Senegal plans for 20% of its energy output by 2017 to come from renewable sources. This was announced by President Macky Sall during the ceremony for the implementation of Contour Global’s 53 MW power plant. “Oil and gas discoveries should provide a new dimension to our energy mix in addition to renewable energy which is also part of our production park. We will diversify our...

India’s president, Pranab Mukherjee, has started on June 12 a six-day visit in Africa to bolster the economic bonds between his country and the continent which is rich in natural resources, as India competes highly with China. Followed by a State minister, four members of parliament, high officials and a delegation of businessmen, President Mukherjee has already been to Ghana, where it signed...

In Morocco, the capital markets authority (AMMC in French) has enabled BMCE Bank of Africa and Attijariwafa Bank to issue a total 3 billion dirham of bonds (around $310 million). In a note published on June 10, the AMMC green-lit the issuance by BMCE Bank of Africa group of a 2 billion dirham subordinated bond ($206 million). The bond will be used to “increase the bank’s secondary...

Data from the Nigerian National Petroleum Corporation (NNPC) has revealed that the country made $2.27 million from gas sales in March 2016. According to NNPC in its Monthly Financial and Operations Report for March, while $2.27 million was made from gas sales, $88.364 million was earned from crude oil export and $51.229 million from other receipts. In total, revenues...

As part of efforts to increase the distribution of fuel in Nigeria, Delmar Petroleum Company Limited has begun the construction of a $200 million terminal and jetty situated at Itak Idim Nne Ekpe, Ibeno Local Council Area of Akwa Ibom State. According to the Chairman and Group Managing Director of Delmar Group of companies, Austin Atimoh Odili, the petroleum Terminal and Jetty includes the...

The United States’ crude oil import from Nigeria and Angola has risen from the 190,000 bpd recorded in Q1 of 2015 to 354,000 bpd in Q1 of 2016, the Organization of Petroleum Exporting Countries (OPEC) revealed in its June edition of the oil and gas report. The import destination report of the Nigerian National Petroleum Corporation (NNPC) revealed that U.S imported about 949,361 barrels in...

In Kenya, consumers will have to pay more for the purchase of fuel at the pump as the Energy Regulatory Commission (ERC) in its monthly review increased the retail prices of petrol, kerosene and diesel for the next one month. This change is to take effect from June 15 to July 14, 2016. The ERC raised the maximum retail price of petrol in Nairobi, by 2.3% to 86.17 shillings per litre. The...

DualEx Energy International has announced that it is withdrawing from the Bouhajla Permit in Tunisia as the Department of Energy has refused to grant any additional extensions to the primary term of the permit. Last year, the Consultative Committee of Hydrocarbons (CCH) formally approved the Company's request for an extra one year extension to the first exploration period of the onshore Bouhajla...

In a report published on June 14, the International Energy Agency (IEA) has estimated that global oil consumption will be higher than expected in 2016 and 2017 as oil production slumps. With this, the market should recover its balance in the second half of this year. Throughout 2016, the global demand for oil should grow by 1.3 million barrels per day (mbdp) against a previous forecast of 1.2...

Morocco’s capital markets authority (AMMC) has announced, in note published on June 10, the upcoming listing of the public port operator Marsa Maroc by the end of June 2016, in the framework of a partial privatization plan. The operation, which will be the first IPO on the Casablanca Bourse since the beginning of the year, concerns 40% of the capital of this firm that operates most of the...