The Federal Government of Nigeria has announced that the Nigerian Petroleum Development Company (NPDC) and some international oil companies (IOCs) are ready to improve gas supply by inaugurating four gas projects across the country. According to the government, these projects will begin operation in a few months to come, as an overall 855 Mmscf/d of gas will be added to domestic gas supply in...

The Organization of the Petroleum Exporting Countries (OPEC) in its Monthly Oil Market Report for this month, revealed that oil production for May reduced by 100,000 bpd to 32.36 million bbls, surpassing the group’s total production quota of 30 million bpd. The oil production increased mostly in Kuwait, Iran and Saudi Arabia and dropped in Nigeria, Venezuela and Iraq. Experts have said that...

Shell and Apache are expected to conclude the preliminary tests for the production of gas from the Apollonia field in the Western Desert by the end of June 2016. According to a source at the Ministry of Petroleum, the two companies intend to drill 30 wells in the Western Desert once the production tests from the limestone layers have been concluded.The limestone layers holds natural gas and if...

SDX Energy Inc. in its operational update on activities at its South Disouq asset located onshore Nile Delta Egypt, announced that the 3D seismic programme which commenced on March 16, 2016 has been completed. This programme involved the procurement of 300 km² of 3D data. According to the company, the 3D seismic was concluded safely, under budget and ahead of schedule. Data processing is to...

Oryx Energies has opened an “Oryx Lube Shop” in Iringa, in southern Tanzania, marking the sixth store exclusively dedicated to its lubricants that has been opened in the country since July 2015. The lubricants market in Tanzania has been facing the challenge of poor quality, counterfeit lubricating oils, which has a damaging effect on the country’s vehicles, economy (including lost tax...

Few days from now, Togocel users will be able to send and receive money from their mobile phones. The transfer service, TMoney, which was but an idea some time ago has finally been concretized by the subsidiary of Togo Telecom. Now Togocel users will even be able to pay goods and services, bills, buy air time, all from their mobile phones. For the thousands of Togolese small homes that are...

Thrice-listed company Petra Diamonds sold on June 9, 2016, its 24.18 ct diamond, the Cullinan Diamond, at an auction for $25.37 million. Last month while announcing the auction sales, the firm said it would receive 15% of the sales proceeds. Cullinan Dream is one of four blue diamonds cut and polished from a larger 122.52 ct stone found by the firm at its Cullinan diamond, in South Africa....

Tunisia is preparing to issue a $500 million Eurobon guaranteed by the United States to plug part of its budget deficit and finance development projects, announced Tunisian minister of Finance, Slim Charker, on June 11. “We are going on international markets to mobilise funds to finance the 2016 state budget and to implement various development projects across the country,” he told...

Mauritius, according to the Global Peace Index 2016 published on June 10 by Australian think-tank Institute of Economics and Peace, is Africa’s most peaceful country. Coming 23rd worldwide, the archipelago, with a score of 1.559 points, outranks Italy, UK, France and the USA. It is followed by Botswana (28th worldwide), second in Africa in the ranking which is based on 23 qualitative and...

South Korea has officially joined the Paris Club, a group of public lenders which until now was made of developed countries. Making the announcement on June 6, the Club thus shows that it is opened to emerging economics which are becoming increasingly important on the sovereign debt market. “South Korea’s arrival in the group is proof of its growing importance as a sovereign lender,” the...