De Beers sees great geological potential in Angola concession sites

De Beers says that early data indicate that their two concession sites in the Angolan provinces of Lunda Norte and Lunda Sul have great geological potential. Group spokesperson David Johnson told Rough&Polished’s Mathew Nyaungwa in an exclusive interview that they are looking forward to commencing fieldwork to investigate this further through their joint venture partnership with the state-owned Endiama. Fieldwork will primarily focus in airborne surveys while also preparing for the discovery drilling process. Johnson

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Global diamond industry recovers amid uncertainties

After a continued strong recovery in global consumer demand for diamond jewelry during the end of the 2021 financial year, 2022 started with healthy demand, with stock conditions improving across all segments, with polished stones rising due to the good business environment. The De Beers Group report for the 2022 financial year points out that the World Diamond sector has known, in the last two years, remarkable production levels, taking into account the increased demand

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Kenya Takes Shape as East Africa’s Petroleum Hub with Major Asset Acquisition

Kenya is boosting its advantage over Tanzania in its bid to provide petroleum products in the East African region, with the nation’s cabinet this week approving the Kenya Pipeline Company’s (KPC) acquisition of assets from the bankrupt Kenya Petroleum Refineries Ltd (KPRL). KPC is taking over KPRL’s 45 storage tanks, which have a capacity of 484 million liters, 254 million of which are designated for refined goods and the remaining 233 million liters for crude

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Nigerians Express Mixed Reactions to Dangote’s Decision to Employ 11,000 Indians

Reports of Dangote refinery employing 11,000 Indians are currently trending on social media with many Nigerians expressing their frustration about the matter. According to a recent report by the Punch Newspaper, a Nigerian news agency, Dangote Refinery is said to have employed 11,000 Indians. Considering the rate of unemployment in the West African country, some Nigerians are outraged that Dangote has instead chosen to hire Indians. However, according to the report by Punch, this decision has been

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TotalEnergies begins controversial drilling in Uganda despite environmental protests

Despite massive pressure from a number of rights and environmental organizations, TotalEnergies said last week that it has begun digging oil wells in Uganda. The Chinese National Offshore Oil Corporation (CNOOC) and TotalEnergies agreed to a $10 billion deal last year to develop Ugandan oilfields and transport the petroleum to Tanga, a port on Tanzania’s Indian Ocean, through a 1,445-kilometer pipeline. “Drilling began in July to start production in 2025”, TotalEnergies said. In Kampala, however, the

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Angola and Botswana to Explore New Areas of Cooperation

Angola and Botswana are looking at strengthening bilateral relations while exploring new areas of cooperation to support economic growth. The respective Presidencies announced plans to formalize the signing of outstanding memoranda of understandings while inking new agreements in the fields of trade, air services and energy. Angolan President João Lourenço and his Botswanan counterpart Mokgweetsi Masisi agreed to work together to sign the Double Taxation Avoidance Agreement; Bilateral Air Services Agreement; Mutual Legal Assistance Agreement;

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Oil Set for Fifth Weekly Gain Amid Tightening Market Outlook

Oil is on track for a fifth straight weekly gain amid a tightening market outlook. However, prices slipped slightly in Asian trade on Friday due to speculation about Chinese stimulus measures and OPEC+ output cuts. Brent crude declined 29 cents (0.3%) to $83.95 per barrel by 0600 GMT but was still set for a 3.6% weekly increase. Similarly, U.S. West Texas Intermediate (WTI) crude dropped 27 cents (0.3%) to $79.82 per barrel but was also

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Crude Oil Rally in Focus as Retail Traders Turn Net-Short for First Time Since April

Crude oil prices have rallied over 17 percent since bottoming. Retail traders are now majority short for the first time since April. This hints at an increasingly bullish contrarian conviction. Crude oil prices have rallied over 17 percent since bottoming in the middle of June. So far this month, WTI is up over 13%. If gains are sustained, this would mark the best 20-day period for oil since January 2022. In response, retail traders have

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Angola Slashes Fuel Imports by 21%

Angola employed approximately $549 million in the importation of 704.7 million metric tons of fuel for commercialization during the 2nd quarter of 2023, which is 21% less than the same period in 2022, as declared yesterday in Luanda by the Director-General of the Petroleum Derivatives Regulatory Institute (IRDP). Luís Alves Fernandes, speaking during the presentation of the sector’s balance from April to June, stated that the imported volume represents about 68% of the total fuel

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Sonangol Equips the Research Center for Technological Advancements

The construction works of Sonangol’s Research and Scientific Development Center in Sumbe are 92 percent complete and are expected to be finished in September, with the installation of laboratory systems set to begin. Sonangol Executive Administrator Joaquim Fernandes was quoted yesterday on the Ngol program, broadcast by the company on Channel A of Radio Nacional de Angola, stating during a visit to the facilities that this progress will enable the integration of technicians assigned to

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