Chariot Oil & Gas Investments Morocco has been granted a 75% interest and operatorship of the Mohammedia Offshore Exploration Permits I - III, in collaboration with the Office National des Hydrocarbures et des Mines (ONHYM). Situated in the nearshore and encompasses an area of about 4,600km² with water depths below 500m, the Mohammedia permits are close to the Company's Rabat Deep Offshore...

SDX Energy in its operational update on activities on the Manatee-1X exploration well in Bakassi West, Cameroon, announced that it is withdrawing from the concession. The company held a 35% working interest in the concession, located in the shallow water in the Rio Del Rey Basin, offshore Cameroon. Dana Petroleum, the operator of the concession demanded for a one-year extension in order to...

Despite the numerous attacks on oil installations in the Niger Delta region by militants, which has resulted in the decline of Nigeria’s production and put pressure on her economy, many international companies are still willing to construct refineries in the country. Such is the case of South African-based oil firm, Petrocam which is known for crude oil trading both in Africa and...

Amen Bank will be holding tomorrow, June 16, a mixed general assembly (ordinary and extraordinary) where its shareholders are to vote for or against a capital increase of 10.1 million dinar ($4.6 million) by the end of 2017, a convening notice for the meeting published by the Tunisian firm revealed. Capital augmentation will take place in two stages. The first stage includes the addition of...

American assets manager Pecora Capital plans to establish a $2 billion fund which will solely be dedicated to infrastructure projects in Nigeria, Reuters reported on June 14, citing one of the firm’s official. This is a rare show considering that Nigeria presently is hit by global oil price slump. The GDP of Nigeria which derives 70% of its revenues and around 90% of its foreign currency...

In a report dated June 13, the Kenyan investment firm Burbidge Capital said that the number of private equity deals (PE deals) in East Africa from January to April 2016 rose by 50% from 12 to 19 deals. However, despite volume going up, the value of these deals slumped by 83% from Sh73.5 billion ($728 million) in the first four months of 2015, to Sh12.4 billion ($123 million) over the same period...

The European Union (EU) has decided to extend the ban on imports of agricultural products from Nigeria, beyond 31 June 2016. Prolongation period is 3 years and concerns mainly dry beans, sesame seeds, meat, dried fish, groundnut and palm oil. Brussels said the ban will remain in effect until Abuja implements the reforms demanded by the EU. Nigeria will thus have to establish an official control...

Chinese firms Sinohydro and China Railway will provide the Democratic Republic of Congo $660 million required to build Busanga’s 240 MW hydropower plant. Of this output, 170 MW will serve to power the Société Sino-Congolaise des Mines (Sicomines) while remaining 70 MW will be injected in the domestic power grid. Construction works should take five years according to Sicomines’...

Morocco could, according to Fresh Plaza, soon restart exporting citruses to USA. Both parties have established a plan that could help solve the matter which, in January 2016, led to US blocking entry in its territory to citruses that come from the Cherifian kingdom. In fact, this measure was implemented by American authorities after the discovery of Mediterranean fruit fly larvae in a shipment...

The World Bank will lend $1.1 billion to Kenya to finance infrastructure projects in arid regions located in the northern part of the country, World Bank Africa’s vice-president, Makhtar Diop revealed. “This loan is the first of a kind for this region of Kenya,” he said, Reuters cited. This money will be used to build roads, improve water and power supply and support husbandry. Mr...