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
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
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
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
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
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
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
TotalEnergies has launched a series of public consultations in Namibia as part of the environmental and social impact assessment (ESIA) for its proposed offshore Venus oil project. Consultations will be held this week in Windhoek, with sessions scheduled for April 22 at the Franco-Namibian Cultural Centre and April 23 at the United Nations Plaza. The Venus project, located offshore Namibia, is expected to produce approximately 150,000 barrels of oil per day in its first phase.
Several multinational oil and gas companies, including Chevron, have withdrawn from Egypt’s Red Sea concession blocks following unsuccessful exploration efforts, according to the Egyptian Ministry of Petroleum. In 2019, Egypt awarded exploration licenses in the Red Sea to Chevron, Shell, and Abu Dhabi’s Mubadala Investment Company through an international bidding round aimed at positioning the country as a regional energy hub. “These companies invested millions of dollars within the agreed timelines,” said Moataz Atef, ministry
BP has successfully exported its first liquefied natural gas (LNG) cargo from the Greater Tortue Ahmeyim (GTA) Phase 1 project, located offshore Mauritania and Senegal. This shipment marks BP’s third major upstream project to begin operations in 2025 and aligns with the company’s strategy to launch 10 new upstream projects by 2027. “This milestone adds a new source of energy to the global market,” said Gordon Birrell, BP’s EVP of Production & Operations. “Launching LNG
