De Beers’ parent company intends to sell the diamond miner as part of a strategy to unlock “significant” value in its businesses. The move forms part of major structural changes that will simplify the Anglo American portfolio and deliver growth, it said Tuesday. Plans will see De Beers being “divested or demerged, to improve strategic flexibility for both De Beers and Anglo American,” the company clarified. Anglo is exploring a range of options to separate
Phillips sold a pink diamond for $12 million at its second Geneva jewelry auction, which also saw two records set for a fancy-red. The 6.21-carat, fancy-vivid-pink, VS1-clarity, type IIa diamond ring was the leading lot at the May 13 Geneva Jewels Auction: Two, Phillips said Tuesday. The total, which amounted to $1.9 million per carat, fell within its presale estimate. Another item that performed well was the Argyle Phoenix, a 1.56-carat, fancy-red diamond ring. The
ASX-listed Kinetiko Energy has successfully demonstrated its ability to produce gas-to-power (GtP) from an onshore natural gas resource at its Amersfoort project in Mpumalanga, South Africa. Kinetiko is focused on developing energy transition solutions for South Africa by commercializing advanced shallow conventional gas projects in the Mpumalanga, Free State, and KwaZulu-Natal provinces. “We are absolutely thrilled to have become the pioneers of onshore GtP from a local, conventional source, which represents another significant milestone for
Azule Energy, the joint venture formed in March 2022 by Italy’s Eni and the UK’s BP to merge their oil assets in Angola, successfully finances its operations independently and pays dividends to its shareholders. Vaar, an oil and gas company established in Norway with investment fund Hitec Vision, and Azule Energy operate with minimal dependence on their parent companies. According to Eni’s CFO Francesco Gattei, both companies fund their capital expenditures and maintain their own
The BRILHO Programme, designed to foster sustainability and provide universal access to clean energy, has benefitted over 2.2 million Mozambicans in the first quarter of this year. According to program officials, 1,332,230 individuals have gained access to solar systems, while 920,790 people have benefited from improved cooking solutions, resulting in a reduction of over 560,000 tonnes of carbon dioxide emissions. In addition to providing clean energy access, the BRILHO Programme has facilitated economic empowerment by
Major oil companies like ExxonMobil and Shell, seeking to exit Nigeria’s onshore oil sector due to security concerns, may receive expedited approval by taking responsibility for spills, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). At a meeting in Abuja, NUPRC chief Gbenga Komolafe proposed a short-term option for faster approval if companies commit to cleaning up spills and compensating affected communities. This option could significantly shorten the approval process, currently slated for June.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has kicked off its highly anticipated 2024 licensing round, presenting a diverse portfolio of oil blocks that includes both onshore and offshore assets. This licensing round offers a strategic opportunity for domestic and international companies to engage in exploration and production activities, thereby contributing to the development of Nigeria’s oil and gas reserves while enhancing the country’s energy security and economic prosperity. With 12 oil blocks on offer,
The Moroccan Agency for Sustainable Energy (Masen) has announced a tender for the construction of the Nassim Nord wind farm complex, marking a significant step forward in Morocco’s renewable energy expansion efforts. Aligned with Morocco’s ambitious renewable energy targets, which aim for renewables to make up at least 52% of the electricity mix by 2030, the Nassim Nord project is part of the country’s broader strategy. This strategy includes flagship projects like Noor Midelt, integrating
Chevron, the U.S. energy giant, has launched the sale of its interests in two Nigerian offshore oil and gas blocks as part of its strategy to divest aging assets and prioritize its growing U.S. production. The company is offering its 40 percent stakes in Oil Mining Lease (OML) 86 and OML 88, located in shallow-water areas, with current production levels at around 6,200 barrels of oil equivalent per day. The move reflects a broader trend
Nigeria has launched oil production from a new field in the Niger Delta, aiming to increase its crude output by 40,000 barrels per day (bpd) by the end of May. This development marks a significant step for Africa’s leading oil producer in meeting domestic energy needs and driving economic growth. The upstream subsidiary of the Nigerian National Petroleum Corporation (NNPC), NNPC Exploration and Production Limited, along with Natural Oilfield Services Ltd (NOSL), a subsidiary of
