam (72,000 carats/year), Kapau Gems (54,000 carats/year), Pollaro (60,000 carats/year), and

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Diamonds Economy Local News

Catoca Faces Market Challenges as Diamond Prices Drop

Sociedade Mineira de Catoca, operating in Lunda-Sul, is actively working to sell its diamond production from March and April to ensure steady cash flow, despite a decline in international diamond prices. Engrácia João, Deputy General Director for Administration, shared these details during a press briefing in Dundo, Lunda-Norte. João noted that, like other operators, Catoca is grappling with less favorable market conditions, where diamond prices have dropped to between 35% and 50% below the expected

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Oil Local News

Brent Oil Price Surge Enhances Angola’s Revenue Outlook

Brent crude oil began yesterday’s session on the London futures exchange with a slight increase, opening at $79.71 per barrel, up from $79.66 at the close of last Friday’s session. During the day’s trading, the price climbed to $80.45 per barrel. This upward trend suggests a positive week ahead, driven by strong global demand and ongoing geopolitical uncertainties that continue to influence oil prices. Although Brent is trading below the $100 mark predicted a few

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International Gas Mining Projects

Nigeria and Equatorial Guinea Forge New Gas Pipeline Agreement

On August 14, 2024, in Malabo, Nigeria’s President Bola Tinubu and Equatorial Guinea’s President Teodoro Mbasogo signed a significant agreement on the Gulf of Guinea Pipeline Project, enhancing their collaborative efforts for mutual development. This agreement is a key element of South-South cooperation, aimed at leveraging the rich gas reserves in the Gulf of Guinea, estimated at approximately 300 trillion cubic feet (tcf). Currently, six countries in the region—Nigeria, Côte d’Ivoire, Angola, Gabon, the Republic

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International Energy

Infinity Power Signs PPA for 200 MW Wind Project in Egypt

Infinity Power, a joint venture between the Netherlands-based Infinity Group and the UAE’s Masdar, has announced a new milestone with the signing of a Power Purchase Agreement (PPA) with the Egyptian Electricity Transmission Company (EETC). The agreement covers a 200 MW onshore wind project located in Ras Ghareb, in the Gulf of Suez region. While specific timelines for construction and financial closure were not disclosed, Infinity Power projects that the wind farm will generate 810,000

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International Renewable Energy

South Africa’s Grootspruit Solar Farm Construction Begins

Construction of the Grootspruit solar farm has officially begun in South Africa. This project, a collaboration between Engie and South African independent power producer Pele Green Energy, is located in the Free State province. Stuart Kent, Managing Director of Aurex Constructors, highlighted during the launch that the project aims to tackle South Africa’s energy challenges and support the country’s transition to a cleaner energy future. The solar farm, situated in the Lejweleputswa district, will feature

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International Diamonds

Botswana Seeks Larger Stake in HB Antwerp Without Additional Investment

Botswana is negotiating to increase its stake in Belgian diamond manufacturer HB Antwerp from 24% to 49.9% without additional cost, according to Minister of Minerals and Energy Lefoko Moagi. The government initially allocated BWP 890 million ($65 million) for a 24% share in March 2023 but is now aiming for a larger ownership under the same financial terms. Moagi explained that the decision to renegotiate stems from market changes since the initial announcement. The updated

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Oil Economy International

TotalEnergies Invests $600 Million to Boost Republic of Congo’s Oil Production and Sector Growth

In May, TotalEnergies announced a $600 million investment in the Republic of Congo (ROC) aimed at enhancing exploration and production in the Moho Nord field. This investment will increase production by 40,000 barrels per day (bpd) from its current rate of 140,000 bpd, moving the ROC closer to its goal of reaching 500,000 bpd. TotalEnergies also holds the ROC’s Marine XX permit and has recently deployed two drilling rigs to facilitate new discoveries. This commitment

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Local Corporate News News Oil

Chevron Secures New Offshore Blocks in Angola

Chevron, a major player in Angola’s oil sector with a 26% market share, has recently made significant strides to further solidify its presence in the country. In mid-June, the U.S.-based giant signed contracts for two license areas off the coast of Angola—Blocks 49 and 50, located in the ultra-deepwater section of the Lower Congo Basin. A few years ago, this deal would not have been possible. The National Oil, Gas, and Biofuels Agency (ANPG), the

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International News

Mozambique’s Sixth Hydrocarbon Licensing Contracts Near Final Approval

Nearly all contracts from Mozambique’s Sixth International Hydrocarbon Licensing Round have been approved by the government and are now pending final clearance from the Administrative Tribunal. Nazário Bangalane, Chairman of the National Petroleum Institute (INP), the regulatory authority for Mozambique’s hydrocarbon sector, expressed confidence that the Administrative Tribunal’s approval would be granted soon. Mozambican law requires that all contracts with public entities undergo a legality review by the tribunal. Bangalane, speaking during a visit to

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