Angola’s Sodiam Launches Online Auction of 74 Special Rough Diamonds in Luanda. Sodiam, Angola’s National Diamond Trading Company, has announced a new auction of special rough diamonds, with 74 stones to be offered through an electronic bidding process. Viewing sessions will take place from February 23 to March 3, 2026, at Sodiam’s headquarters in Luanda. The online bidding process will close on March 4 at 10:00 a.m. local time. The auction is being organized in
Angola Launches Ndungu Field Production, Targeting 60,000 bpd at Peak Output National Agency of Petroleum, Gas and Biofuels (ANPG) and Azule Energy have announced the start of full field development at the Ndungu field offshore Angola, marked by the commencement of production from its first three wells. According to ANPG, the milestone represents a significant step forward in the Agogo West Hub Integrated Development (AIWH), a project designed to maximize hydrocarbon recovery in the western
TotalEnergies Plans 2028 FID for Mopane Offshore Namibia, Eyes 350,000 bpd Hub with Venus TotalEnergies is aiming for a final investment decision (FID) in 2028 on its Mopane oil development offshore Namibia, reinforcing its long-term deepwater growth strategy in the Orange Basin. Speaking on the company’s Namibia portfolio, Deputy CFO Arnaud Le Foll said exploration and business development efforts in the Orange Basin have delivered material discoveries that underpin plans for a new multi-field deepwater
Murphy Oil to Drill Bubale-1X in Côte d’Ivoire After Caracal-1X Well Declared Dry Murphy Oil Corporation has completed drilling operations at the Caracal-1X well in Block CI-102 offshore Côte d’Ivoire, reaching a total depth of 8,534 feet (2,601 meters). The company has classified the well as a dry hole after failing to encounter commercially viable hydrocarbons. Subsurface data acquired during drilling will be integrated into ongoing technical evaluations to refine prospectivity across the remaining acreage
Botswana’s Okavango Diamond Company to Increase Contract Diamond Sales Amid Weak Global Market Botswana’s state-owned Okavango Diamond Company (ODC) plans to increase the proportion of diamonds it sells through long-term contracts as it adapts to challenging global market conditions, acting managing director Lipalese Makepe said on Wednesday. Contract sales provide greater pricing stability and predictability compared with auctions and tenders, which are typically more competitive and prone to price volatility. The shift comes as rough
SOLA Group Financial Close on Naos-1: 300MW Solar and 660MWh Battery Project to Wheel Private Power in South Africa SOLA Group has achieved Financial Close and begun construction of its Naos-1 Hybrid Solar and Battery Project, marking a significant milestone in South Africa’s evolving private electricity market. The development integrates a 300MW solar photovoltaic facility (435MWp) with 660MWh of battery energy storage. The project is underpinned by long-term power purchase agreements with Sasol and Air
De Beers 2025 Financial Results: $511M Loss Driven by Falling Diamond Prices and Stock Rebalancing Diamond miner De Beers reported a challenging 2025 financial year, posting an underlying loss before interest, taxes, depreciation, and amortisation (EBITDA) of $511 million, compared with a loss of $25 million in 2024. The decline was driven by a lower average rough price index and stock rebalancing initiatives. Production and Sales Rough diamond production fell 12% to 21.7 million carats
CNOOC Begins Mozambique Drilling Next Month as Rovuma Basin LNG Projects Resume Development China National Offshore Oil Corporation (CNOOC) plans to begin hydrocarbon exploration offshore Mozambique next month, targeting blocks awarded during the country’s sixth licensing round in 2022. Mozambique’s Minister of Energy, Estêvão Pale, announced at Mining Indaba 2026 in Cape Town that preparations for drilling activities will commence in March. He indicated that the government remains in the early stages of exploration across
Eni Announces Major 500 Million Barrel Oil Discovery Offshore Angola at Algaita-01 Well Eni has confirmed a significant oil discovery at the Algaita-01 exploration well in Block 15/06, offshore Angola, approximately 18 kilometers from the Olombendo floating production, storage and offloading unit (FPSO). Preliminary estimates indicate that the discovery contains approximately 500 million barrels of oil in place, reinforcing the exploration potential of Angola’s deepwater Lower Congo Basin. Drilling Results and Reservoir Quality The Algaita-01
Sonangol Highlights Critical Minerals and Lubricants Portfolio at Mining Indaba 2026 in Cape Town Angola’s state energy company, Sonangol, is participating for the first time in Mining Indaba 2026, taking place in Cape Town, South Africa. The company’s primary objective is to present its emerging mining projects, with a particular emphasis on critical minerals aligned with the global energy transition. In a statement, Sonangol said its participation reflects a strategic focus on research and prospecting
