African import-export bank Afreximbank has announced in a statement that it has, on May 17, 2016, in London, raised $750 million after issuing a Eurobond. The 5-year bond has a 4% interest rate. The fundraising comes few weeks after Afreximbank’s President, Benedict Oramah, announced the issuance of Eurobonds to finance part of $3 billion required to fund the bank’s activities in...

Morocco will invest 870 million dirham ($89 million) to develop its air freight. This through an investment program that includes the creation of four air freight poles. First is the central zone pole, located at Casablanca’s Mohammed V airport, in complementarity with the Rabat airport. Next is the northern zone pole, located at the Tangiers airport. Then come the southern zone pole at the...

Sasol’s has commenced the drilling of the first well on the Production Sharing Agreement (PSA) licence in onshore Inhambane province, Mozambique, as part of the first phase of its field development plan. The PSA licence which is close to the company’s current producing Petroleum Production Agreement licence, is an integrated Oil and Liquefied Petroleum Gas (LPG) project. According to Sasol,...

The largest Floating production storage and offloading (FPSO) vessel constructed by Nigerdock is to set sail to the Egina oil field to speed up oil production. This is coming after the company announced the successful conclusion of work for the construction and the sail away of the Flare Tower for the Egina FPSO project for Total. At present, the deep water field operated Total is under...

Sonatrach has initiated a bidding round to select companies that will construct six compressor stations at a total cost of $1 billion. This is part of a multi-billion dollar programme for the expansion of pipelines, compression and pumping stations within the next four years to assist Algeria in pumping more gas from new fields in the South. The state energy company in 2014, selected 16...

In Algeria, the In Amenas gas processing plant which began production test at its third train one week ago, will soon be back on stream operating at full capacity, a source at Sonatrach said. The plant's second train is currently undergoing planned maintenance and is expected to start producing its 9 Bcm yearly capacity by June for the first time since the 2013 attack that killed 40 oil workers...

The Tripoli-based National Oil Corporation (NOC) has announced the conclusion of routine maintenance work at the Wafa field, Mellitah complex as well as the Sabratha offshore oil platform, ahead of time. This maintenance work was announced a week ago and was supposed to last for a week and three days.The early completion of the work will facilitate the start of gas production and the pumping of...

Egyptian Oil Minister, Tarek El-Molla has announced that the country’s energy subsidies for the 2015 to 2016 financial year will reach between $5.07 billion and 5.41 billion. He said the government is currently looking to list four public sector oil companies on the Cairo stock exchange before September 2016, Reuters reports. The country’s Finance Minister, Amr al-Garhy, last month...

The commencement of the extraction of liquefied natural gas in Block Area 1 of Rovuma Basin in northern Mozambique, should only occur in 2021, later than initially scheduled according to an industry source. The source stated that the decline in the prices of oil and natural gas has made companies suspend investment decisions as buyers are not waiting in line to purchase the product. “It's the...

MX Oil Plc., in its operational update on the Aje field, offshore Nigeria announced that the field is getting close to full production as commissioning activities on the floater are being concluded and preparations are currently ongoing for a three days production test which is anticipated to be carried out soon. The Aje field located in the OML 113 achieved first oil on May, 3 2016,...