Eni, NOC, and BP Begin Deepwater Drilling in Libya’s Gulf of Sirte Eni North Africa and its partners, including Libya’s National Oil Corporation (NOC), BP, and the Libyan Investment Authority, have begun drilling their first deepwater exploration well offshore Libya in the Gulf of Sirte, marking a significant step forward in the country’s offshore energy development. According to the NOC, drilling operations are being carried out using a drillship owned by Italian energy services company
TotalEnergies Agrees to Sell 10% Stake in Nigeria’s SPDC Asset to Vaaris After Failed 2024 Deal TotalEnergies has reached an agreement to sell its 10 percent non-operated stake in Nigeria’s onshore SPDC asset—now restructured as the Renaissance joint venture—to Vaaris, reviving its strategy to divest from mature onshore oil operations in the country. The deal comes after the collapse of a proposed sale last year to Mauritius-based Chappal Energies, which was blocked by Nigerian regulators
Cullinan Mine Unveils 42-Carat Type IIb Blue Diamond Valued at $40 Million A rare blue diamond weighing 41.82 carats has been discovered at South Africa’s historic Cullinan Mine, reinforcing the site’s reputation for producing some of the world’s most exceptional coloured diamonds. Industry experts estimate the stone could fetch $30–$40 million at auction. Petra Diamonds, which operates the mine approximately 20 miles east of Pretoria, described the find as a “type IIb blue diamond of
Angola’s National Diamond Company Targets Value Addition as Production Tops Annual Goal Angola’s National Diamond Company has reaffirmed its commitment to expanding geological exploration and strengthening value addition across the diamond production chain, as the country seeks to extract greater economic benefit from its mineral resources. Speaking in Luanda on Monday, Chairman of the Board of Directors Ganga Júnior said the company is focused on moving beyond the export of rough diamonds by investing in
Angola’s Diamond Revenues Set to Rise Sharply Despite Weaker Prices Angola is projected to generate $1.8 billion in diamond revenues in 2025, representing a 21% increase compared with the previous year, according to Sodiam, the state-owned National Diamond Trading Company. In a statement, Sodiam said the projected revenues are based on the sale of 17.7 million carats of diamonds, marking a 70.2% rise in export volumes year on year. The company attributed the strong performance
ReconAfrica Raises C$32 Million to Expand Namibia Oil Project and Exploration in Angola and Gabon Reconnaissance Energy Africa Ltd (ReconAfrica), the Canadian-listed oil and gas company, has raised its fundraising target to C$32 million following strong investor demand. The company plans to issue approximately 33.7 million new units at C$0.95 each. Funds from the offering will primarily support ongoing development at the Kavango West 1X oil discovery in northeastern Namibia, preparation for additional drilling, and
Dangote Refinery Deal with 20 Oil Marketers Falls Through, Fuel Imports Surge The Dangote Refinery’s pilot supply arrangement with 20 oil marketers, designed to distribute 600 million litres of fuel monthly, has reportedly collapsed. The deal, established in October 2025, aimed to streamline domestic fuel distribution by allocating approximately 30 million litres of gasoline per month to each selected marketer. According to anonymous sources, the breakdown of the agreement was primarily due to disagreements over
Heirs Energies Raises $750 Million Afreximbank Facility to Double Oil Output and Boost Gas Supply in Nigeria Nigeria’s efforts to rebuild domestic energy capacity received a significant boost after Heirs Energies secured a $750 million financing facility from the African Export-Import Bank (Afreximbank), marking one of the largest Africa-backed energy transactions concluded this year. The funding is expected to double the indigenous producer’s crude oil output to around 100,000 barrels per day and increase gas
De Beers Expands in India with Opening of Largest Forevermark Diamond Jewellery Store in Mumbai Diamond mining and jewellery group De Beers has opened a flagship store for its Forevermark Diamond Jewellery brand in Mumbai, reinforcing its long-term commitment to the fast-growing Indian luxury market. The 5,000-square-foot store is located at Crest Link in Khar West, a prime destination along Mumbai’s iconic Linking Road. The new flagship reflects Forevermark’s focus on Indian consumers seeking meaningful,
Luele Mining Sets Ambitious Diamond Production Goal, Boosts Sustainability and Social Development Luele Mining Company plans to produce more than nine million carats of diamonds in 2026, the company’s CEO, Romulo Mucase, announced while reviewing the firm’s first two years of operation. “We are preparing the mine to ensure a steady supply of ore and optimal operation of our processing plant, which now has two mills. We aim to extract over 12 million cubic meters
