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Category: Corporate News

International Corporate News Oil

Woodside Energy Forecasts Flat Production in 2025 Amid Mixed Financial Results

Woodside Energy, Australia’s leading independent oil and gas producer, announced it expects flat production in 2025, projecting output between 186 million and 196 million barrels of oil equivalent (mmboe). This aligns with its record production of 193.9 mmboe in 2024, though analysts had anticipated figures at the higher end of the range. Despite meeting fourth-quarter revenue expectations, softer-than-expected realised prices weighed on investor sentiment, leading to a 2.4% drop in shares to A$25.12, their weakest

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Corporate News Diamonds

Lucapa Unveils Promising Base Metal Targets at Merlin Diamond Project

Australia’s Lucapa Diamond Company has announced the discovery of two large, highly conductive base metal targets at its Merlin Diamond Project in the Northern Territory, marking a significant step in the project’s exploration potential. The findings stem from the first geophysical survey conducted at Merlin in 25 years, unveiling opportunities for significant mineral discoveries. The targets were identified through a helicopter-borne time-domain electromagnetic (TDEM) survey, which covered the 234 km² project area, including the Merlin

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Corporate News International

OPEC Fund Pledges $30 Million for Egypt’s Landmark Wind Energy Project

The OPEC Fund for International Development (OPEC Fund) has approved a $30 million loan to co-finance Egypt’s 1.1 GW wind energy project, the largest onshore wind initiative in Africa. This loan positions the OPEC Fund alongside key financial partners, including the European Bank for Reconstruction and Development, African Development Bank, British International Investment, Deutsche Investitions-und Entwicklungsgesellschaft, the Arab Energy Fund, Arab Bank, and Standard Chartered Bank, in supporting the $1.1 billion project. Abdulhamid Alkhalifa, President

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Corporate News Local Oil

Oando Energy Secures Operatorship of Angola’s Block KON 13

The National Agency for Petroleum, Gas, and Biofuels (ANPG), Angola’s upstream regulator, has announced the results of the Limited Public Tender for Block KON 13 in the Kwanza Onshore Basin. Oando Energy, a Nigerian independent exploration and production (E&P) company, has been confirmed as the operator of Block KON 13 with a 45% stake, according to Africoilgasreport. The tender process began on May 24, 2024, and closed on September 3, 2024. ANPG noted that 10%

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Corporate News Diamonds International

Rio Tinto’s Diamond Production Rises as Underground Mining Advances

Rio Tinto reported an 18% year-on-year increase in diamond output for the fourth quarter of 2023, reaching 775,000 carats. The rise follows efforts to ramp up production after addressing ground subsidence issues and transitioning to underground mining at the Diavik mine’s A21 pit. The miner completed the first phase of underground development at A21, where open-pit operations concluded in late 2023. Rio Tinto is now scaling up processing in the area to achieve commercial production.

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Corporate News International

Chevron’s Kapana 1-X Exploration Well in Namibia Yields No Commercial Hydrocarbons

Harmattan Energy, an indirect subsidiary of Chevron, recently drilled the Kapana 1-X exploration well in Namibia’s Orange Basin, but the well did not yield commercial quantities of hydrocarbons. Despite this, the operation provided valuable geological insights, enhancing confidence in future exploration efforts in the region. Chevron had previously obtained an Environmental Clearance Certificate (ECC) from Namibia’s Ministry of Environment, Forestry, and Tourism, enabling it to spud up to ten wells in the country over the

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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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