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
The Arabian Gulf Oil Company (AGOCO) has successfully reactivated nine wells in the As Sidra Oil Field, significantly boosting production. According to the National Oil Corporation (NOC), this achievement is expected to add approximately 4,000 barrels of crude oil per day to the field’s output. The NOC detailed the technical repairs in a statement released on Sunday. These included fixing faults in the high-pressure electricity network that supplies four wells (C-178, C-221A, C-227, and C-242)
88 Energy plans to initiate a 200-line-kilometer 2D seismic survey in Namibia’s Owambo Basin mid-year. This new survey aims to refine prospective closures within its expansive 18,500-square-kilometer claim under Petroleum Exploration Licence 93 (PEL 93), which borders Angola, a prominent oil-producing nation. The initiative is supported by existing 2D seismic data and soil gas sampling, which validate the presence of hydrocarbon-producing source rocks. The company anticipates that the new seismic data could lead to drilling
In a significant development this morning, Anglo American and De Beers announced their intention to separate, marking the next evolution in the ownership of De Beers, the world’s leading diamond company. Al Cook, CEO of De Beers Group, expressed his optimism about the future: “De Beers has led the diamond industry for more than a century. We have unparalleled expertise, outstanding assets across more than 20 countries, a unique sales model, and an iconic brand,
China’s first crude oil shipment from Niger has been blocked due to an ongoing dispute between the landlocked West African nation and its coastal neighbor, Benin. Benin restricted fuel exports from its port after Niger’s junta-led government refused to open its land border for goods from the south, announced Benin President Patrice Talon on Wednesday. As a result, at least three vessels carrying crude oil from Niger were prevented from docking. President Talon’s Statement:“If you
An Italian company, Eni Kenya BV, is set to harness Kenya’s biogas potential by establishing a facility that will convert waste from five major landfills into energy for households. Eni Kenya BV, a subsidiary of the long-established energy company in Kenya, aims to turn environmental hazards into a sustainable energy source. A feasibility study conducted by Eni Kenya BV concluded that setting up a biogas facility in Kenya is practical. The company is now awaiting
Lucara Diamond Corp.’s revenue fell in the first quarter due to a decrease in the quantity of large stones sold under its offtake agreement with HB Antwerp. Sales dropped 4% year-on-year to $41.1 million, the company reported last week. Lucara sold $36.2 million worth of goods through tenders and its Clara online platform, receiving an additional $4.9 million in top-up payments from HB Antwerp. This agreement involves the purchase of all diamonds over 10.8 carats
De Beers has significantly reduced the prices of its Lightbox lab-grown diamonds, responding to recent developments in the sector. The standard line, featuring I to J color diamonds, will now retail for $500 per carat, down from $800 per carat—a 37.5% reduction, according to a statement from the De Beers subsidiary on Friday. Diamonds with D to F color, VS clarity, and an excellent cut will be priced at $900 per carat, a 40% decrease
The European Union plans to exclude “grandfathered” goods from its sanctions on Russian diamonds, according to Reuters. Rough diamonds imported from Russia before January 1, 2024, and polished diamonds imported before March 1 — or September 1 for stones under 0.50 carats — will be exempt from the ban, the news service reported last week. The report cited proposals for a 14th package of EU sanctions on the Kremlin over its war in Ukraine, which
