Vital Industry News
Angola’s Oil Production Expected to Stagnate Amid Global Challenges Angola’s Gas Master Plan Proposal Reviewed by Council of Ministers Shell Approves Final Investment Decision for Nigeria’s Bonga North Deepwater Project Angola’s Oil Production Falls Short of OPEC Targets Amid Structural Challenges Power Outage Leaves 11 Provinces Without Electricity in Angola Alrosa Deputy CEO Vladimir Marchenko Steps Down for New Industry Role Alrosa Forecasts Diamond Market Stabilization Amid Falling Inventories Tunisia Advances Renewable Energy with 500 MW Photovoltaic Projects BP and Kosmos Energy Launch Gas Production from Greater Tortue Ahmeyim Project Galp and Partners Make Significant Discoveries at Mopane-2A Well in PEL83
Local Economy Oil

Angola’s Oil Production Expected to Stagnate Amid Global Challenges

Gas Local News

Angola’s Gas Master Plan Proposal Reviewed by Council of Ministers

Corporate News International News Oil

Shell Approves Final Investment Decision for Nigeria’s Bonga North Deepwater Project

More Angolan Mining News

Local Economy Oil

Angola’s Oil Production Expected to Stagnate Amid Global Challenges

Angola’s oil production is projected to remain steady at 1.173 million barrels per day in…
Gas Local News

Angola’s Gas Master Plan Proposal Reviewed by Council of Ministers

The Draft Gas Master Plan (PDG) was reviewed last Friday during a Council of Ministers…
Corporate News International News Oil

Shell Approves Final Investment Decision for Nigeria’s Bonga North Deepwater Project

Shell, through its Nigerian subsidiary, has finalized its decision to invest in the Bonga North…
Local News Oil

Angola’s Oil Production Falls Short of OPEC Targets Amid Structural Challenges

Angola’s oil production is set to remain below the targets previously set by the Organization…
Local Energy News

Power Outage Leaves 11 Provinces Without Electricity in Angola

A widespread power outage has left 11 provinces in Angola without electricity following an interruption…
Corporate News Diamonds International

Alrosa Deputy CEO Vladimir Marchenko Steps Down for New Industry Role

Alrosa’s deputy CEO, Vladimir Marchenko, is stepping down from his role to pursue a new…
Corporate News International Oil

Nigeria Approves Shell Asset Sale to Renaissance Africa Energy Consortium

Renaissance Africa Energy Company Limited has announced ministerial approval for its acquisition of Shell Petroleum Development Company’s onshore oil assets in Nigeria. In January 2024, Shell agreed to sell its Nigerian onshore oil assets to Renaissance Africa for over $1.3 billion, subject to regulatory clearance. The assets include an estimated 6.73 billion barrels of oil and condensate reserves, along with 56.27 trillion cubic feet of associated and non-associated gas reserves. Renaissance Africa is a consortium

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International News Oil

Nigeria Unveils Bidders for Oil Blocks and Announces 2025 Licensing Round

TotalEnergies Exploration and Production Company, MRS Oil and Gas Limited, Sahara Deepwater Resources Limited, and 20 other companies have emerged as bidders for newly available oil blocks in Nigeria. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) disclosed the bidders for 25 oil blocks available for exploration and production during the 2022/23 Mini Bid and Nigeria 2024 Licensing Round Commercial Bid Conference held in Lagos. A total of 31 oil blocks were offered during the round,

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International Renewable Energy

Egypt Accelerates Renewable Energy Transition with Ambitious NWFE Program

Egypt is making significant strides in its renewable energy ambitions, aiming to develop 10 gigawatts of capacity by 2028 under the National Platform for the NWFE (Nexus of Water, Food, and Energy) Program. This initiative, announced during the inauguration of the Abydos 1 Solar Power Plant in Aswan, represents a pivotal effort to expand sustainable energy, reduce reliance on thermal power, and advance the goals of Egypt’s National Climate Change Strategy 2050. The Abydos 1

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Corporate News Diamonds International

Petra Diamonds Lowers Rough Pricing Forecast Amid Market Weakness

Petra Diamonds has revised its rough diamond pricing forecast downward for the remainder of the fiscal year due to ongoing softness across most size categories. The company now projects rough diamonds from its Cullinan mine in South Africa to sell for $120 to $130 per carat, down from the initial forecast of $125 to $135 per carat. Similarly, diamonds from the Finsch mine are expected to fetch $80 to $90 per carat, compared to the

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Corporate News Diamonds International

Choron Group Acquires AMC Group to Strengthen Diamond Supply Chain

Antwerp-based diamond supplier Choron Group has announced its acquisition of AMC Group, a De Beers sightholder, marking a rare instance of consolidation in the diamond trade. The acquisition, facilitated by diamond brokerage and consultancy firm Bonas Group, will be finalized on January 1, 2025. Financial details of the deal remain undisclosed. “This acquisition marks a significant milestone for Choron,” stated CEO Anshul Gandhi. “AMC’s legacy of excellence and market leadership complements our vision to deliver

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Diamonds Corporate News International

Alrosa’s Annual Production Drops Amid Sanctions and Market Challenges

Alrosa, the Russian diamond mining giant, reported a 4.6% drop in annual output for 2024, producing 33 million carats compared to 34.6 million in 2023. The decline aligns with planned reductions due to sanctions, weak demand, and depressed rough diamond prices, according to Aisen Nikolaev, head of the Yakutia regional government. The sanctions have also forced Alrosa to divest its stakes in Angola’s Catoca and Luele diamond mines, further impacting production capacity. Additionally, Russia’s state-owned

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International Diamonds News

EU Approves €81 Million Grant for Diamond Foundry’s Carbon-Neutral Facility in Spain

The European Union has approved a €81 million ($84 million) grant to support Diamond Foundry in establishing a cutting-edge diamond production facility in Trujillo, Extremadura, Spain. The plant will focus on producing synthetic diamond wafers for industrial applications using the company’s advanced plasma reactor technology, the European Commission (EC) announced earlier this week. Synthetic diamonds offer a sustainable and efficient alternative to silicon in the semiconductor industry, addressing growing demand from sectors such as 5G

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Local Energy

Mussulo Island Set for First Electrification via National Grid

The long-standing electricity shortage on Mussulo Island in Luanda is nearing its end, as the Ministry of Energy and Water has announced the island will be electrified starting this Thursday. The rural electrification project faced delays due to technical challenges stemming from the island’s unstable terrain, which complicated the transport and installation of infrastructure. Despite these obstacles, the project is now set to connect Mussulo directly to the national electricity grid. This initiative will provide

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Corporate News Local Oil

Azule Energy Expands Beyond Angola with Investment in Namibia’s Offshore Oil Sector

Azule Energy, an Angola-based joint venture, has successfully finalized a farm-in agreement for Block 2914A in Namibia’s Orange Basin. With this transaction, Azule Energy now holds a 42.5% participating interest in the block, located offshore Namibia, an area known for significant hydrocarbon discoveries since 2022. The contracting group for Block 2914A now includes Rhino Resources Namibia Ltd. (Operator, 42.5%), Azule Energy Exploration Angola (KB) Ltd. (42.5%), Namcor Exploration and Production (10%), and Korres Investments (5%).

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Corporate News Diamonds International

Petra Diamonds Revises 2025 Price Expectations Amid Market Weakness

London-listed Petra Diamonds has lowered its diamond price forecasts for 2025 and initiated a Section 189 retrenchment process affecting the group and its South African operations support functions. These measures are aimed at cutting costs and generating additional cash amid ongoing challenges in the global diamond market. To lead the restructuring efforts, the company has appointed Vivek Gadodia as Chief Restructuring Officer. “Refinancing discussions have been deferred to 2025 to allow these cash-generation initiatives to

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