You are Here

Category: Corporate News

Corporate News Local Mining Projects Oil

ACREP to Begin Oil Exploration in Angola’s Cabinda Norte Block in 2025

Angolan upstream firm ACREP plans to commence oil exploration in the onshore Cabinda Norte Block in 2025, with the goal of determining the economic viability of the block. The company will conduct feasibility studies to assess the block’s potential production capacity following exploration. Since 1968, up to 20 wells have been drilled in the block, but bureaucratic challenges have hindered their development. ACREP’s Operations Director, Idonio dos Santos, stated that these challenges have now been

Loading

Read More Here

International Corporate News Oil

Noble Corporation Secures $171 Million Drilling Contract with Tullow Ghana

Offshore drilling contractor Noble Corporation has secured a $171 million contract with Tullow Ghana to deploy its Noble Venturer drillship for exploration services in the West African nation. Under the 360-day contract, the Noble Venturer will drill six wells starting in May 2025. The first two wells are scheduled for completion within 120 days, followed by a maintenance period for the drill rig until the end of 2025. The remaining four wells are set to

Loading

Read More Here

Corporate News Gas Local News

Chevron’s CABGOC Achieves First Gas from Sanha Lean Gas Connection in Angola

The Cabinda Gulf Oil Company (CABGOC), a subsidiary of Chevron, has successfully achieved first gas from its Sanha Lean Gas Connection project in Angola. Valued at $300 million, the project involves the development of a platform that connects to the Sanha condensate complex and features pipelines linking Blocks 0 and 14 to the Angola Liquefied Natural Gas (ALNG) facility and the Soyo power plant. The first phase of the project will deliver approximately 80 million

Loading

Read More Here

Corporate News International Oil

Nigeria Approves Shell Asset Sale to Renaissance Africa Energy Consortium

Renaissance Africa Energy Company Limited has announced ministerial approval for its acquisition of Shell Petroleum Development Company’s onshore oil assets in Nigeria. In January 2024, Shell agreed to sell its Nigerian onshore oil assets to Renaissance Africa for over $1.3 billion, subject to regulatory clearance. The assets include an estimated 6.73 billion barrels of oil and condensate reserves, along with 56.27 trillion cubic feet of associated and non-associated gas reserves. Renaissance Africa is a consortium

Loading

Read More Here

Corporate News Diamonds International

Petra Diamonds Lowers Rough Pricing Forecast Amid Market Weakness

Petra Diamonds has revised its rough diamond pricing forecast downward for the remainder of the fiscal year due to ongoing softness across most size categories. The company now projects rough diamonds from its Cullinan mine in South Africa to sell for $120 to $130 per carat, down from the initial forecast of $125 to $135 per carat. Similarly, diamonds from the Finsch mine are expected to fetch $80 to $90 per carat, compared to the

Loading

Read More Here

Corporate News Diamonds International

Choron Group Acquires AMC Group to Strengthen Diamond Supply Chain

Antwerp-based diamond supplier Choron Group has announced its acquisition of AMC Group, a De Beers sightholder, marking a rare instance of consolidation in the diamond trade. The acquisition, facilitated by diamond brokerage and consultancy firm Bonas Group, will be finalized on January 1, 2025. Financial details of the deal remain undisclosed. “This acquisition marks a significant milestone for Choron,” stated CEO Anshul Gandhi. “AMC’s legacy of excellence and market leadership complements our vision to deliver

Loading

Read More Here

Diamonds Corporate News International

Alrosa’s Annual Production Drops Amid Sanctions and Market Challenges

Alrosa, the Russian diamond mining giant, reported a 4.6% drop in annual output for 2024, producing 33 million carats compared to 34.6 million in 2023. The decline aligns with planned reductions due to sanctions, weak demand, and depressed rough diamond prices, according to Aisen Nikolaev, head of the Yakutia regional government. The sanctions have also forced Alrosa to divest its stakes in Angola’s Catoca and Luele diamond mines, further impacting production capacity. Additionally, Russia’s state-owned

Loading

Read More Here

Corporate News Local Oil

Azule Energy Expands Beyond Angola with Investment in Namibia’s Offshore Oil Sector

Azule Energy, an Angola-based joint venture, has successfully finalized a farm-in agreement for Block 2914A in Namibia’s Orange Basin. With this transaction, Azule Energy now holds a 42.5% participating interest in the block, located offshore Namibia, an area known for significant hydrocarbon discoveries since 2022. The contracting group for Block 2914A now includes Rhino Resources Namibia Ltd. (Operator, 42.5%), Azule Energy Exploration Angola (KB) Ltd. (42.5%), Namcor Exploration and Production (10%), and Korres Investments (5%).

Loading

Read More Here

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

Loading

Read More Here

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

Loading

Read More Here

1 2 3 … 10