Petrobras has received board approval to acquire a 10% stake in South Africa’s Deep Western Orange Basin (DWOB) block from TotalEnergies. The DWOB block is located in deep waters of the Orange Basin, an area where significant oil discoveries have recently been made by TotalEnergies, Shell, and Galp. Following the acquisition, Petrobras will hold a 10% stake in the DWOB block, joining a consortium led by TotalEnergies (40% and operator), along with QatarEnergy (30%) and
Eskom and Sasol have signed a memorandum of understanding (MoU) to explore the introduction of liquefied natural gas (LNG) as a replacement for natural gas imports from southern Mozambique, which are expected to decline significantly by 2027. The MoU was signed by Eskom CEO Dan Marokane and Sasol CEO Simon Baloyi during a ceremony at Eskom’s Megawatt Park, attended by Electricity and Energy Minister Dr. Kgosientsho Ramokgopa. In early September, Sasol announced that the decline
Lucara Diamond Corp. has announced the recovery of an extraordinary 2,492-carat diamond from its Karowe Diamond Mine in Botswana. This remarkable find, one of the largest rough diamonds ever unearthed, was detected using the Company’s Mega Diamond Recovery (MDR) X-ray Transmission (XRT) technology. This cutting-edge system, installed in 2017, is designed to identify and preserve large, high-value diamonds. The diamond was recovered from the processing of EM/PK(S) kimberlite, the primary ore type that Lucara will
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
Lucara Diamond (TSX: LUC) reported a strong performance in the second quarter of the year, with significant increases in both sales and earnings. This boost was largely driven by its revitalized supply agreement with Belgium’s HB Antwerp, which purchases and polishes rough diamonds from Lucara’s flagship Karowe mine in Botswana. The Karowe operation generated $41.3 million in revenue, marking a 7% increase compared to the same period last year. Net profit surged to $11.4 million,
Australia-headquartered Lucapa Diamond has successfully completed the sale of its 70% stake in the Mothae mine in Lesotho. The interest was sold to the local Lesotho company Lephema Executive Transport, after all conditions of the sale and purchase agreement, signed in June, were met. The divestment was carried out through a public sale process, following a strategic review of Lucapa’s asset portfolio by its newly restructured board of directors. The review concluded that Lucapa should
London-listed Gem Diamonds reported selling 56,944 carats of diamonds from its Letšeng mine in Lesotho, generating $77.9 million in revenue for the six months ended June 30. This marks a 9% increase compared to the 52,163 carats sold in the first half of 2023, which generated $71.6 million in revenue. The average price per carat in the first half of this year was $1,366, slightly lower than the $1,373 per carat recorded in the same
Sonangol and the Tosyali Group reached an agreement on Monday to enhance the strategic Kassinga iron and steel project. The agreement, finalized during the Angolan Minister of Mineral Resources, Oil, and Gas’s visit to Turkey, includes integrating Angola’s national oil company, Sonangol, into the new corporate structure of Tosyali Iron & Steel Angola SA. Fuat Tosyali, President of the Turkish holding company, praised the move as a clear demonstration of Angola’s commitment to the project.
