Market News| Africa Business News

Dana Gas Successful in Bids for 2 Onshore Concessions in Nile Delta

Dana Gas, the Middle East’s leading regional private sector natural gas company, revealed Monday that its wholly owned subsidiary, Dana Gas Egypt, has been awarded the North El Salhiya (Block 1) and El Matariya (Block 3) onshore Concessions in the Nile Delta as part of the 2014 EGAS bidding round held recently in Egypt. The Company will operate the Block 1 Concession Area on a 100 percent basis. It is expected that.... Read more »

Posted on : Monday , 29th September 2014

Zimbabwe: Green Fuel Unveils 85 Percent Ethanol Flex Kits

Green Fuel has introduced a new flexi fuel upgrade kit that allows motor vehicles to use various levels of blended fuel up to 85 percent of ethanol.Green Fuel is the country's sole ethanol-producing company and is a joint venture project between Macdom Investment and Government. The new flex fuel upgrade kits give fuel injectors more range to adjust to the fuel being used at a particular moment. Speaking after a.... Read more »

Posted on : Monday , 29th September 2014

Namibia to construct US$ 1.2bn gas-fired power plant

Shanghai Electric from China has been chosen by the Namibian Government as the preferred company to build a new USD $1.2bn gas-fired power plant in the country. Upon completion of the power plant, it is expected that there will be a production capacity of up to 1050MW and it will be connected to the South African and Namibian electricity grid for use in the region and locally. The project which is in Kudu, South Western Namibia.... Read more »

Posted on : Monday , 29th September 2014

Kenya s finance bill offers a mixed picture for oil and gas investors � Africa Oil

According to the Canadian explorer the abolishment of the previous withholding tax regime is a positive step that will allow farm out transactions to continue in a tax effective manner. “Such transactions are heavily relied upon by the oil and gas industry in order to attract companies with the appropriate technical and financial capabilities to projects over the course of their life cycle, thereby mitigating technical and.... Read more »

Posted on : Saturday , 27th September 2014

ERHC enters second phase of PSC in Kenya s Block 11A

Houston-based independent oil and gas company ERHC Energy has announced it is entering its second phase in Block 11A after completing the parties’ obligations under the first phase of the exploration program. This follows the completion of the 2D seismic program last month which will shape up the basis for continuation of exploration under the second phase. Under the second phase of exploration, which lasts a.... Read more »

Posted on : Thursday , 25th September 2014

Solo Oil receives $5 million debt facility to fund Tanzanian projects

Solo Oil Plc has announced that it has drawn down the first US$1 million of a US$5 million 3-year debt facility secured today, and has closed a Placing of £760,000 at 0.95 pence per share and a conditional Placing of £1.5 million at 0.95 pence per share which relates to a Placing and an Equity Swap Agreement with YA Global Master SPV, Ltd. (“YAGM”). YAGM has agreed with the Company that they will not.... Read more »

Posted on : Thursday , 25th September 2014

Africa Oilfield Logistics to build logistics hub in Kenya

Africa Oilfield Logistics Limited has announced that it will build a logistics hub in northern Kenya The company's main subsidiary, Ardan Risk & Support Services, has entered into a 15-year lease over a plot of land to build the logistics hub, consisting of warehousing, fuel distribution and cold storage. The project will be developed into the first of several planned logistics hubs to support Ardan Risk & Support Services's.... Read more »

Posted on : Wednesday , 24th September 2014

Egypt to buy majority oil product imports from UAE

Egyptian General Petroleum Corporation (EGPC) will buy 65 per cent of its oil product imports from the UAE’s ADNOC for a year According to a statement form the Oil Ministry of Egypt, the agreement between EGPC and ADNOC covers gasoline, diesel, heavy fuel and LPG. However, the agreement value was not disclosed. The statement also added that the deal was approved to meet the country’s urgent oil requirements, as Egypt imports.... Read more »

Posted on : Wednesday , 24th September 2014

Mtwara Port in Tanzania set for a major upgrade

The discovery of oil and gas in the Mtwara and Lindi regions in Tanzania is the main reason for the upgrade process Mtwara port is to undergo. The two regions have the largest share of the 43 trillion cubic feet of natural gas discovered in Tanzania. Mtwara port manager, Musiba Fikili, said that the port management will undertake two major steps in order to deal with the rise in number of cargo the port handles annually. The.... Read more »

Posted on : Wednesday , 24th September 2014

Kenya oil resources to almost double with more drilling

Kenya expects its estimate of oil resources to almost double to 1 Bbbl as well-drilling climbs and the government forges ahead with plans to build an export pipeline, an energy ministry official said. Tullow Oil Plc. and its partner Africa Oil Corp. have discovered an estimated 600 MMbbl of oil in the South Lokichar basin since announcing the country’s first crude find in March 2012. The discovery has spurred the East African nation.... Read more »

Posted on : Friday , 19th September 2014

Phase II of PDGM gas distribution project to kick off in Mozambique

The second phase of distribution of Maputo and Marracuene Natural Gas Distribution Project (PDGM) is set to begin in a few days, according to Mozambique’s National Hydrocarbon Company (ENH). This is after the signing of contract last Friday, between ENH-Kogas and Kogas-Mocambique, the sole contractor in the whole process. Phase II of the Maputo and Marracuene Natural Gas Distribution Project will entail construction of a.... Read more »

Posted on : Friday , 19th September 2014

Total resumes $2.5bn Usan Deepwater oil block sale

France’s Total SA, Europe’s second largest oil company, has put one of its offshore Nigerian oil fields up for sale for the second time, the company said, after a 2012 deal with Sinopec Corp of China failed. Total has hired BNP Paribas to find buyers for its Usan deepwater oil field located in Oil Mining Lease (OML) 138, which could be worth about $2.5 billion, according to sources familiar with the matter. “We have.... Read more »

Posted on : Wednesday , 17th September 2014