De Beers Scales Back Namibian Marine Diamond Mining, Q2 Output Falls 5% Amid Fleet Changes De Beers has reported a 5% year-on-year decline in Namibian rough diamond production for the second quarter of 2025, citing planned reductions in offshore mining by Debmarine Namibia. The production drop follows the retirement of the Coral Sea vessel and the suspension of operations on the Grand Banks—both key assets in Namibia’s marine diamond fleet. While the Coral Sea has
Grand Gulf Energy Secures Option for Offshore Namibia Oil Block with 1.1 Billion Barrels Prospective Resource Grand Gulf Energy Limited is set to make its entry into the offshore oil and gas sector after securing an exclusive option to acquire 100% of Wrangel Pty Ltd. Wrangel has applied for a 70% working interest in Block 2312, located in Namibia’s Walvis Basin. The Australian-listed company, which currently specializes in helium exploration in the United States, announced
Pancontinental Energy Ups Prospective Oil Resource Estimate at Namibia’s Oryx Prospect to 2.5 Billion Barrels Pancontinental Energy NL has significantly upgraded its prospective oil resource estimates at the Oryx prospect, located within Petroleum Exploration Licence 87 (PEL 87) offshore Namibia, following improved seismic analysis. The updated High Case (3U) estimate now exceeds 2.5 billion barrels (100% gross). This revision comes after the company completed a new Quantitative Interpretation (QI) of seismic data in the Orange
De Beers Posts $245 Million H1 Loss, Plans to Boost Diamond Output as Market Recovery Looms De Beers has reported a $245 million loss for the first half of 2025, reflecting ongoing challenges in the global diamond market. The downturn contrasts with a $73 million profit during the same period last year. The loss stems in part from the company selling rough diamonds at lower margins to select sightholders in an effort to reduce inventory
Rio Tinto Diamond Sales Up 9% in H1 2025 Amid Market Recovery and Production Surge Rio Tinto reported a 9% increase in diamond revenue for the first half of 2025, driven by a rebound in the rough diamond market and a sharp rise in production at its Diavik mine in Canada. Sales from Diavik totaled $162 million for the six months ending June 30, up from the same period last year, the company announced on
Anglo American Pushes De Beers Exit Through Trade Sale or IPO Amid Signs of Diamond Market Recovery Anglo American has reaffirmed its firm commitment to exiting its diamond business, De Beers, despite confidence in the brand’s long-term potential as global diamond markets begin to stabilise. The company is actively pursuing two exit strategies: its preferred option—a trade sale—and a parallel plan for an initial public offering (IPO). Both processes are being advanced simultaneously to ensure
Botswana Diamonds Awarded Four New Prospecting Licences Following AI-Powered Exploration for Diamonds and Critical Minerals London-listed Botswana Diamonds has been awarded four new prospecting licences in Botswana following an extensive AI-driven exploration programme across the country. This innovative approach identified several highly prospective targets for diamonds as well as critical minerals including copper, silver, cobalt, gold, nickel, zinc, and platinum group metals (PGMs). The four licences—PL298, PL303, PL304, and PL305—focus primarily on diamond exploration and
Woodside Energy Assumes Control of Bass Strait Oil and Gas Operations, Unlocking $60M in Synergies Woodside Energy announced on Tuesday that it will assume operatorship of the Bass Strait oil and gas assets from ExxonMobil, a move expected to generate approximately $60 million in synergies. The Bass Strait portfolio includes the Gippsland Basin and Kipper Unit joint ventures. Both Woodside and ExxonMobil each hold a 50% stake in the Gippsland Basin and 32.5% in the
TotalEnergies Delays Final Decision on Namibia’s Venus Oil Discovery Amid Government Talks TotalEnergies has confirmed it will not proceed with the development of its multi-billion-dollar Venus oil discovery in Namibia’s Orange Basin until a formal agreement is reached with the Namibian government. During the company’s second-quarter earnings call, TotalEnergies CEO Patrick Pouyanné emphasized the need for alignment and mutual understanding before committing to a final investment decision (FID). “You’re dealing with a country that is
TSE Oil to Launch €80 Million Exploration Programme in Namibia’s Walvis Basin Block 2312 Namibian energy firm TSE Oil and Gas has announced its readiness to begin exploration activities in Block 2312 of the Walvis Basin, supported by a comprehensive €80 million (N$1.6 billion) programme. The initiative includes seismic surveys and the drilling of two offshore wells. TSE Oil CEO Thomas Shindi stated that the company submitted its application for a Petroleum Exploration Licence (PEL)
