In an analysis review published on October 26, 2015, the rating agency Moody’s said a prolonged low oil price could cause Nigerian banks to see their cash flow in dollars drained and their balance sheet position strained. After falling 5% last week, oil prices once again went above $32. This, according to observers, is due to the cold wind that blew over Europe and Northern American and...

Libya witnessed another explosion on Sunday as five of the terminal's 13 tanks were damaged in the blaze at the oil facility in Ras Lanuf. According to the National Oil Corporation (NOC), at least, 3 million BO was lost and the terminal will currently be facing a long shut down. Meanwhile Petroleum Facilities Guard spokesman, Ali al-Hassi, noted that authorities were still evaluating the...

Egypt has entered into a 5-year deal with Saudi Arabia to get around $20 billion of oil products, a government official revealed. According to the official, the deal provides easy payment terms for Egypt. He said further details of the deal is to be announced publicly at a ceremony attended by both heads of state. The official disclosed that the two countries have also concluded a 3-month...

Ophir Energy on Monday announced that it has entered into a head of terms agreement with Schlumberger in which the latter will take a 40% economic interest in the Fortuna project offshore Equatorial Guinea. According to Share Cast news, the agreement which is expected to be signed in Q2 of 2016 allows Schlumberger to pay 50% of Ophir's past expenses in the form of a development carried interest...

As Tunisia currently faces some social turmoil, French President Francois Hollande promised an aid of €1 billion to help the country face the crisis. “France will implement a plan, involving the provision of €1 billion and extending over 5 years, to support Tunisia”, the French President said in a release published on January 22 at the close of a meeting between him and...

Egyptian Natural Gas Holding Company (EGAS) on Friday revealed that in December 2015, it suspended a liquefied natural gas (LNG) delivery from BP till later this year, Reuters reports. BP’s LNG carrier, British Sapphire, was diverted to Brazil instead of discharging in Egypt due to payment issues, traders said. “This is completely untrue”, EGAS Chairman Khaled Abdel Badie (photo)...

With over 367 million mobile phone users, Africa is a market to conquer for the social gaming specialist Gameloft. Vincent Brezillon, Gameloft’s director Africa, said this is the reason why they opened an office in Nigeria. The company, in sight of the excellent results it achieved in South Africa where it has opened shop 2012, is confident to achieve its goal. “The success that we’ve...

The year 2016 looks bright for nickel-producing companies. At least it does according to the forecasts of a certain number of Finance experts, Bloomberg and Crédit Suisse. Following the drastic fall in prices of nickel which resulted in a depreciation that cost many firms billions of dollars, this forecast seems is a glimmer of hope shinning on the tumbling industry. If it proves true, this...

On January 21, 2016, at the World Economic Forum held in Davos, a new global partnership was established during a session of the UN Broadband Commission for Sustainable Development. The goal of this partnership which involved all the Forum’s participants is to connect 1.5 billion people more to internet by 2020. Presently, only 3.2 billion people, out of a world population of 7.4 billion,...

The more the prices of crude oil in the international market continues to decline, the more the pressure on OPEC members to come to an agreement increases, analysts revealed. “The first two objectives of either getting all the OPEC countries to collectively make production cuts or introduce participation of additional major non-OPEC countries, albeit not necessarily with a membership of OPEC,...