The head of the Egyptian General Petroleum Corporation (EGPC), Tarek Al-Hadidi, has said that the country’s expenses on petroleum subsidies dropped by 23% to $6.27 billion in 2015/2016. Subsidies on petroleum products in Egypt cost 71.5 billion pounds in 2014/2015 and the country plans to reduce it to about 35 billion in 2016/2017.“Petroleum product subsidies have decreased to 55...

The Kenyan Energy Regulatory Commission (ERC) in its latest price review which will take effect from August 15 till September 14, increased the maximum retail prices of petrol, diesel and kerosene in the country. The price of petrol is now at Sh95.13 in the capital, Nairobi, while diesel and kerosene is at Sh 84.51 and Sh 62.48 per litre respectively. “Taking into account the weighted average...

The Chief Executive Officer of the Ghana National Petroleum Corporation (GNPC), Alex Mould (photo), has expressed the company’s readiness to supply crude oil to the Tema Oil Refinery (TOR) on the condition that the latter has financial assurance. According to Mould, Ghana’s Petroleum laws does not permit the sale of the product without a financial guarantee for the payment of the...

The state governments in the northern part of Nigeria have appointed a British firm to carry out exploration activities in the area, as a way of deepening their search for oil and gas in the region.This new development is coming two weeks after President Muhammadu Buhari directed the Nigerian National Petroleum Corporation (NNPC) to intensify the search for crude oil in the North-East. According...

In Egypt, Eni is currently in talks with several oil majors including Lukoil, ExxonMobil, Total and BP regarding the sale of a 20 % interest in the Zohr gas field. The Italian company owns the gas field which was discovered in August 2015 and has revealed plans to get partners as a way of selling some of its acreage, in order to raise £ 5 billion in the next two years. Chief Executive of...

Rural land in Mali remains a real source of conflicts and rivalries, the Journal du Mali reveals. Truly, most land-related conflicts that Malian authorities presently have to deal with involve agricultural lands which are scarce surely but no less coveted. These indeed often lead to raging disputes, grotesque even at times. During the launching of the national reforestation campaign last...

As part of efforts to join the league of oil exporting countries in 2017, the Cabinet has approved a commercialization plan proposed by the Kenyan Ministry of Energy.Due to this, the country now has hopes of commencing the exportation of 4,000 barrels of crude oil per day by June 2017. This crude will be transported from the Lokichar basin oil fields to Eldoret by road, from where it will then...

During the first half of 2016, the growth of Mozambique’s economy has slowed to 4% against 6.1% the same period the previous year, forecasts released by the government on August 10, show. For the whole year, Maputo now foresees a growth of 4.5% against an initial forecast of 7%, the same source adds. In June, the International Monetary Fund (IMF) estimated that the nation’s economic...

In a report published at the end of July 2016 on Algeria’s economy, the World Bank announced a significant fall in the country’s foreign reserves in 2018 as oil prices plunge. “The plunge in oil prices impacted public finances, trade balance and foreign reserves. The budget deficit widened from 1.4% of GDP in 2013 to 15.7% in 2016. Overall reserves slumped from $194 billion in 2013...

At the official launching of a sharing workshop on keys to modernizing land management in Senegal which was organized by the Support Project to urban land management’s reform, Baye Moussa Ndoye, Head of the fiscal services centre said that land reform in the country could benefit from aligning with Act 3 of decentralization, Apanews reported. Explaining that the Act 3 of decentralization...