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Corporate News International Oil

OPEC Chief Urges Africa to Unlock Oil Potential Amid Global Energy Shift

OPEC Secretary-General Haitham Al-Ghais has called on Africa to capitalize on its vast oil reserves, which exceed 120 billion barrels, emphasizing the continent’s crucial role in the global energy landscape. Speaking at the Nigeria International Energy Summit 2025 in Abuja, Al-Ghais delivered a keynote address titled “Driving Cross-Continental Investments: Scaling Africa’s Energy Frontier.” The summit’s eighth edition is themed “Bridging Continents: Connecting Investors with Africa’s Energy Potential.” Al-Ghais highlighted Africa’s extensive natural gas reserves, estimated

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Corporate News Local Oil

TGS Completes Reprocessing of 3D Seismic Data in Angola’s Block 16

Energy data and intelligence company TGS, in partnership with Angola’s upstream regulator, the National Oil, Gas & Biofuels Agency, has completed the reprocessing of the GeoStreamer MC3D seismic dataset for Block 16 in the offshore Lower Congo Basin. Covering 3,684 km², the dataset enhances imaging capabilities beyond the initial survey, enabling a more detailed evaluation of deeper target plays in both post-salt and pre-salt sections. The reprocessed data also partially covers marginal fields such as

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Corporate News Local Oil

Sonangol Reaffirms Plan for IPO to Strengthen Growth and Competitiveness

Angola’s national oil company, Sonangol, has reaffirmed its plan to launch an Initial Public Offering (IPO), offering 30% of the company’s shares to the public. This partial privatization aims to raise capital to support Sonangol’s exploration and production projects, as part of the government’s broader efforts to transform the company into a competitive upstream player. Although the IPO was initially scheduled for 2022, Sonangol CEO Sebastiao Martins confirmed that the company is now taking the

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Corporate News Gold International Mining

B2Golds Otjikoto Mine Record Production and Strategic Growth Plans for 2025

B2Gold’s Otjikoto Mine in Namibia, in which the company holds a 90% interest, had a strong performance in 2024, producing 198,142 ounces of gold, nearly at the midpoint of its guidance range of 185,000 to 205,000 ounces. For the year ending December 31, 2024, the mill feed grade was 1.87 g/t, with mill throughput at 3.34 million tonnes, and a gold recovery rate averaging 98.6%. In the fourth quarter of 2024, the Otjikoto Mine produced

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Corporate News International Oil

BW Energy Progresses with Kharas Appraisal Well Drilling in Namibia

BW Energy has confirmed that the drilling program for the Kharas appraisal well in Namibia is on track for the third quarter of 2025. The company has received rig bids, and the selection process is currently underway. The Kharas appraisal well is located in the northern part of the Kudu licence, and BW Energy is collaborating closely with other operators in the Orange Basin to optimize the use of available resources. BW Energy holds a

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Corporate News International Oil

Dangote Refinery’s Petrol Price Cut Sparks Concerns Among Importers

Importers of Premium Motor Spirits (PMS), commonly known as petrol, are reportedly unsettled by the Dangote Refinery’s recent decision to reduce its petrol price. On Wednesday, the Dangote Refinery announced a price cut, reducing its ex-depot (gantry) price of petrol from N890 to N825 per liter, effective from February 27, 2025. This move has caused a ripple effect across the fuel market, with importers now compelled to adjust their prices accordingly. The Dangote Refinery, however,

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International Corporate News

Rio Tinto Completes Landmark Renewable Diesel Trial in Pilbara

Rio Tinto has successfully completed its first renewable diesel trial across its Pilbara iron ore operations, marking a significant milestone in its efforts to reduce emissions and integrate alternative fuels into its supply chain. The trial, conducted in partnership with renewable diesel producer Neste and Australian fuel supplier Viva Energy, provided Rio Tinto with critical insights into the scalability of biofuels across its operations. The four-week trial (January–February 2024) resulted in a 27,000-tonne reduction in

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Corporate News Diamonds International

Alrosa Reports 77% Profit Drop Amid Sanctions and Market Challenges

Russia’s state-owned diamond producer, Alrosa, reported a 77.3% decline in net profit for 2024, falling to 19.3 billion roubles ($219.32 million) compared to the previous year. Revenue also dropped by 25.9%, reaching 239.1 billion roubles. The decline follows a Group of Seven (G7) ban on direct Russian diamond imports in January 2024, which was later expanded to include diamonds routed through third countries. Alrosa has also been under U.S. sanctions since 2022, further restricting its

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Corporate News Exploration International Oil

Custos Energy Announces Promising Results from Second Exploration Campaign in Namibia’s Orange Basin

Custos Energy is pleased to provide an update on its second exploration and appraisal campaign for blocks 2813A and 2814B in Namibia’s rapidly growing Orange Basin oil and gas region. These blocks are part of Petroleum Exploration License 83 (PEL 83), operated by a subsidiary of Galp Energia, with Custos and Namibia’s National Petroleum Corporation (NAMCOR) each holding a 10% working interest. The PEL 83 Joint Venture partners have successfully drilled, cored, and logged the

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Corporate News Diamonds International

De Beers Faces Tight Supply of Large Rough Diamonds Amid Market Stabilization

Rough diamonds above 5 carats were in tight supply during this week’s trading session, with industry sources attributing the shortage to both production cuts and De Beers’ strategy of limiting supply. During the February sight, prices remained stable across most categories as De Beers adhered to its policy of not overflooding the market, according to insiders. However, the scarcity of large stones raised eyebrows, especially considering De Beers reportedly holds $2 billion in inventories, its

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