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Category: Economy

Diamonds Economy Local Mining News

Angola Poised for a Transformative Shift in the Mining Sector

With the potential to reach a diamond production level of approximately 14.6 million carats this year, Angola’s mining industry is well-positioned for significant growth under the country’s newly approved National Development Plan 2023-2027. Boasting political stability and strategic access to international markets, a strict adherence to regulations governing the establishment of mining companies in Angola will be crucial for the country to secure funds for investment in the sector. In February 2023, Angola strengthened its

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Diamonds Economy International News

Rough Prices Continue to Recover at Latest Petra Tender

Petra Diamonds’ rough prices are showing increasing signs of a market rebound, according to results from its latest tender. The fourth trading session of fiscal 2024, which took place in February, brought in $47.8 million from the sale of 428,860 carats, at an average price of $112 per carat, Petra said last week. Although total sales were down 30% from December, prices were 4% higher on a like-for-like basis compared with similar categories of diamonds

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Economy News Oil

Brent Oil Surges with Substantial Profits

The Brent (reference to Angolan exports) for April rose by 0.74 percent ($0.61), reaching $83.47 on the Intercontinental Exchange (ICE). On February 19, 2024, at 09:43 AM, the contracts closed the week with a cumulative increase of approximately 2.0 and 1.6 percent, respectively. At the New York Mercantile Exchange (Nymex), the WTI barrel for April concluded the session with a 1.12 percent increase ($0.87), closing at $78.46. Futures contracts for oil closed higher on Friday,

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Economy Local News Oil

Exploratory Phase Commences for Angola’s TO-14 Well

Angola’s national oil company, Sonangol, has initiated testing at the Tobias-14 well (TO-14), situated in Block KON-11 onshore Angola. Sonangol, in collaboration with its project partner, the oil and gas company Corcel, anticipates revealing the initial flow test results of the well in the upcoming weeks. Preparations are also in progress for testing the TO-13 well, scheduled to commence following the conclusion of activities at TO-14. The KON-11 Block encompasses the Tobias field, a historically

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Economy Gas Local News Oil

Angola’s Local Content Policies to Boost Oil and Gas Service Industry

Angola is at the forefront of nurturing its domestic service industry within the oil and gas sector through robust local content regulations. These policies are instrumental in creating revenue streams for local service firms while enhancing their overall contribution to the industry. The Angolan government’s commitment to local content is exemplified through its Angolanization initiative, aimed at empowering national entrepreneurship by favoring local service providers in oil and gas contracts. Enshrined in official decrees such

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Economy Diamonds International Mining News

Namibia’s Diamond Production Surges by 9% in 2023

Namibia recorded a 9% increase in diamond production in 2023. The country produced 2,327 million carats of rough diamonds last year, up from 2,137 carats in 2022. Namibia’s land-based production, overseen by the diamond corporation Namdeb, recorded a 14% increase in 2023 compared to the previous year. The company produced 468,000 carats, up from 412,000 carats in the period under review. Meanwhile, the country’s offshore production in 2023, overseen by the marine diamond mining company

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Economy Energy Gas International News

The Republic of Congo Takes the Lead in Advancing Gas Initiatives

The Republic of Congo is a mature hydrocarbon market with proven resources, including 1.8 billion barrels of oil reserves and 284 billion cubic meters of natural gas reserves. Despite this, the country’s on- and offshore territory remains underexplored and operators have been slow to add value to crude resources. However, a new gas monetization drive, coupled with several offshore exploration and development programs, presents investors with dynamic opportunities in gas processing and refining, LNG trade

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Economy Energy Gas International News

Tanzania Increases Stake in Mnazi Bay Gas Field, Secures 20% Additional Ownership

The State-owned Tanzania Petroleum Development Corporation (TPDC) has successfully acquired an additional 20% stake in the Mnazi Bay natural gas project, solidifying its total share in the venture at 40%. The deal, valued at $23.6 million, was finalized through a purchase agreement signed on February 10th with Etablissements Maurel & Prom SA, an oil company that holds an 80% stake in the project and maintains veto power over its operations. Under the terms of the

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Economy Local News Oil

AIE foresees weaker demand in 2024

Contrary to OPEC, the executive director of the International Energy Agency (IEA) stated yesterday that the supply of oil will be “more than sufficient” to meet global demand in 2024 during an interview on the Bloomberg Talks podcast. According to Fatih Birol, the absence of major geopolitical conflicts or extreme climate events should keep the oil market “comfortable,” resulting in price moderation throughout the year. Demand will be 1.2 to 1.34 million barrels. Birol predicts

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Economy Local News Oil

OPEC Confirms Increase in Oil Consumption

The predictions from the monthly report on the oil market by the Organization of the Petroleum Exporting Countries (OPEC), released on Tuesday, the 13th, estimate that global demand for oil will grow steadily this year and in 2025, with China’s consumption and transport fuels being the main drivers of this trend. OPEC states that pre-Covid-19 consumption levels were already surpassed in 2022. According to the document, demand will increase by 2.2% this year, reaching 104.4

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