Market News Page No. 556| Africa Business News

Liberia: NP Launches Filling Station in Buchanan

National Petroleum (NP), a 100% privately own Sierra Leonean firm, has opened one of its station in Buchanan, Grand Bassa County. The opening ceremony took place on Tuesday, October 28 where the Managing Director, Mr. Mohammed S. Kanu, assured the people of Grand Bassa that his company is there to stay. The Buchanan filling station is NP's 6th station in the country and the first outside the capital, Monrovia. "NP is here to.... Read more »

Posted on : Wednesday , 29th October 2014

GHANA TO INCREASE LOCAL GAS PRODUCTION

President of Ghana, Mr. John Mahama, while responding to questions on the economy at the Global African Investment Summit in London, said the country is working hard to court more private investors to shore up local production of gas to solve the country’s power crisis. He said this will end the country’s over-reliance on the West African gas pipeline which has been inconsistent with supplying gas to the.... Read more »

Posted on : Wednesday , 29th October 2014

Tanzania: Investors Wait for Govt Approval On LNG Plant Site

MULTINATIONAL oil and gas companies operating in Tanzania are waiting for a government approval on their proposal for a suitable location for a liquefied natural gas (LNG) plant. According to the BG Group's External Communications Manager, Mark Todd, BG Group and Statoil had sent to the government a joint proposal on the suitable site for the plant. " ... the Tanzania government requested BG Group and.... Read more »

Posted on : Wednesday , 29th October 2014

Soft drink company Coca Cola launches plastic recycling project

Soft drink giant Coca-Cola East and Central Africa is leading a new initiative to help tackle plastic bottle wastes with a recycling project already running in Kenya. Through an industry coalition with plastic bottle manufacturer Safepak Ltd and Highlands Mineral Water Company, the soft drink manufacturer recently launched the recycling project in Kenya with a view to replicating it in the region. In Kenya, the three companies.... Read more »

Posted on : Wednesday , 29th October 2014

BG Explores Options for Idku Feedstock

BG and BP are in talks that could lead to the kick-start of production at the feedstock starved Idku LNG plant operated by BG. The talks between the two British firms revolve around linking their respective gas developments offshore Egypt’s Mediterranean coast. Egypt’s state-run firm in charge of natural gas is also reportedly involved in the talks with BG and BP. BG is looking at connecting its infrastructure at the WDDM gas.... Read more »

Posted on : Monday , 27th October 2014

New Blocks for Mozambique Hopefuls

Mozambique will be offering up 15 new offshore and onshore areas for oil exploration within the next week or so. The blocks are located in the north, south, and central parts of the East African country and include new areas of the northern Rovuma Basin. Other areas on offer in this licensing round, which is the country’s fifth, are six offshore blocks in the Zambezi Delta and two more off Angolche in the northern province.... Read more »

Posted on : Monday , 27th October 2014

Tanzania: Seminar for Regional Utilisation of Respective Gas Advantages

ALL regions across the country have been challenged to find out and concentrate on their respective competitive advantages in serving the potential gas industry. Participants to a seminar on Tanzania as a future strong extractives state in Dar es Salaam, over the weekend, said that such a practice would help both individuals and institutions in private sectors to serve and reap from the anticipated gas economy. At the.... Read more »

Posted on : Monday , 27th October 2014

Nigeria s new gas power plant in Ajaokuta is underway

Federal government has reached a memorandum of understanding with 3D Hitech System Ltd for construction of a gas power plant in Ajaokuta. It has also reached an MOU with T SEPCOIII Electric Power Construction Corporation and the CGC Nigeria Ltd for additional investment in power distribution and transmission in the country. 3D Hitech has already carried test running of the 110MW of gas power system, which will be commissioned in Ajaokuta. Chief.... Read more »

Posted on : Monday , 27th October 2014

Baker Hughes provides September 2014 global rig count

Baker Hughes Incorporated has announced that the international rig count for September 2014 was 1,323, down 16 from the 1,339 counted in August 2014, and up 39 from the 1,284 counted in September 2013. The international offshore rig count for September 2014 was 333, up 18 from the 315 counted in August 2014, and up 20 from the 313 counted in September 2013. The average U.S. rig count for September 2014 was 1,930, up 26.... Read more »

Posted on : Saturday , 25th October 2014

Addax extends FPSO charter

Yinson Holdings has announced that Addax Petroleum Development (Nigeria) Limited has extended its contract for the charter of FPSO Knock Adoon with Adoon Pte Ltd by one year with effect from 17 October 2014. The extension contract is valued at approximately USD39.0 million (equivalent to approximately RM127.49 million) in total. The original contract for the Floating Production Storage and Offloading (FPSO) was awarded on 17.... Read more »

Posted on : Saturday , 25th October 2014

Ghana: Popping the gas balloon

Opacity and mismanagement in the oil and gas sector have turned financial problems into a much deeper economic crisis. Fixing the worsening crisis in the oil, gas and electricity industries is a key issue in this month’s finance negotiations with investors and the International Monetary Fund. Not only are the power cuts and rocketing fuel prices damaging the economy, the mismanagement of the gas processing project in Atuabo,.... Read more »

Posted on : Saturday , 25th October 2014

Diminishing gas continues to stifle PetroSA s GTL output

South Africa’s national oil company PetroSA produced 14% less refined product in 2013/14 than budgeted, owing to diminishing gas feedstock. The State-owned group also warned that that inadequate feedstock would remain a constraint on its future performance. The company produces 5.8-million barrels during the year at its Mossel Bay gas-to-liquids (GTL) refinery, which had a nameplate capacity of around 15-million barrels. CEO.... Read more »

Posted on : Saturday , 25th October 2014