Botswana’s newly elected President, Duma Boko, announced on Friday his intent to finalize negotiations for a new diamond sales agreement with De Beers as soon as possible. De Beers, a subsidiary of Anglo American, had previously agreed to a deal that would gradually increase Botswana’s share of diamonds from the Debswana joint venture to 50% over the next decade. Currently, Debswana, co-owned by Botswana and De Beers, supplies 75% of its diamond output to the
Pinnacle Oil and Gas Limited has issued a firm response to Dangote Refinery’s recent accusations regarding substandard fuel blending, strongly denying any involvement in the production or distribution of low-quality fuel. The statement follows Dangote Refinery’s claims that a petroleum depot opened near its facility was raising concerns about the quality of fuel on the market. These claims from Dangote came amid allegations from petroleum marketers that the refinery was selling petrol above the import
Canadian Natural Resources reported a drop in third-quarter profit, impacted by lower production levels and a decline in global crude prices. The dip in oil prices from July to September was driven by reduced demand from China, the world’s largest oil importer, alongside concerns of oversupply. The company’s average realized price for exploration and production liquids fell to C$79.15 per barrel, down from C$87.83 per barrel in the same period last year. For the quarter
South Africa’s oldest mining company, De Beers, is advancing inclusivity within the local diamond sector, inviting entrepreneurs to join its local business development program. Sponsored by Anglo American, this three-year initiative provides entrepreneurs with training and mentorship from industry leaders on diamond beneficiation, jewelry design, manufacturing, and retail. Promising entrepreneurs may even qualify as De Beers sightholders—elite buyers eligible to purchase rough diamonds at global auctions. The program, supported by business incubator Raizcorp, highlights De
The Economic Community of West African States (ECOWAS) has endorsed the Host Government Agreement (HGA) for the African Atlantic Gas Pipeline (AAGP) project, marking a significant milestone in the development of the 7,000-km pipeline. The HGA, which complements the existing Intergovernmental Agreement (IGA), defines the terms of collaboration between host countries and the project company, setting the foundation for the pipeline’s construction. This ambitious infrastructure will link Nigeria to Morocco, supplying natural gas across ECOWAS
Gem Diamonds reported a revenue increase for Q3, driven by the sale of more large diamonds, which boosted the average price per carat. Revenue from the company’s Letšeng mine in Lesotho surged 36% year-over-year to $42.7 million for the three months ending September 30. Sales volume rose 11% to 26,617 carats, while the average price per carat climbed 22% to $1,603. Revenue also improved by 9% from the previous quarter, with the average price up
De Beers is considering additional production cuts in response to ongoing weak demand and oversupply in the diamond market. This potential move follows the miner’s earlier reduction of its 2024 production target by 3 million carats, as the company anticipates a prolonged market recovery. “We reduced rough-diamond production from De Beers in response to market conditions,” stated Duncan Wanblad, CEO of De Beers’ parent company, Anglo American. “The diamond market remains challenging, with high midstream
Italy’s Eni and the UK’s BP have resumed exploration activities in Libya after a ten-year suspension. The National Oil Corporation (NOC) announced that Spanish oil company Repsol is also preparing to restart drilling in the Murzuq Basin, while Austria’s OMV is set to resume operations in the Sirte Basin in the coming weeks. On Saturday, Eni commenced exploratory work in Area “B” (96/3) of the Ghadames Basin, marking its first well under the Fourth Contracting
Sintana Energy has provided an update on its second exploration and appraisal campaign in Namibia’s Orange Basin, a prominent area in global oil and gas exploration on blocks 2813A and 2814B. These blocks are governed by Petroleum Exploration License 83 (PEL 83), operated by a subsidiary of Galp Energia, with Sintana holding an indirect 49% interest in Custos Energy (Pty) Ltd., which in turn has a 10% working interest in PEL 83. Namibia’s National Petroleum
The Public Interest and Accountability Committee (PIAC) has warned that Ghana’s declining oil production is leading to a significant drop in revenue from the oil and gas sector. Although petroleum revenue typically comprises about 7% of government income, it remains crucial for the country’s economic growth. During a consultative workshop in Accra on Wednesday, October 16, PIAC member Constantine K.M. Kudzedi highlighted that Ghana reached peak crude production in 2019 with 71,439,585 barrels, up from
