The much awaited floating production, storage and offloading (FPSO) vessel, Prof. John Evans Atta Mills, was received at Ghana after a long voyage from Singapore. The FPSO, which left Singapore on January 23, 2016, is to be set up at the Tweneboa-Enyenra-Ntomme (TEN) offshore oil fields operated by Tullow. Owned by Modec (a Japanese company), the TEN FPSO is 340 metres long and can process up...

After 18 months, the Nigerian LNG facility on Bonny Island has dispatched its first cargo to the United Kingdom. According to shipping data the 145,926 cbm LNG Enugu constructed in 2005 by DSME of South Korea will be received at Dragon import terminal on March 10, 2016. Nigeria LNG in 2015 shipped about 40% of its output to Asia with 30% winding up in Europe but none was delivered to the United...

Indian telecom group Tata Communications Ltd, not discouraged by the recent failure of Vodacom to acquire its South African subsidiary Neotel, is seeking a new buyer. On March 2, 2016, a few days after the court of Pretoria rejected the transaction, Tata’s Director General, Vinod Kumar told Reuters: “We have been in discussions with Vodacom so there is no other potential buyer we are...

Some member countries of the Organization of Petroleum Exporting Countries (OPEC) plan to hold talks with non-OPEC members in Russia around March 20 to agree on output freeze, Kachikwu revealed. “We're beginning to see the price of crude inch up very slowly. But if the meeting that we're scheduling, should happen in Russia, between the OPEC and non-OPEC producers, we should see some dramatic...

Tullow Ghana Limited, has announced that the floating production storage and offloading (FPSO) vessel, Kwame Nkrumah will undergo a 14-day shutdown for maintenance. According to a statement issued by a company official, the vessel which operates in the Jubilee oil fields off the coast of the country, will be shut down on March 20, 2016 for maintenance. “The 14 days shutdown is to allow for...

In Djibouti, a ceremony to commence the construction of a liquefied natural gas (LNG) export terminal was held on Thursday in Damerjog. The LNG facility is to be developed by POLY-GCL Petroleum Group, (a joint venture between China POLY Group and GCL Group). The project is estimated to cost $4 billion with initial LNG export anticipated by mid-to-late 2018. According to POLY-GCL, the...

South African bank Standard Bank reported in a statement published on March 3, its net profit in 2015 soared 34% to R21.37 billion ($1.37 billion) from 2014. The increase is due to better net interest revenues but also to the sales of its loss-making subsidiaries in U.K. and Brazil. Earnings per share excluding non-recurring items of Africa’s leading bank in terms of assets recorded a 27%...

In Egypt, Orascom Telecom Media and Technology (OTMT) Holding said it is currently studying alternatives to fund acquisition of CI Capital, the investment branch of Commercial International Bank (CIB). The alternatives include funding from external banks. On February 28, 2016, CIB, Egypt’s leading listed bank, signed an agreement with OTMT, for the sale of CI Capital, for EGP924 million...

After raising last month €75 million from Axa, Africa Internet Group just mobilized from Goldman Sachs, MTN and Rocket Internet, €225 million. Africa’s leading e-commerce operator now has €300 million to fund its development, namely that of its leading brand Jumia which is active in 11 countries: “This investment is proof of Jumia’s success and it gives us more...

SacOil Holdings Limited, has announce that it has successfully concluded the Lagia Phase 2 development programme, onshore Egypt. Upon completion the company achieved a production target of 1,000 bpd on the oil field. The phase 2 of the development program included the installation and commissioning of steam facilities for a thermal recovery process on current production wells, the drilling of...