On June 11, Mozambican President Daniel Francisco Chapo met with Claudio Descalzi, CEO of Eni, in Maputo to review ongoing and future collaborations in liquefied natural gas (LNG), agribusiness, and sustainability. The meeting celebrated the success of the Coral South Project, which, according to the International Monetary Fund, accounted for 50% of Mozambique’s GDP growth in 2023 and is projected to drive 70% of the country’s growth in 2024. Discussions also focused on the newly
Russian President Vladimir Putin has signed into law the ratification of a bilateral agreement with the Republic of Congo for the construction of a major oil pipeline linking Pointe-Noire, Loutété, Maloukou, and Trechot. The pipeline, which is expected to be completed within three years, is projected to operate for 30 to 40 years, significantly enhancing the region’s energy infrastructure. The agreement establishes a partnership between Russian construction firm Zakneftegazstroy-Prometey and Société Nationale des Pétroles du
Petra Diamonds reported a decline in rough diamond prices at its latest combined tender, reflecting a shift toward smaller, lower-quality goods and ongoing challenges at its Cullinan mine in South Africa. The miner generated $53 million from the sale of 613,747 carats during its combined fifth and sixth trading sessions, which took place partially in April and concluded in June, the company announced Monday. While like-for-like prices rose 3% across most product categories compared to
Botswana’s Debswana Diamond Company is seeking funding from international capital markets to finance its ambitious $6 billion Jwaneng underground expansion, as falling revenues challenge its ability to support large-scale capital projects. Speaking at a mining conference in Gaborone on Monday, Managing Director Andrew Motsomi said the company is pushing forward with plans to extend the life of its flagship Jwaneng Mine to 2054 by transitioning from open-pit to underground operations—despite a global slump in diamond
The African Development Bank Group (AfDB) has approved up to $184.1 million in financing for the Obelisk Solar Project in Egypt, a landmark development set to become Africa’s largest solar power plant. The project will feature a 1-gigawatt solar photovoltaic (PV) plant integrated with a 200 MWh battery energy storage system. Located in the Qena Governorate of southern Egypt, the initiative encompasses the design, construction, operation, and maintenance of the entire solar-plus-storage infrastructure. The Egyptian
Green Energy International Limited (GEIL) has marked a historic milestone in Nigeria’s petroleum sector with the successful inauguration of crude exports from its newly built Otakikpo onshore terminal. At approximately 2 PM on Sunday, June 8, a Shell-chartered off-taker vessel completed the first crude lifting from the facility, located in the Otakikpo marginal field, Rivers State. This terminal is the first privately developed and managed onshore crude export site in Nigeria in over 50 years.
Dutch floating production specialist SBM Offshore has reached an agreement to divest its entire ownership in the FPSO Aseng lease and operations business to GEPetrol, marking its planned exit from Equatorial Guinea. The company will undergo a transition period of up to one year before fully withdrawing from the country. According to SBM Offshore, this sale aligns with its ongoing strategy to optimize its leasing and operations portfolio, following a series of recent divestments. The
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
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
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
