The Nigerian Minister of State for Petroleum Resources, Emmanuel Ibe Kachikwu (photo), has announced that the country plans to establish an independent agency to control the gas industry. According to the Minister, the government would continue to be the policy maker but the new independent petroleum regulatory authority would be created and provided with adequate capacity to regulate the...

Egypt’s oil ministry has signed a memorandum of understanding with Iraq in order to import oil from the latter. This deal is coming almost three weeks after Saudi Arabia's sudden decision to stop oil shipments to Egypt, therefore putting more pressure on the government. According to Oil Minister, Tarek el-Mulla, the agreement will open the doors for the development of oil cooperation with...

South Africa’s energy department has said that the retail price of petrol will increase by 45 cents a litre for both 93 octane and 95 octane from Wednesday, November 2, 2016. According to the department, Diesel will increase by 63 cents a litre, while the wholesale price of illuminating paraffin will go up by 57 cents a litre. The maximum retail price of LPG will also up by 59 cents a...

In Algeria, State-owned oil Company, Sonatrach has announced that it made a total of 28 hydrocarbon discoveries from the beginning of this year to September 30, 2016 mostly from the Hassi Messaoud and Berkine. “Sonatrach, as part of its exploration activities, has announced it made twenty-eight hydrocarbon finds until Sep. 30,” the group said in a statement adding that all the finds, three...

A Nigerian oil and gas workers union in the Urhobo region of Niger Delta, has confirmed an attack by a militant group on a pipeline operated by the Nigerian National Petroleum Corporation (NNPC), in the oil region. This is coming after the Niger Delta Avengers, claimed responsibility for an attack on a Chevron pipeline last week. “There was an attack. Although the pipeline was not in use at...

Woodside Energy has completed the acquisition of shares in ConocoPhillips Senegal, which holds a 35 percent interest in three exploration blocks offshore Senegal, for $440 million including net customary adjustments of about $90 million. The completion of this transaction gives Woodside a 35% interest in three exploration blocks, including the SNE and FAN deep-water oil...

Communities affected by oil spill in Niger Delta have given the Nigerian National Petroleum Corporation (NNPC) a seven-day ultimatum to provide cleanup, relief materials and compensation for the affected area or activities at the Escravos pipeline will be shut down. The spill, which was reported to have begun on August 17 and lasted for two months, affected communities including Ikpokpo,...

During a meeting last Thursday with Togo’s president, Faure Gnassingbé, UBA’s President, Tony Elumelu said he would open in Lomé, Togo’s capital, a branch that will support SMEs, financially. Elumelu firmly believes Africa’s development will take place through its entrepreneurs. “The private sector holds the key to unlocking Africa’s human and economic potential,” he recently...

Portuguese group Simoldes, one of Europe’s leading mould makers, plans to build in Morocco a plant which will manufacture plastic mould products for cars. The project will cost the company more than 60 million euro, news website L’Usine Nouvelle reported on October 24, 2016. The project is part of 30 industrial investments worth €690 million announced on 4 July 2016, in Casablanca,...

SAP, management and maintenance software and system developer, has commissioned its first co-innovation lab (COIL) in Africa. The infrastructure which will be established in South Africa will provide SAP a practical environment to innovate in collaboration with software solution partners, system integrators and technology partners. Brett Parker, chief executive of SAP Africa said co-innovation...