Libya’s National Oil Corporation (NOC) announced that its subsidiary, Zallaf for Oil and Gas, has commenced production at the Chadar field, marking a significant addition to the country’s energy sector. The Chadar field is now producing over 7.5 million cubic feet of associated gas daily, alongside 1,500 barrels of crude oil. On its first day of operations, the field contributed to Libya’s total oil production, pushing it to just over 1.4 million barrels per day
South Sudan’s government has directed Dar Petroleum Operating Co. (DPOC) to restart oil production after Sudan reopened its crude export route. This development comes after months of disruption caused by a pipeline rupture and Sudan’s ongoing conflict. Oil exports from South Sudan had been reduced by half since February 2023 due to a pipeline rupture, triggered by a diesel shortage needed to dilute the crude. Crude oil accounts for over 90% of South Sudan’s revenue,
Shell has announced it will write down approximately $400 million following its decision to deem an offshore oil discovery in Namibia commercially unviable. This setback deals a blow to the southern African nation’s ambitions to become a crude oil producer. The company informed Reuters that the oil and gas resources discovered in offshore block PEL39 “cannot currently be confirmed for commercial development.” Shell and its partners, QatarEnergy and Namibia’s national oil company, initially discovered hydrocarbons
US President Joe Biden has announced a ban on new offshore oil and gas development along most US coastlines, a decision that could be difficult for President-elect Donald Trump, who has promised to boost domestic energy production, to reverse. The White House confirmed on Monday that Biden would use his authority under the 70-year-old Outer Continental Shelf Lands Act to protect federal waters off the East and West coasts, the eastern Gulf of Mexico, and
Azule Energy’s successful farm-in agreement for Block 2914A in Namibia’s Orange Basin marks a pivotal moment in Africa’s offshore oil and gas exploration. The deal underscores the enormous hydrocarbon potential of the Orange Basin and Namibia’s emergence as a key player in the global energy sector. This agreement highlights the growing trust in Africa’s abundant offshore energy resources. Azule Energy now holds a 42.5% interest in Block 2914A, a significant step toward unlocking the basin’s
Australian-based Global Petroleum, an AIM-listed upstream oil and gas exploration company, is in early commercial discussions to secure a farm-in agreement with an undisclosed potential operating partner for its Petroleum Exploration License (PEL) 94 in Block 2011A, located in Namibia’s Walvis Basin. With increased offshore exploration activity in Namibia, particularly in the Walvis Basin—where Chevron recently acquired an 80% operated interest in PEL 82—Global Petroleum has reported heightened interest in the PEL 94 data. The
Namibia has unveiled plans to procure and implement 330 megawatts (MW) of solar photovoltaic (PV) capacity as part of its 2024 ministerial determination, the Ministry of Mines and Energy announced. According to Minister Tom Alweendo, the new capacity will be distributed between state-owned utility NamPower and independent power producers (IPPs). This initiative marks a significant step toward Namibia’s energy independence and sustainability goals. “The 2024 ministerial determination reflects a cohesive strategy aligned with our economic
Shell, through its Nigerian subsidiary, has finalized its decision to invest in the Bonga North Deepwater Development project in Nigeria. Located within an extension of the active Bonga field in Oil Mining Lease (OML) 118, the project is designed to sustain production at the Bonga facility, with first oil expected by 2030. The development aims to achieve a daily production target of 100,000 barrels of oil and includes 16 wells—eight oil production wells and eight
Alrosa’s deputy CEO, Vladimir Marchenko, is stepping down from his role to pursue a new opportunity within the diamond industry. Marchenko joined Alrosa in 2017 as vice president of production for Africa and South America, before being promoted to deputy CEO in 2018. In his tenure, Marchenko led key projects in Africa, including efforts to identify new diamond deposits in Zimbabwe. He also currently heads the Russia-Zimbabwe Business Council (RZBC). Alrosa CEO Pavel Marinychev praised
Alrosa predicts that supply and demand for rough and polished diamonds will balance out in the coming months as midstream inventory levels decline. Sergey Takhiev, Alrosa’s head of corporate finance, highlighted strong demand for jewelry and a reduction in diamond-mining capacity—down by up to 20% from 2018-2019 levels—will drive price growth. He also pointed to the rapid rise of online jewelry sales, which has allowed jewelers to reduce inventory requirements. “The normalization of inventories has
