International News

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

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

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

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

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

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