Market News Page No. 553| Africa Business News

Ghana National Petroleum Corporation (GNPC) is seeking US$1bn to become an independent operator, according to a report

Reuters reported that GNPC is in talks with Dutch commodities trader Trafigura and banks for a US$700mn five-year loan at 4.43 per cent to fund its oil and gas projects. GNPC is state-owned and a major player in Ghana’s oil exports, but said its need to boost capital cannot be met entirely through public sources. “GNPC has to be prudent and build up capital for its growth. This is normal commercial practice. No serious.... Read more »

Posted on : Tuesday , 18th November 2014

Nigeria has Africa's largest gas reserves, states OPEC report

The Organisation of Petroleum Exporting Countries (OPEC), in its latest World Oil Outlook 2014, has stated that Nigeria has retained the top position in Africa in terms of holding the largest reserves of gas on the continent Nigeria, ranked ninth globally, follows Russia, Iran and Qatar on the list of countries having the largest reserves of gas. Algeria is ranked 10th and Egypt 17th. In addition, OPEC’s report has added that an.... Read more »

Posted on : Tuesday , 18th November 2014

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

Low cost Kenya-made car goes on sale at Sh950,000

A Kenyan-made vehicle that is designated as Africa’s cheapest car has hit the showrooms, bringing to reality the dream of an entrepreneur who designed it four years ago. The car, which trades under the brand name Mobius, entered the showrooms this month at a price of Sh950,000 – making it the lowest-priced new vehicle in the country. Mobius Motors is the maker of the vehicle while Thika-based Kenya Vehicle Manufacturers (KVM) is.... Read more »

Posted on : Saturday , 15th November 2014

Matchedje Motor, Mozambique to expand local vehicle manufacturing factory

Matchedje Motor, a sole national automotive company that on Thursday last week launched campaign to sell its first 100 all-terrain vehicles priced at US$19,600, is planning a second-phase expansion of its vehicle manufacturing factory to produce 100,000 vehicles annually. The company, which is currently producing all-terrain vans, buses and electric scooters produced locally on Mozambique soil, has the first phase of the factory already.... Read more »

Posted on : Saturday , 15th 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