Market News| Africa Business News

East Africa to drill 253 wells in 2015 to boost ailing economy

udan’s Minister for Oil Makawi Mohamed Awad has said his ministry plans to drill 253 wells next year as the country boosts its oil and gas reserves and seeks to attract foreign investments. Makawi who was speaking before Parliament on Tuesday said the wells would increase the country’s oil reserves by 65.4 million barrels and those of gas by 300 billion cubic feet. The wells are to be drilled in Blocks 4,6 and.... Read more »

Posted on : Wednesday , 17th December 2014

Atlas Development & Support Services lists on the Nairobi Securities Exchange

Nairobi-headquartered support services and logistics company Atlas Development & Support Services (ADSS or Atlas cross listed on the Growth Enterprise Market Segment (‘GEMS’) of the Nairobi Securities Exchange, having successfully raised KES 450 million (US$5 million) through a private placement to Kenyan investors. According to Atlas CEO Carl Esprey the listing hopes to tap from the growing opportunity in the.... Read more »

Posted on : Wednesday , 17th December 2014

CAMAC Energy to Acquire 3D Seismic Offshore Gambia

CAMAC Energy has announced that its wholly owned subsidiary, CAMAC Energy Gambia Ltd has awarded a contract for the acquisition of a 3D seismic survey to Polarcus Limited covering approximately 1,504 km2 in the Company’s A2 and A5 blocks offshore Gambia. CAMAC says that the objectives of the seismic survey are to enhance the definition and maturation of potential prospects in the blocks and provide high-quality sub-surface images.... Read more »

Posted on : Tuesday , 16th December 2014

RWE Dea Doubled its Egyptian Oil, Gas Output

North Africa is one of our strategic core regions,” explained Maximilian Fellner, General Manager of RWE Dea Egypt. “In Egypt, Dea can look back upon three decades of oil production and we recently doubled our overall production in the country through getting our onshore gas project Disouq on stream. We are delighted about these success stories and will continue on this track, as we see further potential in the.... Read more »

Posted on : Monday , 15th December 2014

Madagascar Oil requests 2 year extension for Madagascar Exploration Blocks

Madagascar Oil has announced that following discussions held at the Executive Committee meeting regarding Blocks 3105, 3106 and 3107 on 9 December 2014, the Company’s wholly owned subsidiary, Madagascar Oil S.A., has written to the Office des Mines Nationales et des Industries Stratégiques (“OMNIS”) formally requesting a two year extension to the exploration period of each of the Exploration Blocks. The letters.... Read more »

Posted on : Monday , 15th December 2014

Taipan Resources awards drilling contracts for Badada-1 well in Kenya s Block 2B

Block operator in Block 2B Taipan Resources has announced that together with other joint-venture partners, have executed a contract with Greatwall for the GW-190 land rig and have also contracted Aberdeen-based Norwell Engineering to manage the drilling operations of the Badada-1 well. The GW-190 land rig recently completed the drilling of the Sala-1 discovery in Block-9 of Anza Basin, Kenya, adjacent to.... Read more »

Posted on : Friday , 12th December 2014

Sahara Energy extends well test, to strike first oil in 2015

The Chief Operating Officer (COO) of Sahara Energy Upstream Group, Mr. Curtis Cohen has said the firm is carrying out an extended production test on the Oki field located in Oil Prospecting Lease (OPL) 274 in North Western Niger Delta, Daily Independent reports. The activity is in readiness to strike first oil from the field before the end of the first half 2015. According to Cohen,.... Read more »

Posted on : Friday , 12th December 2014

U.S. reserves surpasses Nigerian reserves - fifth consecutive year

U.S. crude oil and lease condensate proved reserves has increased for the fifth consecutive year in 2013, increasing by nine per cent from the 2012 level to 36.5 billion barrels, according to the U.S. Crude Oil and Natural Gas Proved Reserves, 2013 report released yesterday by the U.S. Energy Information Administration (EIA), The Guardian reports. With this new record, the U.S has surpassed Nigeria, whose reserves stands at 28.2.... Read more »

Posted on : Friday , 12th December 2014

Kenya: DFID, Turkana County Agree on Landmark Project

THE United Kingdom's Department for International Development (DFID-Kenya) has committed to support Turkana County Government in engagement of communities, oil companies and NGOs for local development of areas affected by oil explorations. Speaking during the signing of the framework, Head of DFID Kenya, Lisa Phillips said The UK was excited about discoveries of oil and gas in Kenya. "It's important that there is wide.... Read more »

Posted on : Friday , 12th December 2014

ERHC retains Deloitte as strategic advisor on its assets in Sub-Saharan Africa

Sub-Saharan Africa oil and gas explorer ERHC Energy has announced it has retained the services of Deloitte Corporate Finance LLC (DCF) to advise on the Company’s oil assets in the Republics of Chad and Kenya. Deloitte will advise ERHC on matters related to possible joint ventures, alliances sales and/or divestitures on the Chad and Kenya licenses at a time where the drop in global oil prices has prompted consolidation among.... Read more »

Posted on : Wednesday , 10th December 2014

South Africa, Mozambique Governments Sign Agreement to Evaluate Viability of a Gas pipeline

South Africa’s Public Investment Corporation SOC Limited (SacOil) and the Instituto de Gestão das Participações do Estado (“IGEPE”) in Mozambique (have signed a Joint Development Agreement to evaluate the technical and commercial feasibility of a transnational terrestrial gas pipeline and distribution facility that will carry natural gas from Mozambique’s Rovuma fields into South Africa, with.... Read more »

Posted on : Wednesday , 10th December 2014

Rift Energy identifies 5 drillable targets within Kenya s Block L9

Rift Energy Corp has confirmed it has identified five drillable prospects and at least 21 leads within Block L19 in Kenya. This follows completion of the interpreting or mapping phase of its 724 KM 2D seismic program as well as information from the Aerial Gravity & Magnetic Survey and Geochemical Survey, both of which were completed during 2013. Rift Energy President and CEO Fred Zaziski says the results puts the.... Read more »

Posted on : Tuesday , 9th December 2014