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Author: Makungu Coco

Gas International Mining Oil Petroleum

5 Reasons to Invest in Guinea-Bissau

Guinea-Bissau represents both a unique and highly strategic investment opportunity. As a relatively undeveloped energy market, the country is positioned in close proximity to large-scale oil and gas developments in neighboring Senegal and Mauritania. High-impact regional discoveries made in recent years have emphasized the potential of offshore acreage while untapped domestic renewable energy resources coupled with favorable investment terms highlight the attractiveness of investing in Guinea-Bissau. Untapped Mineral Reserves Guinea-Bissau is believed to have approximately

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Diamonds International

Sustainable Diamonds Disrupt Prices in Diamond Market

One of the world’s most popular types of rough diamonds has plunged into a pricing free fall, as a growing number of Americans choose engagement rings made from lab-grown stones instead. Diamond demand across the board has weakened after the pandemic, as consumers splash out again on travel and experiences, while economic headwinds eat into luxury spending. However, the kinds of stones that go into the cheaper one- or two-carat solitaire bridal rings popular in

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Diamonds International News

Gem Diamonds swings to $1m loss in H1

London-listed Gem Diamonds has posted a loss a share of $0.07 and lower underlying earnings before interest, taxes, depreciation and amortisation of $8.4-million for the six months ended June 30, on the back of a downturn in the rough diamond market. This compares with the earnings a share of $0.027 and underlying Ebitda of $20.9-million posted for the prior comparable six months of 2022. The company’s attributable loss came to $1-million for the six months under review,

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International News Oil Petroleum

Qatar, Sonatrach Collaborate on Petrochemical Complex in Algeria

Qatari-based diversified business conglomerate Power International Holding is exploring a partnership opportunity with Algerian National Oil Company Sonatrach for the development of a petrochemical facility in Algeria. The facility will produce raw materials such as butene and polybutene. A delegation from Power International Holding is expected to visit Algeria to discuss the partnership in early September 2023. Mohammed Arkab, Minister of Energy in Algeria, stated that, “Sonatrach is ready to work with Power International to achieve that project, which

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Local News Oil Petroleum

ExxonMobil’s Block 15 Offshore Angola Marks 29 Years of Exploration

Block 15, an Angolan offshore, operated by ExxonMobil (Esso Angola), located approximately 370 kilometers northwest of Luanda, completed 29 years since the beginning of its exploration on August 23, 1994, and currently employs around 1,000 workers . According to PetroAngola’s website, Block 15, once Angola’s largest oil producer, recently achieved a daily production peak exceeding 600 KBPD, thanks to its four FPSOs: Kizomba A, Kizomba B, Mondo, and Saxi-Batuque. Construction of the initial FPSO, Kizomba

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Local Mining News

APEPA Companies Extract 800,000 Tons of Negro-Angola Black Granite Annually

A total of 800,000 tons of black granite, particularly Negro-Angola, is being extracted annually by the various companies registered with the Association of Producers, Transformers, Traders and Exporters of Ornamental Stones of Southern Angola (APEPA). The vice-president of the association, Elias Cipriano, highlighted the provinces of Huíla and Namibe as the most attractive in the country as they account for 80 percent of the exploration and export of rocks of various types, with emphasis on

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Gas Local News Oil Petroleum

TotalEnergies, AzuleEnergy, and Equinor Sign Production Sharing Contracts for Angolan Blocks with ANPG

The multinationals TotalEnergies, AzuleEnergy and Equinor signed, yesterday, in Luanda, production sharing contracts for blocks 16/21 and 31/21 with the National Petroleum, Gas and Biofuels Agency (ANPG). The act is the result of the Public Adjudication Offer carried out by ANPG, in 2021, and follows the Executive’s Strategic Plan for the attribution of oil concessions 2019-2025.    The Plan foresees the award of more than 50 oil blocks to reaffirm commitments to more incisive exploration and

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Diamonds Local News

Three special Lulo Diamonds await sale at auction

Sociedade Mineira do Lulo, located in Xamiquelengue, Capenda-Camulemba municipality, Lunda-Norte province, currently has three diamonds of 180, 50 and around 12 carats waiting to be sold at auction. The information was provided, on Yesterday 31st August, at Dundo to the press, by the president of the operator’s management council (PCG), Domingos Alfredo Machado, on the sidelines of the production balance meeting for the first half of the current year, and which brings together, since Wednesday,

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Energy International

Mozambique: Plan revived to build second Cahora Bassa hydroelectric plant

Mozambique’s Hidroeléctrica de Cahora Bassa (HCB), one of the largest independent energy producers in southern Africa, has said that it is considering the “reactivation” of a project to build a new power plant, to the north of the original hydroelectric dam, in view of growing demand for electricity in the region. “In the long term, the company is conducting strategic reflections with a view to reactivating the Cahora Bassa North project, to meet the growing

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International News Petroleum

Nigeria’s Effort to Revive Refineries, Halt Fuel Imports

Nigeria’s new oil minister stated last week that the country expects all four oil refineries to be ready by the end of the year, with the southern Port Harcourt facility possibly beginning operations as early as December. The Port Harcourt refinery will begin processing oil by the end of 2022, the government announced last year. However, NNPC Ltd executives and succeeding oil ministers have launched a number of fruitless plans to restart, remodel, or enlarge

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