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Category: Exploration

Oil Exploration International News

Ivory Coast Expands Offshore Exploration with ExxonMobil Partnership

Ivory Coast’s Oil Minister recently announced a significant milestone in the country’s offshore exploration efforts—a production-sharing agreement with ExxonMobil for two ultra-deepwater blocks in the Gulf of Guinea. The agreement encompasses Ivory Coast’s CI-602 and CI-603 blocks, spanning 3,874 and 5,543 square kilometers, respectively, and featuring depths ranging from 3,000 to 4,000 meters. Oil and Energy Minister Adama Toungara highlighted that each block has a maximum exploration period of nine years, with a potential contract

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Diamonds Economy Exploration Local News

ENDIAMA President Reveals Plans for Diamond Exploration

In a significant announcement, José Manuel Augusto Ganga Júnior, President of the Board of Directors of the National Diamond Company (ENDIAMA), unveiled plans for a groundbreaking feasibility study aimed at tapping into Angola’s untapped oceanic resources, including diamonds and other valuable minerals. The revelation came during a high-profile event in Luanda, underscoring Angola’s commitment to diversifying its mining sector and harnessing its rich natural resources. Addressing reporters at the “Albina Assis” auditorium of the Ministry

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International Exploration News Oil

CNOOC Lands 5 Oil Exploration Deals in Mozambique

The government of Mozambique has awarded the China National Offshore Oil Corporation (CNOOC) five oil and gas research and development concession contracts. The contracts were awarded as part of the country’s sixth licencing round, initiated by the Mineral Resources and Energy Ministry. Filimão Suaze, the government spokesman, emphasised that this decision aligns with Mozambique’s mineral resources policy and aims to attract more investments into the oil sector. The Council of Ministers approved the concession contracts

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Economy Exploration International Mining News

Exploration Milestone Zambia Unveils Ambitious National Geological Survey Initiative

Zambia has launched a national geological mapping program to better understand its mineral resource deposits and untapped potential. Spearheaded by the government, the survey aims to promote mineral exploration in the country by quantifying resources and supporting strategic investments, with a view to capitalizing on the growing global demand for critical minerals. Speaking at a mining conference in Cape Town on Monday, Zambian President Hakainde Hichilema stated that “by 2040, an additional nine million tons

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International Diamonds Exploration Mining

Debswana pumps P13.6 Billion into Jwaneng Underground Exploration Access Development

Debswana Diamond Company, the mining joint venture between the Government of the Republic of Botswana and De Beers Group, last week announced that its Board has approved the commencement of the Jwaneng Underground Project’s crucial phase, which is the Exploration Access Development. The Jwaneng Underground Project is implemented in four phases; being, Early Works (which started in 2022); Exploration Access Development, Phase 1 Mining and Phase 2 Mining. The Board’s approval for the second phase

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International Exploration Oil Petroleum

TotalEnergies Increases Stakes in Two Blocks Offshore Namibia

TotalEnergies has inked an agreement to increase its participation in two offshore Namibian exploration licenses. The French multinational is set to acquire an additional 10.5% participating interest in Block 2913B – home to the Venus discovery – and a further 9.39% stake in Block 2912 from Impact Oil and Gas, pending approval from Namibian regulators and joint venture partners. If approved, the deal would boost TotalEnergies’ stakes to 45.25% and 42.5%, respectively. Upon completion of

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Exploration Gold Local News

Gold Exploration Project Launched in Cabinda Province with Substantial Investment

A gold exploration project was inaugurated in Cabinda province last week, representing a $15.2 million investment. This project anticipates an estimated annual production of 3,900 ounces from secondary deposits. The inauguration ceremony was officiated by Diamantino Azevedo, the Minister of Mineral Resources, Oil, and Gas, along with Cabinda’s Governor, Mara Quiosa. The project’s goal is to explore gold in Cabinda, with an expected annual production of 8,900 ounces from secondary deposits. The Ministry of Mineral

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Exploration Local Oil

Nigeria and Angola Share Top Spot in Sub-Saharan Africa Oil Drilling

Nigeria has equaled Angola as the largest oil drilling market in sub-Saharan this year, according to a report by Hawilti and the Caverton Offshore Support Group. Oil drilling involves the extraction of oil by drilling a well through the earth’s crust to reach the fossil fuel deposits. The report said Nigeria had caught up with Angola, which had long held the position of top drilling destination on the continent, with eight drilling campaigns confirmed offshore in both countries. However, activity is likely

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Energy Exploration Gas International Oil

Global O&G Exploration Spending to Hit $50Bn in 2023

Global spending on conventional oil and gas exploration will hit over $50 billion in 2023, according to energy research company Rystad Energy. Upstream companies are strategically directing their investments towards offshore projects, focusing on lucrative regions that have a robust geological understanding. Rystad Energy says that up to 95% of the total expenditure in 2023 is allocated to offshore initiatives. “Upstream companies are facing a period of uncertainty. They are eager to capitalize on the increased

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Exploration International News Petroleum

Global Petroleum Gets Greenlight for Next Phase of PEL 94, Offshore Namibia

Oil and gas exploration company Global Petroleum has received approval from Namibia’s Ministry of Mines and Energy to proceed with the first renewal period of the offshore Walvis Basin Petroleum Exploration License (PEL) 94 in the southern African country’s Block 2011A. The work commitment for the period will span two years, from September 2023 to September 2025, and will involve the acquisition, processing and interpretation of 2,000km of 3D seismic data carried over from the

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