The chairman of Transnational Corporation of Nigeria (Transcorp), Tony Elumelu (photo) has announced that the company is currently in talks with the Nigerian National Petroleum Corporation (NNPC) as regards the purchase and renovation of some abandoned gas fields in Niger Delta. According to Tony, the aim of the project is to fulfil the company’s commitment in improving the country’s economy...

Ophir Energy Plc on Friday announced that its partner Schlumberger has withdrawn from the Fortuna project in Equatorial Guinea. According to the CEO of Ophir, Nick Cooper, the company was unable to finalize the agreement for the project based on the terms agreed on in January. He said talks are currently ongoing with other counterparties that can provide the finance. Under the head of terms...

Following a setback on the offshore Jubilee field in Ghana, Tullow Oil, has revealed that it has cut its 2016 expenses. According to the CEO of Tullow Oil, Aidan Heavey (photo) it has been a very busy start to 2016 for Tullow. In December, 2015, Tullow, submitted its complete development plans to the government of Ghana for the Jubilee Field. Operations on the field were limited that year due to...

Eco Atlantic Oil & Gas on Friday announced that it has received several approvals from the Ministry of Mines and Energy in Namibia regarding the Cooper (PEL 030), Guy (PEL 034) and Sharon (PEL 033) licences. According to the company, alongside its partners; Tullow Kudu, AziNam and NAMCOR, all commitments of the first exploration period specified in the Petroleum Agreement on the three...

Global Petroleum in its operational update on its assets in Namibia, announced that it has been granted an approval by the Namibian authorities to enter the Phase 2 of the petroleum exploration licence covering blocks 1910B and 2010A in the Walvis Basin. According to the company, the Phase 2 of the exploration licence is for a duration of 2 years starting from December 3, 2015 with a minimum...

The fuel scarcity situation in Nigeria has been termed as the country’s most severe crisis as it is putting pressure on a fast deteriorating economy that has been hit by the slump in global oil prices thereby creating a foreign exchange disaster. Efforts to ease the situation in the country has proved abortive. A decline in investment, diversion of fuel to neighboring countries, vandalism,...

Turkish firms Limak and Summa committed to deliver Dakar’s new international airport, Blaise-Diagne, within the next 8 months. This was revealed on April 27, 2016 at the signing of agreements officializing charge transfers for construction of the infrastructure. After visiting the airport’s site today, I can assure you that we can finish construction way before eight months, said Salim Bora,...

This year, the world will record its greatest cocoa deficit since 1980. This was revealed by Amit Suri of Olam, who is in charge of the cocoa division of world’s third biggest cocoa processor.  According to the official, the deficit will reach 308,000 tons at the end of September. This estimate, which exceeds January’s 122,000 tons, is based on damages to yields as a result of dry...

Ivorian government has approved on April 27 a $US12 million loan agreement signed on March 21, 2016 with the Arab Bank for Economic Development in Africa (BADEA), for the construction and equipping of a hospital in Youpougon, Abidjan. This project is part of the Government’s sectoral strategy and Health Sector National Development Plan, which aims to support the strengthening of...

In partnership with Chinese firm TBEA Contractor Ltd, Ethiopian Electric Power (EPP) signed a $98 million funding agreement to develop an electric transmission project. 85% of the funds were mobilized from Exim Bank of China as part of a commercial loan. Remainder will be provided by Ethiopian government. The transmission line will be laid by TBEA in the Bole Lemi and Kilinto industrial...