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Oil Corporate News Exploration

Africa Oil’s Marula-1X Well Comes Up Dry, but Data to Guide Future Exploration in Namibia

Africa Oil Corp. has confirmed that its Marula-1X exploration well in Namibia’s Orange Basin did not encounter hydrocarbons in its primary target, despite the drilling operation being technically successful. As a result, a Drill Stem Test (DST) was not conducted. The Marula-1X well was safely drilled to a total measured depth of 6,460 metres using the Deepsea Mira semi-submersible drilling rig. The well targeted Albian-aged sandstones within the Marula fan complex, located approximately 47 kilometres

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International Corporate News Oil

NAMCOR and Subsea7 Forge Strategic Partnership to Advance Namibia’s Offshore Energy Development

The National Petroleum Corporation of Namibia (NAMCOR) has signed a Memorandum of Understanding (MoU) with global offshore energy contractor Subsea7, marking a significant step toward advancing offshore infrastructure development in Namibia’s rapidly emerging oil and gas sector. The agreement follows recent offshore energy discoveries and is set to promote knowledge-sharing, capacity-building, and the development of a highly skilled and technically proficient local workforce. NAMCOR stated that the partnership will “drive innovation, enhance safety, and support

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Corporate News Diamonds International

De Beers Partners with Stuller to Boost U.S. Rollout of DiamondProof Verification Device

De Beers Group has joined forces with Stuller, the largest jewelry manufacturer in the United States, to expand the distribution of its DiamondProof verification device throughout the U.S. retail market. Announced on Monday, the partnership names Stuller as the official sales distributor for DiamondProof. This collaboration follows the device’s retail debut in February and is aimed at making diamond-verification technology more accessible to jewelers across the country. DiamondProof is designed to quickly and accurately identify

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Corporate News Local Oil

Angola’s Etu Energias Sees Fourth Year of Record Profits with $215M in 2024

Etu Energias SA, Angola’s largest privately owned oil company, reported a net profit of $215.2 million in 2024, marking its fourth consecutive year of record performance. According to a company press release, the 2024 profit represents a 53% increase over the previous year. Total operating revenue rose to $674.5 million, reflecting a 59% year-on-year growth. The company attributed its strong financial results primarily to the successful integration of Blocks 14/14K and 32, which led to

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International Corporate News Oil

Chevron Eyes Walvis Basin Drilling as Namibia Emerges as Oil Exploration Hotspot

Chevron announced Thursday that it is considering drilling an exploration well in Namibia’s Walvis Basin, with operations potentially beginning as early as 2026 or 2027. The U.S. energy giant stated it is advancing its offshore exploration portfolio in Namibia—a region that has rapidly gained attention as a global exploration hotspot. The proposed well will be located in Petroleum Exploration License (PEL) 82 in the Walvis Basin, situated north of the Orange Basin, where companies like

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Corporate News International Oil

TotalEnergies Reaffirms Commitment to Namibia’s Emerging Oil Sector

Patrick Pouyanné, Chief Executive Officer of TotalEnergies, paid a courtesy visit to Namibian President Netumbo Nandi-Ndaitwah in Windhoek on Friday, reaffirming the company’s commitment to exploring and investing in Namibia’s growing oil sector. During the meeting, President Nandi-Ndaitwah expressed optimism about recent offshore oil discoveries, describing them as timely and significant for Namibia’s economic future. Pouyanné highlighted that TotalEnergies’ strong interest in Namibia is driven by the country’s stable and investor-friendly environment. The visit follows

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Corporate News International Oil

TotalEnergies Commits $500 Million to Boost Production at Congo’s Moho Nord Field

French oil major TotalEnergies has announced a $500 million investment to enhance exploration and production activities at the Moho Nord offshore field in the Republic of Congo. CEO Patrick Pouyanné made the commitment earlier this week during a meeting with Congolese President Denis Sassou Nguesso in Oyo, where they discussed the company’s current operations and future investment plans. TotalEnergies aims to increase Moho Nord’s output by 40,000 barrels per day (bpd), further solidifying its position

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Corporate News Diamonds International

De Beers Reports 11% Drop in Q1 Diamond Output Amid Weak Market Conditions

De Beers has reported an 11% year-on-year decline in rough diamond production for the first quarter of 2025, totaling 6.1 million carats. The drop reflects the company’s continued production adjustments in response to prolonged weak market demand, according to its quarterly production report released on April 24. In Botswana, output declined by 8% to 4.6 million carats, in line with planned production cuts. Namibia’s production remained steady, as lower output from Debmarine Namibia was offset

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Corporate News Diamonds International

De Beers Launches Third Enterprise Development Cohort to Boost South Africa’s Diamond Beneficiation

De Beers Group, in collaboration with business incubator Raizcorp, has launched the third intake of its Enterprise Development Project for Diamond Beneficiators, a flagship initiative aimed at empowering entrepreneurs in South Africa’s diamond industry. In a media statement, De Beers reaffirmed its commitment to fostering growth, transformation, and inclusivity within the local diamond beneficiation sector. A Strategic Investment in Local EntrepreneursFirst introduced in 2016, the three-year programme supports entrepreneurs across the diamond value chain—from rough

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Corporate News Exploration Oil

ReconAfrica Expands Into Angola Through Strategic Oil Exploration Deal

ReconAfrica has signed a Memorandum of Understanding (MOU) with Angola’s National Oil, Gas and Biofuels Agency (ANPG) to jointly explore the Etosha-Okavango Basin in southeastern Angola. The agreement marks a significant expansion of ReconAfrica’s exploration footprint in the Damara Fold Belt and Rift Basin, adding 5.2 million acres in Angola to its existing 6.3 million acres in Namibia. This low-cost entry into Angola’s onshore sector comes with minimal work obligations and aligns with the company’s

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