Benin Resumes Oil Drilling at Sèmè Offshore Field After 27-Year Hiatus with Akrake Petroleum After nearly three decades of inactivity, drilling has resumed at one of West Africa’s oldest offshore oil fields. Singapore-based Akrake Petroleum is leading a major redevelopment of the historic Sèmè field, located off the coast of Benin. The site, first discovered in 1969, was last active in 1998, when operations ceased due to low global oil prices and excessive water production.
Fortuna Mining Boosts Senegal Gold Resources by 53% Before Q4 2025 Economic Study Fortuna Mining (NYSE: FSM; TSX: FVI) has significantly increased the mineral resource estimate at its Diamba Sud gold project in Senegal as it prepares a preliminary economic assessment (PEA) scheduled for completion in the fourth quarter of 2025. The updated estimate now stands at 724,000 ounces of gold in indicated resources, a 53% increase from the year-end 2024 figure. Inferred resources have
Diamond Price Crash Puts Botswana’s De Beers Takeover Ambitions in Jeopardy The old saying “be careful what you wish for” may prove true for Botswana, the small southern African nation eager to take full control of the De Beers diamond empire — just as the global diamond market faces one of its worst slumps in decades. Botswana already owns 15% of De Beers, but it has signalled interest in acquiring the entire business. The opportunity
Alrosa Revenue Drops to $1.45 Billion in H1 2025 as Sanctions and Market Weakness Persist Russian diamond giant Alrosa reported a 24% year-on-year drop in revenue for the first half of 2025, as the global diamond market continues to struggle and international sanctions on Russian goods remain in effect. For the six months ending June 30, Alrosa’s revenue declined to RUB 116.04 billion (US$1.45 billion), according to the company’s financial results released last week. While
Tanishq Partners with De Beers to Offer In-Store Diamond Authentication at Select Locations in India Titan-owned jeweler Tanishq has partnered with De Beers to launch diamond verification centers at select retail stores across India, aiming to provide customers with transparent, real-time insights into the authenticity and quality of their diamonds. The initiative, announced last week, will give shoppers in-store access to advanced diamond testing tools designed to distinguish between natural and lab-grown diamonds. This move
Shell Downscales Namibia Oil Exploration Priority in New Global Strategy Shift Shell has signaled a strategic shift away from prioritizing Namibia in its oil and gas exploration plans, as the company adopts a more selective and focused global investment approach, CEO Wael Sawan announced. While Shell maintains an active presence in Namibia’s offshore sector, the country is no longer considered a top exploration priority, Sawan said, citing a broader reevaluation of the company’s exploration portfolio.
Namibia to Power New Walvis Bay Oil Refinery with South African Modular Nuclear Reactor Namibia has chosen cutting-edge South African nuclear technology to power a new oil refinery planned for Walvis Bay, a move that marks a significant step toward energy independence and industrial expansion. The project is being spearheaded by the Dune 7 Special Purpose Vehicle (SPV) and enjoys the backing of the Namibian government. The planned facility will have a capacity of 300,000
De Beers Namibia Reports Profit Decline Amid Lower Diamond Prices and Global Market Challenges De Beers Namibia has reported a decline in earnings for the first half of 2025, with underlying operating profit falling to N$1.09 billion (US$58 million)—a 12% drop from N$1.24 billion (US$66 million) recorded during the same period last year. According to the company’s latest financial report, underlying EBITDA (earnings before interest, taxes, depreciation, and amortisation) fell to N$1.47 billion (US$78 million),
SARW and IMD Call on African Lawmakers to Champion Just, Sustainable Energy Transition MAPUTO – The Southern African Resources Watch (SARW) has called on African parliaments to take a leading role in steering the continent toward a more inclusive and sustainable energy transition. Speaking at the Regional Inter-Parliamentary Conference on Climate Change, Energy Transition, and the Oil and Gas Sector—held this week in Maputo—SARW Executive Director Claude Kabemba emphasized that the shift to cleaner energy
Nigeria’s Oil Production Increases Amid Security Boost and Regulatory Reforms Nigeria’s oil production increased last month, continuing a steady upward trend, according to the head of the country’s upstream petroleum regulator. As Africa’s top crude oil producer, Nigeria depends heavily on oil revenues for government funding and foreign exchange. Sustained production growth is therefore critical to the nation’s economic stability. In recent years, the sector has faced significant challenges, including oil theft, insecurity in the
