The Chief Executive Officer of Nigeria LNG Limited, Babs Omotowa (photo), has revealed that Nigeria needs new investment otherwise the country will lose her current 4th position as world’s largest exporter of LNG to 10th position by 2020. According to Omotowa, NLNG raised Nigeria to the 4th exporter of LNG in the world, after Qatar, Malaysia and Australia and had earned $90 billion in...

In Libya, the Eastern Tripoli government has exported its first cargo of crude oil ever since the country was divided into two independently governed regions in late 2014. The vessel Distya Ameya, was laden with 650,000 BO produced from the Messla and Sarir oil fields at Hariga port, Omran al-Zwai in the east and was bought by UAE- based DSA Consultancy FZC, en route to Malta. The National Oil...

In Egypt, Energean Oil & Gas has announced the conclusion of a new 2D seismic survey over the West Baliana interior rift basin North West of the Komombo-Block 3 concession area. The survey which took 3 months was carried out by Africa Geophysical Services. The company secured an overall 389 km of 2D seismic data, summing up the total coverage on the block to 2,000 km. This survey was...

Last week,Commonwealth DevelopmentCorporation(CDC Group) committed to two investments in sub Saharan Africa. CDC Group will support, with a $9 million loan, the project of Virunga Power to produce 50 MW of hydropower and improve its distribution network for surrounding communities in DR Congo. British Minister for International Development, Nick Hurd, said the commitment emerged from...

International Atomic Energy Agency (IAEA) approved Kenyan government’s application to integrate nuclear power in its energy mix. Last week, the agency submitted minister of mines, Dan Kazungu, a review of the request, issued after four years of work. According to IAEA’s deputy director general, Mikhail Chudakov, “Kenya should utilize nuclear power for it to become a middle-income country...

According to the son of King Salman of Saudi Arabia, the country should, in 2020, be no more dependent on oil and build itself a new future. “I believe we will be able to live without oil in 2020,” he said on TV, announcing an ambitious plan to transform and diversify the economy. The project consists in selling on the bourse, less than 5% of Saudi Aramco as well as its 261 billion barrels...

Acquisition of True Gold by Endeavour Mining for $143 million, announced in March 2016, has been approved by 95% of the firm’s shareholders. At Endeavour, 99.82% of shareholders approved the transaction. They also approved the issuing of 18.9 million new shares to True Gold’s shareholders as previously stated under acquisition agreement. The closing of transaction, planned for April...

MTN announced it has spent R6.9 billion ($484.4 million) since the beginning of 2016, twice what it did in 2015 over the same period, to improve its mobile data service. “Revenues from data remain a top priority. We registered a significant growth during the first semester,” said Phuthuma Nhleko, MTN’s managing director. At March 31, 2016, the global number of MTN users fell by 1.4% or...

A new investor just joined Asoko Insight, a firm that provides data and analysis on African financial markets. The company just received $1.35 million from Singularity Investments which funds firms with high-potential. With the $1.35 million funding, Asoko Insight will be able to further build its data collection capacity across its main markets, namely Nigeria, Kenya and Ghana. The...

Bidco has started construction of a Sh4 billion beverage factory in Thika, Kenya. This plant could compromise the domination of Coca Cola and Del Monte in the non-alcoholic drinks market. With the plant, Bidco will have two processing lines, with a combined capacity of 48,000 bottles per hour, and another factory which will produce up to 100 million plastic bottles per year. Overall, annual...