Africa > Petroleum / Mining

Petroleum / Mining in Africa

  • Norway’s Statoil sells stake in oil block in Angola

    ANGOLA, 2016/03/26 Norwegian oil company Statoil has sold the 20 % share it held in the company responsible for oil production in block 4/05 of the Angolan sea, according to an executive order signed by the Angolan Oil Minister. The document signed by Jose Maria Botelho de Vasconcelos authorises the transfer of Satoil’s interest in the production sharing arrangement on that block, north of Luanda, but does not explain reasons or funds involved in the transaction.
  • Africa’s Resource Economy: Same Old Boom and Bust

    AFRICA, 2016/03/14 There are winners and losers whenever markets move significantly, whether they are currency markets, metal markets or other commodities such as oil or agriculture. The last two years have seen a massive shift between winners and losers across the globe depending on whether nations are net importers or exporters of a range of commodities, most of which have plunged in price.Some regions, though, have suffered additional than others and while one can say the OPEC leaders — such as Saudi Arabia, the United Arab Emirates and other Persian Gulf states — are feeling self-inflicted wounds, other producer-states at no time supported the idea of taking on US shale drillers in the initial place, from presently on they have been hit harder than the Gulf states by the plunging oil price.
  • Nigeria hopeful oil producers will meet in Russia by end of March

    RUSSIA, 2016/03/09 Nigeria is hopeful some members of OPEC will meet other oil producers in Russia before the end of March for talks about an oil output freeze, Minister of National for Petroleum Emmanuel Ibe Kachikwu said on Tuesday. Africa's biggest oil producer has been pushing for action by the Organization of the Petroleum Exporting Nations because the drop in oil revenue, on which it relies for around 95 % of foreign earnings, has undercut its public finances. Kachikwu initial mooted the possibility of talks in Russia last week.
  • Nigerian Firms Dominate Bid for Uganda's Oil

    UGANDA, 2016/03/08 Three Nigerian oil and gas firms have submitted bids in the final round of Uganda's initial oil licensing. The government received seven bids for the six exploration blocks on offer, Ugandan newspaper, the Daily Monitor reported. A statement by the country's Ministry of Energy gave the three Nigerian companies as, WalterSmith Petroman Oil Limited, Oranto Petroleum International Ltd and Niger Delta Petroleum Resources Ltd.
  • Nigeria: How My Govt Plans to Overcome Impact of Oil Crisis

    NIGERIA, 2016/03/06 President Muhammadu Buhari said Tuesday in Riyadh that his government was fully committed to increasing the productivity of Nigeria's agriculture and solid minerals sectors to save the country from the harsh effects of lower crude oil prices. Speaking at a conference with leading members of the Council of Saudi Arabia's Chambers of Commerce and Industry, President Buhari said with declining revenues from crude oil exports, Nigeria's hopes of economic resurgence presently lie in the rapid development of its immense agricultural and solid mineral resources.
  • Zimbabwe: Miners Robbed Us, Says President Mugabe

    ZIMBABWE, 2016/03/06 In his 92nd birthday interview with the Zimbabwe Broadcasting Corporation aired last night, President Mugabe said he told his Chinese counterpart President Xi Jinping during his National visit here last year that Government was not happy with Anjin's operations. "I don't think it has affected any of our relations at all. I told President Xi Jinping that we were not getting much from the company and we didn't like it anymore in this country," said President Mugabe.
  • Kenya: US to help finance $18 billion oil pipeline

    UNITED STATES, 2016/01/10 The U.S. government said late on Tuesday said that it would help Kenya finance an significant oil pipeline project. Speaking to the press next a conference with Kenyan Energy Cabinet Secretary Alfred Keter, U.S. Ambassador to Kenya Robert Godec said that the U.S. would help Kenya find $18 billion for the construction of an oil pipeline from Lamu at the Kenyan coast to the oil fields in the north of the country. “Kenya needs $18 billion worth of financing, [for the construction of the pipeline] so one of the questions we are discussing is how we can work together with the private sector and governments to raise that sum, to find ways to make certain that this financing become available,” Godec said.
  • Oil prices fell 35%. What now?

    WORLD, 2016/01/02 Crude prices dropped a whopping 35% last year and are hovering around $37 a barrel. That's a level not seen since the world financial crisis. It won't get better any time any minute at this time. Most oil experts believe prices will bounce back in late 2016, but they expect additional pain initial. Goldman Sachs forecasts that oil will average about $38 a barrel in February, even lower than for most of 2015. Oil is under pressure because of a growing world glut. The crude market is hugely unbalanced.
  • Nigeria: Solid Minerals, Nigeria's Next Cash Cow

    NIGERIA, 2015/12/15 Experts say that with trillions of naira lying fallow from untapped mineral resources in Nigeria the country has no business with poverty and deprivation. AGBO-PAUL AUGUSTINE (Abuja), KOLA EKE-OGIUGO (Asaba) and DONATUS NADI, (Lafia) statement on the travails of Nigeria's minerals sector, and its imminent position as the next money spinner. At the same time as Senator Duro Faseyi, representing Ekiti North Senatorial District stood in the hallow chamber of the Nigerian Senate recently, to sound the alarm over the mind-boggling all of money the country is robbed off annually from mining, he at no time minced words in rousing his colleagues to the reality before them. The loss of N4 trillion yearly was enough to choke, the seated Senators needed approaching alive to spurring national reawakening to the massive loss of the badly desired revenue from the solid minerals sector.
  • Angola joins Nigeria to increase price of oil

    ANGOLA, 2015/12/09 The presidents of Angola and Nigeria have agreed on joint cooperation in seeking to reverse the trend in the price of oil per barrel on world markets, the international press reported. The heads of national of the two major sub-Saharan oil producing nations, José Eduardo dos Santos of Angola and Nigeria’s Muhammadu Buhari, held a conference on the sidelines of the 6th edition of the China/Africa Forum. Both presidents said it did not make sense to sell additional oil for less money and called for a new consensus part oil producing nations to increase the price per barrel.