Angola Targets 20–30% Stake in De Beers Amid Push for African Coordination in Diamond Industry Angola is seeking to acquire a 20% to 30% stake in De Beers, the global diamond powerhouse currently owned by UK-based mining group Anglo American, as African diamond-producing nations explore a coordinated strategy to gain greater influence over the industry’s most valuable assets. The move comes as Anglo American prepares to divest De Beers, amid weakening diamond prices and intensifying
Letšeng Mine in Lesotho Sees Sharp Revenue Decline Amid Global Diamond Market Challenges The Letšeng diamond mine in Lesotho, known for producing some of the world’s highest-value diamonds per carat, experienced a significant revenue decline in 2025. Gem Diamonds, the mine’s owner, reported on February 4, 2026, that Letšeng generated $97.7 million, down 36% from $152.8 million in 2024. The drop is attributed to a 14% fall in production and a 20% decrease in the
TotalEnergies Restarts $20bn Mozambique LNG Project After Five-Year Shutdown Caused by Insurgency TotalEnergies has resumed construction of its flagship Mozambique LNG project in the country’s northern Cabo Delgado province, ending a five-year suspension triggered by a deadly jihadist attack that killed hundreds of people. The Mozambique LNG project, widely regarded as Africa’s largest private-sector energy investment, is expected to generate thousands of jobs and transform Mozambique into a major global exporter of liquefied natural gas.
Shell Considers $20bn Investment in Nigeria’s Bonga South West Offshore Oil Project Shell Plc and its partners in Nigeria are evaluating plans to develop a major offshore oil field that could attract up to $20 billion in investment, according to the company’s Chief Executive Officer, Wael Sawan. Sawan said Shell is working with its partners on the Bonga South West project, a deepwater offshore development that could draw approximately $20 billion in foreign direct investment
Oando PLC Records 10% Rise in Profit to ₦241.3bn as Upstream Oil and Gas Production Jumps in 2025 Oando PLC has reported a 10 per cent increase in profit after tax to ₦241.3 billion for the year ended 31 December 2025, driven by robust growth in upstream oil and gas production, despite a decline in overall revenue. In its unaudited full-year results, the indigenous energy company recorded a 32 per cent year-on-year increase in upstream
Mozambique Restarts TotalEnergies’ $20 Billion LNG Project, Marking Major Milestone for African Gas Mozambique and TotalEnergies have formally restarted the French energy major’s $20 billion liquefied natural gas (LNG) project, nearly five years after operations were suspended following security incidents in the country’s northern Cabo Delgado province. In a statement released on Thursday, the office of President Daniel Chapo confirmed that the restart was officially marked at the Afungi project site on Mozambique’s northern coast,
Afreximbank Secures US$1.75bn Syndicated Facility to Support Sonangol and Angola’s Oil Exports The African Export-Import Bank (Afreximbank) has successfully closed a US$1.75 billion syndicated receivables purchase facility for Sonangol, Angola’s national oil company, in a transaction expected to significantly strengthen the country’s energy sector and export capacity. The facility, arranged in collaboration with other mandated lead arrangers, will support Sonangol’s operating and capital expenditure requirements. It also advances Afreximbank’s mandate to promote African-led financing solutions
N’dola Sul Start-Up Boosts Angola’s Oil Output as Government and Chevron Extend Life of Block 0 The start-up of the N’dola Sul oil project in Block 0 has been hailed as a major milestone for Angola’s oil industry, strengthening national production capacity and extending the life of one of the country’s most historic offshore assets. Speaking at the ceremony marking the start of production, the Minister of Mineral Resources, Petroleum and Gas, Diamantino Azevedo, underscored
Shell Considers $20 Billion Offshore Oil Investment in Nigeria’s Bonga South West Field Shell Plc and its partners in Nigeria are evaluating development options for the Bonga South West deepwater oil project, an offshore asset that could attract up to $20 billion in investment if it reaches a final investment decision (FID), according to Shell’s chief executive officer, Wael Sawan. Speaking in a video shared by Nigeria’s presidency, Sawan said Shell is working closely with
Sintana Energy Wins Exclusivity to Negotiate Stake in Namibia’s Walvis Basin PEL 37 Sintana Energy has secured exclusive rights to negotiate a potential investment in a large offshore exploration licence in Namibia’s Walvis Basin, strengthening its footprint in one of the world’s most closely watched emerging oil provinces. The company said it has signed a letter of intent granting exclusivity until 30 April 2026 to negotiate an indirect interest in Petroleum Exploration Licence (PEL) 37.
