The Ugandan government is considering a new licencing round for three oil blocks in the Albertine Graben that were not taken during the first licencing round.The three blocks includes the Taitai & Karuka oil block, Mvule oil block in Moyo/Yumbe and the Ngaji block between Rukungiri and Kanungu that was disregarded due to its eco-sensitivity. According to the Ministry of Energy’s...

Africa-focused Lekoil is expected to begin commercial oil production from Otakikpo marginal field, located in Oil Mining Lease (OML) 11 in Rivers State this month, following the completion of the Otakikpo-003 well. After the successful return of the Otakikpo-002 well, first oil from Otakikpo flowed to surface in September last year.The oil and gas exploration company last month said that with...

Following a shocking revelation by major oil producers to cut production last month, the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC oil producers are planning to meet in Istanbul from October 8 to 13 for informal talks on how to execute the production deal. According to Algerian Energy Minister, Noureddine Bouterfa, the Algiers deal to cut output would be effective for...

Globacom Nigeria has launched 4G. The firm which is owned by Nigerian business mogul Mike Adenuga revealed on its website that its users in Lagos, Port Harcourt, Abuja, jos, Warri, Eket, Ibom, Benin City, Yola and Zaria could now benefit from the high-speed internet technology. Globacom’s head of corporate sales in Nigeria, Kamaldeen Shonibare, said rates for data bundles associated with the...

Africa-focused U.S power develope Endeavor accuses Starenergie to have violated terms of the agreement relative to the Songon gasfired power plant by awarding its construction to China Energy Engineering Corportaion (CEEC). The Ivorian company signed in 2015 with Endeavour a Joint Development Agreement (JDA) for the construction of the 372 MW power plant and for its supply in liquefied natural...

In Cote d’Ivoire, banks are presently unwilling to increase loans to local cocoa exporters who were forced to turn to them after producer price rose by 10% for the new season. “The loans we contracted are not enough to pay volumes we bought from the coffee-cocoa council (CCC) because the producer price increase took us by surprise. That’s why we are trying to get more from banks,” chief...

By privatizing four companies, the Ivorian government got 40.494 billion CFA francs ($69.2 million), announced privatization committee president Koffi Konan Christian at the ceremony for the public offering of the State’s shares in Sucrivoire, on October 4, 2016. The four firms privatized are the société des mines d’Ity (SMI), the société ivoirienne de banque (SIB), Abengourou’s...

South African retailer Woolworths announced in a statement published on Oct. 5 that it will buy Australian men’s fashion brand Politix. Woolworths which sells upmarket food and clothing said the deal would be sealed through its Australian subsidiary, Country Road Group, without revealing its price. The SA retailer is already in Australia where it acquired over the past years, various...

Mining firm Exxaro Resources sold last Monday its Inyanda coal mine in South Africa, to a JV made of Lurco Group and Burgh Group. This comes a few weeks after the competition commission approved the transaction saying it was unlikely to prevent or lessen competition in the defined markets for the supply of coal. “We are delighted to deliver Inyanda Colliery to its new owners. Inyanda Colliery...

Land speculation in Mali is getting out of hands, reports Mali actu citing the minister of State domains and land issues who met local authorities of Kati to discuss land management. “Land speculators withdrew from banks 1,534 billion CFA francs in 2015 for personal use (houses, cars and luxury trips) which is about the same amount as the 2016 national budget. These few individuals were able...