BW Energy to Drill Kharas Appraisal Well in Namibia’s Orange Basin Using Deepsea Mira Rig BW Energy has signed a contract to mobilize the Deepsea Mira semi-submersible rig for drilling the Kharas appraisal well on the Kudu license, located offshore in Namibia’s Orange Basin. The rig is operated by Northern Ocean Ltd., under a previously announced platform-sharing agreement with Rhino Resources Ltd. The rig will be deployed through BW Kudu Ltd., a wholly owned subsidiary
Oando to Build Africa’s First Solar Panel Assembly Plant with Recycling Capability Oando PLC is advancing plans to establish a 1.2-gigawatt solar PV module assembly plant, as revealed in its Q1 2025 financial report. The company has secured land for the facility and completed financial modeling. This milestone follows a Memorandum of Understanding (MoU) signed between Oando Clean Energy and the Rural Electrification Agency (REA). According to Oando Clean Energy CEO Demola Ogunbanjo, the project
Afreximbank Secures $1.35 Billion for Dangote Refinery in Landmark African Financing Deal The African Export-Import Bank (Afreximbank) has announced the signing of a $1.35 billion financing facility for Dangote Industries Limited (DIL), as part of a broader $4 billion syndicated loan package for Africa’s largest industrial conglomerate. Afreximbank acted as the Mandated Lead Arranger for the transaction—one of the largest syndicated financings recently recorded in African markets. The funds will be used to refinance capital
Rhino Resources Launches Volans-1X Well in Namibia’s Offshore PEL 85 to Advance Oil Exploration Rhino Resources Ltd has commenced drilling its third exploration well, Volans-1X, in Namibia’s offshore Orange Basin under Petroleum Exploration Licence 85 (PEL 85). The Volans-1X well is part of the company’s ongoing effort to deepen geological understanding of the PEL 85 block and follows two previous successful exploration campaigns. The first well, Sagittarius-1X, was spudded on 18 December 2024 and reached
De Beers Scales Back Namibian Marine Diamond Mining, Q2 Output Falls 5% Amid Fleet Changes De Beers has reported a 5% year-on-year decline in Namibian rough diamond production for the second quarter of 2025, citing planned reductions in offshore mining by Debmarine Namibia. The production drop follows the retirement of the Coral Sea vessel and the suspension of operations on the Grand Banks—both key assets in Namibia’s marine diamond fleet. While the Coral Sea has
Grand Gulf Energy Secures Option for Offshore Namibia Oil Block with 1.1 Billion Barrels Prospective Resource Grand Gulf Energy Limited is set to make its entry into the offshore oil and gas sector after securing an exclusive option to acquire 100% of Wrangel Pty Ltd. Wrangel has applied for a 70% working interest in Block 2312, located in Namibia’s Walvis Basin. The Australian-listed company, which currently specializes in helium exploration in the United States, announced
Pancontinental Energy Ups Prospective Oil Resource Estimate at Namibia’s Oryx Prospect to 2.5 Billion Barrels Pancontinental Energy NL has significantly upgraded its prospective oil resource estimates at the Oryx prospect, located within Petroleum Exploration Licence 87 (PEL 87) offshore Namibia, following improved seismic analysis. The updated High Case (3U) estimate now exceeds 2.5 billion barrels (100% gross). This revision comes after the company completed a new Quantitative Interpretation (QI) of seismic data in the Orange
De Beers Posts $245 Million H1 Loss, Plans to Boost Diamond Output as Market Recovery Looms De Beers has reported a $245 million loss for the first half of 2025, reflecting ongoing challenges in the global diamond market. The downturn contrasts with a $73 million profit during the same period last year. The loss stems in part from the company selling rough diamonds at lower margins to select sightholders in an effort to reduce inventory
Rio Tinto Diamond Sales Up 9% in H1 2025 Amid Market Recovery and Production Surge Rio Tinto reported a 9% increase in diamond revenue for the first half of 2025, driven by a rebound in the rough diamond market and a sharp rise in production at its Diavik mine in Canada. Sales from Diavik totaled $162 million for the six months ending June 30, up from the same period last year, the company announced on
Anglo American Pushes De Beers Exit Through Trade Sale or IPO Amid Signs of Diamond Market Recovery Anglo American has reaffirmed its firm commitment to exiting its diamond business, De Beers, despite confidence in the brand’s long-term potential as global diamond markets begin to stabilise. The company is actively pursuing two exit strategies: its preferred option—a trade sale—and a parallel plan for an initial public offering (IPO). Both processes are being advanced simultaneously to ensure
