The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, on Monday revealed that the country will have to return to the initial pump price of N97 per litre of petrol, in 2016. Kachikwu made this known while defending the ministry’s projections as contained in the 2016 to 2018 Medium Term Expenditure Framework and Fiscal Strategy Paper. He noted that the country’s economy was not able...

In Kenya, the prices of Fuel dropped in spite of expectation of an increase due to the enforcement of the excise duty Act, Daily Nation reports. The execution of this excise duty law began on December 1, thereby resulting in a Sh2.06 increase in duty on diesel to Sh10.30 per litre. According to the Energy Regulatory Commission (ERC) the price of super petrol witnessed a Sh0.4 drop per litre....

In Western and Northern Africa, ten countries (Algeria, Burkina Faso, Lybia, Mali, Morocco, Mauritania, Niger, Senegal, Chad and Tunisia) are taking the necessary measures to face a potential locust invasion. These countries that vividly have in memory the disastrous locust invasions of 2003 and 2005 reinforced their defense mechanism against the insects. Nevertheless, the exceptional rains...

The Chief Executive Officer of Oilserv Limited, Emeka Okwuosa on Tuesday revealed that works on the Ob/Ob 3 East-West gas pipeline project being executed by his company has been delayed by the non-delivery of pipes by a contractor. This pipeline is a 120 km, 48” pipeline network. With a capacity to move 2bcf of gas from the east of Nigeria to fire power stations in the West, Kogi and northern...

Tullow Oil in its operation update on Tuesday announced that its Etom-2 well in Northern Kenya came across more than 100 metres of net oil play in the best quality reservoir in the South Lokichar Basin. The PR Marriott Rig-46 drilled the well to a total depth of 1,655 metres. The rig is to move to Block 12A where it will drill the Cheptuket-1 well (the first well to be drilled in the Kerio...

The President of the Organization of Petroleum Exporting Countries (OPEC), Emmanuel Kachikwu, on Tuesday announced that the group will hold an urgent meeting, if the prices of crude does not recover by February 2016. “It is expected that the upward trend in oil prices will be seen by February next year. If it does not happen, it is clear that OPEC will need to have a very urgent meeting”,...

World’s third largest platinum producer Lonmin, announced on Friday December 10, 2015, it failed to raise the $400 million it intended to by issuing 27 billion new shares at a nominal value of $0.01 per share. Despite being supported by shareholder Public Investment Corporation, the company sold only 17 billion of its new shares. Lonmin previously said that it needed to successfully...

17 years after his death, the street where Norbert Zongo was murdered in Ouagadougou, Burkina Faso, was named after him. The Norbert Zongo Avenue was commissioned on the 13 December, a day before his death anniversary. Present at this ceremony was the transitional Prime Minister, Yacouba Isaac Zida.  “With this, Norbert has truly become immortal. This is the first step in a victory...

Brazilian-Belgian brewer Anheuser-Busch InBev (AB InBev) announced in a release published on December 14, it was going to list on Johannesburg Stock Exchange (JSE) in mid-January 2016. The world’s largest brewer who announced last November a formal agreement regarding a merger valued at €112 billion with SABMiller, also said it has already received approval from the South African...

Sonatel, Orange’s subsidiary active in Senegal, Mali, Guinea and Guinea Bissau, announced it would commission on February 1, 2016, a global network operation center in Dakar. The facility which will be built in collaboration with other Orange subsidiaries in Cameroon, Central Africa, Côte d’Ivoire, Niger, Democratic Republic of Congo, will allow for the pooling of all of Orange’s networks...