Chevron Brings South N’dola Oil and Gas Field Online in Angola’s Block 0 Chevron has started oil and gas production from the South N’dola field in Angola’s offshore Block 0, marking another step in the company’s strategy to boost output from its mature offshore assets. The development includes a new production platform that is tied back to the Mafumeira processing facility. Production from South N’dola is processed at Mafumeira before being transported to an export
IMF Cautions Botswana on Expanding De Beers Stake as Diamond Demand Slumps The International Monetary Fund (IMF) has advised the Botswana government against increasing its ownership stake in De Beers, warning that the move could exacerbate the country’s fiscal pressures amid ongoing economic challenges and heavy reliance on the diamond sector. In a review of Botswana’s fiscal position published on December 8, the IMF highlighted heightened uncertainty stemming from the prolonged downturn in the global
Alrosa Confirms Profitability in 2025 Despite Sanctions, Diamond Market Slump Russian diamond miner Alrosa has confirmed that it remained profitable in 2025, despite ongoing international sanctions and a prolonged downturn in the global diamond market. “2025 was a challenging year for the company,” said Aisen Nikolaev, head of Russia’s Sakha (Yakutia) Republic, during a meeting on Tuesday with Alrosa CEO Pavel Marinychev. “Nevertheless, Alrosa fully achieved its key production targets and continued to implement a
Heirs Energy Closes $750 Million Afreximbank Financing to Drive Expansion and Production Growth Heirs Energies Ltd has secured a $750 million financing facility from the African Export-Import Bank (Afreximbank), strengthening the company’s financial position and supporting its long-term expansion strategy in the energy sector. The agreement was signed in Abuja by Tony Elumelu, Chairman of Heirs Holdings, and George Elombi, President and Chairman of the Board of Afreximbank. Beyond operational efficiency, the financing is intended
ReconAfrica Plans Production Testing on Kavango Basin Onshore Licence in Q1 2026 Reconnaissance Energy Africa (ReconAfrica) plans to begin production testing in the first quarter of 2026 on Petroleum Exploration Licence (PEL) 73, an onshore asset located in Namibia’s Kavango Basin. The company said it has entered an evaluation phase that has been in preparation for several weeks, following the identification of hydrocarbon indicators at the Kavango West-1X well on the licence. ReconAfrica has not
TotalEnergies Takes Over Operatorship of Mopane Oil Discovery in Namibia, Targets Drilling From 2026 TotalEnergies has signed an agreement with Galp to assume operatorship of Namibia’s offshore Petroleum Exploration License (PEL) 83, which contains the Mopane oil discovery. Under the terms of the agreement, the partners will implement a defined exploration and appraisal program over the next two years, including the drilling of three wells. The first well is planned for 2026, as the partners
Chevron to Expand in Nigeria with 2025 Licensing Round and 2026 Offshore Drilling Plans Chevron has announced its intention to participate in Nigeria’s upcoming oil licensing round and plans to deploy a drilling rig in late 2026 as part of its strategy to expand operations in Africa’s largest oil producer. Jim Swartz, Chairman and Managing Director of Chevron Nigeria/Mid-Africa Business Unit, highlighted the company’s aim to strengthen its presence in Nigeria, citing the clearer regulatory
Tullow Oil Secures New Gas Deal and Plans Jubilee and TEN License Extensions in Ghana Through 2040 Tullow Oil is advancing plans to extend the operating licenses for Ghana’s Jubilee and TEN fields to 2040, following the finalization of a new gas sales agreement. The company is now working closely with government authorities to finalize the remaining agreements. Tullow’s newly appointed CEO, Ian Perks, who assumed the role in September 2025, highlighted these objectives in
Eni Advances Congo LNG Phase 2 with Early Gas Flow and Nguya FLNG Arrival, First Export Set for 2026 Eni has commenced Phase 2 of the Congo LNG project ahead of schedule, following the arrival of the Nguya FLNG unit and the entry of gas into the new offshore infrastructure. The company aims to export the first LNG cargo in early 2026. Phase 2 introduces three additional production platforms, the Scarabeo 5 unit for gas
Angolan Sovereign Wealth Fund Backs Pensana with Staged $15m Loan Conversion Ahead of Planned Nasdaq Listing The Angolan Sovereign Wealth Fund (FSDEA) has agreed to a staged conversion of a $15-million bridging loan into equity to manage its ownership percentage in London-listed Pensana, while enabling the introduction of new institutional investors ahead of the company’s proposed Nasdaq listing in mid-2026. In May, Pensana announced the terms and timing of an initial $25-million equity tranche, forming
