Market News| Africa Business News

Eco Atlantic completes 3D survey in Namibian basin

Eco Atlantic Oil & Gas Ltd. has completed its 3D seismic survey across 1,097 sq km on the Cooper block located in the Walvis Basin, offshore Namibia The survey, which began on 16 October 2014, was executed by PGS Geophysical Ltd. using high resolution GeoStreamer technology, and PGS Geophysical has already commenced processing the data, revealed officials from Eco Atlantic. Colin Kinley, CEO of Eco Atlantic, said, “We are.... Read more »

Posted on : Tuesday , 18th November 2014

Halliburton offers $35 billion for Baker Hughes

Energy industry products and services provider Halliburton and leading supplier of oilfield services, products, technology and systems Baker Hughes have announced a definitive agreement under which Halliburton will acquire all the outstanding shares of Baker Hughes in a stock and cash transaction at an equity value of $34.6 billion and enterprise value of $38.0 billion. Upon the completion of the transaction, Baker Hughes.... Read more »

Posted on : Tuesday , 18th November 2014

Nigeria: Fresh Oil Spill in Bayelsa Community

Knowing where you are going is the first step to getting there' - Ken Blanchard To many Nigerians, Diezani Alison Madueke's name may not have been found in the list of Nigeria's high-ranking political gladiators before assuming her present position as the nation's Minister of Petroleum Resources about three years ago. As has been observed in transformational rebirth of many nations, there comes a time when a reformer emerges.... Read more »

Posted on : Monday , 17th November 2014

Govt signs Shs12 trillion contract for oil pipeline feasibility study

The government has signed a contract with Toyota Tsusho, a Japanese company to carry out a feasibility study that will see the crude oil pipeline construction start The government has signed a contract with Toyota Tsusho, a Japanese company to carry out a feasibility study that will see the crude oil pipeline construction start. Energy minister Irene Muloni signed the $4.5b (Shs12.3 trillion) contract at the Ministry of Energy Sector.... Read more »

Posted on : Monday , 17th November 2014

East Africa Puts Pressure on Exploration Investment in Nigeria

Nigeria is no longer the preferred destination for oil exploration in Africa, the Managing Director\Chief Executive, Total Upstream Company in Nigeria, Elisabeth Proust, has said. Proust attributed this to stiff competition from East Africa with large volumes of gas discovered in Mozambique, Tanzania, Kenya and Angola. According to her, these countries have rolled out attractive terms and incentives designed to encourage.... Read more »

Posted on : Friday , 14th November 2014

ERHC Connects with Local Communities in Kenya

Residents of Turkana County want the oil and water deposits discovered in the region to benefit them as the first beneficiaries. Speaking during the second stakeholders forum between the locals and an American oil company, ERHC Energy, in Lokichogio town, Governor Josephat Nanok said Turkana people had suffered for many years due to marginalisation by former regimes. “The people of this region have gone.... Read more »

Posted on : Friday , 14th November 2014

Potential Mega Merger in the Oilfield Services Sector

There is a potential merger in the works that if goes forward, would be the most significant combination in the history of oil services and drilling. Two of the oilfield service industry’s firms, Halliburton and Baker Hughes, are in preliminary talks on a potential merger. A Baker Hughes statement said the discussions “may or may not lead to any transaction.” The Wall Street Journal cited people close to the deal as saying that.... Read more »

Posted on : Friday , 14th November 2014

Engen s Boosts Zimbabwe Downstream Ops

Engen has invested over $4 million during the past two years to bolster its retail network in Zimbabwe and build on its strong presence in the commercial, industrial and mining sectors in the country. The company more than doubled its retail network from 20 operating sites to the current 55 over the past two years. The company’s investment included building long-term relationships with high quality retailers, which strengthen.... Read more »

Posted on : Friday , 14th November 2014

Tullow Oil, Africa Oil receive 1 year extension in block 10BB, 13T

The Kenyan government has approved extension of the exploration license in blocks 10BB and 13T by one year following delays in acquisition of 3D seismic. Following the approval exploration periods for block 10BB and 13T will expire in July 2017 and September 2017, respectively. This year the partners in both blocks have acquired a 704 square kilometer 3D seismic program over the discoveries and prospects along the Basin.... Read more »

Posted on : Thursday , 13th November 2014

Tanzania: VP Touts Natural Gas Use to Curb Climate Change

AVAILABILITY of funds from the United Nations Green Climate Funds will help the country finance adaptation projects, including connecting most households to natural gas as source of energy. The Vice-President, Dr Mohamed Gharib Bilal, said rolling out natural gas use to households will help wean the society from fossil fuel such as firewood and charcoal dependence which contributes to greenhouse gas emissions. In a speech.... Read more »

Posted on : Wednesday , 12th November 2014

Tullow Oil cuts on offshore exploration to focus on East Africa acreage as crude oil price drop

Following the drop in global crude oil prices Tullow Oil says I will be reducing on exploration cost as well as focus on high margin oil and its major basin-opening potential. “In light of current oil and gas sector challenges including the commodity price environment, we are reviewing our capital expenditure and our cost base to ensure that Tullow is well-positioned for future success,” Tullow Oil Chief Executive.... Read more »

Posted on : Wednesday , 12th November 2014

Solo Oil provides update on acquisition of interest in Tanzania

Solo Oil plc has announced that, further to the announcement of 14 October 2014, it has been advised by Aminex PLC that the conditions precedent which are remaining to close the acquisition of an initial 6.5% of the Tanzania’s Kiliwani North Development Licence (KNDL) are the formal approval from the government. Aminex says it is also awaiting from the Tanzanian government the completion of the Deed of Assignment, also.... Read more »

Posted on : Wednesday , 12th November 2014