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Category: Corporate News

International Corporate News Mergers & Acquisitions Oil

Nigeria Approves Seplat Energy’s $1.28 Billion Acquisition of ExxonMobil’s Onshore Assets

ABUJA, 21 October 2024: Nigeria has officially approved Seplat Energy’s $1.28 billion acquisition of ExxonMobil’s onshore assets, as confirmed by Gbenga Komolafe, CEO of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The long-awaited approval comes more than two years after the deal was initially agreed upon in February 2022. The sale had faced regulatory scrutiny but received final clearance following President Bola Tinubu’s announcement on October 1, stating the deal would gain ministerial approval within

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International Corporate News Gas Oil

Eni Secures Strong Interest for New LNG Project in Mozambique Amid Financing Challenges

Eni SpA has garnered substantial interest for its upcoming floating liquefied natural gas (LNG) project in Mozambique, even as international lenders face increasing pressure to reduce investments in fossil fuels. Luca Vignati, Eni’s director of upstream operations, revealed in a recent interview that the new project is expected to cost around the same as the $7 billion Coral South plant, which was inaugurated in 2022. Vignati indicated that investment decisions for the new LNG plant

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International Corporate News Gold Mining Projects

Triton Minerals to Acquire Promising Gold and Copper Project in Mozambique

Triton Minerals Ltd (ASX:TON) has entered into a binding Memorandum of Understanding (MOU) to acquire up to 80% of the Aucu gold and copper project in Mozambique’s central-west Tete province. Spanning 588 square kilometers, the project is strategically located near existing infrastructure and active gold and coal mining operations. It lies approximately 45 kilometers from Tete, the provincial capital, and just 200 kilometers south of Africa Lion Gold’s Chifunde Gold project. The area’s well-established mining

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International Corporate News Mergers & Acquisitions Oil Petroleum

Petrobras Acquires 10% Stake in South Africa’s Deepwater Oil Block from TotalEnergies

Petrobras has received board approval to acquire a 10% stake in South Africa’s Deep Western Orange Basin (DWOB) block from TotalEnergies. The DWOB block is located in deep waters of the Orange Basin, an area where significant oil discoveries have recently been made by TotalEnergies, Shell, and Galp. Following the acquisition, Petrobras will hold a 10% stake in the DWOB block, joining a consortium led by TotalEnergies (40% and operator), along with QatarEnergy (30%) and

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International Corporate News Gas News

Eskom and Sasol Partner to Explore LNG Imports as Mozambique Gas Supply Declines

Eskom and Sasol have signed a memorandum of understanding (MoU) to explore the introduction of liquefied natural gas (LNG) as a replacement for natural gas imports from southern Mozambique, which are expected to decline significantly by 2027. The MoU was signed by Eskom CEO Dan Marokane and Sasol CEO Simon Baloyi during a ceremony at Eskom’s Megawatt Park, attended by Electricity and Energy Minister Dr. Kgosientsho Ramokgopa. In early September, Sasol announced that the decline

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Diamonds Corporate News International Technology & Innovation

Lucara Unearths Exceptional 2,492-Carat Diamond at Botswana’s Karowe Mine

Lucara Diamond Corp. has announced the recovery of an extraordinary 2,492-carat diamond from its Karowe Diamond Mine in Botswana. This remarkable find, one of the largest rough diamonds ever unearthed, was detected using the Company’s Mega Diamond Recovery (MDR) X-ray Transmission (XRT) technology. This cutting-edge system, installed in 2017, is designed to identify and preserve large, high-value diamonds. The diamond was recovered from the processing of EM/PK(S) kimberlite, the primary ore type that Lucara will

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Local Corporate News News Oil

Chevron Secures New Offshore Blocks in Angola

Chevron, a major player in Angola’s oil sector with a 26% market share, has recently made significant strides to further solidify its presence in the country. In mid-June, the U.S.-based giant signed contracts for two license areas off the coast of Angola—Blocks 49 and 50, located in the ultra-deepwater section of the Lower Congo Basin. A few years ago, this deal would not have been possible. The National Oil, Gas, and Biofuels Agency (ANPG), the

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Diamonds Corporate News International

Lucara Diamond Reports Surge in Sales and Earnings

Lucara Diamond (TSX: LUC) reported a strong performance in the second quarter of the year, with significant increases in both sales and earnings. This boost was largely driven by its revitalized supply agreement with Belgium’s HB Antwerp, which purchases and polishes rough diamonds from Lucara’s flagship Karowe mine in Botswana. The Karowe operation generated $41.3 million in revenue, marking a 7% increase compared to the same period last year. Net profit surged to $11.4 million,

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International Corporate News Diamonds News

Lucapa Diamond Sells 70% Stake in Lesotho’s Mothae Mine

Australia-headquartered Lucapa Diamond has successfully completed the sale of its 70% stake in the Mothae mine in Lesotho. The interest was sold to the local Lesotho company Lephema Executive Transport, after all conditions of the sale and purchase agreement, signed in June, were met. The divestment was carried out through a public sale process, following a strategic review of Lucapa’s asset portfolio by its newly restructured board of directors. The review concluded that Lucapa should

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Diamonds Corporate News International News

Gem Diamonds Increases Diamond Sales by 9%, Generating $77.9 Million in Revenue

London-listed Gem Diamonds reported selling 56,944 carats of diamonds from its Letšeng mine in Lesotho, generating $77.9 million in revenue for the six months ended June 30. This marks a 9% increase compared to the 52,163 carats sold in the first half of 2023, which generated $71.6 million in revenue. The average price per carat in the first half of this year was $1,366, slightly lower than the $1,373 per carat recorded in the same

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