The Nigerian National Petroleum Corporation (NNPC) is currently in a dispute with ExxonMobil and Shell on the ownership of physical crude cargoes as the country plans to bolster its budget. Du to this disagreement, Nigeria’s monthly oil export programmes have been delayed and there has been confusion over the amount of crude the country has at its disposal to swap for gasoline and sell to fund...

The New Development Bank just granted South Africa a loan of $180 million to develop its renewable energy sector. According to the bank’s spokesperson, the funds will be used to develop a 670MW transmission line and renewable energy producing plants with a combined capacity of 500 MW. These plants will be established by independent power producers. The $180 million loan to SA is...

United Arab Emirates’ largest Islamic bank, Dubai Islamic Bank, should start its activities in Kenya by the end of 2016, Kenyan media revealed citing sources close to the process. The bank should thus become the third financial institution to provide banking services that are compatible with Islamic regulation in Kenya where 10% over a population of 44 million are Muslims according to official...

In Ghana, the Agricultural Development Bank raised 450 million cedis (about $119 million) on the Ghana Stock Exchange through an Initial Public Offering (IPO), the first in about two years. The offer was overwritten. Ghana stock exchange approved extension of delays and resulted in it being scaled up by 100 million cedis. From the raised sum, 300 million cedis should be added to Adb’s...

Tharwa Petroleum Company has revealed that it drilled three new wells in Siwa in the Western Desert, in Egypt, of which they all achieved successful results and have been placed on production maps. The company declared this during its General Assembly meeting to review its production in 2015 in the presence of Tarek El-Molla, Egypt’s Minister of Petroleum and Mineral Resources. According to...

Egyptian Petroleum Minister, Tarek El-Molla (photo) on Tuesday revealed that the country will launch a new oil exploration round in the coming week, to offer 11 blocks in the Western desert and the Gulf of Suez. According to him, Egypt also plans to launch two gas exploration rounds this year. Egypt used to be a net energy exporter, but increased consumption and declining output has made the...

Engie has signed a cooperation agreement with the Egyptian National Gas Company (EGAS) for the importation of liquefied natural gas (LNG) to Egypt. The company said the contract was executed during the visit of President François Hollande to Egypt but did not disclose the terms of the cooperation. “Engie and the Egyptian national company EGAS, under the auspices of the Egyptian Ministry of...

Total on Tuesday announced that the Floating Production Storage Offloading (FPSO) vessel for its Egina deepwater field will be received in Nigeria either by March or April 2017. The 200,000 bpd capacity FPSO vessel is currently being constructed by Korea’s Samsung Heavy Industries at a cost of $3.3 billion. According to Ahmadu-Kida Musa, the Deputy Managing Director of Total E & P...

Total Exploration and Production and the Nigerian National Petroleum Corporation (NNPC) have revealed plans to invest $5.7 billion for the development of the Oil Mining Lease (OML) 58 production facilities so as to meet the federal government’s gas flare out policy. According to the Managing Director of Total, Nicolas Terraz, the aim of the OML 58 development projects was to increase the...

Mauritanian journalists Jedna Deida and Babakar Baye Ndiaye who are being sued by the President’s son Badr Ould Abdel Aziz for defamation are yet to know how their ordeal will end. These two, Jiddna Deida, publishing director of Mauriweb, and Babakar Baye Ndiaye, webmaster of Cridem, reported that the President’s son shot a shepherd. Subsequently, they were arrested on April 7, 2017, and...