Lucara Revenue Falls 6% to $41 Million as Karowe Underground Project Advances Toward 2028 Production Botswana-focused diamond producer Lucara Diamond Corp. reported a 6% year-on-year decline in second-quarter revenue to $41 million, mainly due to lower carat sales and a weaker average price for diamonds weighing less than 10.8 carats. The company recovered 90,082 carats during the quarter, including 176 special diamonds weighing more than 10.8 carats. The period also included the sale of the
Dana Gas Boosts Egypt Production as Drilling Success and Payments Strengthen Operations Dana Gas is seeing renewed momentum in Egypt after stronger production, successful drilling results and the full settlement of overdue receivables strengthened the company’s outlook for further investment. The UAE-based gas producer said it received an additional $21.5 million from the Egyptian Government, bringing all overdue receivables in the country to full settlement. The company also highlighted improved fiscal conditions, stronger government cooperation
Shell Expands Namibia Offshore Exploration After Strong PEL 39 Oil Discovery Shell is reassessing its exploration strategy in Namibia following encouraging results from its offshore operations, renewing interest in the country’s highly prospective Orange Basin. The move signals a shift in the energy major’s outlook after earlier challenges raised questions about the commercial potential of some of its Namibian discoveries. Shell holds a 45% operating interest in Petroleum Exploration Licence 39 (PEL 39), alongside QatarEnergy
Ghana’s Tema Oil Refinery Resumes Full Operations After Processing 1 Million Barrels of Jubilee Crude Ghana’s Tema Oil Refinery (TOR) has returned to full operations, marking a significant step in the country’s efforts to strengthen domestic refining capacity and improve energy security. The state-owned refinery has successfully restored operations at its Crude Distillation Unit (CDU), following extensive refurbishment and turnaround maintenance. The restart is particularly significant because TOR has achieved the milestone without a financial
Sintana Energy’s Namibia Oil Discovery Strengthens Orange Basin Potential Sintana Energy is advancing its position in Namibia’s rapidly emerging offshore oil province following major resource growth at the Mopane discovery in the Orange Basin. The company holds an indirect interest in Petroleum Exploration Licence 83 (PEL 83), where the Mopane discoveries were made in 2023 and 2024. The project is operated by Galp Energia. In March 2026, Galp upgraded Mopane’s gross 3C contingent resources by
Roc Oil Confirms Commercial Discovery at East Yidma-1 Offshore Egypt Roc Oil has confirmed a commercial oil discovery at the East Yidma-1 exploration well in Egypt’s offshore Gulf of Suez, strengthening the company’s exploration position in one of the country’s established hydrocarbon regions. The well was drilled to a total depth of 3,150 metres and encountered 34 metres of net oil pay across the Matulla and Nubia formations. Roc Oil said the results met pre-drill
Mozambique LNG Project Hits 45% Completion as TotalEnergies Targets First Gas in 2029 The TotalEnergies-led Mozambique LNG project has reached 45% completion as construction activity gathers pace in Cabo Delgado, marking further progress on one of Africa’s largest liquefied natural gas developments. TotalEnergies Chairman and CEO Patrick Pouyanné said the project has continued to advance following the full resumption of construction activities earlier this year, with the company and its partners increasing the workforce supporting
Anglo American Says No Preferred Bidder as De Beers Sale Could Fetch $1 Billion Anglo American has denied favouring any particular buyer for its diamond business, De Beers, as the mining group continues to explore options for the struggling unit. Anglo American CEO Duncan Wanblad said on Thursday that the company was “not exclusive with any consortium”, rejecting reports that it was favouring a consortium led by former De Beers CEO Gareth Penny. The comments
Botswana Highlights Diamond Leadership After Lucara Recovers 1,300-Carat Stone Botswana has reaffirmed its position as one of the world’s leading diamond-producing nations following the recovery of an extraordinary 1,300-carat diamond by Lucara Botswana. President of Botswana highlighted the discovery as a major milestone for the country’s diamond industry after the stone was presented by Lucara Botswana. The diamond is among the largest ever recovered by the company and ranks as the sixth-largest diamond ever discovered
Galp Considers Return to Angola’s Oil Sector as Company Assesses New Exploration Opportunities Portuguese energy company Galp has signalled that it could return to Angola’s oil sector, potentially marking a renewed interest in one of Africa’s most established hydrocarbon markets. Galp Chief Executive Officer João Diogo Marques da Silva said the possibility of returning to Angola exists, while confirming that the company is assessing opportunities in the country. The company’s previous experience in the Angolan
