Market News Page No. 561| Africa Business News

New Oil Fields Will Double Chad s Output By 2016

As new fields come on stream Chad’s finance minister Kordje Bedoumra says the West African country expects to see its oil production rise from its current 100,000 barrels per day to double that amount by the end of 2015. “Our expectation is that by the end of this year we can move to 130,000 bpd and by the end of next year probably double that production because we will have new fields,” Bedoumra said in an interview.... Read more »

Posted on : Wednesday , 8th October 2014

KenGen Plans Joint Ventures for Kenyan Geothermal-Power Projects

Kenya Electricity Generating Co., the East African nation’s biggest power producer, plans joint ventures to complete its geothermal projects in Olkaria, Chief Executive Officer Albert Mugo said. “Geothermal projects are capital-intensive and our balance sheet cannot support all the projects that we would wish to have,” Mugo said in an interview today in Nairobi, the capital. “That’s the reason we are going.... Read more »

Posted on : Wednesday , 8th October 2014

Matchedje Motor vehicle manufacturing factory in Mozambique

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 : Wednesday , 8th October 2014

Kenya health sector attracts increasing foreign direct investments

Foreign direct investments into the Kenyan health sector have tripled thanks to conducive policy and legislative environment alongside demand for quality services among the burgeoning middle classes, officials have said. Ann Kirima, Chairperson of Kenya Investment Corporation (Keinvest), said Kenya has become a hub for medical technologies and innovations due to capital injection from multinationals. “Huge investments flow into the.... Read more »

Posted on : Wednesday , 8th October 2014

New referral hospital to be built in Eldoret, Kenya at US$ 563m

The Government of Kenya will construct a new referral hospital in Eldoret at a cost of US$ 563m. 200 acres of land have already been set aside for the construction project near the Eldoret’s GK prison. Construction works on the new referral hospital are expected to commence next year according to the Kenya’s Deputy President William Ruto, with the said land already fenced in preparation for construction works. The funds required.... Read more »

Posted on : Wednesday , 8th October 2014

Economic growth in Africa will exceed five per cent in 2015-16

Despite weaker than expected global growth and stable or declining commodity prices, African economies continue to expand at a moderately rapid pace, with regional GDP growth projected to strengthen to 5.2 percent yearly in 2015-16 from 4.6 percent in 2014, according to a recent World Bank report. Significant public investment in infrastructure, increased agricultural production and expanding services in African retail, telecoms,.... Read more »

Posted on : Thursday , 9th October 2014

Kenya ranks high in attracting foreign direct investment

Kenya ranks among the leading Foreign Direct Investment (FDI) destinations in Africa, the United Nations Conference on Trade and Development Secretary General Mukhisa Kituyi has said. Dr Kituyi said Nigeria and Ethiopia complete the list of the most attractive investments destinations for foreign capital on the continent. Launching the World Investment Report 2014 in Nairobi, Dr Kituyi lauded the increasing FDI movement among African.... Read more »

Posted on : Wednesday , 8th October 2014

Wentworth Resources to earn $140 million in Tanzania s LNG project by 2019

Wentworth Resources projects it will make $20 million for first full year and $140 million over first 5 years of production net of operating and on-going development costs according to the October 2014 presentation. This is per Mnazi Bay Gas Sales Agreement terms where the initial volumes are expected to reach up to 80 mmscf/d from 4 existing wells with volumes increasing to 130 mmscf/d with the development of 3 development.... Read more »

Posted on : Wednesday , 8th October 2014

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