Nigeria’s federal government has raised its national oil production target, setting a new goal of 2.5 million barrels per day (bpd) by the end of the year. The announcement was made by Minister of State for Petroleum Resources Heineken Lokpobiri at the Oil Technology Conference Africa Energy Forum. Lokpobiri said he personally revised the target upward from President Bola Tinubu’s initial goal of 2 million bpd. He expressed confidence in the new benchmark, noting that
Debswana Diamond Company has confirmed that the Orapa No. 2 processing plant is currently undergoing its annual scheduled maintenance during the month of May and has not been shut down, contrary to recent media reports. The company clarified that the temporary plant stoppage is part of routine operational procedures aimed at ensuring continued efficiency and reliability. This clarification follows misleading claims suggesting a full halt in operations. Debswana emphasized that the maintenance shutdown is a
Woodside Energy has approved a $17.5 billion investment to construct a new liquefied natural gas (LNG) plant in Louisiana, marking the first major U.S. LNG project to reach final investment decision (FID) since President Donald Trump returned to office and declared an energy emergency aimed at expanding American energy exports. The announcement positions the U.S. to further solidify its status as the world’s largest LNG exporter. The Louisiana facility will feature three liquefaction trains with
Lucara Diamond is under increasing financial pressure as it seeks additional funding to maintain liquidity and complete the delayed underground expansion of its Karowe mine in Botswana — the company’s sole producing asset. In its first-quarter 2025 results, CEO William Lamb confirmed that Lucara had received approval from lenders to draw $28 million from its cost overrun reserve account. The reserve is part of a $61.7 million facility provided by Nemesia, Lucara’s largest shareholder and
The United Arab Emirates (UAE) has reportedly joined efforts to co-finance the $25 billion Nigeria-Morocco gas pipeline project, following growing interest from the United States and other international stakeholders. Morocco’s Minister of Energy, Leila Benali, recently confirmed the UAE’s involvement, noting that the ambitious transcontinental project has also secured backing from major financial institutions, including the Islamic Development Bank (IDB), the OPEC Fund, and the European Investment Bank (EIB). Morocco continues to position itself as
The Government of Mozambique, through the Ministry of Mineral Resources and Energy, has signed two memoranda of understanding (MoUs) with the Republics of Zambia and Zimbabwe, reinforcing a shared commitment to regional energy integration, industrialization, and sustainable development in Southern Africa. The MoUs were signed during the 11th Mining and Energy Conference (MMEC) in Maputo and align with the goals of the Southern African Development Community (SADC). The agreement with Zambia lays the groundwork for
AIM-listed Vast Resources has announced the discovery of an additional 6,055.35 carats of gem-quality diamonds within a sealed parcel previously held in Zimbabwe, following a recent inspection by the Kimberley Process. The previously unknown diamonds were identified during the formal inspection process. The entire parcel, including the newly discovered stones, is currently in Dubai for final sorting ahead of cleaning and preparation for sale. Last month, the company confirmed the release of the historic parcel,
De Beers has announced plans to shut down its lab-grown diamond jewellery brand, Lightbox, and shift its focus back to natural diamonds as it contends with falling prices, weak demand, and tariff uncertainties. “As part of the closure process, De Beers is in discussions with potential buyers regarding the sale of certain assets, including inventory,” the company stated on Thursday. De Beers first launched Lightbox in September 2018, marking a significant shift from its long-standing
The Bank of Ghana has announced that the country’s gold reserves have reached an estimated GH₵46.4 billion as of the end of April 2025, driven by a sharp increase in global gold prices. According to an official update released on 6 May, gold prices rose to GH₵46,086.32 per ounce, boosting the value of Ghana’s reserves. The country’s total gold holdings now stand at 31.37 tonnes, equivalent to 1,008,837.07 ounces, based on the standard conversion rate
Equatorial Guinea has signed a Memorandum of Understanding (MoU) with Chinese engineering services firm Shanghai Supezet for the construction of a new oil refinery in the country. The agreement was signed on May 2 by Vice President Nguema Obiang Mangue and Zhang Jinhong, President of Shanghai Supezet. The MoU paves the way for the establishment of a joint venture to oversee the refinery’s development. Once operational, the refinery will process crude oil for domestic consumption,
