Spectrum has been granted the Tender Area 2 Broadband 2D multi-client seismic survey encompassing the southern Rovuma and north-eastern Zambezi Basins, offshore Mozambique. The company was chosen based on an offer to put forward proposals for Tender Areas 1 - 7 for new multi-client data acquisition projects offshore Mozambique. The invitation was issued by the Government of the Republic of...

Algerian Energy Minister, Noureddine Bouterfa (photo), has said that members of the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC members must reduce crude oil supplies by 1 million barrels per day so as to stabilize the markets and bolster prices. Oil has been fluctuating since August on talks that OPEC and Russia will meet next week in Algiers to agree on a plan to support...

Algeria plans to increase its gas output to more than 9 billion cubic meters a year when its three delayed projects begin production next year. These projects include the Touat gas field which is scheduled for February 2017 with an estimated output of 12.8 Mmcbm/d, Timimoun field in March 2017 with 4.6 Mmcbm/d, and also the Reggane gas field with 8 Mmcbm/d in June. “The three projects will...

Saham Finances SA, insurance branch of Moroccan firm Saham Group has bought 100% interests of Mauritian firm Sun Insurance Co Ltd, reported Moroccan website infomediaire on Sept 19. “We wish to have a structuring role in Mauritius, to become a reference actor and therefore let our offers achieve international standards,” said Saham Finances chief executive, Raymond Farhat. In Mauritius,...

In a recent study of the World Bank entitled “Providing Water to Poor People in African Cities Effectively: Lessons from Utility Reforms”, Dakar was ranked first for the efficient management of its network. Led by Chris Heymans, senior water and sanitization expert at the World Bank, the study reveals that access to water in Africa has barely improved since the 90s except for a few towns,...

South Africa’s largest banks, Firstrand, Nedbank, Barclays Africa and Standard Bank, have over the 12 months ended on June 30, 2016, spent R30 billion ($2.1 billion) in information technologies (IT) and to pay their staff members. This sum represents 15% of these institutions’ combined operation expenditures. According to an analysis by Hilton Tarrant, who invests in the Johannesburg Stock...

WAEMU’s stock market, the Bourse Régionale des Valeurs Mobilières (BRVM) is the “most innovative stock exchange” of Africa. The institution received the title at the ninth edition of the Investment Forum recently held in New-York. The stock thus beat its nine rivals which are Johannesburg’s, Egypt’s, Nigeria’s, Kenya’s, Ghana’s, Mauritius’, Namibia’s, Botswana’s and...

In Algeria, public airlines Air Algérie has signed a memorandum of understanding (MoU) with world-class manufacturer and one of the leaders of aircraft maintenance, Honeywell. The agreement aims to boost the airline’s capabilities in terms of aircraft maintenance, Air Algérie said in statement dated September 19. The partnership will allow the firm to boost its capabilities in terms of...

The Zimbabwe Electricity Supply Authority (ZESA) has secured from a local financial institution $81 million to buy spares for power plants and stabilise national grid. “The deal was signed last week and Zesa can start drawing down on the facility,” an unknown source told Business Reporter. Out of the sum raised, $50 million was mobilized through the full subscription to...

On Sept 15, 2016, the chief prosecutor of the International Criminal Court (ICC), Fatou Bensouda said in a policy paper on “priorities in selecting cases” that destruction of environment and land grabbing will from now on be considered as crimes against humanity. With this move, multinationals’ impunity should come to an end. “The International Criminal Courtwill give particular...