Maaden, the Omani company set to replace Russian diamond giant Alrosa in the Catoca and Luaxe mines in Angola, has initiated discussions with its new partner, the state-owned Endiama. The Ministry of Mineral Resources, Oil, and Gas announced that the first meeting between Ganga Junior, President of Endiama, and Abdul Aziz Al Maqbali, President of Maaden, took place in Luanda earlier this week. The replacement of Alrosa, a Russian company affected by international sanctions, by
Oando Energy Resources Nigeria Limited has reported a nearly 50% increase in crude oil production within three months, following its acquisition of Nigerian Agip Oil Company from Eni earlier this year. During a meeting with joint venture partner Nigerian National Petroleum Corporation Limited (NNPCL) in Abuja, Oando’s Managing Director, Dr. Ainojie Irune, credited the remarkable growth to seamless integration and strong collaboration between the two entities. “Within less than 100 days of the acquisition, we
Chappal Energies has officially concluded the acquisition of Equinor Nigeria Energy Company (ENEC), a subsidiary of Norway’s Equinor ASA, solidifying its presence in Nigeria’s energy sector. Initially announced in November 2023, the transaction saw Equinor sell its 54% stake in the OML 128 oil and gas lease to Chappal Energies. The acquisition was finalized on December 6, 2025, following a year-long process. The deal is valued at up to $1.2 billion, comprising a $710 million
The Nigerian National Petroleum Company Limited (NNPC) has successfully sold its inaugural shipment of Port Harcourt low-sulfur straight-run fuel oil (LSSR) to Dubai-based Gulf Transport & Trading Limited (GTT). This marks the beginning of operations at the Port Harcourt Refinery and the export of petroleum products. The Wonder Star MR1 vessel is set to load 15,000 metric tons of LSSR, equivalent to approximately 13.6 million liters. Although the current export volume from NNPC is modest,
Mitsui & Co., in partnership with TotalEnergies and the Mozambique government, is finalizing plans to restart construction of the $20 billion Mozambique liquefied natural gas (LNG) project, according to Mitsui CEO Kenichi Hori. The project, led by TotalEnergies, has faced delays due to security concerns stemming from violent unrest in the region. However, Hori expressed optimism about recent improvements in the area’s security and assured investors that all parties are addressing remaining challenges. “We are
88 Energy is on track to finalize a prospective resource estimate for PEL 93, located in Namibia’s onshore Owambo Basin, by the first half of 2025. The update follows an internal review of Monitor Exploration Limited’s initial interpretation of 2D seismic data, which identified 10 significant independent structural closures. PEL 93 spans a vast 18,500 km² and includes central licence blocks 1717 and 1817. The company plans to drill its first well in the basin
Lucara Diamond Corp. has issued a positive full-year revenue and production forecast as it plans to focus on mining the higher-value portions of the Karowe deposit in Botswana. The company projects revenue for 2025 to range between $195 million and $225 million, a significant increase compared to its revised guidance of $160 million to $180 million for 2024. The expected production for next year is between 360,000 and 400,000 carats, with sales volume estimated at
Rio Tinto successfully sold 76 polished colored diamonds from its Argyle and Diavik mines through its second Beyond Rare tender, attracting strong bids from global participants. The collection, named Colour Awakened, featured 48 lots totaling 39.44 carats. It included pink, red, and violet diamonds from the now-closed Argyle mine in Australia, along with yellow and white diamonds from the Diavik deposit in Canada. A highlight of the sale was the Old Masters collection, which showcased
Alrosa has lowered rough diamond prices at this month’s trading session, following similar price reductions by De Beers, according to industry sources. The Russian miner’s cuts averaged around 10%, with estimates ranging from 5% to 15%. However, Alrosa’s price movements are more difficult to track compared to De Beers due to many industry players ceasing purchases from the company after Western sanctions on Russia were implemented in 2022. Alrosa did not respond to requests for
TotalEnergies is set to approve a $750 million investment in the Ima gas project in Nigeria next year, furthering the country’s efforts to attract new hydrocarbon investments. The Ima project, a shallow-water development planned in partnership with a local company, is expected to enhance gas supply to Nigeria’s liquefied natural gas (LNG) plant. This follows a $500 million investment approved earlier in 2024 to develop the Ubeta onshore field, a project designed to produce 300
