The State minister, minister of Foreign Affairs and International Cooperation, Ramtane Lamamra, revealed a little about the preoccupation of Algeria on the current oil prices, answering the media Monday at the end of his meeting with French president François Hollande. According to APS, Mr Lamamra appears optimistic about the “clean-up” of the oil market and revealed that his country is...

Bass Metals Ltd, gold and base metals mining company, secured, it announced on 26 October, USD 535,000 from investors and other partners as part of its financing search for the company Graphmada, active on the graphite sector in Madagascar. The company listed on ASX added that it has concurrently started a process to enable it secure additional funds to complete the first investment phase in...

During the press conference organised on 28 October 2015 in the ministry, Imane Houda Feraoun (photo), Algerian Minister of Posts and Information and Communication Technology, announced the start of the optic fibre interconnection works from Algeria to Spain for this month of November 2015. Two sections will be worked on: Oran-Valencia and Algiers-Valencia. The project which dates back to 2009,...

French Global EcoPower (GEP) has backed out from the Nova Power acquisition. GEP had started, in February, the buyout process, under condition precedent, for the young Moroccan solar plant development company which operates in Morocco, West Africa and Middle East. These conditions not being exercised within the deadline is the main reason for abandoning the operation started by the French...

During the first half of 2015 ending 30 June 2015, the outstanding balance on loans and customer deposits for the Côte d’Ivoire subsidiary of Société Générale group improved respectively by 31.3% at FCfa 453.3 billion and 16.2% at FCfa 748.14 billion. Personal and corporate credits increased, the financial company explained. In these conditions, its Net Banking Income increased by 19.3%...

Orca Exploration Group Inc. has been granted a loan to finance part of its offshore development project, in Tanzania. The company entered into the $60 million loan agreement with the International Finance Corporation (IFC), a member of the World Bank Group. “The conclusion of the IFC financing is a significant achievement for Orca and an important endorsement of the Company’s...

Following the success of two of its three applications in Mozambique’s fifth licensing round, Sasol has announced that it is set to explore wells in the country. Sasol as operator with 70% and Empresa Nacional de Hidrocarbonetos (ENH) the state oil company with 30% carried interest, were awarded the onshore Area PT5-C, which is about 3 012 km², adjacent to the Pande and Temane...

Towards reducing the time ships wait at the port as a result of limited storage space, Vivo Energy a leading oil marketing company has decided to open storage tanks with a 14 million oil storage capacity in Mombasa. According to officials, the expansion is to save the country exorbitant demurrage charges enforced by shipping lines for keeping vessels waiting due to limited storage capacity. The...

Equatorial Guinea’s Ministry of Mines, Industry and Energy is to launch a new bidding round for all outstanding deep and ultra-deepwater blocks in 2016, following the success of its 2012 and 2014 bidding rounds. Two operators; RoyalGate Energy and Brazil’s G3 Oleo e Gas have confirmed further exploration prospects in Equatorial Guinea in 2016. RoyalGate Energy is to drill Block Z and G3 Oleo...

The biggest gas find in Egypt, Zohr, has the potential to supply much of the country’s increasing domestic gas demand as well as having an impact on regional gas commercialization plans, new analysis from IHS reveals. IHS noted that as a result of an imbalance in demand and production, all the gas initially meant for exports has been distributed for use in the domestic market.“While there...