88 Energy is on track to finalize a prospective resource estimate for PEL 93, located in Namibia’s onshore Owambo Basin, by the first half of 2025. The update follows an internal review of Monitor Exploration Limited’s initial interpretation of 2D seismic data, which identified 10 significant independent structural closures. PEL 93 spans a vast 18,500 km² and includes central licence blocks 1717 and 1817. The company plans to drill its first well in the basin
Lucara Diamond Corp. has issued a positive full-year revenue and production forecast as it plans to focus on mining the higher-value portions of the Karowe deposit in Botswana. The company projects revenue for 2025 to range between $195 million and $225 million, a significant increase compared to its revised guidance of $160 million to $180 million for 2024. The expected production for next year is between 360,000 and 400,000 carats, with sales volume estimated at
Rio Tinto successfully sold 76 polished colored diamonds from its Argyle and Diavik mines through its second Beyond Rare tender, attracting strong bids from global participants. The collection, named Colour Awakened, featured 48 lots totaling 39.44 carats. It included pink, red, and violet diamonds from the now-closed Argyle mine in Australia, along with yellow and white diamonds from the Diavik deposit in Canada. A highlight of the sale was the Old Masters collection, which showcased
Alrosa has lowered rough diamond prices at this month’s trading session, following similar price reductions by De Beers, according to industry sources. The Russian miner’s cuts averaged around 10%, with estimates ranging from 5% to 15%. However, Alrosa’s price movements are more difficult to track compared to De Beers due to many industry players ceasing purchases from the company after Western sanctions on Russia were implemented in 2022. Alrosa did not respond to requests for
TotalEnergies is set to approve a $750 million investment in the Ima gas project in Nigeria next year, furthering the country’s efforts to attract new hydrocarbon investments. The Ima project, a shallow-water development planned in partnership with a local company, is expected to enhance gas supply to Nigeria’s liquefied natural gas (LNG) plant. This follows a $500 million investment approved earlier in 2024 to develop the Ubeta onshore field, a project designed to produce 300
TotalEnergies is pursuing environmental clearance to drill up to seven exploration wells in the southern portion of its Deep Water Orange Basin (DWOB) block, located off South Africa’s west coast. The DWOB block lies approximately 200 kilometers (124 miles) offshore between Port Nolloth and Saldanha Bay in deep waters. TotalEnergies EP South Africa (TEEPSA), the operator, previously received authorization in 2023 to explore the northern section of the block. The company now seeks to extend
The General Authority for Investment and Free Zones (GAFI) of Egypt has partnered with Polish company Hynfra to establish a $1.6 billion facility dedicated to green ammonia production. This ambitious project aims to position Egypt as a leader in the global green energy sector. The facility’s first phase, set to launch by 2030, will produce 400,000 tonnes of green ammonia annually. Future phases will scale up production to one million tonnes per year. This initiative
BP is set to expand its presence in Egypt by exploring new oil and natural gas opportunities across six concessions, according to Egyptian Prime Minister Mostafa Madbouly. The announcement came during a meeting with BP’s CEO, Murray Auchincloss, where the company reaffirmed its long-term commitment to the country. Madbouly highlighted BP’s 60-year history of operations in Egypt, during which the company has invested a total of $30 billion in developing its energy sector. At the
De Beers, the world’s leading diamond producer, has reduced diamond prices by over 10% in a significant move to address a prolonged market downturn. This marks a shift in the company’s strategy, which previously aimed to stabilize the slumping market by maintaining higher prices. The diamond market is experiencing one of its deepest slumps in decades. Initially triggered by a post-pandemic slowdown, the downturn has been exacerbated by inflation affecting consumer spending, a collapse in
Dangote Group President Aliko Dangote is leveraging the success of his 650,000 barrels-per-day refinery and petrochemical plant in Nigeria to advance discussions with Angolan President João Lourenço about building a new refinery in Southern Africa. The Dangote Refinery and Petrochemical Plant, located at the Lekki Free Trade Zone in Lagos State, is the world’s largest single-train refinery and has already made a significant impact on the African energy sector since it began operations. By reducing
