Libya and Algeria Deepen Energy Ties with Four Strategic Oil and Gas Agreements

Libya’s NOC and Algeria’s Sonatrach Sign Four Key MoUs to Expand Energy Cooperation in Exploration, Services, and Training Libya’s National Oil Corporation (NOC) has signed four memorandums of understanding (MoUs) with Algeria’s state-owned oil company Sonatrach, strengthening bilateral cooperation across key areas of the energy sector. The agreements were signed at Sonatrach’s headquarters in Algiers and aim to enhance collaboration in operations, oilfield services, training, and knowledge exchange. The first MoU was signed between the

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Botswana Seeks Control of De Beers Amid Anglo American’s Exit

Botswana Aims for Majority Stake in De Beers as Anglo American Plans Divestment Botswana is positioning itself to take a controlling stake in De Beers, as Anglo American prepares to divest from the global diamond giant, according to a report by the Financial Times. Mining Minister Bogolo Kenewendo told the Financial Times that President Duma Boko is “resolute in his quest” to increase Botswana’s share in De Beers. The government aims to gain full control

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Gem Diamonds Scales Back Letšeng Mine Operations Amid Market Downturn

Gem Diamonds Cuts Costs and Operations at Letšeng Mine After Share Price Plunge Gem Diamonds, listed on the London Stock Exchange, saw its share price plummet by over 22% on July 23 following the announcement of significant operational cutbacks at its flagship Letšeng mine in Lesotho. The move comes in response to continued weakness in global diamond prices, a soft US dollar, and uncertainty surrounding US tariffs. In a statement to shareholders, the company said,

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Woodside Energy Posts Strong Q2 Revenue on Sangomar Boost, Despite Hydrogen and Decommissioning Write-Downs

Woodside Energy Beats Q2 Revenue Forecast on Sangomar Output, Exits Hydrogen Project with $140M Loss Australia’s Woodside Energy delivered an 8% rise in second-quarter revenue, beating market expectations on the back of strong production from Senegal’s Sangomar project. However, the company also reported significant write-downs tied to a failed hydrogen venture and rising decommissioning costs at aging offshore assets. The country’s largest gas producer generated $3.28 billion in revenue for the three months ending June

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Montage Gold Surpasses 2024 Drilling Totals, Accelerates Resource Growth at Koné Project

Montage Gold Expands Côte d’Ivoire Drilling, Adds 404,000 oz to High-Grade Resources in Under a Year Montage Gold has ramped up exploration efforts at its flagship Koné gold project in Côte d’Ivoire, achieving significant milestones just halfway through 2025. The Canadian-listed company has already surpassed its total drilling output from 2024, signaling robust progress toward its near-term production and resource expansion goals. As of mid-year, Montage has completed 83,280 metres of drilling—exceeding last year’s total

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Mali Court Denies Barrick Mining’s Appeal to Release Detained Employees Amid Ongoing Dispute

Mali Rejects Barrick Gold’s Appeal Over Employee Arrests as Mining Dispute Deepens A court in Mali on Tuesday rejected an appeal by Barrick Gold Corporation to release four local employees who were arrested in November 2024, according to Judge Samba Sarr. This ruling marks the latest development in a prolonged standoff between the Canadian mining giant and Mali’s military-led government over taxes and mine ownership. Barrick, which has consistently dismissed the allegations as baseless, filed

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Mozambique Nears Deal with TotalEnergies to Restart $20 Billion LNG Project

Mozambique Close to Agreement with TotalEnergies to Resume $20B LNG Project Halted by Insurgency Mozambican President Daniel Chapo says negotiations with TotalEnergies SE to restart a long-stalled $20 billion liquefied natural gas (LNG) project are nearing conclusion, raising hopes for a major economic boost in one of the world’s poorest nations. In a July 19 interview, Chapo confirmed that he recently met with TotalEnergies CEO Patrick Pouyanné to discuss the resumption of the Mozambique LNG

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Galp Energia Boosts 2024 Profit Outlook and Seeks Partner for Massive Namibia Oil Find

Galp Raises 2024 Earnings Forecast and Eyes Strategic Partner for 10 Billion-Barrel Namibia Oil Discovery Portuguese energy group Galp Energia has raised its full-year profit forecast after reporting better-than-expected second-quarter results and revealed plans to bring in a development partner for its significant offshore oil discovery in Namibia. The company now expects adjusted EBITDA to exceed €2.7 billion in 2024, up from its previous estimate of €2.5 billion.The revision comes on the back of strong

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Morocco to Begin Construction of $6 Billion Nigeria Gas Pipeline in July

Morocco Set to Launch $6 Billion Phase of Nigeria-Morocco Gas Pipeline Project in July 2025 Morocco is set to break ground this July on the $6 billion first phase of the ambitious Nigeria-Morocco Gas Pipeline, a transformative infrastructure project that will stretch more than 5,000 kilometers across West Africa. The pipeline aims to transport natural gas from Nigeria to Morocco, passing through 11 African nations and eventually supplying energy to both African and European markets.

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Botswana Faces Currency Pressure as Diamond Revenues Collapse

Botswana May Devalue Pula Again Amid 49% Diamond Revenue Drop and Weakening Forex Reserves Citigroup Inc. has issued a warning that Botswana may be forced to devalue its currency once more as falling diamond revenues—the cornerstone of the nation’s economy—put increasing pressure on fiscal and monetary stability. Earlier this month, the Bank of Botswana revised its exchange rate policy, allowing the pula to depreciate by up to 2.76% against a weighted basket of currencies in

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