Angolan Mining Oil & Gas - Page 76 of 389 - Top Angolan News for Oil, Gas and Mining Industries

ReconAfrica Targets Kavango Basin Expansion with New Drilling and C$10 Million Fundraising Effort

10, June, 202510, June, 2025

ReconAfrica is preparing to drill its second exploration well in Namibia’s Kavango Basin, bolstered by a fresh capital raise aimed at advancing its ambitious exploration program. The Canadian-based explorer announced plans to raise C$10 million (approximately US$7.3 million) through a public share offering, as disclosed after market close on the Toronto Stock Exchange. The offering is expected to close during the week of June 16. Proceeds from the raise will primarily fund exploration activities, including

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International Gas News

Zimbabwe Confirms First Commercial Gas Discovery

10, June, 202510, June, 2025

Zimbabwe has entered a new era in its energy sector with the confirmation of its first commercial natural gas discovery in the Cabora Bassa Basin. This milestone positions the country to join the growing list of emerging natural gas producers in Africa. The discovery was made by Invictus Energy, which has now secured approval to begin pilot production. As part of this initial phase, the company plans to supply gas to the Eureka Gold Mine—a

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Corporate News International Oil

Oando Commits $550 Million to NNPC’s Project Gazelle as Part of Landmark Expansion

10, June, 202510, June, 2025

Oando Plc has committed $550 million in crude prepayment to support the Nigerian National Petroleum Company’s (NNPC) Project Gazelle—an initiative designed to stabilize oil revenues through forward crude sales. The investment was disclosed in the company’s audited 2024 financial results, marking a pivotal year highlighted by Oando’s acquisition of Nigerian Agip Oil Company (NAOC). The transaction, finalized on August 22, 2024, significantly expanded Oando’s asset base and improved its financial outlook. Group Chief Executive Wale

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Corporate News Diamonds International

Petra Diamonds Reports Lower Sales Amid Market Volatility

9, June, 20259, June, 2025

London-listed Petra Diamonds has sold 613,682 carats of diamonds for $53 million during its combined Tender 5 and 6 sales cycle, bringing total revenue for the financial year to $239 million from 2.39 million carats sold. Due to ongoing fluctuations in diamond prices and demand, Petra has moved away from fixed tender schedules. The company now reserves the option to delay parts of tenders or sell diamonds as run-of-mine. “Reporting tender results on a tender-by-tender

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Corporate News Diamonds Local

Oman Replaces Sanctioned Alrosa in Angola’s Catoca Diamond Mine

9, June, 20259, June, 2025

A subsidiary of Oman’s sovereign wealth fund has replaced Russia’s Alrosa as a shareholder in Catoca, Angola’s state-controlled diamond mining company, marking a significant shift in the company’s ownership structure. The update was reflected on Catoca’s official website. Endiama EP, Angola’s national diamond company, now holds 59% of Catoca, while Taadeen, the new shareholder linked to Oman’s sovereign fund, holds the remaining 41% stake—previously owned by Alrosa. The move comes after mounting international pressure on

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Local Economy Transport and Logistics

AFC Secures $320 Million Deal with Italy to Boost Angola’s Lobito Corridor

9, June, 20259, June, 2025

Africa Finance Corporation (AFC), a Lagos-based continental financier, will soon sign a $320 million financing agreement with Italy, part of which will support the development of a new transport corridor linking critical mineral fields in central Africa to Angola’s Lobito port, according to AFC CEO Samaila Zubairu. AFC, owned by African central banks and development lenders, is the financing partner for the U.S.-backed Lobito Corridor project. The corridor aims to connect the Atlantic port of

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Diamonds International News

Botswana Cuts Diamond Production by 16% as Global Demand Slows

9, June, 20259, June, 2025

Botswana has announced a 16% reduction in diamond production for 2025, a strategic move in response to ongoing turbulence in the global diamond market. As Africa’s leading diamond producer and a country heavily reliant on diamond revenues, the decision reflects growing economic pressures and the need for long-term adaptation. The global market for natural diamonds has weakened, driven by slowing demand and the rapid rise of affordable lab-grown alternatives. For Botswana—where diamonds account for approximately

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Local Energy News

Angola and Nigeria at the Forefront of Africa’s Energy Independence Drive

9, June, 20259, June, 2025

Angola and Nigeria are taking center stage in Africa’s quest for energy security, with the Africa Finance Corporation (AFC) projecting that the continent could meet up to 90% of its fuel demand through domestic refining—up from just 45% in 2024. This bold projection is outlined in the AFC’s newly released State of Africa’s Infrastructure Report 2025, which highlights Angola’s rising role as a strategic refining hub alongside Nigeria. Angola is increasingly recognized as a major

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Corporate News International Oil Petroleum

Dangote Refinery Ramps Up with U.S. Crude Amid Nigeria’s Oil Supply Challenges

9, June, 20259, June, 2025

Africa’s largest crude oil refinery, the $20 billion Dangote Refinery, has increasingly turned to U.S. oil imports to meet its feedstock requirements—despite Nigeria’s position as the continent’s top crude producer. The refinery, with a processing capacity of 650,000 barrels per day (bpd), began sourcing significant volumes of U.S. West Texas Intermediate (WTI) Midland crude in 2025, according to Bloomberg ship-tracking data. During its early 2024 startup phase, American crude made up a smaller share of

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International Gold Oil

Bank of Ghana Ends Gold for Oil Programme After GH¢2.1 Billion Loss

9, June, 20259, June, 2025

The Bank of Ghana (BoG) has announced the termination of its Gold for Oil (G4O) initiative after incurring cumulative losses of GH¢2.137 billion since the programme’s launch in January 2023. The central bank recorded a GH¢317 million loss in 2023 and a staggering GH¢1.82 billion in 2024. According to the BoG, it committed approximately GH¢4.69 billion to the initiative, effectively losing 45% of its investment. The programme was officially discontinued on March 13, 2025, with

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