Angola is now Africa’s top oil producer, as the country overtakes Nigeria in output level for the second time. Nigeria’s oil production dropped by 67,000 bpd in March at 1.677 million bpd from the 1.744 million bpd in February making the country the second top oil producer country in Africa after Angola, according to the Organization of Petroleum Exporting Countries (OPEC). Nigeria saw the...

A threat of locust invasion looms over North Africa. Truly, UN’s Food and Agriculture Organization revealed that Morocco, Algeria and Mauritania could suffer this disaster if precautions are not taken. FAO said North-Western African nations should monitor the locusts’ reproduction zones. The colonies were discovered in Yemen. The institution put the accent on Morocco’s Draa Valley and the...

Eland Oil & Gas, in its operational update on the Opuama-3 well re-entry announced that the Canal access clearing activities have been concluded, delivering the needed access to the Opuama-3 wellhead. According to the company, the deployment of contractor equipment which includes crude storage barges and the associated marine spread from Warri and Port Harcourt to the Opuama-3 wellhead has...

Renovation work on the pipeline feeding Forcados crude oil, is estimated to last till June, the Cables news reports. The facility which is operated by Shell was damaged by an explosion on February 21, causing a leak that warranted it to stop loadings. The explosion had disturbed production and exports at Forcados, which has the capacity to export about 400,000 bpd, and was planned to export...

Africa’s top mezzanine fund manager, Vantage Capital, agreed to support Nigerian property developer landmark, by providing it $20 million. Given the risk associated to this type of financing and recent events regarding South African investments in Nigeria, Vantage Capital’s initiative seems more like a renewal of trust by South African actors in Nigerian opportunities. “Nigeria has...

Pan African Bank Ecobank Transnational Incorporated fell by 73% to $107.5 million in 2015 from $394.7 million a year before. “Our 2015 results were disappointing. We did a comprehensive review of our processes and portfolio leading to elevated impairment charges in the fourth quarter. Impairment losses were significantly increased by $265 million to $532 million,” said...

Though it was revealed on April 11, 2016, Senegal Airlines was stripped from its operating licence by Senegalese Civic Aviation agency ANACIM on April 2nd after the agency noticed that the airlines had no more planes, and a debt of $110 million. “Despite the government’s financial support, Senegal Airlines could not reach the development targets it set in its concession agreement. The...

In the framework of a legal investigation involving Spanish firm Pefaco, headquarters of French group Bolloré in Puteaux were searched on April 8, 2016. Pefaco, whose headquarters are in Barcelona, has assets in games, casino and hospitality, and is present in many African countries (Benin, Burkina Faso, Burundi, Congo, Cote d’Ivoire, DR Congo, Niger, Nigeria, Rwanda, Togo). French...

DeepOcean has announced that it has been granted a three-year contract by Tullow to provide a light construction vessel (LCV), offshore Ghana. According to the company, the DP2 ROV/construction vessel Dina Star, has been prepared with two 220HP Constructor ROV systems owned by DeepOcean Ghana. The scope of work includes inspection, maintenance and repair (IMR), surveys and subsea construction...

The Nigeria LNG Limited (NLNG), plans to add another train to its six existing trains at its base on Bonny Island, Nigeria. The new train, when combined to the current six and a seventh train that had been on hold for more than 10 years, it will make the total number of trains at the NLNG plant increase to 8. According to the Managing Director of the NLNG, Bab Omotowa (photo), the new Train 8...