Market News| Africa Business News

Tanzania: Local Communities in Gas Producing Areas to Get Three Percent

ANNE ROBI AS the nation prepares to introduce a policy to guide the petroleum sub sector in the country, the government has said that three per cent of the revenues to be collected from the resource would be provided to the municipalities in which it would be explored to benefit local communities. Principal Geologist in the Ministry of Energy and Natural Resources, Mr Adam Zuberi made the revelation in Dar es Salaam on Friday.... Read more »

Posted on : Tuesday , 2nd September 2014

Uganda Oil Levels Rise By 3 Billion Barrels

Kampala — Uganda's oil and gas resource deposits have risen from 3.5 billion barrels to 6.5 billion barrels writes BAZ WAISWA. The Commissioner for Petroleum Exploration and Production Department in the Ministry of Energy and Mineral Development, Ernest Rubondo, disclosed this last week. However he clarified there has been a very small increase in the amount of recoverable oil from 1.2 billion barrels (of the 3.5.... Read more »

Posted on : Tuesday , 2nd September 2014

Kenya:Tax capital gains only after discovery, says oil, gas industry

A Swedish investor wants to test Kisumu’s real estate appetite with Sh48-million villas. Fred Andersson, owner of Coromandele Investment Ltd is putting up 30 villas priced at Sh38.5million and Sh48.5million at Riat Hills, 3km from Kisumu International Airport.He said each unit would comprise four bedrooms all ensuite, walk-in in closet, expansive roof terrace with external Jacuzzi, two-room servant quarter and free flowing open plan.... Read more »

Posted on : Monday , 1st September 2014

Oil explorer Afren seeks clearance ahead of Wajir drilling

London Stock Exchange-listed oil explorer Afren Plc has filed environmental disclosures ahead of drilling exploratory wells in Mandera and Wajir in the coming months. Afren’s drilling will be in Bur Wein area in El Wak, Mandera County and at Konton in Wajir County, both falling in Block-1 of the Mandera Basin.The company whose top officials were last week suspended over making illegal payments is looking to drill in the area at a.... Read more »

Posted on : Monday , 1st September 2014

Uganda s crude oil reserves estimates nearly double in new adjustment

Uganda’s petroleum exploration and production department has put its estimated crude oil reserves at 6.5 billion barrels from the previous 3.5 billion barrels. The department is quoted by Wall Street Journal saying that the new figures follow the appraisal of oil blocks held by Tullow oil, Cnooc limted and Total S.A. “The increase in resources is an achievement given that with improved technology, the.... Read more »

Posted on : Saturday , 30th August 2014

Oil & Gas Basin Opens in Kenya

Murmurs that Kenya is about to become a major petroleum province have now reached a dull roar. Africa Oil (AOI-TSX) announced it has made a major gas discovery (six million cubic feet per day) at the Sala-1 well on Block 9 onshore Kenya, significantly de-risking the "string of pearls" play along the margins of the Anza basin. "We are very excited about the opening of a new basin," stated Africa Oil chief executive.... Read more »

Posted on : Friday , 29th August 2014

TDPC to lay gas pipelines in Tanzanian city

Tanzania Petroleum Development Corporation (TDPC) has plans of laying gas pipelines along main roads in Dar es Salaam for the distribution of natural gas in the city Malik Munisi, public relations officer of TDPC, said that a joint venture between TDPC and private entities would enable the development of pipelines along the city’s main roads to nearby houses. This project is based on a pilot assignment undertaken at Mikochemi.... Read more »