The Phase 1 development project for natural gas exploration in Area 1 in the Rovuma basin is expected to be completed by 2021, with a yearly output of 12 million tons. According to the Chief Executive of Exploration and Production and President of PTTEP, Somporn Vongvuthipornchai (photo), out of the 12 million tons, 3.6 million tons of natural gas will be supplied to Thailand. He said the...

Ivorian Prime Minister Daniel Kablan Duncan said he is pleased with dynamism characterizing trade with France, that  surged to FCFA1,234 billion from FCFA673 billion between 2011 and 2015. The official also indicated that France, in 2014, became Cote d’Ivoire’s fourth foreign direct investor. “In 2014, flows of foreign direct investments to Cote d’Ivoire reached FCFA209 billion,...

In Madagascar, Sterling Energy has revealed plans to withdrawal from the Ambilobe block and hand over its operatorship to its joint venture partner Pura Vida. This announcement is coming after the partners reported this week that they were considering whether to forge ahead with the Phase 3 of their prospects on Ambilobe Block as the Phase 2 of the Ambilobe PSC will expire in July 2016. The JV...

In Angola, Sonangol has revealed that the unfavorable weather has hindered the fuel shipment arriving to the country from being discharged at ports. According to the state oil company, the country’s inability to ship fuel has resulted in massive queues at petrol filling stations. “Bad weather conditions that have occurred in recent times in Angola are hindering the berthing of vessels that...

President of Nigeria, Muhamadu Buhari, asked World Bank’s help to rapidly recover $320 million stolen under General Sani Abacha’s rule and hidden in Swiss accounts. The head of state appealed to the Bank’s Chief Operating Officer, Sri Mulyani Indrawatito as she was visiting Nigeria, after stopping by Cameroon. “We need the support of the World Bank for the repatriation of the...

During the first quarter of 2016, miner Impala Platinum produced 353,000 ounces of platinum, up 17% from 301,000 ounces in Q1 2015. The increase is mainly due to higher output at its Zimbabwean mine which produced 89,000 oz during the quarter, compared to 52,000 oz over the same period last year. Moreover, the firm had good results at its Marula and Two Rivers Mimosa mines, in South...

After talks by Uganda and Tanzania to run a pipeline through Kenya collapsed last week, the country has decided to construct its own pipeline to transport crude oil. According to Energy Cabinet Secretary Charles Keter (photo), this planned oil pipeline from Lokichar to Lamu via Isiolo will be completed by Q2 of 2021, and will cost Kenya $4.2 billion. He noted that the choice made by Uganda...

After five years of oil production, the petroleum sector in Ghana has delivered 7,000 permanent jobs as oil prices in the global market has been fluctuating, causing job cuts and affecting economies. According to the CEO of Ghana's Petroleum Commission (GPC), Theo Awhireng, 80% of the jobs went to Ghanaians while the remaining 20% went to outsiders, Xinhuanet reports. “There is a general...

Miner ETA-Zuma announced it plans to build a 300 MW coal-fired power plant in Nigeria. The firm which obtained a licence to develop a 1200 MW thermal plant will first build a 300 MW plant due to investment’s size, revealed the company’s chief executive Joseph Avalogu. The plant is to be built in Itobo, Kogi State. The chief executive told News Agency of Nigeria that construction works would...

In March 2016, inflation in Ghana soared to 19.12% from 18.5% in February. After public transport, it is now tariffs of water, electricity and fuel that surged significantly at the end of first quarter 2016. The Central Bank of Ghana said on Tuesday 26, 2016, that cutting inflation down has become a priority. According to Reuters, Central Bank’s interest rates should be reduced to help SMEs...