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Diamonds International News

Lucara Diamond Renews Supply Agreement with HB Antwerp

20, February, 202420, February, 2024

Lucara Diamond Corp. has renewed its rough-supply agreement with Belgian manufacturer HB Antwerp after terminating the deal in September. The new contract, which spans a 10-year period, is similar to the last agreement, with HB committing to buy all rough over 10.8 carats from Lucara’s Karowe mine in Botswana, the miner said Yesterday February 19th. The purchase price of the diamonds will be based on the estimated polished outcome of each stone, which the pair

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Economy News Oil

Brent Oil Surges with Substantial Profits

20, February, 202420, February, 2024

The Brent (reference to Angolan exports) for April rose by 0.74 percent ($0.61), reaching $83.47 on the Intercontinental Exchange (ICE). On February 19, 2024, at 09:43 AM, the contracts closed the week with a cumulative increase of approximately 2.0 and 1.6 percent, respectively. At the New York Mercantile Exchange (Nymex), the WTI barrel for April concluded the session with a 1.12 percent increase ($0.87), closing at $78.46. Futures contracts for oil closed higher on Friday,

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Diamonds International News

Gem Diamonds Recovers 113ct. Rough from Letšeng

20, February, 202420, February, 2024

Gem Diamonds has unearthed a 113-carat rough from its Letšeng mine in Lesotho, the third over 100 carats this year. The miner discovered the high-quality, type IIa diamond on February 17, it said Monday. On January 17, the company retrieved a low-quality, 139-carat diamond from the site, and on January 8, it found a high-value, 295-carat, white, type IIa rough. The recovery of three 100-plus-carat diamonds so early in the year is a boon for

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Economy Local News Oil

Exploratory Phase Commences for Angola’s TO-14 Well

20, February, 202420, February, 2024

Angola’s national oil company, Sonangol, has initiated testing at the Tobias-14 well (TO-14), situated in Block KON-11 onshore Angola. Sonangol, in collaboration with its project partner, the oil and gas company Corcel, anticipates revealing the initial flow test results of the well in the upcoming weeks. Preparations are also in progress for testing the TO-13 well, scheduled to commence following the conclusion of activities at TO-14. The KON-11 Block encompasses the Tobias field, a historically

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Economy Gas Local News Oil

Angola’s Local Content Policies to Boost Oil and Gas Service Industry

20, February, 202420, February, 2024

Angola is at the forefront of nurturing its domestic service industry within the oil and gas sector through robust local content regulations. These policies are instrumental in creating revenue streams for local service firms while enhancing their overall contribution to the industry. The Angolan government’s commitment to local content is exemplified through its Angolanization initiative, aimed at empowering national entrepreneurship by favoring local service providers in oil and gas contracts. Enshrined in official decrees such

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Economy Diamonds International Mining News

Namibia’s Diamond Production Surges by 9% in 2023

16, February, 202416, February, 2024

Namibia recorded a 9% increase in diamond production in 2023. The country produced 2,327 million carats of rough diamonds last year, up from 2,137 carats in 2022. Namibia’s land-based production, overseen by the diamond corporation Namdeb, recorded a 14% increase in 2023 compared to the previous year. The company produced 468,000 carats, up from 412,000 carats in the period under review. Meanwhile, the country’s offshore production in 2023, overseen by the marine diamond mining company

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Economy Energy Gas International News

The Republic of Congo Takes the Lead in Advancing Gas Initiatives

16, February, 202416, February, 2024

The Republic of Congo is a mature hydrocarbon market with proven resources, including 1.8 billion barrels of oil reserves and 284 billion cubic meters of natural gas reserves. Despite this, the country’s on- and offshore territory remains underexplored and operators have been slow to add value to crude resources. However, a new gas monetization drive, coupled with several offshore exploration and development programs, presents investors with dynamic opportunities in gas processing and refining, LNG trade

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Energy Local News

TAAG Airlines Expands Operations with the Launch of Cargo Services in Angola

16, February, 202416, February, 2024

TAAG Angola Airlines has recently launched cargo services from Luanda International Airport, utilizing a Boeing 737-800 freighter for the operations. The airline has initiated a weekly service, taking place every Monday, establishing a connection between Angola’s capital and Lagos in Nigeria, as well as Brazzaville in the Republic of Congo. This significant development comes on the heels of TAAG Angola Airlines’ recent announcement detailing its fleet enhancement initiative, marked by the acquisition of the Boeing

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Economy Energy Gas International News

Tanzania Increases Stake in Mnazi Bay Gas Field, Secures 20% Additional Ownership

16, February, 202416, February, 2024

The State-owned Tanzania Petroleum Development Corporation (TPDC) has successfully acquired an additional 20% stake in the Mnazi Bay natural gas project, solidifying its total share in the venture at 40%. The deal, valued at $23.6 million, was finalized through a purchase agreement signed on February 10th with Etablissements Maurel & Prom SA, an oil company that holds an 80% stake in the project and maintains veto power over its operations. Under the terms of the

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Economy Local News Oil

AIE foresees weaker demand in 2024

15, February, 202415, February, 2024

Contrary to OPEC, the executive director of the International Energy Agency (IEA) stated yesterday that the supply of oil will be “more than sufficient” to meet global demand in 2024 during an interview on the Bloomberg Talks podcast. According to Fatih Birol, the absence of major geopolitical conflicts or extreme climate events should keep the oil market “comfortable,” resulting in price moderation throughout the year. Demand will be 1.2 to 1.34 million barrels. Birol predicts

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