Dangote Refinery has announced a reduction in the ex-depot price of premium motor spirit (PMS), commonly known as petrol, to N899.50 per litre. This follows a previous price adjustment to N970 per litre on November 24. Anthony Chiejina, Group Chief Branding and Communications Officer for Dangote Group, highlighted that the price cut is aimed at providing relief to Nigerians during the festive season. He stated, “To alleviate transport costs during this holiday season, Dangote Refinery
Brent oil futures for delivery in February 2025 closed at $73.14 yesterday, down from $73.91 at the start of the trading session. This decline represents a 1.04% decrease, translating to a drop of approximately 77 cents. In the 2025 State Budget (OGE), effective from January 1, the government has set a reference price of $70 per barrel and aims to maintain production above 1.1 million barrels per day. According to Reuters, the oil and gas
Houston-based VAALCO Energy has signed a contract with UK-based Borr Drilling to provide a jack-up rig for its 2025/2026 drilling program off the coast of Gabon. This partnership signals a rise in offshore drilling activity across Africa and reflects the increasing trend of international collaboration in the continent’s energy sector. As the energy landscape evolves, the upcoming Invest in African Energy (IAE) Forum in Paris next May will provide a vital platform for fostering such
Shell, through its Nigerian subsidiary Shell Nigeria Exploration and Production Company Limited, has made a Final Investment Decision (FID) on the Bonga North Deepwater Development in Nigeria. This project, an extension of the active Bonga field in OML 118, is aimed at sustaining production at the Bonga facility, with first oil expected by 2030. The Bonga North project is designed to achieve a production capacity of 100,000 barrels per day. It includes the development of
Canada-headquartered Lucara Diamond Corp has named two extraordinary diamonds recovered at its Karowe mine in Botswana. The 2,488-carat diamond, found in August, has been named Motswedi, which means “a water spring” or “the flow of underground water that emerges to the surface, offering life and vitality” in the local Setswana language. The 1,094-carat diamond, discovered in September, has been named Seriti, meaning “aura” or “presence” in Setswana. “We are incredibly proud to announce the naming
ASX-listed Burgundy Diamond Mines, the operator of the Ekati Mine in Canada, achieved $93 million in revenue from two successful diamond sales cycles in the fourth quarter of 2024. Q4 Sales Highlights Burgundy CEO Kim Truter highlighted the strong performance of Ekati’s ethically sourced diamonds: “Ekati’s ethically produced G7 product sold well this quarter, achieving $106 per carat in the latest sale. While this number reflects a higher-quality parcel of goods, we also observed gains
The Republic of Congo has begun studies for micro-hydropower plants as part of its efforts to improve rural electrification. On December 6, the Ministry of Energy and Hydraulics, in collaboration with the United Nations Development Program (UNDP), held a workshop to review the project framework, explore financing options, and assess its feasibility. With rural areas heavily dependent on costly and unsustainable diesel systems, this initiative aims to improve energy access, reduce disparities, and contribute to
Canadian mining company Lucara Diamond has announced its 2025 operational plan for the Karowe Mine in Botswana, with a focus on increasing production, advancing an underground expansion, and boosting revenue. The company aims to mine up to 2.2 million tons of ore in 2025 while implementing a $115 million underground mine expansion project. This initiative, slated for completion by 2028, is expected to extend the mine’s lifespan beyond 2040. Lucara also projects $225 million in
The United States has imposed sanctions on 28 individuals and businesses in the diamond and jewelry industry, accusing them of involvement in a global gold-smuggling and money-laundering operation. The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) revealed that the operation is based in Zimbabwe and led by Kamlesh Pattni, a Kenyan businessman infamous for his role in the 1990s Goldenberg gold-trading scandal. After fleeing to Zimbabwe, Pattni was allegedly involved in
QatarEnergy has expanded its upstream portfolio in Namibia by acquiring a 27.5% working interest in Block 2813 under a new agreement with Harmattan Energy Limited (HEL), the operator of the block. Announced on Sunday, the agreement confirms HEL, an indirect subsidiary of Chevron Corporation, as the majority stakeholder with a 52.5% interest. The remaining partners, Trago Energy Limited and the National Petroleum Corporation of Namibia (NAMCOR), each hold a 10% interest, according to QatarEnergy’s press
