Brent oil futures for delivery in February 2025 closed at $73.14 yesterday, down from $73.91 at the start of the trading session. This decline represents a 1.04% decrease, translating to a drop of approximately 77 cents. In the 2025 State Budget (OGE), effective from January 1, the government has set a reference price of $70 per barrel and aims to maintain production above 1.1 million barrels per day. According to Reuters, the oil and gas
Houston-based VAALCO Energy has signed a contract with UK-based Borr Drilling to provide a jack-up rig for its 2025/2026 drilling program off the coast of Gabon. This partnership signals a rise in offshore drilling activity across Africa and reflects the increasing trend of international collaboration in the continent’s energy sector. As the energy landscape evolves, the upcoming Invest in African Energy (IAE) Forum in Paris next May will provide a vital platform for fostering such
Shell, through its Nigerian subsidiary Shell Nigeria Exploration and Production Company Limited, has made a Final Investment Decision (FID) on the Bonga North Deepwater Development in Nigeria. This project, an extension of the active Bonga field in OML 118, is aimed at sustaining production at the Bonga facility, with first oil expected by 2030. The Bonga North project is designed to achieve a production capacity of 100,000 barrels per day. It includes the development of
Canada-headquartered Lucara Diamond Corp has named two extraordinary diamonds recovered at its Karowe mine in Botswana. The 2,488-carat diamond, found in August, has been named Motswedi, which means “a water spring” or “the flow of underground water that emerges to the surface, offering life and vitality” in the local Setswana language. The 1,094-carat diamond, discovered in September, has been named Seriti, meaning “aura” or “presence” in Setswana. “We are incredibly proud to announce the naming
ASX-listed Burgundy Diamond Mines, the operator of the Ekati Mine in Canada, achieved $93 million in revenue from two successful diamond sales cycles in the fourth quarter of 2024. Q4 Sales Highlights Burgundy CEO Kim Truter highlighted the strong performance of Ekati’s ethically sourced diamonds: “Ekati’s ethically produced G7 product sold well this quarter, achieving $106 per carat in the latest sale. While this number reflects a higher-quality parcel of goods, we also observed gains
The Sociedade Mineira de Catoca emerged as the top winner in the “Mining Operator of the Year in the Diamond Industry” category at the inaugural Angola Mining Awards held in Luanda on Friday. The event, which aimed to recognize the standout players in the mining industry over the past year, celebrated various achievements across multiple sectors. Pedra Rubra won the “Marketing and Jewelry” category, while the “Cutting” category was claimed by the Kassinga Project in
Sonangol E.P. has implemented a series of key initiatives between 2019 and 2024 to address declining production, the impacts of the COVID-19 pandemic, and improve operational efficiency. Key milestones include the development of a strategy to mitigate production declines, restoring water injection systems, restarting production in Block 3/05A, and achieving a 30% production increase in Block 3/05 in 2023, equating to 6,000 barrels per day. According to a report seen by Jornal de Angola, by
Canadian mining company Lucara Diamond has announced its 2025 operational plan for the Karowe Mine in Botswana, with a focus on increasing production, advancing an underground expansion, and boosting revenue. The company aims to mine up to 2.2 million tons of ore in 2025 while implementing a $115 million underground mine expansion project. This initiative, slated for completion by 2028, is expected to extend the mine’s lifespan beyond 2040. Lucara also projects $225 million in
QatarEnergy has expanded its upstream portfolio in Namibia by acquiring a 27.5% working interest in Block 2813 under a new agreement with Harmattan Energy Limited (HEL), the operator of the block. Announced on Sunday, the agreement confirms HEL, an indirect subsidiary of Chevron Corporation, as the majority stakeholder with a 52.5% interest. The remaining partners, Trago Energy Limited and the National Petroleum Corporation of Namibia (NAMCOR), each hold a 10% interest, according to QatarEnergy’s press
88 Energy Limited has uncovered 10 independent structural closures with significant hydrocarbon potential in Namibia’s Owambo Basin. This discovery follows an initial analysis of 2D seismic data within the southern region of Petroleum Exploration Licence 93 (PEL 93). The identified closures, characterized by large structural formations—some exceeding 100 km² in size with substantial vertical relief—show promising indications of hydrocarbon charge from nearby source rocks. Monitor Exploration Limited, the operator of PEL 93’s exploration program, recently
