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Category: International

International News Oil

Nigeria Unveils Bidders for Oil Blocks and Announces 2025 Licensing Round

TotalEnergies Exploration and Production Company, MRS Oil and Gas Limited, Sahara Deepwater Resources Limited, and 20 other companies have emerged as bidders for newly available oil blocks in Nigeria. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) disclosed the bidders for 25 oil blocks available for exploration and production during the 2022/23 Mini Bid and Nigeria 2024 Licensing Round Commercial Bid Conference held in Lagos. A total of 31 oil blocks were offered during the round,

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International Renewable Energy

Egypt Accelerates Renewable Energy Transition with Ambitious NWFE Program

Egypt is making significant strides in its renewable energy ambitions, aiming to develop 10 gigawatts of capacity by 2028 under the National Platform for the NWFE (Nexus of Water, Food, and Energy) Program. This initiative, announced during the inauguration of the Abydos 1 Solar Power Plant in Aswan, represents a pivotal effort to expand sustainable energy, reduce reliance on thermal power, and advance the goals of Egypt’s National Climate Change Strategy 2050. The Abydos 1

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Corporate News Diamonds International

Petra Diamonds Lowers Rough Pricing Forecast Amid Market Weakness

Petra Diamonds has revised its rough diamond pricing forecast downward for the remainder of the fiscal year due to ongoing softness across most size categories. The company now projects rough diamonds from its Cullinan mine in South Africa to sell for $120 to $130 per carat, down from the initial forecast of $125 to $135 per carat. Similarly, diamonds from the Finsch mine are expected to fetch $80 to $90 per carat, compared to the

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Corporate News Diamonds International

Choron Group Acquires AMC Group to Strengthen Diamond Supply Chain

Antwerp-based diamond supplier Choron Group has announced its acquisition of AMC Group, a De Beers sightholder, marking a rare instance of consolidation in the diamond trade. The acquisition, facilitated by diamond brokerage and consultancy firm Bonas Group, will be finalized on January 1, 2025. Financial details of the deal remain undisclosed. “This acquisition marks a significant milestone for Choron,” stated CEO Anshul Gandhi. “AMC’s legacy of excellence and market leadership complements our vision to deliver

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Diamonds Corporate News International

Alrosa’s Annual Production Drops Amid Sanctions and Market Challenges

Alrosa, the Russian diamond mining giant, reported a 4.6% drop in annual output for 2024, producing 33 million carats compared to 34.6 million in 2023. The decline aligns with planned reductions due to sanctions, weak demand, and depressed rough diamond prices, according to Aisen Nikolaev, head of the Yakutia regional government. The sanctions have also forced Alrosa to divest its stakes in Angola’s Catoca and Luele diamond mines, further impacting production capacity. Additionally, Russia’s state-owned

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International Diamonds News

EU Approves €81 Million Grant for Diamond Foundry’s Carbon-Neutral Facility in Spain

The European Union has approved a €81 million ($84 million) grant to support Diamond Foundry in establishing a cutting-edge diamond production facility in Trujillo, Extremadura, Spain. The plant will focus on producing synthetic diamond wafers for industrial applications using the company’s advanced plasma reactor technology, the European Commission (EC) announced earlier this week. Synthetic diamonds offer a sustainable and efficient alternative to silicon in the semiconductor industry, addressing growing demand from sectors such as 5G

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Corporate News Diamonds International

Petra Diamonds Revises 2025 Price Expectations Amid Market Weakness

London-listed Petra Diamonds has lowered its diamond price forecasts for 2025 and initiated a Section 189 retrenchment process affecting the group and its South African operations support functions. These measures are aimed at cutting costs and generating additional cash amid ongoing challenges in the global diamond market. To lead the restructuring efforts, the company has appointed Vivek Gadodia as Chief Restructuring Officer. “Refinancing discussions have been deferred to 2025 to allow these cash-generation initiatives to

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Oil Corporate News International Petroleum

Dangote Refinery Reduces Petrol Price to N899.50 per Litre Ahead of Festive Season

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

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Corporate News International Oil

Brent Oil Futures Drop Amid Economic Concerns, Prices Hit 17-Month Low

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

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International Corporate News Oil Partnerships

VAALCO and Borr Drilling Partnership Highlights Africa’s Growing Offshore Energy Potential

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

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