Otto Energy has signed an agreement with MV Upstream Tanzania (a joint venture between Vegas Oil & Gas and Motor Oil Hellas-MOH), regarding the farm-out of a 25% participating interest in the Kilosa-Kilombero Licence, onshore Tanzania. Under the agreement, MV Upstream will pay $2.3 million to Otto Energy for a 25% participating interest in the licence as compensation of historical costs...

Total Exploration and Production Nigeria Limited intends to boost oil production from the Ofon field from 25,000bpd to 65,000 bpd, with the completion of the Ofon phase 2 wellhead platforms. According to the company’s Managing Director, Nicholas Terraz, the delivery of the new wellhead platforms will prepare the way for the drilling of an extra 24 wells and increase production to a plateau of...

OneSubsea has been awarded an engineering, procurement and construction contract worth over $170 million by Petrobel for the Zohr gas field, offshore Egypt Under the contract, OneSubsea will supply the subsea production systems for the first stage of the Zohr gas field in the Shorouk Concession. Scope of work includes six horizontal SpoolTree subsea trees, intervention and workover control...

Lekoil has announced that it is getting close to commercial production at Otakikpo field in Nigeria. According to the company, Otakikpo-002 well has been completed, evacuation facilities will soon be completed and the drilling rig has been mobilized to Otakikpo-003.The field development plan for the Otakikpo field, situated on the coastline in the south-eastern part of Niger Delta, is made up of...

French renewable energy developer Voltalia said it has acquired Alterrya Maroc, a Moroccan renewable energy developer, for an undisclosed amount. By acquiring Alterrya, Voltalia increases its presence in the Cherifian kingdom where it has already developed 147 MW of which 105MW wind plants, 40 MW hydropower dams and 2 MW solar plants. In actual fact, Alterrya has a portfolio of 100 MW of solar...

Zambia National Farmers’ Union, ZFNU, has warned that prices of tomatoes might explode if nothing is done to contain the tuta absoluta outbreak that the country currently faces. ZFNU’s outreach manager, Coillard Hamusimbi, as he was meeting the country’s producers said around 15% of 300,000 Zambian tomato producers have had their harvest affected by the outbreak. In order to overcome this...

The European Parliament just approved a €500 million loan to Tunisia to help it reduce its external debt and consolidate democratic mechanisms. To get this loan, Tunisia must sign Memorandum of Understanding with the European Commission, according to which it would commit to structural reforms and to the healthy management of its public finances. “Tunisia's transition towards...

General Electric will support Bresson AS in providing Nigeria a 500 MW power plant. Announcing the news, Mohammed Mijindadi, managing director of Gaspower Systems, an arm of General Electric (GE), said: “the project has tremendous economic value, and that is why GE Capital is involved in structuring finances for Bresson 500 MW project” GE will determine the combination of net financial and...

The Guinea Bauxite Company (CBG) inked a billion dollar loan deal to increase the production capacity of its Kamsar treatment plant. CBG’s CEO, Namory Condé, said the increase would initially consist in boosting the plant’s annual bauxite production from 14.5 million tons which it produces presently to 18.5 million tons in 2018. However, the final target is to double this output to 28.5...

Pan African bank Ecobank announced in a statement published on June 17 at its annual general meeting that it will pay out a dividend of $48.2 million to its shareholders for 2015. The statement revealed that this “dividend follows two years during which ETI did not declare a dividend”. The general meeting also approved the bank’s accounts for 2015 and a net profit of $60.77...