Oando PLC Records 10% Rise in Profit to ₦241.3bn as Upstream Oil and Gas Production Jumps in 2025 Oando PLC has reported a 10 per cent increase in profit after tax to ₦241.3 billion for the year ended 31 December 2025, driven by robust growth in upstream oil and gas production, despite a decline in overall revenue. In its unaudited full-year results, the indigenous energy company recorded a 32 per cent year-on-year increase in upstream
Mozambique Restarts TotalEnergies’ $20 Billion LNG Project, Marking Major Milestone for African Gas Mozambique and TotalEnergies have formally restarted the French energy major’s $20 billion liquefied natural gas (LNG) project, nearly five years after operations were suspended following security incidents in the country’s northern Cabo Delgado province. In a statement released on Thursday, the office of President Daniel Chapo confirmed that the restart was officially marked at the Afungi project site on Mozambique’s northern coast,
Afreximbank Secures US$1.75bn Syndicated Facility to Support Sonangol and Angola’s Oil Exports The African Export-Import Bank (Afreximbank) has successfully closed a US$1.75 billion syndicated receivables purchase facility for Sonangol, Angola’s national oil company, in a transaction expected to significantly strengthen the country’s energy sector and export capacity. The facility, arranged in collaboration with other mandated lead arrangers, will support Sonangol’s operating and capital expenditure requirements. It also advances Afreximbank’s mandate to promote African-led financing solutions
N’dola Sul Start-Up Boosts Angola’s Oil Output as Government and Chevron Extend Life of Block 0 The start-up of the N’dola Sul oil project in Block 0 has been hailed as a major milestone for Angola’s oil industry, strengthening national production capacity and extending the life of one of the country’s most historic offshore assets. Speaking at the ceremony marking the start of production, the Minister of Mineral Resources, Petroleum and Gas, Diamantino Azevedo, underscored
Shell Considers $20 Billion Offshore Oil Investment in Nigeria’s Bonga South West Field Shell Plc and its partners in Nigeria are evaluating development options for the Bonga South West deepwater oil project, an offshore asset that could attract up to $20 billion in investment if it reaches a final investment decision (FID), according to Shell’s chief executive officer, Wael Sawan. Speaking in a video shared by Nigeria’s presidency, Sawan said Shell is working closely with
Sintana Energy Wins Exclusivity to Negotiate Stake in Namibia’s Walvis Basin PEL 37 Sintana Energy has secured exclusive rights to negotiate a potential investment in a large offshore exploration licence in Namibia’s Walvis Basin, strengthening its footprint in one of the world’s most closely watched emerging oil provinces. The company said it has signed a letter of intent granting exclusivity until 30 April 2026 to negotiate an indirect interest in Petroleum Exploration Licence (PEL) 37.
Chevron Signs MoU with Libya’s NOC to Assess New Oil and Gas Opportunities Energy major Chevron has signed a memorandum of understanding (MoU) with Libya’s National Oil Corporation (NOC) to evaluate potential oil and gas exploration and development opportunities, supporting the country’s efforts to boost hydrocarbon production. The agreement was signed during the opening ceremony of the Libya Energy and Economic Summit 2026 in Tripoli on Saturday. It was formalised by NOC Chairman Masoud Suleiman
De Beers Unveils GemFair Capsule Jewellery Collection Showcasing Ethically Sourced Artisanal Diamonds Diamond mining company De Beers Group, through its GemFair programme and luxury jewellery brand De Beers London, has announced the launch of a capsule jewellery collection featuring ethically sourced artisanal diamonds. In a media release issued on January 23, De Beers said the launch marks the first time GemFair’s ethically sourced, artisanal-mined diamonds have been incorporated into fine jewellery, bringing their story of
Lucara Applies for TSX Hardship Exemption to Complete C$165m Private Placement for Karowe UGP Diamond producer Lucara Diamond Corp has applied to the Toronto Stock Exchange (TSX) for a financial hardship exemption that would allow it to complete a highly dilutive C$165-million private placement without shareholder approval, citing severe liquidity constraints and the risk of disruption to its Karowe Underground Project (UGP) in Botswana. The application relates to Lucara’s previously announced non-brokered equity private placement,
Pensana Launches 7 000 m Infill Drill Programme at Longonjo Rare Earths Project in Angola London-listed Pensana has commenced preparations for a 7 000 m infill drilling programme at its Longonjo rare earths project in Angola, marking another step toward mine development. The drilling programme is designed to deliver detailed geological and grade control data ahead of the planned start of mining and stockpiling or blending activities in early 2027. It will run in parallel
