Egyptian Mineral Resources Authority (EMRA) has revealed that it entered into 64 agreements worth $14.3 billion between November 2013 and January 2016. The ministry also revealed that it entered into agreements to search for new oil wells in the Suez. The agreements are worth $977.3 million. This declarations are coming on the sideline of the signing of a new petroleum agreement...

Leapfrog Investment announced it has acquired a majority stake in UT Life insurance Company Ltd, a Ghanaian firm specialized in life-insurance services. This is the company’s second investment in this sub-sector, and the third one in insurance. The announcement regarding this investment came few days after Prudential group announced it provided Leapfrog with $350 million to be invested...

Nigerian digital payments company Interswitch should proceed to a dual-listing on the London and Lagos stock markets sometime between Q2 and Q4 2016, credible sources reveal. The transaction was announced in June 2015 by the firm’s CEO and founder, Elegbe Mitchell. “We are looking at doing an IPO. We’re looking at U.K and Nigeria. Our Industry is one that investors love. They...

Chevron has announced that once the new commissioning process begins, its $10 billion Liquefied Natural Gas (LNG) export plant in Angola will ship its first cargo of chilled gas in Q2 of 2016. The LNG export plant was closed in April 2014, 10 months after it sent its first cargo of LNG due to a major break on a flare line. According to the company with the new commissioning underway, gas...

As its economy took a hit from slump in oil price, Nigeria is now in talks with the World Bank and African Development Bank (AfDB) for $3.5 billion of emergency loans which it plans to use to plug its budget deficit, Bloomberg reported on January 31st, citing Minister of Finance, Kemi Adeosun.  “While discussions are going on, a formal request hasn’t yet been made to the World Bank...

Solo Oil on Monday announced that it has been advised by Aminex PLC that the proposed agreement with Bowleven PLC to farm-out acreage in Tanzania, should not progress.  Solo had announced the farm-out of a 25% interest in the Kiliwani North Development Licence and a 50% interest in the Ruvuma Product Sharing Agreement (PSA) to Bowleven on November 19, 2015. Due to the inability to agree to...

In Benin, the main opposing party, Parti du Renouveau Democratique (PRD) announced on January 30 it was supporting the ruling party’s candidate, Lionel Zinsou, for the presidential election which is to be held next February 28. PDR made the announcement regarding Mr Zinsou, Benin’s prime Minister since June 2015, during an amazing congress in Porto-Novo. “My dear supporters, Lionel...

Philia, has witnessed the successful conclusion of the Marine XIII 3D seismic survey offshore the Republic of Congo.  The aim of the seismic which secured 237km² of full-fold data covering the northern half of the Marine XIII block, is to allow for more accurate analysis of prospective hydrocarbon plays in the pre-salt and in the post-salt prospective sequences of the sedimentary Congo...

Aminex in its operational update on Monday announced that the Kiliwani North-1 well is at present experiencing a final well integrity testing before the commencement of first production.  This is coming after the signing of a Gas Sales Agreement (GSA) in January 2016. The gas price agreement of $3.00/mmBTU, (about $3.07/mcf), is indexed-related to the US Consumer Price Index (CPI)...

In a release published on January 29, the rating agency Standard & Poor’s (S&P) announced it has downgraded Gabon’s long term sovereign credit rating in foreign and local currencies to “B” with a stable outlook from “B+”. S&P also gave a “B” to the country’s short term sovereign credit rating in foreign and local currencies. The agency said the downgrading was...