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Category: International

Diamonds Corporate News International

De Beers Mulls Further Output Cuts Amid Weak Diamond Demand and Oversupply

De Beers is considering additional production cuts in response to ongoing weak demand and oversupply in the diamond market. This potential move follows the miner’s earlier reduction of its 2024 production target by 3 million carats, as the company anticipates a prolonged market recovery. “We reduced rough-diamond production from De Beers in response to market conditions,” stated Duncan Wanblad, CEO of De Beers’ parent company, Anglo American. “The diamond market remains challenging, with high midstream

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International Corporate News Exploration Oil

Eni and BP Resume Exploration in Libya After Decade-Long Hiatus

Italy’s Eni and the UK’s BP have resumed exploration activities in Libya after a ten-year suspension. The National Oil Corporation (NOC) announced that Spanish oil company Repsol is also preparing to restart drilling in the Murzuq Basin, while Austria’s OMV is set to resume operations in the Sirte Basin in the coming weeks. On Saturday, Eni commenced exploratory work in Area “B” (96/3) of the Ghadames Basin, marking its first well under the Fourth Contracting

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International Corporate News Exploration Oil

Sintana Energy Advances Appraisal Campaign in Namibia’s Orange Basin with Promising Mopane Well

Sintana Energy has provided an update on its second exploration and appraisal campaign in Namibia’s Orange Basin, a prominent area in global oil and gas exploration on blocks 2813A and 2814B. These blocks are governed by Petroleum Exploration License 83 (PEL 83), operated by a subsidiary of Galp Energia, with Sintana holding an indirect 49% interest in Custos Energy (Pty) Ltd., which in turn has a 10% working interest in PEL 83. Namibia’s National Petroleum

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International News Oil

Ghana’s Oil Revenue at Risk Amidst Four-Year Decline in Production

The Public Interest and Accountability Committee (PIAC) has warned that Ghana’s declining oil production is leading to a significant drop in revenue from the oil and gas sector. Although petroleum revenue typically comprises about 7% of government income, it remains crucial for the country’s economic growth. During a consultative workshop in Accra on Wednesday, October 16, PIAC member Constantine K.M. Kudzedi highlighted that Ghana reached peak crude production in 2019 with 71,439,585 barrels, up from

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Oil Gas International

Algeria Launches ‘Algeria Bid Round 2024’ to Attract Global Oil and Gas Investment

Algeria’s National Agency for the Valorisation of Hydrocarbon Resources (ALNAFT) has initiated the “Algeria Bid Round 2024,” an international tender offering new opportunities in upstream oil and gas projects, according to local reports. ALNAFT Chairman Mourad Belghem announced the tender at the 12th Africa and Mediterranean Basin Energy and Hydrogen Conference and Exhibition (NAPEC 2024) in Oran. This bid round, the first of several planned over the next five years, will open exploration and production

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International News Oil

Offshore Oil Drilling Ramps Up in Namibia with Arrival of Saipem’s Drillship

A new phase of offshore oil drilling is kicking off in Namibia as Saipem SpA’s Santorini drillship arrives at the “Mopane” site, an area marked by a previous discovery from Galp Energia SGPS SA. The drillship, with a destination listed as “Mopane,” reached the field early on Wednesday, October 23. Namibia is set to host at least four drilling campaigns by the end of the year, including projects from oil giants TotalEnergies SE and Chevron

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International Corporate News Oil Petroleum

NNPC’s Nigerian Refineries Face Diesel Sulfur Compliance Hurdles Amid Turnaround Maintenance

NNPC Ltd’s three refinery complexes in Nigeria, currently undergoing extensive turnaround maintenance (TAM), are not expected to meet the diesel sulfur content regulation limit of below 1,500 parts per million (ppm) upon their commissioning. This exceeds even local regulatory standards for sulfur levels in diesel, reflecting challenges in bringing the government-operated refineries in line with cleaner fuel standards. The NNPC-operated refineries are located in Port Harcourt, Warri, and Kaduna and have been under rehabilitation since

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International Energy Gas

Dangote Cement Commits $280 Million to Nigeria’s Clean Energy Future with CNG Fleet Transition

Dangote Cement Plc has underscored its commitment to Nigeria’s clean energy goals by investing over $280 million (₦460 billion) in compressed natural gas (CNG) technology and infrastructure. This substantial investment supports President Bola Ahmed Tinubu’s CNG Initiative, designed to guide Nigeria toward a low-carbon economy and provide more sustainable, cost-effective energy solutions. Arvind Pathak, Group Managing Director of Dangote Cement Plc, stated that the investment focuses on transitioning the company’s fleet to CNG, with plans

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International News Oil Petroleum

Financing Challenges Prompt Increased Investments in East African Crude Oil Pipeline

The East African Crude Oil Pipeline (EACOP), a joint project between Tanzania, Uganda, and major external stakeholders TotalEnergies and China National Offshore Oil Corporation (CNOOC), is facing significant financing hurdles. Originally set up to transport oil from Uganda’s Lake Albert reserves to Tanzania’s Tanga port, this $5 billion project has seen its two primary foreign investors step in with additional funding due to debt-financing constraints. The project has attracted criticism from environmental groups and parts

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Diamonds International News

Gem Diamonds Reports Strong Revenue Growth from Letšeng Mine

London-listed Gem Diamonds, operating the Letšeng diamond mine in Lesotho, generated revenues of $42.7 million from the sale of 26,627 carats of diamonds in the quarter ending September 30. This marks a significant increase from the $34.8 million generated from the sale of 24,422 carats in the previous quarter, which ended on June 30. The average price achieved for diamonds during the recent quarter was $1,603 per carat, up from $1,424 per carat in the

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