ExxonMobil has announced the discovery of about one billion barrels of oil on the Owowo-3 well, off the coast of Nigeria. According to the company, its subsidiary Esso Exploration and Production Nigeria Deepwater Ventures drilled the Owowo-3 well which came across about 460 feet of oil-bearing sandstone reservoir on September 23, 2016. The well extends the resource found on the Owowo-2 well,...

Procedure related to the sale of stake held by Ivorian state in the capital of Banque de l’Habitat de Cote d’Ivoire (BHCI) should speed up after piloting advisor is picked. According to a source with knowledge of the case, international business bank Rothschild & Cie might be the one to advise the State via its privatization committee regarding its exit from the bank’s capital. Rothschild...

Moroccan banking group Banque Centrale Populaire and African Development Bank (AfDB) have committed to finance intra-regional trade in Africa. The agreement signed during King Mohammed VI’s visit to Tanzania between representatives of the two parties is for a $100 million precautionary line divided equally between the two actors. This week, AfDB announced about $378 million of...

In Sudan’s capital, Khartoum, a protest against land expropriations by the government turned violent, Agence France Presse (AFP) reports. “Sudan police violently dispersed, in East Jreif district, Khartoum, protesters denouncing land expropriation planned by the government. Hundreds of people were demonstrating when a group of riot policemen came to disperse them,” the agency highlights....

Foreign direct investments in Mauritius reached 7.96 billion rupees (US$222 million) in first half of 2016, up 69% compared to the same period in 2015, data released by the National Investment Council on Oct. 27th shows. The increase mainly results from booming investments in the real estate and financial services sectors, standing respectively at 5.03 billion rupees and 2.01 billion for the...

China National Offshore Oil Corporation (CNOOC) and Total are in talks over the construction of Uganda's oil pipeline that will reach Tanzanian’s seaport of Tanga. According to the Executive Vice-President of CNOOC, Li Yong (photo), the company was ready to embark on the $4 billion pipeline project. He said discussions are ongoing with France’s Total as regards the required approach to...

Sao Tome and Equatorial Guinea have decided to resume talks on planned creation of a partnership for oil exploration in the existing maritime boundary between the two countries, according to Equatorial Guinea’s new ambassador, Paulino Ekobo. He said oil exploration was one of the main concern areas of his diplomatic mission in Sao Tome and Principe. “During the mission, we will push to make...

Jacka Resources has announced that it is still considering withdrawal from Tanzania’s Ruhuhu Block following a failed farm-out campaign in September 2014. This, according to Oil News Kenya, is the second time the company has considered a withdrawal from the licence. It initially announced in November 2015 that its management was exploring all options including relinquishment as the farm-out...

The Federal Government of Nigeria has been given a 21-day ultimatum by the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) to put an end to the ongoing mass lay off of oil workers by foreign oil firms operating in the country. According to the union, international oil companies in Nigeria have sacked an estimated 3,000 workers due to the current economic recession in the country....

Zambia is to resume talks with the government of Angola as regards the construction of an oil pipeline, a senior government official said. According to the Minister of Energy, David Mabumba (photo), a team from his ministry will meet officials from Angola on Friday to discuss on the way forward. The country’s investment agency, the Zambia Development Agency (ZDA), in 2012 signed a $2.5...