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Category: Corporate News

Corporate News Gas International Oil

TotalEnergies’ $20 Billion Mozambique LNG Project Faces Delays Over Security and Financing

TotalEnergies has confirmed that its $20 billion Mozambique LNG project will miss the 2029 production target due to unresolved force majeure and ongoing security concerns in the region. Initially, the company planned to lift force majeure and restart construction by late 2024, which would have facilitated production by 2029. However, delays in financing and security stabilization have extended the timeline. A $4.7 billion loan from the US Export-Import Bank (Exim) remains unapproved since construction halted

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Corporate News Diamonds International

De Beers Names Botswana’s Olympic Champion Letsile Tebogo as Global Ambassador

De Beers has announced Botswana-born Olympic gold medalist Letsile Tebogo as its new global ambassador, further strengthening the company’s ties to the nation where it has played a pivotal role in economic development. Tebogo made history at the 2024 Olympics by clinching gold in the 200-meter race and was later named World Athletics Male Athlete of the Year. This partnership between De Beers and Tebogo underscores Botswana’s remarkable transformation into a leading diamond-producing country, a

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Corporate News Diamonds Local

Lucapa Diamond Company Unveils Promising Results from Geophysical Survey at Merlin Project

Lucapa Diamond Company (ASX: LOM) has achieved significant results from the first geophysical survey conducted in 25 years at its Merlin diamond project in the Northern Territory, utilising advanced exploration technology. A preliminary review of the electromagnetic (EM) survey data revealed two large, highly conductive base metal targets, prompting the company to plan follow-up ground-based geophysics to further define these targets. A second phase of survey data processing is in progress, aimed at identifying new

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Corporate News Diamonds International

Petra Diamonds to Divest Stake in Tanzania’s Williamson Mine to Pink Diamonds Investments

South Africa-focused miner Petra Diamonds has agreed to sell its 75% stake in Tanzania’s Williamson Diamonds Limited (WDL) to Pink Diamonds Investments for up to $16 million (£13 million). The remaining 25% of WDL is owned by the Government of Tanzania. WDL operates the Williamson open-pit diamond mine, with Petra acquiring its majority stake in 2009. The buyer, Pink Diamonds Investments, is affiliated with Taifa, a fully Tanzanian-owned company and the long-term technical services contractor

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International Corporate News Oil

Woodside Energy Forecasts Flat Production in 2025 Amid Mixed Financial Results

Woodside Energy, Australia’s leading independent oil and gas producer, announced it expects flat production in 2025, projecting output between 186 million and 196 million barrels of oil equivalent (mmboe). This aligns with its record production of 193.9 mmboe in 2024, though analysts had anticipated figures at the higher end of the range. Despite meeting fourth-quarter revenue expectations, softer-than-expected realised prices weighed on investor sentiment, leading to a 2.4% drop in shares to A$25.12, their weakest

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Corporate News Diamonds

Lucapa Unveils Promising Base Metal Targets at Merlin Diamond Project

Australia’s Lucapa Diamond Company has announced the discovery of two large, highly conductive base metal targets at its Merlin Diamond Project in the Northern Territory, marking a significant step in the project’s exploration potential. The findings stem from the first geophysical survey conducted at Merlin in 25 years, unveiling opportunities for significant mineral discoveries. The targets were identified through a helicopter-borne time-domain electromagnetic (TDEM) survey, which covered the 234 km² project area, including the Merlin

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Corporate News International

OPEC Fund Pledges $30 Million for Egypt’s Landmark Wind Energy Project

The OPEC Fund for International Development (OPEC Fund) has approved a $30 million loan to co-finance Egypt’s 1.1 GW wind energy project, the largest onshore wind initiative in Africa. This loan positions the OPEC Fund alongside key financial partners, including the European Bank for Reconstruction and Development, African Development Bank, British International Investment, Deutsche Investitions-und Entwicklungsgesellschaft, the Arab Energy Fund, Arab Bank, and Standard Chartered Bank, in supporting the $1.1 billion project. Abdulhamid Alkhalifa, President

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Corporate News Local Oil

Oando Energy Secures Operatorship of Angola’s Block KON 13

The National Agency for Petroleum, Gas, and Biofuels (ANPG), Angola’s upstream regulator, has announced the results of the Limited Public Tender for Block KON 13 in the Kwanza Onshore Basin. Oando Energy, a Nigerian independent exploration and production (E&P) company, has been confirmed as the operator of Block KON 13 with a 45% stake, according to Africoilgasreport. The tender process began on May 24, 2024, and closed on September 3, 2024. ANPG noted that 10%

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Corporate News Diamonds International

Rio Tinto’s Diamond Production Rises as Underground Mining Advances

Rio Tinto reported an 18% year-on-year increase in diamond output for the fourth quarter of 2023, reaching 775,000 carats. The rise follows efforts to ramp up production after addressing ground subsidence issues and transitioning to underground mining at the Diavik mine’s A21 pit. The miner completed the first phase of underground development at A21, where open-pit operations concluded in late 2023. Rio Tinto is now scaling up processing in the area to achieve commercial production.

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Corporate News International

Chevron’s Kapana 1-X Exploration Well in Namibia Yields No Commercial Hydrocarbons

Harmattan Energy, an indirect subsidiary of Chevron, recently drilled the Kapana 1-X exploration well in Namibia’s Orange Basin, but the well did not yield commercial quantities of hydrocarbons. Despite this, the operation provided valuable geological insights, enhancing confidence in future exploration efforts in the region. Chevron had previously obtained an Environmental Clearance Certificate (ECC) from Namibia’s Ministry of Environment, Forestry, and Tourism, enabling it to spud up to ten wells in the country over the

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