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Category: Corporate News

International Corporate News Gas

Seplat Installs 850 MMscfd of Gas Infrastructure to Boost Nigeria’s Energy Supply

Seplat Energy Plc has achieved a major milestone in Nigeria’s energy sector by installing over 850 million standard cubic feet per day (MMscfd) of gas infrastructure to enhance domestic gas supply. Speaking at a press briefing, Seplat’s Chief Operating Officer, Mr. Samson Ezugworie, stated that the development aligns with the company’s mission to reduce energy poverty and support sustainable national growth. “We’ve installed over 850 MMscfd of gas infrastructure across Nigeria to meet domestic demand,”

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Local Corporate News Oil

SPIE Secures Five-Year Offshore Maintenance Contract with Sonangol in Angola

SPIE Global Services Energy has signed a five-year maintenance contract with Angola’s national oil company, Sonangol, for operations on Block 3/05, located offshore Angola. Effective from September 2024, the contract covers comprehensive maintenance services, including the upkeep of electrical and mechanical equipment, HVAC systems, turbomachinery, instrumentation, and automation systems. These services will be provided across the Cobo, Pacassa, and Palanca production platforms. Jerome M. Oliveira, Sub-Saharan Africa Business Unit Director at SPIE, highlighted that the

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Corporate News Local Oil

Sonangol  Seeks $4.8 Billion to Revive Lobito Refinery and Cut Fuel Imports

Angola’s state oil company, Sonangol, is in advanced talks with Chinese and European banks to secure $4.8 billion in funding needed to complete its long-delayed Lobito refinery project. The facility, once operational, will have the capacity to process 200,000 barrels of crude oil per day, significantly reducing the country’s dependence on imported refined fuel. Despite being Sub-Saharan Africa’s second-largest crude oil exporter, Angola imports nearly 80% of its refined petroleum products. The Lobito refinery is

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Corporate News Diamonds Local

Lucapa Reports 9% Increase in Lulo Diamond Resource for Seventh Consecutive Year

ASX-listed Lucapa Diamond Company has announced a 9% increase in the Joint Ore Reserve Committee (JORC)-compliant inferred alluvial diamond resource at its Lulo concession in Angola, adding 249,000 carats to the total. This marks the seventh consecutive year of resource growth at the Lulo project, reinforcing its long-term production potential. Additionally, the total diluted gravel volume available for mining has risen by 15% to 5.8 million cubic metres, supporting a production horizon of at least

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Corporate News Gold International Mining

Barrick Gold Eyes Copper Future with Proposed Name Change to Barrick Mining Corp

Barrick Gold Corp., the world’s second-largest gold producer and listed on the New York Stock Exchange under the ticker “GOLD,” is signaling a major strategic shift — one that leans heavily into copper. The Canadian mining giant has proposed changing its name to Barrick Mining Corp., dropping “Gold” from its title in a move that underscores its growing focus on copper and its diversification beyond its traditional bullion roots. Barrick is currently investing $6 billion

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Corporate News International Oil

Aradel Holdings Expands Upstream Portfolio with $19.5 Million Acquisition of Olo Fields

Aradel Holdings Plc, a prominent Nigerian energy company, has successfully completed its acquisition of the Olo and Olo West Marginal Fields for $19.5 million from the TotalEnergies/NNPC Joint Venture. This acquisition marks a significant milestone in the company’s expansion strategy and was disclosed alongside Aradel’s 2024 audited financial results, further emphasizing its commitment to a multi-field cluster development strategy within the Niger Delta region. By securing the Olo and Olo West fields, Aradel is enhancing

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Corporate News International Oil

Galp Sells Mozambique LNG Assets to ADNOC Unit in $881 Million Deal

Portuguese energy firm Galp has finalized the $881 million sale of its upstream assets in Mozambique’s Area 4 to XRG P.J.S.C., a subsidiary of the Abu Dhabi National Oil Company (ADNOC), marking a significant shift in the country’s LNG sector. The transaction includes Galp’s interest in the Coral South FLNG project — Africa’s first deepwater floating liquefied natural gas facility — which has been operational since 2022. It also covers Galp’s stakes in the planned

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Corporate News Diamonds International

Alrosa Unveils Russia’s Largest Polished Colored Diamond

Alrosa has unveiled the largest polished colored diamond in Russia’s history — a fancy vivid yellow gem weighing over 100 carats, named New Sun. The striking honey-golden diamond was cut from a 236-carat rough stone named Dawn, discovered in 2020 at Alrosa’s Ebelyakh deposit in Yakutia. The transformation from rough to polished was a meticulous process undertaken by a team of 15 master cutters at Alrosa’s manufacturing complex. To achieve the final result, the team

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Corporate News Diamonds International

Cobre Launches Deep Drilling at Kitlanya West in Botswana

Australian junior miner Cobre has commenced a diamond drilling program at the Kitlanya West project in Botswana, targeting copper-silver mineralization in partnership with diversified major BHP. The drilling campaign follows seismic surveys completed in 2024 and is part of Cobre’s recently announced earn-in joint venture with BHP. The program includes three deep drill holes, each exceeding 1 km, aimed at testing large anticlinal trap sites identified in seismic sections and providing insights into the deeper

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Corporate News Diamonds International

Lucara Takes Direct Control of Karowe Underground Expansion

Lucara Diamonds has ended its engineering, procurement, and construction management contract with JDS Energy & Mining (JDS) as of March 31, shifting to owner-managed operations for the Karowe underground expansion project (UGP) in Botswana. Announcing the transition on Monday, the Canada-based company stated that it had signed a master service agreement (MSA) with JDS to complete specific engineering components, while all site-based contracts and activities now fall under Lucara’s direct oversight. The move is expected

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