Due to conflicts in the North African country which has cut electricity supply at oil fields, Libya’s oil production has dropped from 411,000 to 400,000 b/d according to the National Oil Corp (NOC), Bloomberg reports. Mohammed Elharari, an NOC spokesman explains that output in Libya has been hampered by unavailability of security, improper maintenance and power outages. Libya, holder of...

Eni SpA said its Q2 profit has dropped 84% as its subsidiary Saipem SpA, after a slump in crude prices earlier this week booked $1 billion in writedowns.“Adjusted net income declined to 139 million euros ($153 million) from 883 million euros a year earlier.” Eni said in a statement. Refining and productivity gains were offset by an adjusted net loss of 717 million euros at the...

The chief executive officer of Eni SpA, Italy’s largest oil producer Claudio Descalzi has declared his interest in returning to Iran once sanctions end as long as it can first recover investments made in the country. Eni has invested in Iran in the early 2000s, focusing on operations around the Persian Gulf. Descalzi however says he needs to find out more about the new contract model on offer,...

With the belief that crude oil will rise in the future, traders however, snap up storage capacity at the South Africa’s 45 million barrel strategic crude oil reserve depot, Reuters reports Global oil price is still depressed since the supply glut which led to more than halving of price last year. Industry sources explains that traders have been hoarding crude oil to take advantage of in...

The feud is again heating up between Malian musicians and the mobile network operator Orange. Once more, the Union of Associations of artists, producers and publishers of Mali are demanding payment of royalties for music used as ringtones or call waiting music from the telecom company. Three years ago, Malian musicians and producers had claimed from mobile telephone operators the sum of FCfa 500...

Algerian President Abdelaziz Bouteflika carried out a slight ministerial reshuffle on 23 July which concerned technical ministries. The minister of Trade Amara Benyounès, who had also led negotiations with the World Trade Organisation, has been replaced by Bekhti Bélaïb, who had previously held the office in the 90’s. An old opponent now rallied to Bouteflika, Mr Benyounès leads a small...

In Côte d’Ivoire, the region of Bafing will see the revival of a soy bean growing project which was abandoned for some years by the government. On a visit to Touba, President Ouattara announced the return of this project from 2016. “I have the pleasure of announcing something that we all have our hearts set on here in the region of Touba. This is the revival as at next year of the soy bean...

The Ivorian press agency (AIP) says in one of its news report that 250 journalists are covering the state visit of the President of the Republic in the district of Woroba, located in the North-West of the country. Alassane Ouattara and his spouse arrived on Wednesday 22 July. On the following Thursday, the minister of Communication, Affoussiata Bamba-Lamine (photo), promised journalists that her...

Bowleven Plc, a British oil and gas company with an exploration drilling permit on Bomono on onshore Cameroon, has drilled a hydrocarbon interval with the Zingana well within the permit area located in the Douala basin in Cameroon. This first exploration well, drilled in the permit zone 20 km North-West of Douala, reached a total depth of 1720 m. The oil and gas company based in Edinburgh...

“We are today ready to support our states in their move towards becoming emerging market economies”. Christian Adovelande (pictured), president of the West African Bank of Development (WADB), asserted, on Thursday 23 July, during a press conference at the headquarters of the bank in Lomé, this position which is the basis for the 2015-2019 strategic plan of the financial institution of...