Trafigura Net Profit Surges to $4.1bn as Iran Conflict Disrupts Global Oil Markets and Boosts Trading Gains Trafigura reported a sharp rise in net profit for the first half of its 2026 financial year, providing an early indication of how major commodity trading houses are benefiting from heightened volatility in global energy markets linked to the Iran conflict. The results also position the firm as a stronger challenger to rival Vitol in the race to
Lucara’s Karowe Mine Delivers Strong 2025 Output as Underground Expansion Advances Toward 2038 Life Extension Lucara Diamond Corp recorded a strong operational performance in 2025 at its Karowe Mine in Botswana, processing 2.79 million tonnes of ore and recovering 354,467 carats of diamonds. The production included a significant number of large, high-value stones that continue to reinforce Karowe’s global reputation as a premier diamond source. During the year, the mine recovered 772 “special” diamonds weighing
Puma Energy to Expand Mozambique Operations With Focus on CNG, Carbon Projects and Rural Fuel Access Mozambique’s energy sector development particularly in compressed natural gas (CNG), energy transition initiatives, and carbon-related environmental projects featured prominently on Wednesday during a meeting in Maputo between President Daniel Chapo and Puma Energy Chief Executive Officer Mark Russell. The company reaffirmed its commitment to expanding investment in Mozambique, highlighting the country’s growing potential in energy development and sustainability-linked initiatives
Rovuma LNG Project May Boost Mozambique GDP by $11 Billion a Year, Says Standard Bank Study Standard Bank’s Mozambican subsidiary says the Rovuma LNG project, led by US energy major ExxonMobil in the Rovuma Basin in northern Cabo Delgado province, could significantly transform Mozambique’s economy, adding an estimated average of US$11 billion to GDP annually. The project, which is nearing a final investment decision (FID), is expected to generate up to US$150 billion in total
TotalEnergies Spends US$141 Million on Namibian Suppliers, Expands Local Content Drive TotalEnergies has spent more than US$141 million on locally sourced goods and services since 2022 as it intensifies efforts to increase Namibian participation in the country’s emerging oil and gas industry. Speaking at an Upstream Oil and Gas Local Suppliers Workshop, TotalEnergies Lead for Contracts, Procurement, Engineering and Local Content, Veronica Mungonena, said the company’s local supplier network has expanded significantly over the past
Wood Mackenzie Warns Kudu Gas Project Faces Infrastructure and Demand Challenges Before Commercialisation Offshore gas developments such as Namibia’s Kudu Gas Field face a longer and more complex path to commercialisation than oil projects due to extensive infrastructure requirements and uncertainty around long-term domestic demand, according to energy consultancy Wood Mackenzie. Speaking at a recent energy conference in Namibia, Wood Mackenzie Research Director for Sub-Saharan Africa Upstream Ian Thom said offshore gas projects require far
Nasan Energies Acquires Former Engen and Shell Service Stations as Vivo Energy Completes Regulatory Divestment in Namibia Nasan Energies has completed the acquisition of divested Engen- and Shell-branded service stations from Vivo Energy Namibia following approval by the Namibian Competition Commission. The acquisition concludes a divestment process tied to Vivo Energy’s purchase of Engen Limited from Petronas in May 2024. As part of the regulatory conditions attached to the transaction, Vivo Energy was required to
Afentra Secures 35% Operating Stake in Angola’s KON4 Block Under New Risk Service Contract Afentra has been awarded a 35% operated interest in Angola’s KON4 onshore oil block following government approval of a Risk Service Contract issued through a Presidential Decree. The license was awarded to a consortium comprising Afentra, Grupo Simples Oil, Sonangol E&P, Brite’s Oil and Gas, and Sodedurs, strengthening the company’s footprint in Angola’s mature onshore oil sector. The KON4 block is
Petra Diamonds Places Finsch Mine Under Business Rescue Amid Prolonged Diamond Market Weakness London-listed Petra Diamonds has placed its Finsch mine in South Africa under business rescue as part of a broader restructuring effort aimed at stabilizing the company amid continued weakness in the global diamond market. The decision comes as the company faces sustained pressure from declining diamond prices, a stronger South African rand, and weakening demand for smaller-sized stones. Petra Diamonds Chief Executive
14,000-Ton Manganese Delivery Highlights Growth of Lobito Atlantic Railway Operations Lobito Atlantic Railway (LAR) has successfully received and handled a shipment of approximately 14,000 tons of manganese at the Port of Lobito Mining Terminal, marking a significant step in strengthening its regional logistics and mineral transportation capabilities. The operation required close coordination between multiple operational teams and logistics partners to ensure safe, efficient, and well-controlled unloading and handling processes. According to the company, strict safety
