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International News Oil Petroleum

Nigeria Increases Petrol Imports as NNPC Ends Naira-for-Crude Program

Nigeria is set to witness a surge in Premium Motor Spirit (PMS) imports following the Nigerian National Petroleum Company (NNPC) Limited’s decision to end the Naira-for-Crude initiative—a policy that allowed local refiners to purchase crude in the local currency. The move could significantly impact local fuel production, particularly at the Dangote Refinery. According to a document from the Nigerian Ports Authority, reported by The Punch, seven vessels carrying 115,000 metric tonnes (154.22 million liters) of

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Corporate News Diamonds International

Petra Diamonds to Cut 468 Jobs Amid Market Challenges

Petra Diamonds plans to lay off approximately 468 workers at its Cullinan and Finsch mines in South Africa, according to the National Union of Mineworkers (NUM). NUM claims Petra intends to replace many of its permanent employees with contract labor to cut costs. The union attributes the job cuts to weak diamond market conditions, operational underperformance, upcoming debt refinancing, and cost-cutting measures. “The NUM believes these justifications are pretexts to sacrifice workers and shield executives

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International

Mountain Province Secures $20 Million Loan to Maintain Operations Amid Financial Struggles

Mountain Province has secured a $20 million loan from its majority shareholder, Dunebridge Worldwide, to sustain operations and settle outstanding debts with joint-venture partner De Beers. The loan aims to offset losses caused by weak diamond demand, which has driven prices down and placed the company under financial strain. This funding is part of a broader refinancing effort after Mountain Province recently disclosed difficulties in meeting both immediate and near-term obligations, including payments to lien

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International Corporate News Exploration Oil

Pancontinental Invests Over $5M in Namibia’s PEL 87 Exploration

Pancontinental has invested more than $5 million in the exploration of PEL 87 in Namibia’s Orange Basin during the first licence period. Awarded in early 2018, PEL 87 is a joint venture permit covering 10,970 km², with an eight-year exploration term divided into three periods, plus possible extensions. It can be converted into a production licence under pre-agreed terms. The permit is currently in its first additional exploration phase. Located on-trend with major hydrocarbon discoveries

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International Energy

Ghana and Japan Sign $13.44 Million Grant to Boost Power Stability in Tamale

Ghana and Japan have signed a $13.44 million grant agreement to improve electricity supply stability in Tamale and surrounding areas. The grant will fund the construction of a primary power substation, along with a control room, transformers, and sub-transmission lines, to enhance electricity distribution in the region. The two-year project will be overseen by the Northern Electricity Distribution Company (NEDCo). Finance Minister Dr. Cassiel Ato Baah Forson signed the agreement on behalf of Ghana, while

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Oil International News

Libya’s Mabruk Oilfield Resumes Production After a Decade

Mabruk Oil Operations has restarted production at Libya’s Mabruk oilfield after a ten-year shutdown, the Tripoli-based Government of National Unity (GNU) announced on Wednesday, March 12, 2025. Production resumed on Sunday at an initial rate of 5,000 barrels per day (bpd), with plans to increase output to 7,000 bpd by the end of March and 25,000 bpd by July. To enhance operational efficiency, operators began transferring crude to the nearby Al-Bahi field on Tuesday, strengthening

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Diamonds International News

Namibia Faces N$6 Billion Drop in Diamond Tax Revenue Amid Market Slump

The Namibia Revenue Agency (NamRA) anticipates a N$6 billion decline in tax revenue from the diamond sector this year due to weak global prices. NamRA Commissioner Sam Shivute attributed the shortfall to the struggling diamond market but highlighted that increased tax collections from the mining, fishing, and tourism sectors had helped mitigate the impact. “We have collected N$83 billion for the 2024/2025 financial year. Despite losing N$6 billion in diamond tax revenue, we are still

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Diamonds International News

EU Threatens Tariffs on US Diamonds and Metals in Response to Trade Dispute

The European Union (EU) has announced plans to impose tariffs on US imports, including diamonds, gemstones, and metals used in jewelry production, in retaliation for what it calls “unjustified” taxes imposed by the US on aluminum and steel. “The Commission regrets the US decision to impose such tariffs, considering them unjustified, disruptive to transatlantic trade, and harmful to businesses and consumers, often resulting in higher prices,” the EU stated last week. The proposed countermeasures could

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International Gas Oil

U.S. Approves $5 Billion Loan to Revive Mozambique LNG Project

The U.S. Export-Import Bank has approved a nearly $5 billion loan to restart the long-stalled Mozambique LNG project, marking a significant step toward resuming development led by French oil giant TotalEnergies. Initially expected to be operational by 2029, the project faced major setbacks after Islamist insurgents attacked the Cabo Delgado region, forcing TotalEnergies to declare force majeure and halt construction. The U.S. Export-Import Bank originally committed $4.7 billion to the $20 billion project under the

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Diamonds International News

Botswana Targets Wealthy Young Americans to Boost Natural Diamond Sales

Botswana, the world’s top diamond producer, is ramping up efforts to attract affluent young American buyers to its natural diamonds amid growing competition from lab-grown alternatives. To capture their attention, the country is leveraging social media platforms like Instagram and TikTok. As part of this strategy, Botswana recently hosted an exclusive luxury event in New York’s Greenwich Village, where social media influencers were treated to a fine dining experience at a Michelin-starred restaurant, according to

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