The Government of the Republic of Congo is planning to reduce its expenses this year by about 9% as the decline in the prices of oil in the global market has hit revenue. According to Thierry Moungalla, the country’s Communications Minister, expenses under the current budget are to fall to 2.122 trillion CFA francs from the initial 2.333 trillion CFA francs. Revenues generated from oil and...

CGG, has agreed with the ‘’Direction Generale des Hydrocarbures’’ (DGH) of Gabon to secure and process more than 25,000 km² of new 3D seismic data over the vacant and licenced blocks in the South Basin to allow for the evaluation of the prospective area. According to the company, the initial ultra-fast-track dataset produced onboard a vessel performing a seismic survey offshore Gabon is...

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has increased its method of service delivery of petroleum products across the nation as the association has entered into a five-year contract with Star Synergy Petroleum Services Limited. The throughput and trading agreement includes storage and supply of petrol, diesel, kerosene and Aviation fuel throughout the...

The International Institute for Petroleum Energy Law and Policy (IIPELP) has revealed that Nigeria will produce about 1.3 million bopd by 2023 to meet rising fuel demands. According to IIPELP, at the country’s current crude oil production level, the rising demand will be huge on Nigeria.“In IIPELP’s analysis, by 2023, given the current rate of growth, Nigeria’s refining capacity would...

The Chief Executive Officer of Dana Gas, Patrick Allman-Ward (photo) has said that the oil market is moving towards a failure as prices are getting close to levels that are beneficial for U.S. shale producers. Brent crude reached 31% in 2016 due to the fall in oversupply as high-cost producers are cutting back. Demand is increasing and production is being upset as a result of the outages in...

The Komenda Sugar Factory (KSF) is back in business after its renovation. According to Ghana’s President, John Dramani Mahama which was at the launching ceremony, the factory which is located in the Central region will generate 7,000 jobs for locals. Also present at the ceremony, Edward Omane Boamah, minister of communication, said the infrastructure would receive 60% of its input from local...

In Kenya, the Lamu County was finally connected to the national power grid after relying on diesel-powered generators for 53 years. Using generators all these decades has slowed the region’s economic development; this is a situation which the region’s heads wish to change. “No investor was ready to risk and establish an industry in Lamu while relying on power from generators. Businesses...

Coal of Africa Ltd (CoAL), a firm with a significant portfolio in South Africa’s coal industry, had the value of its shares soar on Tuesday 31 May 2016 on the London and Johannesburg stock markets. This follows an announcement regarding the signing of two subscription contracts for $15 million. CoAL’s share increased by 9.21% on JSE, and by 4.76% on the London stock market. Regarding...

South African conglomerate Imperial Holdings announced in a statement published on June 1, 2016, it will buy Palletways Group, a British firm which delivers palletized freight, for R3.8 billion ($242 million).  Imperial Holdings, which currently operates in logistics, car distribution and rental, and financial services highlighted that it acquired Palletways from the private equity firm...

The International Fund for Agricultural Development (IFAD) just launched in Tamale, Ghana, a $113 million project to promote agricultural value chains in the country. Entitled Ghana Investment Program (GASIP), the project will last six years and be implemented by the Ministry of Food and Agriculture (Mofa). The GASIP will mainly include development of infrastructures, technology transfer,...