Eni to Sell Final 5% Stake in Nigeria’s Renaissance Africa Energy JV as Major Oil Majors Exit Onshore Assets Eni is preparing to sell its remaining 5% stake in the Renaissance Africa Energy joint venture in Nigeria, marking another step in the gradual withdrawal of major international oil companies from the country’s onshore oil sector. The company said the identity of the buyer and the value of the transaction will remain confidential for now. The
Dangote Links $15–$17 Billion East Africa Refinery Plan to Anti-Dumping Protection in Kenya and Region Aliko Dangote has indicated that he will only proceed with a proposed major oil refinery investment in East Africa if regional governments implement robust anti-dumping measures to protect local refining industries from cheaper imported fuel. The Nigerian billionaire is exploring the development of a large-scale refinery in Kenya, potentially modeled on his existing 650,000-barrels-per-day facility in Nigeria, currently the world’s
Aliko Dangote Profits From Strait of Hormuz Disruption as African Nations Scramble for Fuel Security The closure of the Strait of Hormuz has become a major financial windfall for Nigerian billionaire Aliko Dangote, as global energy disruptions drive up refining margins and increase demand for alternative fuel suppliers. According to a senior executive at the Dangote refinery, fertiliser prices have doubled while jet fuel margins have risen sharply due to tightening global supply conditions. Speaking
Lucara Diamond Strengthens Balance Sheet as Karowe Underground Project Advances Toward 2028 Production Lucara Diamond Corporation has reported a “transformational” first quarter, driven by the successful completion of equity and bond financing for its Karowe underground project (UGP) in Botswana. The funding milestone has significantly strengthened the company’s balance sheet and positioned it for long-term value creation. For the three months ended March 31, Lucara recorded revenue of US$21.8 million, reflecting a higher proportion of
Petra Diamonds Reviews Capex and Considers Finsch Mine Suspension Amid Weak Diamond Prices and Rising Debt London-listed Petra Diamonds has launched an urgent review of costs and capital expenditure (capex) across its operations as it moves to protect liquidity amid sustained pricing pressure in the global diamond market. The company is also considering suspending further capex at its Finsch mine in South Africa due to escalating cost pressures. In its operational update for the quarter
Angola’s New Cabinda Refinery Starts Fuel Production, Reducing Dependence on Imports Angola’s newly commissioned Cabinda oil refinery, the first refinery built in the country since independence from Portugal 50 years ago, has officially begun supplying refined fuel products to both domestic and international markets. The development comes at a time of heightened global fuel supply concerns linked to ongoing geopolitical tensions involving Iran and the broader Middle East region. Before the launch of the Cabinda
ADES Wins $92.7 Million Nigeria Offshore Drilling Deal with Seplat, Strengthens West Africa Presence ADES International Holding has secured a $92.7 million offshore drilling contract in Nigeria with Seplat Energy Producing Nigeria Unlimited, marking a further expansion of its footprint in West Africa’s oil and gas sector. The agreement covers the operation of the Shelf Drilling Victory rig for an initial two-year period, with options for extension. The contract, originally valued at 347.6 million Saudi
Burgundy Diamond Subsidiary Arctic Canadian Files for Insolvency Protection Amid Weak Diamond Demand and Rising Costs ASX-listed Burgundy Diamond Mines has announced that its subsidiary, Arctic Canadian Diamond Company, has filed for insolvency protection under Canada’s Companies’ Creditors Arrangement Act (CCAA) in British Columbia. The Supreme Court of British Columbia has granted the application, allowing Arctic to begin a court-supervised restructuring process. The company will now engage with lenders, creditors, and other stakeholders to explore
Sintana Energy Boosts Namibia Offshore Portfolio as Mopane Resources Hit 1.38bn BOE and TotalEnergies Expands Role Sintana Energy Inc. says its Namibian offshore portfolio has entered a pivotal phase, driven by significant resource growth at the Mopane discoveries, TotalEnergies’ entry into Petroleum Exploration Licence (PEL) 83, and new efforts to expand into additional acreage. In a shareholder update, the company described 2025 as a defining year that reinforced Namibia’s status as a leading frontier oil
UAE OPEC Exit Sparks Supply Uncertainty as Global Oil Market Faces Demand Weakness and Rising Output Global oil markets are facing renewed uncertainty following the Organization of the Petroleum Exporting Countries exit announcement by the United Arab Emirates, a move that comes at a time of fragile supply conditions and weakening demand growth. Abu Dhabi confirmed on April 28, 2026, that it will leave OPEC effective May 1, citing the need for greater flexibility to
