Market News| Africa Business News

DNO gets 2 year extension for Block SL18, Somaliland

Norwegian oil and gas operator DNO has said it has been granted a two-year extension of the term of its production sharing agreement for Block SL18 in Somaliland. DNO which has a 50 percent stake as operator in Block SL18 will now see the first exploration period will now end on 8 November 2017. Already the partners of Block SL18 have completed field survey and environmental assessment studies and now says will initiate a.... Read more »

Posted on : Tuesday , 9th September 2014

SASOL considering expanding into Tanzania, Ghana and Angola

Sasol is seeking into expanding into more Eastern and Western African countries according to an interview with Reuters on Monday. The South African company earlier in the year reported it was conducting a study to build a gas-to-liquid (GTL) plant in northern Mozambique with Italian oil and gas group as its first priority in Mozambique in an interview with the CEO David Constable. Asked on which countries the company.... Read more »

Posted on : Tuesday , 9th September 2014

Africa: UN Licences Kick off Search for Underwater Minerals

The International Seabed Authority (ISA) has begun issuing exploration licences for mining the yet untouched floor of international waters raising concerns about potential environmental impacts. The licenses, issued on 21 July, grant prospecting rights for underwater minerals to private and state-owned companies from Brazil, Cook Islands, Germany, India, Russia, Singapore and the United Kingdom. ISA, the UN body.... Read more »

Posted on : Monday , 8th September 2014

Egypt:TransGlobe Energy discovers oil and wins concession

TransGlobe Energy has announced the discovery of a Lower Nukhul oil discovery at NWG 3, a gas/condensate test at North Dabaa 2, and has been awarded a new concession in Egypt’s Western DesertThe oilwell at Lower Nakhul was drilled to a total depth of 1,633 metres and encountered 12.8 metres of net oil pay in the prolific Lower Nukhul formation based on well logs and oil recovered on wireline samples. The Lower Nukhul sandstone.... Read more »

Posted on : Friday , 5th September 2014

Namibia:Global Petroleum s subsidiary gets licence extension

Global Petroleum’s wholly-owned subsidiary Jupiter Petroleum (Namibia) has received a 12-month extension on the initial exploration period of Petroleum Exploration Licence No. 29, which covers blocks 1910B and 2010A in Walvis Basin offshore Namibia According to the firm, the initial exploration period of the licence will now be valid until December 2015. Entering into the second period of the licence with Namibian Ministry of Mines.... Read more »

Posted on : Thursday , 4th September 2014

Ghana:Lukoil finds oil and gas offshore

Emmanuel Armah-Kofi Buah, energy minister of Ghana, said, “Lukoil has come to report a discovery and under the petroleum agreement they have 90 days to do an appraisal to determine whether it is commercial.” Lukoil joined the project for exploration, appraisal, development and production of hydrocarbons on the CTPDW Block in July 2006. A new framework agreement on the project was signed in June 2009. The project participants.... Read more »

Posted on : Thursday , 4th September 2014

British Companies Explore More Kenya Oil

Nairobi — TOWER Resources, the British oil and gas exploration firm, expressed encouragement at progress made in its operation in Kenya. The company is involved in a couple of wells in the East African country. "(Tower is in) preparation for the drilling of the potentially play-opening Badada-1 well, Block 2B, Kenya, including the ordering of long-lead items. "Encouraging result from Sala-1 well in the.... Read more »

Posted on : Thursday , 4th September 2014

Ghana:Delayed gas project to start production end-2014 � President

Ghana's delayed project to supply gas from its offshore Jubilee oil field will start production by the end of the year, President John Mahama said on Tuesday during a visit to the site. "Some gas will start flowing soon but commissioning will be when the full volume of 120-million standard cubic feet of gas is being tramsitted to Aboadze and I suppose that will be sometime by the end of this year," Mahama told.... Read more »

Posted on : Wednesday , 3rd September 2014

Ghana: Singapore to Train Ghanaians in Oil Industry

Accra — SINGAPORE will train local engineers and technicians following an arrangement secured by the Minister of Energy and Petroleum, Emmanuel Armah-Kofi Buah. An initial group of 15 engineers and 40 technicians will undertake various training programmes in oil and gas to enable them return to Ghana with the expertise. Buah said Singapore was making frantic efforts to tighten laws relating to Singapore companies.... Read more »

Posted on : Wednesday , 3rd September 2014

East Africa: EAC States Could Switch to Cleaner Fuels Effective January 2015

Plans for five countries in East Africa to adopt cleaner fuel standards in 2015 are likely to help absorb excess low-sulphur oil products coming out of Middle East and Indian refineries, where new capacity is being added, industry sources said. Rwanda, Kenya, Tanzania, Uganda and Burundi are due to switch to the cleaner fuels from January 2015, according to documents posted on the websites of the regional intergovernmental.... Read more »

Posted on : Wednesday , 3rd September 2014

ENOC Africa Set to Further Invest in East Africa's Oil Terminal, Storage Facilities

In a bid to create reliable petroleum products market in the country, a subsidiary of Dubai government owned oil firm Emirates National Oil Company (ENOC Africa) operating in the country is expected to invest heavily in terminal and oil storage facilities. The move is expected to immensely increase oil supply in the local market and the region at large. ENOC Africa is a joint venture company between Petro (T) Limited, a.... Read more »

Posted on : Tuesday , 2nd September 2014

East African Oil & Gas Market -Investment Opportunities

Upstream & Midstream Spending in Tanzania, Mozambique, Kenya, Uganda, Ethiopia, South Sudan & Somalia East Africa is fast becoming one of the world's most interesting oil and gas hotspots. For many years the area was neglected by the world's oil and gas industry, and even in Africa it was overshadowed by the rapid development in West Africa and the established markets in North Africa. However, with the discovery of both oil.... Read more »

Posted on : Tuesday , 2nd September 2014