Lucara Lowers 2024 Revenue Forecast Amid Diamond Market Challenges

Lucara Diamond Corp. has announced that its 2024 revenue projections have been revised downward due to reduced sales of high-value diamonds, which typically account for up to 70% of its annual revenue, and ongoing softness in the global diamond market. In its third-quarter update, the company adjusted its full-year revenue guidance to $160 million–$180 million, down from the previous range of $220 million–$250 million. While other operational guidance remains unchanged, Lucara lowered its 2023 capital

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Chevron Faces Decline in Oil Production at Malongo Field but Strengthens Local Engagement

Chevron is currently producing 230,000 barrels of oil per day at the Malongo Oil Field in Cabinda province, significantly down from the 600,000 barrels produced in previous years. This was disclosed by the multinational’s operations director, Gabriel Ivaba, during a visit by Cabinda Governor Suzana de Abreu to assess the company’s operations and production status. Ivaba explained that the production decline is a natural phenomenon common in oil and gas industries. “Our industry is cyclical,

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Sirte Oil Boosts Output with Advanced Horizontal Wells in Libya

Sirte Oil, a subsidiary of Libya’s National Oil Corporation (NOC), has successfully drilled two horizontal wells in the Zelten and Wadi fields, leveraging advanced real-time reservoir mapping technology. These developments are expected to enhance production capacity by 2,300 barrels per day (BPD), pushing Sirte Oil’s total output beyond the 100,000 BPD milestone. The first well, C355H-6, located in the Zelten field, was completed as part of the initial phase of Sirte Oil’s 2024 exceptional production

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Bourbon Logistics Secures Integrated Logistics Contract for Namibia Offshore Exploration

Bourbon Logistics, a marine services company, has been awarded a comprehensive logistics contract to support an offshore exploration campaign in Namibia. The six-month contract, granted by a major but undisclosed oil and gas company, involves drilling its first well off southern Namibia’s coast. Bourbon Logistics’ responsibilities encompass the entire supply chain, including freight forwarding, logistics base services, and marine operations. The company will manage international shipments, customs clearance for equipment, and base management services to

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De Beers and Botswana Join Forces to Boost Natural Diamond Market

Al Cook, CEO of De Beers Group, has announced a robust marketing initiative aimed at reviving the demand for natural diamonds. This campaign will be launched in collaboration with Botswana, De Beers’ long-standing partner. Following his inaugural meeting with Botswana’s President Duma Gideon Boko in Gaborone, Cook expressed optimism about the renewed energy in their partnership and a shared commitment to bolstering the diamond industry. “With the diamond market facing challenges, it’s essential for us

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Africa Oil Corp. Completes $99 Million Farm-Down Deal for Offshore Namibia Blocks

Africa Oil Corp. has finalized a farm-down agreement for its interests in offshore Blocks 2912 and 2913B, located off the coast of Namibia. Through its investee company, Impact Oil & Gas, Africa Oil Corp. will sell a 9.39% participating interest in Block 2912 and a 10.5% participating interest in Block 2913B to TotalEnergies for $99 million. Despite the sale, Impact Oil & Gas will retain a 9.5% interest in each block and secure a carry

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Petra Diamonds Announces Board Changes as Varda Shine Steps Down

London-listed Petra Diamonds has announced that Varda Shine will not stand for re-election at the upcoming annual general meeting (AGM) on November 13, and will retire from the board at the conclusion of the meeting. Nonexecutive director José Manuel Vargas has been appointed to succeed Shine as chairperson, effective immediately after the AGM. Vargas will also take on the role of chairperson of the investment committee. Additionally, Bernard Pryor, the senior independent director and current

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Aton Resources Reports Promising High-Grade Results from Abu Marawat Drilling in Egypt

TSX-V-listed Aton Resources has announced the first results from its diamond drilling program at the Abu Marawat deposit in Egypt, highlighting high-grade mineral findings, including 8.98 g/t gold, 185 g/t silver, 0.43% copper, and 6.12% zinc over a 3.9-meter interval. To date, the company has drilled 35 diamond drill holes at Abu Marawat, totaling 3,381 meters. All holes have been drilled horizontally or at shallow angles to target previously untested, near-surface mineralization in a challenging

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Dangote Refinery Advances Fuel Supply Agreements with Eight African Nations

The Dangote Refinery is progressing in negotiations with eight African countries to secure fuel supply agreements, according to reports from The Punch. The refinery’s management is in advanced talks with South Africa, Angola, Niger, Chad, Burkina Faso, the Central African Republic, and Namibia to initiate fuel exports. In addition to Premium Motor Spirit (PMS), the refinery has already begun exporting diesel to several African nations, reaching a significant volume of nearly 100,000 barrels per day

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TotalEnergies Pledges Major Investment in Nigeria Amid Policy Concerns

TotalEnergies CEO Patrick Pouyanne announced that the company plans to invest billions of dollars in Nigeria by actively participating in the country’s current oil bid round. Pouyanne shared this commitment during a recent visit with Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Chief Executive, Gbenga Komolafe, at the commission’s Abuja headquarters. This pledge comes just months after TotalEnergies allocated $6 billion to projects in Angola, citing challenges with Nigeria’s regulatory landscape as a deciding factor for

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