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Category: Corporate News

International Corporate News Exploration Oil

Egypt and Chevron Discuss Expanding Exploration and Production Amid New Incentives

Egypt’s Petroleum and Mineral Resources Minister, Karim Badawi, recently met with Chevron’s International Exploration and Production President, Clay Neff, to discuss Chevron’s activities in Egypt and strategies for boosting production. The meeting highlighted the potential impact of new incentives from Egypt’s Ministry of Petroleum. The discussion covered Chevron’s ongoing negotiations with the Egyptian Natural Gas Holding Company (EGAS) concerning the acquisition of two new concessions. Minister Badawi emphasized the range of investment opportunities available through

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Local Corporate News Exploration Oil

Chevron Expands Exploration in Nigeria and Angola Amid Production Decline in West Africa

Chevron is increasing its exploration activities in Nigeria and Angola, aiming to boost production in regions where output has declined in recent years. Chevron’s Global Exploration Vice President, Liz Schwarze, emphasized the company’s commitment to West Africa, highlighting the area’s untapped potential. “West Africa is such a hydrocarbon-rich part of the world and relatively under-explored compared to other jurisdictions,” Schwarze stated, noting that while some companies are withdrawing, Chevron is actively acquiring new exploration blocks.

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Corporate News International Renewable Energy

GridAfrica and Huawei Partner to Deliver 72 MW Solar Power for Zimbabwe’s Mining Sector

Renewable energy firm GridAfrica and global tech giant Huawei have joined forces to install 72 MW of solar power infrastructure to support Zimbabwe’s mining sector. This collaboration aims to reduce reliance on the national grid and cut operational costs for local mining companies. “This initiative will not only optimize energy usage but also provide a sustainable power source that enhances the mining sector’s efficiency and financial stability,” stated Norman Moyo, CEO of GridAfrica. The solar

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Corporate News International Oil

Perenco Reaches 80,000 bpd Production Milestone in Republic of Congo

Independent hydrocarbon producer Perenco has boosted its production rate in the Republic of Congo to 80,000 barrels per day (bpd), following a $300 million investment into its Congolese operations. Looking forward, the company aims to achieve 100,000 bpd by 2025 through expanded activities and investments in new oil fields. To increase output, Perenco has employed advanced techniques to revive aging wells and tap into previously untapped reserves. In March 2024, the company strengthened its position

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Corporate News Diamonds Local

Endiama Completes Compensation for Over 2,000 Former Mining Workers in Lunda Norte

Endiama, Angola’s National Diamond Company, has completed the compensation process for more than 2,000 former employees of closed mining companies in Lunda Norte, a process that had been in progress for over 12 years. This update was shared by Domingos Margarida, Executive Director of Mining Operations, Administration, and Human Resources at Endiama, during a meeting with representatives of former employees from Sociedade Mineira do Lucapa (SML) and the Luarica, Luxinge, Facauma, and Yetwene diamond projects.

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International Corporate News Petroleum

Dangote Refinery Warns of Substandard Fuel Imports Amid Regulatory Gaps in Nigeria

Nigeria’s Dangote Refinery has raised concerns over the influx of substandard petroleum products entering the country, highlighting the lack of adequate testing facilities by the Nigerian oil regulator. According to Dangote, these low-quality products, which include fuel and vehicle parts, are allegedly being imported by marketers in partnership with international traders. The Punch recently reported that petroleum marketers accused the Dangote Refinery of setting higher petrol prices than imported alternatives, stating that Dangote charges bulk

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Local Corporate News Gas Oil

Petrobras Considers Return to Angola in Talks with Mineral Resources Minister

Petrobras may soon resume operations in Angola, following discussions held this Monday between Angola’s Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, and a delegation from the Brazilian state-owned oil company led by Sylvia dos Anjos, Executive Director of Exploration and Production. The meeting, held on the sidelines of the Africa Energy Week conference in Cape Town, South Africa, explored the potential for Petrobras to re-enter Angola’s energy market, which both parties described as

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Diamonds Corporate News Local

De Beers CEO Highlights Angola’s Diamond Exploration Potential

Al Cook, CEO of De Beers, stated that Angola is the premier destination globally for diamond exploration and a top priority for the South African multinational. During a meeting with President João Lourenço last Wednesday, Cook revealed that De Beers has identified six promising diamond exploration zones in the country. The identification of these zones stems from aerial studies conducted by De Beers in Angola, as noted in a statement from the country’s regulatory agency,

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Diamonds Corporate News Economy Local

Angola Prioritizes National Interests Amid Talks with Alrosa on Catoca Diamond Mine

Angola’s Minister of Mineral Resources, Oil, and Gas, Diamantino Azevedo, stated on Wednesday last week that the government is in ongoing discussions with Russian diamond company Alrosa, a 41% shareholder in the Catoca diamond mine. He emphasized Angola’s commitment to protecting national interests during these negotiations. Speaking at the 2nd International Diamond Conference in Saurimo, Azevedo explained, “Our focus is on Angola’s interests, and we have conveyed these priorities to Alrosa.” Alrosa, facing sanctions due

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Diamonds Corporate News International

Gem Diamonds’ Revenue Rises in Q3 on Strong Sales of Large Stones

Gem Diamonds reported a revenue increase for Q3, driven by the sale of more large diamonds, which boosted the average price per carat. Revenue from the company’s Letšeng mine in Lesotho surged 36% year-over-year to $42.7 million for the three months ending September 30. Sales volume rose 11% to 26,617 carats, while the average price per carat climbed 22% to $1,603. Revenue also improved by 9% from the previous quarter, with the average price up

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