De Beers Board Member Matome Tsholetsa Malema Passes Away
Sodiam Raises $25.8 Million in 16th Rough Diamond Auction
Shell Reaffirms Commitment to Reviving Angola’s Oil Production
Sonangol Oil Tanker Damaged by Explosion Near Iraqi Port
Angola and Namibia Advance Energy Cooperation with Focus on Electricity Interconnection
Oil Hits Multi-Year High as Iran Conflict Escalates, Boosting Vegoils and Aluminium
Ghana Prepares Alternative Gold Export Routes Amid Dubai Flight Disruptions
Global Oil Prices Surge Amid Rising Tensions in the Middle East
Middle East Tensions Send Oil Prices Higher, Raising Inflation Risks for Africa
Uganda Central Bank Launches Domestic Gold Purchase Programme to Boost Reserves
Government and its partners are working tirelessly, and I am happy to report that we are on track to have the first oil by the end of 2025,” Nankabirwa said, while presenting a statement on the status of oil and gas projects in the country, to Parliament on Wednesday, 25 October 2023. According to Nankabirwa, the government has already drilled a total of 11 oil wells; eight in the Tilenga and three in the Kingfisher
The state-owned Egyptian Chemical Industries Company (KIMA) reported a decline in natural gas supplies, according to a bourse statement on Tuesday 31st October. The news came amid media reports that gas supplies to fertilizer companies had been cut by 30 percent. The news led to a sharp decline in the stocks of petrochemical companies, including Kima, Misr Fertilizers Production Co (Mopco), and Abu Qir Fertilizers (ABUK), which dropped 11.82 percent, 13.11 percent, and 11.49 percent,
The Italian engineering and construction services firm, Rosetti Marino, has been awarded a $300-million contract by the oilfield services company Saipem to carry out Engineering, Procurement and Construction services for a project offshore Libya. Under the contract, Rosetti Marino will be responsible for constructing a Gas Recovery Module (GRM) weighing approximately 5,000 tonnes, modifying the existing central processing platform to accommodate the new GRM, and refurbishing the staff accommodation module. Expected to be completed in
The energy sector grapples with uncertainty as traders prioritize current fundamentals while demand weakens during the approaching low-demand season. The energy sector has recently experienced a series of fluctuations that have sent ripples through the global market. These fluctuations are predominantly tied to the losses in crude oil and diesel, which have raised questions about the sector’s stability. Amidst this uncertainty, experts are closely monitoring the market focus, which alternates between the risk of a
Sales of rough diamonds at Debswana Diamond Company fell 21% in the nine months up to September, as Botswana’s central bank data on Tuesday showed, amid global economic uncertainty and slowing demand for gems. Debswana, equally owned by Botswana and Anglo American’s De Beers, sells 75% of its output to De Beers, while the balance is taken up by the state-owned Okavango Diamond Company (ODC). Botswana and De Beers in June agreed to a new
The ASX-listed Lucapa Diamond Company has announced the recovery of a 208 ct Type IIa diamond from the Lulo alluvial mining operations in Angola. This diamond is the third largest to be recovered from Lulo since mining operations began in 2015. Up to this point, Lulo has yielded 39 diamonds, each weighing more than 100 ct. This recent discovery closely follows the recovery of a 123 ct diamond at the same mine. Lucapa owns the
The German Chancellor, Olaf Scholz, has announced that Germany will enter into future partnerships with Nigeria to invest in critical minerals and natural gas, with a focus on facilitating private investment and economic development. Announced during a joint briefing with Nigeria’s President, Bola Tinubu, in Abuja on October 29, Chancellor Scholz welcomed the West African country’s efforts to expand its liquefied natural gas capacity, while highlighting Germany’s readiness to invest in critical minerals. “There is
The government has implemented various measures to attract foreign investors and stimulate economic growth. These include policies such as visa-free travel for nationals of over 90 countries, the establishment of the Angola Stock Exchange, and strategic initiatives in the oil and gas industry. The visa-free travel policy aims to promote tourism and create opportunities for entrepreneurs and investors. Angola’s decision to adopt this policy aligns with similar moves made by countries like Kenya, which is
The government plans to bring the most renowned global mining operators to Angola at the 2nd International Mining Conference and Exhibition (AMC) announced on Monday in Luanda for November 22 and 23 by the Secretary of State for Mineral Resources. Janio Corrêa Victor, speaking to the press at the launch of the event taking place in Luanda, considered that “the new governance model for the mining sector has encouraged the government to create the best
According to the financial institution, which outlined three possible scenarios regarding the developments of the conflict, the price of a barrel could reach a historical maximum of $150 if the war escalates into an even larger conflict in the coming months. In this scenario of “great disruption,” the World Bank says it would be comparable to the effects of the Arab oil embargo carried out 50 years ago (specifically in 1973), during the Yom Kippur
