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Oil International News

Russia and Republic of Congo Sign Landmark Oil Pipeline Agreement

17, June, 202517, June, 2025

Russian President Vladimir Putin has signed into law the ratification of a bilateral agreement with the Republic of Congo for the construction of a major oil pipeline linking Pointe-Noire, Loutété, Maloukou, and Trechot. The pipeline, which is expected to be completed within three years, is projected to operate for 30 to 40 years, significantly enhancing the region’s energy infrastructure. The agreement establishes a partnership between Russian construction firm Zakneftegazstroy-Prometey and Société Nationale des Pétroles du

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Corporate News Local Oil

ExxonMobil and Partners Secure PSC Extension for Angola’s Offshore Block 17

17, June, 202517, June, 2025

Energy giant ExxonMobil and its consortium partners have signed a production sharing contract (PSC) extension for Block 17, a key offshore oil asset in Angola. The renewed agreement includes TotalEnergies, Equinor, Azule Energy—a 50/50 joint venture between bp and Eni—and Angola’s state-owned oil company, Sonangol. “As a partner, we have witnessed firsthand the significant contribution that Block 17 has made to Angola’s oil and gas industry,” said Katrina Fisher, President of ExxonMobil Angola. The extension

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Corporate News Diamonds International

Petra Diamonds Sees Decline in Rough Prices Amid Weaker Product Mix and Market Uncertainty

17, June, 202517, June, 2025

Petra Diamonds reported a decline in rough diamond prices at its latest combined tender, reflecting a shift toward smaller, lower-quality goods and ongoing challenges at its Cullinan mine in South Africa. The miner generated $53 million from the sale of 613,747 carats during its combined fifth and sixth trading sessions, which took place partially in April and concluded in June, the company announced Monday. While like-for-like prices rose 3% across most product categories compared to

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Corporate News Diamonds International

Debswana Turns to Global Markets to Fund $6 Billion Jwaneng Underground Mine

17, June, 202517, June, 2025

Botswana’s Debswana Diamond Company is seeking funding from international capital markets to finance its ambitious $6 billion Jwaneng underground expansion, as falling revenues challenge its ability to support large-scale capital projects. Speaking at a mining conference in Gaborone on Monday, Managing Director Andrew Motsomi said the company is pushing forward with plans to extend the life of its flagship Jwaneng Mine to 2054 by transitioning from open-pit to underground operations—despite a global slump in diamond

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International Renewable Energy

Egypt’s Obelisk Project Set to Become Africa’s Largest Solar Power Plant with $184 Million Boost from AfDB

16, June, 202516, June, 2025

The African Development Bank Group (AfDB) has approved up to $184.1 million in financing for the Obelisk Solar Project in Egypt, a landmark development set to become Africa’s largest solar power plant. The project will feature a 1-gigawatt solar photovoltaic (PV) plant integrated with a 200 MWh battery energy storage system. Located in the Qena Governorate of southern Egypt, the initiative encompasses the design, construction, operation, and maintenance of the entire solar-plus-storage infrastructure. The Egyptian

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Diamonds Local News

Angola Takes Major Step Toward Global Integration by Joining Diamond Federation

14, June, 202514, June, 2025

Angola has officially begun the process of joining the World Federation of Diamond Bourses (WFDB) through its newly established Angola Diamond Exchange, marking a significant milestone in the country’s integration into the international diamond industry. The announcement was made by Angola’s Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, during the WFDB’s 2025 President’s Meeting held in New York on June 12. Qatar also expressed interest in joining the WFDB during the same event.

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Local News Oil

Cuanza-Norte Sees 167% Surge in Refined Oil Sales in Q1 2025

11, June, 202511, June, 2025

The volume of refined petroleum products traded in the province of Cuanza-Norte during the first quarter of 2025 reached 27,901.38 metric tons, with diesel accounting for 72% of sales and gasoline representing 21%. These figures were presented by Luís Fernandes, Director-General of the Regulatory Institute for Petroleum Derivatives (IRDP), at the recent Forum on Investment in the Mineral Resources, Oil, and Gas Sector, held in Ndalatando under the theme: “Investment in the Mining and Oil

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Local News Oil

Angola Invites Foreign Investment in Onshore Oil Exploration

11, June, 202511, June, 2025

Luanda, Angola – The Minister of Mineral Resources, Petroleum and Gas, Diamantino Azevedo, called on foreign investors to explore opportunities in Angola’s onshore oil sector. Speaking at the opening of the 2nd Onshore and Inland Basins Exploration Forum in Luanda, the minister urged international stakeholders to bring technology, capital, and expertise to the country. Azevedo emphasized that strengthening Angola’s oil industry requires building a collective capacity to attract investment, promote innovation, and maintain a stable,

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Local News Oil

ADES Holding Secures $34 Million Offshore Drilling Contract in Cameroon

10, June, 202510, June, 2025

Saudi-based drilling and production services company ADES Holding has secured a $34 million offshore drilling contract in Cameroon with Addax Petroleum, marking the company’s entry into the Cameroonian market. Operations are scheduled to commence in the fourth quarter of 2025. Under the terms of the agreement, ADES Holding will deploy the Admarine 510 offshore platform to carry out drilling and extraction operations. The initial contract term is 12 months, with two optional six-month extensions, potentially

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Local News Oil

Angola to Invest $60 Billion in Oil Sector to Sustain Production and Drive Energy Transition

10, June, 202510, June, 2025

The Angolan government plans to invest over $60 billion in the oil sector over the next four years, aiming to maintain crude oil production above one million barrels per day by 2027. This announcement was made by Paulino Jerónimo, Chairman of the Board of Directors of the National Agency for Oil, Gas and Biofuels (ANPG), during the Mineral Resources, Oil and Gas Investment Forum held in Cuanza Norte Province. Jerónimo noted that between 2022 and

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