Angola’s National Diamond Trading Company (SODIAM) will auction 36 special diamonds, weighing approximately 10.80 carats, in an online bidding process from March 5 to 12, 2024. According to a press release cited by Lusa, the auction is being organized in collaboration with Trans Atlantic Gem Sales. The auction will feature diamonds from several mines, including Luele (12 stones), Catoca (11), Kaipexa (6), Lulo (3), Chitotolo (2), Tchegi (1), and Somiluana (1). Bidding will close at
Custos Energy has provided an update on the second exploration and appraisal campaign for Blocks 2813A and 2814B in Namibia’s Orange Basin, a rapidly emerging oil and gas hub. These blocks fall under Petroleum Exploration License 83 (PEL 83), operated by a subsidiary of Galp Energia. Custos and Namibia’s National Petroleum Corporation (NAMCOR) each hold a 10% working interest in PEL 83. The PEL 83 Joint Venture partners have successfully drilled, cored, and logged the
OPEC Secretary-General Haitham Al-Ghais has called on Africa to capitalize on its vast oil reserves, which exceed 120 billion barrels, emphasizing the continent’s crucial role in the global energy landscape. Speaking at the Nigeria International Energy Summit 2025 in Abuja, Al-Ghais delivered a keynote address titled “Driving Cross-Continental Investments: Scaling Africa’s Energy Frontier.” The summit’s eighth edition is themed “Bridging Continents: Connecting Investors with Africa’s Energy Potential.” Al-Ghais highlighted Africa’s extensive natural gas reserves, estimated
Energy data and intelligence company TGS, in partnership with Angola’s upstream regulator, the National Oil, Gas & Biofuels Agency, has completed the reprocessing of the GeoStreamer MC3D seismic dataset for Block 16 in the offshore Lower Congo Basin. Covering 3,684 km², the dataset enhances imaging capabilities beyond the initial survey, enabling a more detailed evaluation of deeper target plays in both post-salt and pre-salt sections. The reprocessed data also partially covers marginal fields such as
Angola’s national oil company, Sonangol, has reaffirmed its plan to launch an Initial Public Offering (IPO), offering 30% of the company’s shares to the public. This partial privatization aims to raise capital to support Sonangol’s exploration and production projects, as part of the government’s broader efforts to transform the company into a competitive upstream player. Although the IPO was initially scheduled for 2022, Sonangol CEO Sebastiao Martins confirmed that the company is now taking the
B2Gold’s Otjikoto Mine in Namibia, in which the company holds a 90% interest, had a strong performance in 2024, producing 198,142 ounces of gold, nearly at the midpoint of its guidance range of 185,000 to 205,000 ounces. For the year ending December 31, 2024, the mill feed grade was 1.87 g/t, with mill throughput at 3.34 million tonnes, and a gold recovery rate averaging 98.6%. In the fourth quarter of 2024, the Otjikoto Mine produced
BW Energy has confirmed that the drilling program for the Kharas appraisal well in Namibia is on track for the third quarter of 2025. The company has received rig bids, and the selection process is currently underway. The Kharas appraisal well is located in the northern part of the Kudu licence, and BW Energy is collaborating closely with other operators in the Orange Basin to optimize the use of available resources. BW Energy holds a
Importers of Premium Motor Spirits (PMS), commonly known as petrol, are reportedly unsettled by the Dangote Refinery’s recent decision to reduce its petrol price. On Wednesday, the Dangote Refinery announced a price cut, reducing its ex-depot (gantry) price of petrol from N890 to N825 per liter, effective from February 27, 2025. This move has caused a ripple effect across the fuel market, with importers now compelled to adjust their prices accordingly. The Dangote Refinery, however,
Rio Tinto has successfully completed its first renewable diesel trial across its Pilbara iron ore operations, marking a significant milestone in its efforts to reduce emissions and integrate alternative fuels into its supply chain. The trial, conducted in partnership with renewable diesel producer Neste and Australian fuel supplier Viva Energy, provided Rio Tinto with critical insights into the scalability of biofuels across its operations. The four-week trial (January–February 2024) resulted in a 27,000-tonne reduction in
Russia’s state-owned diamond producer, Alrosa, reported a 77.3% decline in net profit for 2024, falling to 19.3 billion roubles ($219.32 million) compared to the previous year. Revenue also dropped by 25.9%, reaching 239.1 billion roubles. The decline follows a Group of Seven (G7) ban on direct Russian diamond imports in January 2024, which was later expanded to include diamonds routed through third countries. Alrosa has also been under U.S. sanctions since 2022, further restricting its
