Market News Page No. 559| Africa Business News

Tullow Oil cuts on offshore exploration to focus on East Africa acreage as crude oil price drop

Following the drop in global crude oil prices Tullow Oil says I will be reducing on exploration cost as well as focus on high margin oil and its major basin-opening potential. “In light of current oil and gas sector challenges including the commodity price environment, we are reviewing our capital expenditure and our cost base to ensure that Tullow is well-positioned for future success,” Tullow Oil Chief Executive.... Read more »

Posted on : Wednesday , 12th November 2014

Solo Oil provides update on acquisition of interest in Tanzania

Solo Oil plc has announced that, further to the announcement of 14 October 2014, it has been advised by Aminex PLC that the conditions precedent which are remaining to close the acquisition of an initial 6.5% of the Tanzania’s Kiliwani North Development Licence (KNDL) are the formal approval from the government. Aminex says it is also awaiting from the Tanzanian government the completion of the Deed of Assignment, also.... Read more »

Posted on : Wednesday , 12th November 2014

Multiclient Seismic Data Offshore Mozambique Now Available

Schlumberger has announced the availability of its multiclient seismic survey offshore Mozambique. The Schlumberger multiclient seismic data offered in collaboration with the National Petroleum Institute of Mozambique (INP) includes reprocessed 2D lines and newly acquired seismic data, and provides detailed imaging of the subsurface. According to the president of PetroTechnical Services at Schlumberger Maurice Nessim the.... Read more »

Posted on : Wednesday , 12th November 2014

East Africa woos Indian investment

NEW DELHI, India - President Paul Kagame has taken his search for investors to India, promising red-carpet reception for Indian investors to take advantage of the unrivalled business opportunities that Rwanda offers. Kagame, who was in New Delhi, outlined specific investment areas to the Confederation of Indian Industry last week ahead of the World Economic Forum and India-Africa Summit. “It’s not where I am sure.... Read more »

Posted on : Tuesday , 11th November 2014

Tanzania set for ore Exports

The National Development Corporation (NDC) said in the statement that Tanzania is set to produce 1.1 million metric tonnes annually. Once the commercial production takes off, NDC said Tanzania will be one of the top four iron producers in Africa. This will be the basis for putting up an iron and steel metallurgical complex which in turn will create hundreds of jobs. Mlingi Mkucha, the acting NDC.... Read more »

Posted on : Tuesday , 11th November 2014

Dangote seeks license to build a coal power plant in Tanzania

Africa’s richest man Aliko Dangote is seeking to be awarded a license for a 75 megawatt (MW) coal power plant in Tanzania. Energy from the coal power plant will be used to power up the US$ 500m cement factory that is currently under construction in Mtwara Tanzania. The plant will also power the residential and commercial development complex around the factory. This is due to the fact that interruption of power supply or.... Read more »

Posted on : Monday , 10th November 2014

KEPCO to build a nuclear power plant in Egypt

Korea Electric Power Corporation (KEPCO) has announced that South Korea has signed an MOU with Arab Contractors, the number one builders in Egypt’s construction industry, for the exporting of Korean nuclear power plant to Egypt. The Egyptian government plans to give public notice of an international bid for building a second new nuclear power plant at El-Dabaa early 2015. The MOU with the Arab Contractors therefore gives KEPCO a.... Read more »

Posted on : Monday , 10th November 2014

BP expands in Egypt with $240 million investment in two new exploration blocks

BP Egypt has confirmed today that it has been awarded two new exploration blocks as a result of the 2013 EGAS bid round. BP and its partners have committed to invest a total of $240 million in the blocks over different phases. Block 3 - North El Mataria is BP's first entry into the Onshore Nile Delta. The block is located in the northeastern part of the Nile Delta cone, approximately 57km to the west of Port Said city. BP will.... Read more »

Posted on : Monday , 10th November 2014

Nigeria continues to import large volumes of US jet fuel

According to the latest data from the U.S Energy Information Administration; Nigeria, Africa’s biggest crude oil producer, continued to import a large volume of jet fuel, drawing the highest volume from the United States in August, The Punch reports. The country imported 1.51 million barrels of US jet fuel in the month, surpassing Canada’s import of 1.23 million barrels. Nigeria had in November 2013 imported.... Read more »

Posted on : Monday , 10th November 2014

Tullow withdraws from Namibia Kudu gas power project

Tullow has withdrawn from its full participation in the much-eyed Kudu gas-to-power project which is under development in Namibia. According to Namibia’s Mines and Energy Minister Isak Katali, the government has been informed by Nampa of the UK-based company’s withdrawal from the project due to financial problems. Located 130 kilometres offshore of Namibia’s south-west coast, Kudu gas-to-power project is co-owned.... Read more »

Posted on : Friday , 7th November 2014

Cairo s ultra-green complex to feature energy efficient technologies

The upcoming Cairo’s Gate Residence has taken the use of energy saving and technologies in buildings to another level. Construction of the complex is such a way that it will minimize environmental impact using a host of technologies. It will feature windcatchers, wind turbines, geothermal cooling, solar panels, solar heater tubes and wind turbines. Construction of the complex is set to commence in March 2015, with the.... Read more »

Posted on : Friday , 7th November 2014

Kenya to upgrade Moi International Airport at the cost of US$66m

The French Agency for Development (AFD) has signed a US$66m deal that will see the Moi International Airport in Mombasa being upgraded. The loan will be used by the Kenya Airports Authority (KAA) to renovate airside pavements, airfield ground lighting and to upgrade the water and power supply to the airport. This is in a bid to keep the airport at recommended international aviation standards and recommended practices, according to.... Read more »

Posted on : Friday , 7th November 2014