Rhino Resources Targets First Oil in Namibia, Challenges TotalEnergies with 2025 Drilling Campaign Rhino Resources, an emerging African oil and gas company, is preparing to drill an appraisal well in Namibia next year and conduct a flow test on a recent discovery as it races alongside TotalEnergies to bring the country’s first offshore oil to market, CEO Travis Smithard said. The company plans to drill the appraisal well at Capricornus, where it previously encountered light
Tanzania Unveils $420 Million Gas-to-Liquid Plant, Set to Challenge Dangote in Africa’s Jet Fuel Market Tanzania has announced plans for an ambitious $420 million synthetic fuel project designed to transform the country into a leading exporter of jet fuel in Africa—a move that could challenge the dominance of Nigeria’s Dangote Group, which currently leads the continent’s refined fuel market. The project centers on the development of a gas-to-liquid (GTL) plant that will produce diesel, jet
Dangote Oil Refinery Rehires Dismissed Engineers After Labour Talks with PENGASSAN The Dangote Oil Refinery has reinstated several engineers who were laid off earlier this year, following negotiations with the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and government officials. The affected employees were initially caught in a dispute between the refinery and the labour union, which arose after the company announced a reorganisation in September that led to staff terminations linked
Africa Finance Corporation and Infinity Power Reach Financial Close on $153 Million Ras Ghareb Wind Project Africa Finance Corporation (AFC), the continent’s leading infrastructure solutions provider, has announced that its portfolio company Infinity Power has reached financial close on the 200MW Ras Ghareb Wind Farm in Egypt — a milestone that underscores Africa’s growing ability to mobilize international capital for large-scale, African-led renewable energy projects. Infinity Power secured US$153 million in senior debt financing from
DRC requests $500M from World Bank to develop Lobito Corridor, boosting regional trade and infrastructure During the IMF and World Bank Annual Meetings, the Democratic Republic of Congo (DRC) Finance Minister, Doudou Fwamba, submitted a $500 million financing request to the World Bank to support the Lobito Corridor project. The Finance Ministry confirmed that the institution has agreed to review the proposal. In discussions with World Bank Managing Director for Operations Anna Bjerde, Minister Fwamba
Woodside Energy lifts 2025 production outlook despite lower Q3 revenue, shares surge 4% Shares of Australia’s Woodside Energy rose to a two-week high on Wednesday after the company raised its fiscal 2025 production forecast, even as third-quarter revenue declined 9.4% due to lower average realised prices. The country’s largest independent energy firm now expects fiscal 2025 production to range between 192 million and 197 million barrels of oil equivalent (mmboe), up from its previous guidance
Moody’s cuts Botswana’s rating to Baa1, citing diamond market downturn and rising government debt Global credit ratings agency Moody’s Investors Service has downgraded Botswana’s sovereign credit rating from ‘A3’ to ‘Baa1’, citing mounting challenges as the government struggles to adjust to a structural decline in the diamond industry and a rising debt burden. “The economy remains heavily reliant on capital-intensive diamond mining; diversification efforts lag due to reform delays, while exposure to climate shocks persists,”
Lab-grown diamond demand drops amid oversupply; consumers shift back to natural diamonds, says World Diamond Council president Lab-grown diamonds are rapidly losing their shine as oversupply floods the market and prices plummet, prompting consumers to rediscover the allure of natural stones, according to World Diamond Council President Feriel Zerouki. After reaching record highs in early 2022, natural diamond prices slumped in the second half of the year—largely due to the rising popularity of lab-grown gems,
Debswana Announces Plans to Diversify Beyond Diamonds, Leveraging 55 Years of Mining Expertise Debswana, the mining powerhouse that has been the backbone of Botswana’s economy for over 55 years, is charting a new course beyond its traditional diamond business. Speaking at the African Mining Summit in Gaborone this morning, Bakani Motlhabani, Chief Technical Officer at Debswana Diamond Company, revealed that the firm is exploring diversification opportunities to sustain long-term growth as diamond resources decline. “We
South Africa Set to Lift Shale Gas Moratorium, Opening Karoo Basin to Exploration South Africa is preparing to lift its long-standing moratorium on shale gas development, clearing the way for new exploration across the resource-rich Karoo Basin. The country’s Mineral and Petroleum Resources Minister, Gwede Mantashe, confirmed that the ban would be lifted once updated environmental regulations are formally published later this month. The moratorium, first imposed in 2011, halted all new applications for shale
