The International Monetary Fund (IMF) has significantly downgraded on July 19, its growth forecasts for Sub-Saharan Africa in 2016, mainly as a result of deceiving performances of its two principal economies : Nigeria and South Africa. In its global outlook on economy, the fund said Sub-Saharan Africa’s economy should grow 1.6% this year or 1.4pt less than forecast released in April...

VAALCO Energy has announced that it has reached an agreement with Transocean on the outstanding contract term for the Constellation II rig, which was hired for a recent drilling program offshore Gabon. The agreement is subject to the payment of $5.1 million net to VAALCO’s interest for the days the rig was idle. This money which includes demobilization charges, is to be paid within seven...

Angola's liquefied natural gas (LNG) export facility has been shut down till late-August for planned testing and maintenance works before moving toward full export capacity once it is back in operation by September. This recently renovated plant reopened in early June after it was shut down in April 2014, 10 months after it sent its first cargo of LNG due to a major break on a flare line. From...

Following the completion of the drilling of the first well, Baltim SW 1, British Petroleum (BP) and Eni have estimated the reserves in their concession area in south Baltim, to be 700 billion cubic feet of extractable gas. The drilling of the Baltim SW 1 well reached a depth of 4,000 metres, which comprised 25 metres of water. According to a senior source in the oil industry, each well to be...

Canadian Natural Resources (CNR) plans to suspend $300-400 million in planned investment on its Ivory Coast offshore blocks until a recover in crude oil prices in the global market. For the last two years, the company had expended about $1.5 billion on the drilling of new wells on its Espoir and Baobab fields. CNR had increased its output from 18,000 bpd in late 2013 to the current...

The China National Petroleum Corporation (CNPC) has withdrawn 191 of its workers in South Sudan due to fears of an increase in the armed conflict between the government and opposition troops. According to the company in a statement, only 77 of its workers remain in the country, managing the company’s oilfields. CNPC added that it will try and maintain standard operations in South Sudan but...

Chinese car manufacturer Nanjing Xiezhong signed on July 14, a letter of intent with the Moroccan public development and industrial housing to establish in the Kenitra free zone a plant. The plant which will be built near the future site of French firm PSA Peugeot Citroën will require a €14 million investment. “The plant which will extend over 34,000 m² will manufacture cooling...

“Financially inadequate and insufficient to ensure deal certainty”. That is how Monsanto’s board responded to German firm Bayer’s latest bid. Monsanto thus rejects another purchase offer from Bayer, after doing the same in May. Let’s highlight that the German firm reviewed its initial offer, bringing Monsanto’s share to $125, thus $3 more than its previous offer, for a...

Miner DiamondCorp suspended underground mining operations at its Lace diamond mine in South Africa, after an assistant miner fell in a development tunnel, as explosives were being loaded. Suffering from several contusions and with four ribs broken, the assistant was taken to the hospital. After investigating, the Ministry of Mineral Resources (DMR) ordered all miners’ assistants to take a...

South African miner Harmony Gold said it has successfully produced the 1.1 million ounces target it set for the year ended in June 2016. However, the Johannesburg-listed firm did not disclose details of its overall production, as review is planned for August 17, 2016. The firm also said that the significant price increase of gold as well as its volatility helped 20% of its gold sales go for an...