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International News Oil

Uganda Sees Significant Revenue Boost from Oil Sector Taxation

As Uganda edges closer to becoming an oil-producing nation, activities related to the oil sector have intensified, including the taxation of oil and associated goods. According to a recent report by Accountant General Lawrence Semakula, these levies have significantly contributed to the country’s overall revenue. The Ugandan newspaper, The Monitor, reported that Uganda generated an additional Shs44 billion from oil tax revenues during the financial year ending June 30, 2023. The Petroleum Fund Report for

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International News Oil

Oando Energy Resources Advocates for Strategic Exploitation of Nigeria’s Crude Oil Reserves

Oando Energy Resources has urged Nigeria to actively extract its abundant crude oil reserves to drive socio-economic development and industrialization, despite global pressures for an energy transition. In addition, the company emphasized the importance of utilizing Nigeria’s vast proven and unproven natural gas reserves, which amount to hundreds of trillion cubic feet (tcf), to support sustainable development. Dr. Ainojie Irune, the Executive Director of Oando Plc and Chief Operating Officer of Oando Energy Resources, made

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International Gas News

TotalEnergies to Withdraw from South Africa’s 11B/12B Offshore Gas Field

TotalEnergies has notified South Africa’s petroleum regulator of its intention to withdraw from the 11B/12B offshore gas field. In 2019, TotalEnergies discovered two significant gas deposits in Block 11B and 12B off the southern coast of South Africa. The decision to withdraw is a significant setback for the country, which had hoped to utilize the gas to supply the dormant national gas-to-liquid refinery in Mossel Bay. Negotiations over gas pricing have stalled for years, while

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International Exploration News Oil

Shell Seeks Approval for Drilling Project Off South Africa’s Western Coast

Shell is pursuing government authorization for a new drilling project off the western shores of South Africa. According to a draft scoping report from environmental consultancy SLR, Shell plans to drill up to five wells in the region. The company aims to carry out exploration and appraisal activities as oil companies shift their focus south of Namibia, where recent discoveries in the Orange Basin promise further potential finds. The Orange Basin, extending into South African

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International News Oil

Dangote Refinery Boosts West African Gasoil Exports, Challenges European Market

Nigeria’s new Dangote oil refinery is significantly increasing gasoil exports to West Africa, capturing market share from European refiners, according to traders and shipping data. Constructed at a cost of $20 billion by Africa’s richest man, Aliko Dangote, on the outskirts of Lagos, the refinery is currently producing a lower grade of gasoil than anticipated. This is due to awaiting the restart of units necessary for producing cleaner fuels, prompting the refinery to seek buyers

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Diamonds International News

Petra Diamonds Nets $38 Million in Seventh Tender, Annual Revenue Reaches $366 Million

London-listed Petra Diamonds has generated $38 million in revenue from its seventh tender cycle of the year, selling 337,064 carats. This brings the company’s total revenue for the 2024 financial year to $366 million, with 3.15 million carats sold, up from $324 million and 2.32 million carats sold in the prior year. Despite a 13% increase in revenue compared to the previous financial year, average prices were lower at $116 per carat for the reporting

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Diamonds International News

Diamcor Mining Closes C$2 Million Private Placement to Fund South African Diamond Project

Diamond producer Diamcor Mining has successfully closed the second and final tranche of its non-brokered private placement, raising an additional C$600,300 and bringing the total proceeds to approximately C$2 million. The company had previously announced the closing of the first tranche on June 4, which raised about C$1.4 million. Insiders, management, directors, and significant shareholders collectively subscribed for around C$1.37 million of the offering. In total, Diamcor will issue approximately 40 million units at a

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International Diamonds News

Russia Surpasses Botswana in Diamond Production Value Despite Sanctions

In 2023, Russia’s rough-diamond production value surpassed Botswana’s for the first time, despite facing significant sanctions and a weak market. The increase occurred even with intensified sanctions, including the European Union’s ban on Russian diamonds and stricter U.S. regulations on goods significantly altered in third-party countries like India. According to Kimberley Process (KP) statistics released this week, Russia produced 37.3 million carats of rough diamonds last year, valued at $3.61 billion, with an average price

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International News Oil

Puma Energy Zambia’s 2023 Profit Rises to K255 Million

Puma Energy Zambia PLC, a subsidiary of Puma Energy (Ireland) Holdings Limited, has reported a profit after tax of approximately K255 million for the year ending December 31, 2023. This increase is attributed to a 12% rise in sales volumes and higher selling prices driven by the global increase in oil prices. According to the audited financial results obtained by the Zambian Business Times (ZBT), the company recorded a profit after tax of K254.79 million,

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Diamonds International News

Gem Diamonds Recovers 123.20 ct Type II White Diamond from Letšeng Mine

Gem Diamonds, listed on the London Stock Exchange, has recovered a 123.20 ct Type II white diamond from its Letšeng mine in Lesotho. This notable find marks the eighth diamond over 100 carats that the company has unearthed this year. Gem Diamonds holds a 70% stake in the Letšeng mine, renowned for its production of large, exceptional white diamonds. It is recognized as the highest dollar-per-carat kimberlite diamond mine globally.

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