Chevron CEO Says Strait of Hormuz Disruptions and Iran Conflict Could Prolong Global Oil Market Tightness The Chief Executive Officer of Chevron, Mike Wirth, said he remains uncertain about how quickly oil production in the Middle East will recover following supply disruptions linked to the ongoing conflict involving the United States, Israel, and Iran. Speaking on Monday at the annual CERAWeek conference in Houston, Wirth warned that restoring shut-in production capacity will be a gradual
Nasan Energies to Become Namibia’s Third-Largest Fuel Retailer After Approval to Acquire 52 Engen and Shell Service Stations Nasan Energies (Pty) Ltd has received regulatory approval to acquire 52 Engen- and Shell-branded fuel service stations from Vivo Energy Namibia, marking a significant development in Namibia’s downstream petroleum sector. The approval was granted by the Namibia Competition Commission following a stakeholder consultation process, clearing the way for the transfer of a substantial portion of Vivo Energy’s
Sotheby’s to Offer 28.88-Carat Internally Flawless Diamond from Botswana’s Jwaneng Mine with $2.8 Million Estimate Sotheby’s is set to auction a rare 28.88-carat diamond sourced from De Beers’ flagship Jwaneng Mine in Botswana, with the gemstone expected to achieve up to $2.8 million at sale. The stone, named the Jwaneng 28.88, is a round brilliant diamond graded D color the highest classification for colorless diamonds and internally flawless, placing it among the rarest categories of
Sonangol, Afentra and Maurel & Prom Restructure Ownership of Angola’s Block 3/05 and 3/05A Ahead of 2026 Redevelopment Program Angola’s national oil company, Sonangol, has elected to participate in the acquisition of Etu Energias’ interests in Blocks 3/05 and 3/05A, located in the Lower Congo Basin. The transaction involves the purchase of Etu’s 10% stake in Block 3/05 and 13.33% stake in Block 3/05A. By joining independent oil and gas companies Afentra and Maurel &
Sintana Energy and Pancontinental Gain 12-Month Extension for Namibia PEL 87 Offshore Exploration Sintana Energy Inc. announced that its joint venture partner, Pancontinental Energy Limited, has received approval from Namibia’s Ministry of Industry, Mines and Energy to extend the First Renewal Exploration Period for Petroleum Exploration License 87 (PEL 87). The extension grants the partners an additional 12 months, until January 22, 2027, to continue exploration activities on the offshore license. PEL 87 covers blocks
De Beers Cuts Sightholders to 50 as Diamond Industry Faces Weak Demand, Lab-Grown Competition and Market Volatility Global diamond producer De Beers Group has made one of the deepest reductions to its network of handpicked diamond buyers as the company navigates a prolonged downturn affecting the global diamond industry, according to people familiar with the matter. The company notified its customers known as sightholders on Friday whether they would retain their status through formal letters
Shell Moves Forward with Sale of South African Downstream Assets, Ending Century-Long Petrol Station Operations Energy giant Shell has confirmed it is still pursuing the sale of its downstream assets in South Africa, potentially ending more than a century of the company’s petrol station operations in the country. The divestment, first announced in May 2024, follows a global review of Shell’s portfolio and its strategy to reduce downstream exposure while focusing on upstream oil and
Gem Diamonds Reports $104M Loss as Letšeng Diamond Mine Impairment and Weak Diamond Prices Hit Earnings London-listed Gem Diamonds reported a sharp decline in financial performance for the year ended December 31, 2025, as continued weakness in the global diamond market weighed on earnings. The company posted a loss of $9.1 million before exceptional items, compared with a profit of $8.1 million in 2024. After accounting for exceptional items, the attributable loss widened significantly to
Lucara Recovers Rare 36.92-Carat Blue Diamond from Karowe Mine in Botswana Lucara Diamond Corp has announced the recovery of a rare 36.92-carat blue diamond from its wholly owned Karowe Mine in Botswana. The stone has been classified as a high-quality Type IIb blue diamond among the rarest categories of diamonds globally. It was recovered using X-ray transmission (XRT) technology from ore sourced from the mine’s surface stockpiles. In addition to the blue diamond, Lucara Diamond
Nigeria Cuts Petrol Imports as Dangote Refinery Meets 92% of Fuel Demand Nigeria recorded a sharp decline in petrol imports in February as the Dangote Refinery significantly boosted domestic fuel supply, meeting approximately 92% of the country’s demand. According to an official factsheet on Nigeria’s midstream and downstream petroleum operations, total petrol supply dropped from 64.9 million litres per day in January to 39.6 million litres per day in February. The decline reflects reduced reliance
