The Ghana Stock Exchange will have to wait a bit more before receiving the Agricultural Development Bank according to recent news regarding its Initial Public Offering, which at the end of March 2016, mobilized a record sum ($119 million) in Ghana. The firm said in a statement it was not in phase with investors who acquired shares available to public. Twice already, has the Ghanaian government...

Eni has declared a force majeure on Nigeria's Brass River crude oil stream following an explosion on its Ogbaimbiri-Tebidaba pipeline in Bayelsa state on Sunday evening, according to the company’s spokesman. The attack follows a similar attack on an Eni pipeline last week and attacks on oil installations run by Shell and Chevron at the beginning of May by militants. Approximately 21,000 bpd...

Poorer members of the Organization of Petroleum Exporting Countries (OPEC) which obtained loans to be paid back with oil, are currently conveying three times more than expected so as to respect repayment schedules as the prices of crude oil has dropped, Reuters reports. Due to this, the finances of countries like Angola, Nigeria, Venezuela and Iraq have been weakened since the loan were obtained...

Sound Energy on Tuesday announced that the first Tendrara well onshore Morocco has now been spud to the third and final casing point at a measured vertical depth of 2475 metres.This is coming a week after the company announced that it has drilled the well to the second casing point at a measured vertical depth of 1316 metres. According to Sound, the operation to set and cement the 7" casing in...

The Nigerian Minister of State for Petroleum Resources, Emmanuel Kachikwu (photo), has revealed the Federal Government is planning to end the importation of fuel in the country by 2019. According to Kachikwu, the current plan by the Government is for the importation of petroleum product to have reduced by 60% by December 2018. “For the first time, I am putting so much strength in terms of...

South Sudan’s national Minister of Petroleum in the Transitional Government of National Unity, Dak Duop Bichiok, has announced that his ministry is doing everything possible to make sure that oil production in the country increases by July 2016. According to him, a 21 member team has been set up to work on the process of increasing the oil production. The team will begin with the execution of...

The Public Investment Corporation (PIC), South-Africa’s pension fund manager, is forming a consortium of black investors to buy a stake in Barclay’s African unit, Bloomberg reported on May 23. “There are discussions with institutional investors managing black money, such as pension funds,” Dan Matjila, head of Africa’s biggest fund manager, the PIC, said. “We don’t have the...

African economies should grow, in average, by 3.7% in 2016 before climbing to 4.5% in 2017, as resilient private consumption and investment offsets the effect of a slump in commodity prices and global headwinds, the African Development bank (AfDB) said on May 23, 2016 in a report. Published in the framework of the 51st annual general assembly of AfDB, the report entitled “economic outlook in...

Circle Oil Plc, is currently planning to farm-out its 40% interest in North West Gemsa field in Egypt.This is coming days after the company announced the completion of the 2016 infill drilling campaign on the field. The concession, which includes Geyad, Al Amir, Al Amir SE, and Al Ola, is operated by PetroAmir, a joint venture between EGPC and ZhenHua Oil with 50%, Circle Oil with 40% and SDX...

As part of efforts to ensure EU’s energy security, EU Commission spokesperson for Climate Action and Energy, Anna-Kaisa Itkonen (photo), has announced that Algeria will continue to be European Union’s main partner as regards the supply of gas. “Estimations of the EU gas consumption, whatever was the scenario, show that Europe will remain a great gas market and will import from other...