Experts and oil industry players have predicted a decrease in exploration activities as well as in the discovery of oil this year due to the downward trend in the prices of crude oil in the global market. In 2015, explorers found only a tenth of what they have always been discovering as oil every year since 1960. In 2016, it is estimated to reduce, thereby inciting new uncertainties about the...

CGG has entered into an agreement with Ghana’s GNPC Operating Services Company Ltd (GOSCO), to set up a joint-venture company aimed at performing high-end 2D, 3D and 4D marine seismic acquisition and related services in Ghana. The main responsibility of the joint-venture company, GOSCO Geoscience Limited (GGSL), is to make seismic vessels and marine seismic acquisition technologies and...

Libya’s National Oil Corporation Chairman, Mustafa Sanalla (photo), has announced that the delays in the passing of budget from the new government is affecting oil production, making the country lose about 200,000 barrels per day at the cost of millions of dollars. According to Sanalla, NOC’s calculations have showed that the lack of budget has resulted in production losses at its AGOCO and...

The Niger Delta Avengers, a group of militants to be blamed for numerous attacks on oil and gas facilities in the southern Niger Delta region since the beginning of this year, has announced that it has agreed to a ceasefire and has stopped fighting. This is coming a week after the group said it was ready for a ceasefire and negotiations with the government. The region which produces most of the...

Ghana National Gas Company Limited has announced the shutting down of the Atuabo gas processing plant for routine maintenance which will last for 10 days. The shutdown of the plant which is expected to commence from August 31, is coming three days after workers of the Ghana National Gas Company Limited staged a protest over poor working conditions at the plant. This protest was afterwards...

According to Thinking Africa’s recent ranking of African countries that have given out (sold or allocated) most of their arable lands to foreign investors since 2000, Madagascar comes at the top with more than 3.7 million hectares of agricultural lands. The Island is followed by Ethiopia with 3.2 million hectares, the Democratic Republic of Congo with 2.8 million hectares, Tanzania with 2...

During the sixth edition of the Tokyo International Conference for Africa’s Development (TICAD VI) recently held in Nairobi, Kenya, the African Development Bank (AfDB) and the government of Japan signed a $3 billion agreement to boost growth in private sector and reduce poverty in Africa, over three years. The agreement which falls under the third phase of the Enhanced Private Sector...

Each year, sub Saharan Africa loses nearly $95 billion average because of gender inequality, the United Nations Development Program (UNDP) revealed in a report published on August 28. “In itself, gender equality is a good thing really, but often, it’s only when money is mentioned that people say things like ‘oh my God, there will be consequences if we don’t do anything’,” said...

Preferring to borrow from the regional market as cost of international loans soared amid global strengthening of US dollar, Cote d’Ivoire has decided to issue no new Eurobond, Bloomberg reported on August 29, citing official sources. “We are planning on issuing FCFA550 billion ($938 million) on the regional market before the end of the year, in addition to the FCFA150 billion sukkuk issued...

Balaeim Petroleum Co. (Petrobel) has announced that it invested $948 million in oil and gas exploration, development and operations in Egypt during the 2015/16 financial year. According to Petrobel Chairperson, Atef Hassan, $426 million out of the $948 million-executed investments were injected into wells development works. He added that the company is always eager to increase...