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Category: International

International Corporate News Oil

ReconAfrica Targets Kavango Basin Expansion with New Drilling and C$10 Million Fundraising Effort

ReconAfrica is preparing to drill its second exploration well in Namibia’s Kavango Basin, bolstered by a fresh capital raise aimed at advancing its ambitious exploration program. The Canadian-based explorer announced plans to raise C$10 million (approximately US$7.3 million) through a public share offering, as disclosed after market close on the Toronto Stock Exchange. The offering is expected to close during the week of June 16. Proceeds from the raise will primarily fund exploration activities, including

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International Gas News

Zimbabwe Confirms First Commercial Gas Discovery

Zimbabwe has entered a new era in its energy sector with the confirmation of its first commercial natural gas discovery in the Cabora Bassa Basin. This milestone positions the country to join the growing list of emerging natural gas producers in Africa. The discovery was made by Invictus Energy, which has now secured approval to begin pilot production. As part of this initial phase, the company plans to supply gas to the Eureka Gold Mine—a

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Corporate News International Oil

Oando Commits $550 Million to NNPC’s Project Gazelle as Part of Landmark Expansion

Oando Plc has committed $550 million in crude prepayment to support the Nigerian National Petroleum Company’s (NNPC) Project Gazelle—an initiative designed to stabilize oil revenues through forward crude sales. The investment was disclosed in the company’s audited 2024 financial results, marking a pivotal year highlighted by Oando’s acquisition of Nigerian Agip Oil Company (NAOC). The transaction, finalized on August 22, 2024, significantly expanded Oando’s asset base and improved its financial outlook. Group Chief Executive Wale

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Corporate News Diamonds International

Petra Diamonds Reports Lower Sales Amid Market Volatility

London-listed Petra Diamonds has sold 613,682 carats of diamonds for $53 million during its combined Tender 5 and 6 sales cycle, bringing total revenue for the financial year to $239 million from 2.39 million carats sold. Due to ongoing fluctuations in diamond prices and demand, Petra has moved away from fixed tender schedules. The company now reserves the option to delay parts of tenders or sell diamonds as run-of-mine. “Reporting tender results on a tender-by-tender

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Diamonds International News

Botswana Cuts Diamond Production by 16% as Global Demand Slows

Botswana has announced a 16% reduction in diamond production for 2025, a strategic move in response to ongoing turbulence in the global diamond market. As Africa’s leading diamond producer and a country heavily reliant on diamond revenues, the decision reflects growing economic pressures and the need for long-term adaptation. The global market for natural diamonds has weakened, driven by slowing demand and the rapid rise of affordable lab-grown alternatives. For Botswana—where diamonds account for approximately

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Corporate News International Oil Petroleum

Dangote Refinery Ramps Up with U.S. Crude Amid Nigeria’s Oil Supply Challenges

Africa’s largest crude oil refinery, the $20 billion Dangote Refinery, has increasingly turned to U.S. oil imports to meet its feedstock requirements—despite Nigeria’s position as the continent’s top crude producer. The refinery, with a processing capacity of 650,000 barrels per day (bpd), began sourcing significant volumes of U.S. West Texas Intermediate (WTI) Midland crude in 2025, according to Bloomberg ship-tracking data. During its early 2024 startup phase, American crude made up a smaller share of

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International Gold Oil

Bank of Ghana Ends Gold for Oil Programme After GH¢2.1 Billion Loss

The Bank of Ghana (BoG) has announced the termination of its Gold for Oil (G4O) initiative after incurring cumulative losses of GH¢2.137 billion since the programme’s launch in January 2023. The central bank recorded a GH¢317 million loss in 2023 and a staggering GH¢1.82 billion in 2024. According to the BoG, it committed approximately GH¢4.69 billion to the initiative, effectively losing 45% of its investment. The programme was officially discontinued on March 13, 2025, with

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International Corporate News Oil

Petrobras Targets Africa as Key International Growth Frontier

Petrobras, Brazil’s state-controlled oil giant, has set its sights on Africa as its main growth market outside of Brazil, according to CEO Magda Chambriard. In an interview with Reuters, Chambriard disclosed that Ivory Coast has granted Petrobras preferential rights to acquire nine offshore exploration blocks in deep and ultra-deep waters. Additionally, Nigeria, Angola, and Namibia have all expressed interest in partnering with the Brazilian company. “We are experts in the eastern margin of Brazil,” Chambriard

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Corporate News Diamonds International

SACIM Dominates DRC’s Industrial Diamond Output in Q1 2025 with 97% Share

Anhui Congo Mining Investment Company (SACIM) has emerged as the dominant producer of industrial diamonds in the Democratic Republic of Congo during the first quarter of 2025, accounting for 97% of the country’s total output. According to statistics released by the Technical Unit for Coordination and Mining Programming (CTCPM), a department under the Ministry of Mines, SACIM produced 334,505.81 carats out of a national total of 344,049.44 carats between January and March 2025. The remaining

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Corporate News Diamonds International

Debswana Layoffs Spark Outcry as Botswana President Bypasses Union

Botswana President Duma Boko has announced the planned termination of over 1,000 workers at Debswana, the country’s joint venture with diamond giant De Beers, citing the ongoing global downturn in the diamond market. Speaking recently to civil servants, Boko attributed the decision to declining demand and sustained economic pressure across the diamond industry. However, the Botswana Mine Workers Union (BMWU) strongly condemned the announcement, criticizing the government for bypassing proper consultation processes. In a formal

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