Market News Page No. 557| Africa Business News

OIL DISCOVERED OFFSHORE SENEGAL

Cairn together with its joint venture partners announced that the FAN-1 exploration well, offshore Senegal, has discovered oil. The well, located in 1,427 metres (m) water depth and approximately 100 kilometres offshore in the Sangomar Deep block, has reached a Target Depth (TD) of 4,927 m and was targeting multiple stacked deepwater fans. Preliminary analysis indicates: 29m of net oil bearing reservoir in Cretaceous.... Read more »

Posted on : Tuesday , 7th October 2014

Circle Oil announce Operating Update on Sebou Permit, onshore Morocco

Circle Oil Plc (AIM: COP), the Middle East and North Africa focused oil and gas exploration, development and production company, announced the preliminary results of drilling of the well CGD-12 in the Sebou Permit, onshore Morocco. The well is located within the western central area of the Sebou Permit, about 4 kilometres to the south of the main gas gathering station. The well was spud on 25 August and drilled to a TD of 1,232.... Read more »

Posted on : Tuesday , 7th October 2014

Shippers set to access West African Gas Pipeline

The West African Gas Pipeline Company (WAGPCo) has opened its pipeline to be accessed by independent gas shippers to maximise the potential of the facility, which has been underused over the years. The pipeline can currently carry 170mscfd and has potential to carry additional volumes of up to 474 mscfd. The WAGP’s present contractual volume is 132mscfd and WAPCo said on Monday that it was positioning itself.... Read more »

Posted on : Monday , 6th October 2014

India, China buy more Nigerian crude as oil loading schedule shows Nigerian exports to increase

The continued decline of United States’ imports of Nigerian crude oil in recent years has led to more Asian countries particularly India and China accommodating the backed-out barrels from Nigeria reports The Punch. China, India, Japan and South Korea, Asia’s four largest oil consumers, have collectively bought around 42 per cent more Nigerian crude so far this year in comparison with 2013, according to an analysis of import.... Read more »

Posted on : Tuesday , 7th October 2014

Ford to introduce 25 new models in Africa expansion plan

According to the automaker’s president for MEA, Mr Jim Benintende, the region presents the final frontier for global growth in the auto industry. He added that the company is committed to offering products that will resonate with the expanded customer base. “Ford is bringing a full family of safe, high-quality, fuel-efficient and fun-to-drive cars, trucks and SUVs to customers throughout the Middle East and Africa. [We are] putting.... Read more »

Posted on : Monday , 6th October 2014

CAMAC announces fivefold increase in recoverable prospective resources offshore Nigeria

CAMAC Energy Inc. (“CAMAC Energy” or the “Company”) (NYSE MKT: CAK) has announced that an updated independent assessment of the Company’s prospective resources for four offshore Nigeria prospects located within Oil Mining Leases (“OMLs”) 120 and 121 by DeGolyer and MacNaughton (“D&M”) has increased the Company’s unrisked P50 recoverable resources from 537 million barrels of.... Read more »

Posted on : Monday , 6th October 2014

Mineral beneficiation, industrialisation key to development�

JOHANNESBURG (miningweekly.com) – The key to the development of South Africa lay in mineral beneficiation and industrialisation in joint development with its regional neighbours, South Africa’s new Finance Minister Nhlanhla Nenetold the Centre for Education In Economics and Finance (CEEF). Resource-endowed countries that had failed to move up the value chain had registered short bursts of growth, but never the kind of.... Read more »

Posted on : Monday , 6th October 2014

Massingir dam in Mozambique to be rehabilitated to improve safety

The National Directorate of Water (DNA) through the Regional Administration of Water South (ARA-Sul) has awarded a contract for the rehabilitation of the damaged bottom outlets and related works on the 48 metre high Massingir dam in the Gaza Province of Mozambique. Aurecon has been appointed to supervise the construction of these rehabilitation works. Following the raising of the full supply level of the dam by the installation of six large.... Read more »

Posted on : Monday , 6th October 2014

Construction of $31.8b Tanzania China Logistics Centre to start soon

Construction of $31.8b Tanzania China Logistics Centre in Kurasini is on the offing following the release of $0.6b to compensate residents where the project will be based. Speaking to journalists, Dr Abdallah Kigoda, the Minister for Industry and Trade said that the Export Processing Zones Authority (EPZA) has already received the money for the compensation. He said that the development was critical in relation to construction of $0.6b Tanzania.... Read more »

Posted on : Monday , 6th October 2014

African chemicals industry has growth potential

Despite South Africa having the largest and most sophisticated chemicals industry in Africa, estimated at $30-billion, it only contributes about 1% to the global market, says global growth consulting firm Frost & Sullivan chemicals, materials and food industry analyst Dilshaad Booley. However, Booley notes that the South African chemicals industry is expected to have moderate growth of between 3% and 4% over the next five years,.... Read more »

Posted on : Monday , 6th October 2014

3000 km of roads to be constructed in Kenya

The government of Kenya will construct 3,000 Km of roads during the initial phase of planned construction of 10,000 Km of road networks launched earlier this August. An updated report from the Ministry of Transport and Infrastructure indicates that the 3000km is an upgrade from the initial 2000km earlier planned for the Phase I construction. The 3000 kilometers of roads will either be built or rehabilitated in 45 lots during the first phase of.... Read more »

Posted on : Monday , 6th October 2014

Asian Geely Car Brand Eyes Tanzania Market

China’s top auto dealer and a listed member of Fortune 500 Company, Geely holding Group has indicated an interest in penetrating the Tanzanian automobile market with the overall intention of deepening its African footprint. “Africa is the best market that our company have interest in introducing our ranges of cars,” said Ash Sutcliffe, Geely’s Global Public Relations officer. The Chinese company – which started as.... Read more »

Posted on : Saturday , 4th October 2014