South African assets manager Investec Asset management has been appointed to manage a $670 million fund of Emerging Africa Infrastructure Fund (EAIF), a public-private partnership backed by the governments of UK, Holland, Sweden and Switzerland to finance infrastructure projects in sub Saharan Africa. The assets manager’s selection results from a call to tender to which more than 30...

South Africa’s economy continues its descent into hell. After falling, in 2014, to the second position as the Nigerian National Bureau of Statistics released an update, the country now loses its silver medal as well. In a report published on May 11, 2016, audit and counseling firm KPMG revealed that Egypt stripped the rainbow nation of its position, as rand (SA’s currency) significantly...

In Libya, Tripoli based National Oil Corporation (NOC) has announced that it cancelled two oil cargoes from its export programme for this month as a result of the blockage of exports from the Marsa al-Hariga port by rival NOC. According to NOC spokesman, Mohamed el-Harari, the rift between the two factions is making Libya lose $10 million per day and so far $120 million worth of...

The newly formed group, Niger Delta Avengers, have issued a two-week ultimatum to all the oil firms operating in the region to shut down operations and evacuate staffs or witness a bloody attack. “The Niger Delta Avengers is giving two weeks ultimatum to all oil companies in our region to shut down and evacuates their staff. To international oil companies, this is just the beginning and you...

The President of Gabon, Ali Bongo Ondimba (photo) has confirmed that Shell is planning to farm out its onshore assets worth $700 million. The company’s onshore assets which includes the Rabi Kounga and Gamba fields is expected to be bid for next month. Shell has been active in the country since the 1960s and has enjoyed its position as one of the biggest investors in the energy sector....

Over the past year, from March 2015 to March 2016, Canal+ landed 500,000 new customers in Africa. The French pre-paid TV group thus brought its number of customers to over two million across the continent. It should be recalled that up till February 2016, Canal+ gathered around 5.5 million customers worldwide (France excluded). These numbers were updated on May 11, 2016, by Canal+’s owner,...

The International Energy Agency (IEA) on Thursday revealed that Iran has helped the global oil market become stable by counterbalancing concerns caused by the troubles in Canada and violence in Nigeria through the unexpected increase in its oil production. According to the Agency, stronger demand growth and global supply outages are helping to move the oil market closer towards stability. Oil...

In Mozambique, the Managing Director of Eni East Africa has announced that there is still hope of a final investment decision on natural gas exploration in the Rovuma basin this year. According to Fabio Castiglioni, the approval of the development plan of the Coral Sul field in area 4 of the Rovuma basin in February was a major step in the progress towards the final investment decision of the...

Mining company Xtract Resources announced that gold resources at its Manica project, Mozambique, increased 36% to 1.26 million oz. The new estimate follows a technical study of mineral resources of the Fair bride deposit at the project, conducted by Minxcon Projects. The miner also indicated that the study’s results will be integrated to the project’s bankable feasibility study, which is...

South African Energy Minister, Tina Joemat-Pettersson, has announced that the country is currently planning to introduce a new law that will separate parts of its oil and gas rules from the legislation governing the mining industry. According to her, the plan involves separating the section that have to do with the petroleum value chain from the mineral regulatory framework. “Exploration and...