Market News| Africa Business News

Multiclient Seismic Data Offshore Mozambique Now Available

Schlumberger has announced the availability of its multiclient seismic survey offshore Mozambique. The Schlumberger multiclient seismic data offered in collaboration with the National Petroleum Institute of Mozambique (INP) includes reprocessed 2D lines and newly acquired seismic data, and provides detailed imaging of the subsurface. According to the president of PetroTechnical Services at Schlumberger Maurice Nessim the.... Read more »

Posted on : Wednesday , 12th November 2014

BP expands in Egypt with $240 million investment in two new exploration blocks

BP Egypt has confirmed today that it has been awarded two new exploration blocks as a result of the 2013 EGAS bid round. BP and its partners have committed to invest a total of $240 million in the blocks over different phases. Block 3 - North El Mataria is BP's first entry into the Onshore Nile Delta. The block is located in the northeastern part of the Nile Delta cone, approximately 57km to the west of Port Said city. BP will.... Read more »

Posted on : Monday , 10th November 2014

Nigeria continues to import large volumes of US jet fuel

According to the latest data from the U.S Energy Information Administration; Nigeria, Africa’s biggest crude oil producer, continued to import a large volume of jet fuel, drawing the highest volume from the United States in August, The Punch reports. The country imported 1.51 million barrels of US jet fuel in the month, surpassing Canada’s import of 1.23 million barrels. Nigeria had in November 2013 imported.... Read more »

Posted on : Monday , 10th November 2014

Cairo s ultra-green complex to feature energy efficient technologies

The upcoming Cairo’s Gate Residence has taken the use of energy saving and technologies in buildings to another level. Construction of the complex is such a way that it will minimize environmental impact using a host of technologies. It will feature windcatchers, wind turbines, geothermal cooling, solar panels, solar heater tubes and wind turbines. Construction of the complex is set to commence in March 2015, with the.... Read more »

Posted on : Friday , 7th November 2014

Nigeria: Oil Revenue Disclosure From Nigeria, Others Hits U.S.$1.3 Trillion

THE Nigerian government and its counterparts in Extractive Industries Transparency Initiative (EITI) compliance countries have disclosed over $1.3 trillion worth of revenue from oil, gas and mineral resources as at October 2014. Besides, EITI has won the support of over 90 global investment institutions that collectively manage over $19 trillion, while the total financial flows from the extractive oil and gas industry in.... Read more »

Posted on : Thursday , 6th November 2014

Kenya: Investors Eye Turkana's Looming Oil Boom

Property developers, local and foreign, are carrying out surveys on investment opportunities in Turkana county with an eye on the boom expected when production of oil begins. Turkana county government says it has been approached with enquiries on how to go about investing in the region and expects some of the investments to fall through. "Interest by investors has gone up and we are putting.... Read more »

Posted on : Thursday , 6th November 2014

Nigeria: As Lagos Joins Oil Producing States

THAT Lagos State is on the verge of becoming a member of Nigeria's oil producing states by 2015 is good news. The state's government has been undoubtedly progressive and visionary, hence the enabling environment it has created to make this possible is hardly surprising. This new-found status, therefore, is now a clarion call on other states to rise up to the current economic challenges, think and act positively in the larger.... Read more »

Posted on : Thursday , 6th November 2014

Egypt and Saudi sign a US$350m oil, power deal

Egypt has signed a $350 million worth of financing agreements with Saudi Arabia to upgrade the former’s power grid and secure imports of petroleum products. Egypt has been facing the worst energy crisis in decades and the government has been struggling to even supply enough gas to the power stations. The Arab world’s most populous country has turned from a gas exporter to an importer in the recent years as it.... Read more »

Posted on : Wednesday , 5th November 2014

Tanzania: Economist Warns Tanzania Over Gas Revenue

Tanzania has been warned to utilize wisely its revenue expected to obtain from natural gas resource for the national sustainable human development. Speaking on the political economy of natural resource exploration, Professor Ola Olsson, Senior Lecturer from School of Business, Economics and Laws, University of Gothenburg, Sweden, said the natural resource will automatically increase cash inflow in term of revenue and economic.... Read more »

Posted on : Tuesday , 4th November 2014

Egypt: No agreement reached for LNG arrivals by end of 2014

The government has not reached a final agreement with any of the foreign companies on the importing of liquefied natural gas (LNG) for power plants over the next year. The delay will lead to the much needed LNG shipments not arriving in December as originally planned, despite current official claims. A Ministry of Petroleum official said an agreement previously signed with Russian company, Gazprom, and Algerian company, Sonatrach,.... Read more »

Posted on : Tuesday , 4th November 2014

Mozambique: Government Launches Tender for Provision of Areas for Exploration and Production of Oil

Maputo — On Oct. 23, the government of Mozambique launched a tender constituting the fifth concession of areas for exploration and production of oil in the marine part of the Rovuma Basin, Angoche, Delta of Zambézia, around the concession of Pande-Temane and Palmeira in the Mozambique Basin. The tender was launched in Maputo and London. A total of 15 blocks, totalling 76,800 square kilometres in area will be made.... Read more »

Posted on : Saturday , 1st November 2014

World s first subsea wet gas compressor station set for installation in 2015

The world’s first subsea wet gas compressor station is now ready for the final testing at Horsøy before being prepared for installation and hook-up to Gullfaks C, an oil and gas field in the Norwegian sector of the North Sea, in 2015 Statoil has announced. The compressor is expected to help extend the field’s productive life by 22 million extra barrels of oil equivalent from the Gullfaks South Brent.... Read more »

Posted on : Friday , 31st October 2014