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Corporate News International Oil

Eni CEO Pledges Expanded LNG Operations in Mozambique

Eni CEO Claudio Descalzi has assured Mozambican President Daniel Chapo of plans to expand the Liquefied Natural Gas (LNG) project in the Rovuma Basin, elevating Mozambique’s presence on the global LNG stage. In a congratulatory letter following Chapo’s inauguration, Descalzi reaffirmed Eni’s commitment to strengthening its strategic partnership with Mozambique. He emphasized the company’s dedication to supporting Mozambique’s long-term development through local content initiatives, energy transition efforts, and the implementation of the Coral Norte FLNG

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Corporate News Diamonds Local

Endiama Targets 14.8 Million Carats and $2.1 Billion Revenue by 2025 Amid Market Challenges

The Angolan National Diamond Company (Endiama) aims to produce 14.8 million carats of diamonds and generate $2.1 billion in revenue by 2025, according to its chairman, José Ganga Junior. Speaking during the company’s 44th anniversary, Ganga Junior acknowledged ongoing challenges in the diamond market, including significant price reductions and sluggish demand. Diamond prices have dropped by more than 60% in some cases, with the average price per carat estimated at $146 for this year. Currently,

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International Corporate News Oil

Dangote Refinery Nears Full Capacity Amid Crude Supply Challenges

The $20 billion Dangote Refinery is on track to achieve its full refining capacity of 650,000 barrels per day (bpd) in the coming months. According to recent disclosures from refinery officials, the facility is currently processing 500,000 bpd and aims to reach its maximum capacity by June this year. A significant obstacle preventing the refinery from hitting its full capacity has been the insufficient supply of crude oil from the Nigerian market. To address this

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Corporate News Gold International

Mali’s Gold Seizure Forces Barrick Gold to Suspend Operations at Loulo-Gounkoto

Barrick Gold has announced the temporary suspension of operations at its Loulo-Gounkoto mining complex in Mali after the Malian government seized three metric tons of gold, valued at approximately $245 million, over the weekend. The gold, confiscated on Saturday and transported by Air Force helicopters, is being sent to the state-owned Banque Malienne de Solidarité (BMS) in Bamako, according to sources. This action follows a court-ordered seizure issued by Judge Boubacar Moussa Diarra, based on

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Corporate News Gold International

Mali Seizes Barrick Gold’s Assets Amid Growing Tensions in Mining Sector

Mali has begun removing gold from Canadian mining giant Barrick Gold’s Loulo-Gounkoto mine using helicopters, according to four sources familiar with the situation. The operation, which started on Saturday, had transported approximately three metric tons of gold as of Monday, two sources told Reuters. One source estimated the value of the seized gold at $245 million. This dramatic move highlights escalating tensions in Mali’s mining sector as the government tightens its grip on resources, seeking

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Oil Corporate News International

Nigeria’s Rising US Oil Imports and the Dangote Refinery’s Impact on Global Crude Flows

In an uncommon move for an oil-producing nation, Nigeria—a significant net exporter of petroleum—imported 47,000 barrels of US crude oil per day in 2024. Experts attribute this shift to the operations of the Dangote Petroleum Refinery and changing global crude trade patterns. The emergence of the Dangote Petroleum Refinery, the world’s largest single-train refinery with a capacity of 650,000 barrels per day, has altered Nigeria’s crude supply dynamics. In 2024, the refinery turned to international

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Corporate News International

Namibia Stays Optimistic Amid Shell’s $400M Write-Down in Offshore Oil Exploration

The Namibian Ministry of Mines and Energy has announced that Shell will write down $400 million related to its oil discovery in Petroleum Exploration License (PEL) 39. The decision follows Shell’s accounting principles and reflects challenges in the commercial viability of the discoveries due to technical and geological factors. Despite the write-down, Shell, in collaboration with its partners Qatar Energy and Namcor, remains committed to exploring commercial options and further opportunities within PEL 39. Since

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Corporate News International Oil

Dangote Refinery Expands Crude Oil Storage with New Tanks

Dangote Petroleum Refinery is increasing its crude oil storage capacity by constructing eight additional tanks, boosting storage by 6.29 million barrels, equivalent to 1 billion liters, according to Africa Report. The $20 billion refinery is stockpiling imported crude oil due to the unreliability of local supplies. Officials from the refinery emphasized that inadequate crude deliveries from the Nigerian National Petroleum Corporation (NNPC) have necessitated a greater reliance on imports. The addition of eight tanks will

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International Corporate News Gas

BP Advances Drilling Projects at Raven Gas Field and Mediterranean Exploration

BP has successfully drilled two new wells at the Raven gas field, the Ministry of Petroleum and Mineral Resources announced. The Valaris DS-12 drilling vessel, which commenced operations in the second half of 2024, completed the drilling ahead of schedule. Offshore installation work is currently underway to connect the new wells to the production network, with production expected to begin in February 2025—three months earlier than initially planned, thanks to an accelerated drilling and installation

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Corporate News International Oil

Seplat Energy Revives Nigeria’s Oil Industry with ExxonMobil Asset Acquisition

Seplat Energy Plc has launched an ambitious plan to revive hundreds of dormant oil wells in Nigeria following its $1.28 billion acquisition of ExxonMobil’s onshore oil and gas assets in Africa’s largest oil-producing nation. Currently, only about 200 of Seplat’s 600 oil wells are operational. However, with the addition of ExxonMobil’s assets, Seplat aims to reactivate hundreds of idle wells, significantly boosting production. The company projects an increase in output from approximately 50,000 barrels per

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