Independent Resources in its operational update regarding the Ksar Hadada hydrocarbon exploration permit, onshore Tunisia, announced that the country’s national oil company Entreprise Tunisienne d'Activités Pétrolières (ETAP) has presented an application for a one year extension of the permit to the Direction Générale de l'Energie.ETAP submitted the application at the request of...

Sound Energy on Thursday announced that drilling of the first well has commenced at Tendrara, onshore Morocco. According to the company, the drilling began on April 20, 2016 and is expected to reach a total depth of 2640 metres as the programme will include coring, logging, completion and...

The President of Gabon, Ali Bongo (photo), has said that the country is planning to return to the Organization of Petroleum Exporting Countries (OPEC) and is making efforts to bring together other African countries for a more organized reaction to the declining oil prices in the global market. According to the president, Several members of OPEC have requested that the country return to the group...

Kenya Commercial Bank, Kenya’s major bank in terms of assets volume, said it was interested in acquiring majority stake in Chase Bank of Kenya which is currently under receivership. Details regarding the offer will be released after April 27, 2016, when the bank is to re-open. On April 7, 2016, Central Bank of Kenya placed Chase Band (11th bank in Kenya) under receivership after its managing...

International Monetary Fund and World Bank announced on April 19, 2016, they have partnered with Organization for Economic Cooperation and Development (OECD) and United Nations (UN) to develop efficient tax systems to fight tax optimization by multinational companies in developing countries, those in Africa included. Details regarding the collaboration are not really clear given that each of...

Central Bank of Tunisia postponed the European roadshow to meet investors specialized in fixed return financial products, Zwaya revealed citing sources close to the operation. The tour was postponed because of the principle agreement signed with International Monetary Fund for a $2.8 billion credit line. As the tour was postponed, also was the issuing of $500 million sovereign bond...

In Morocco, the NOOR solar project is moving forward. Moroccan Agency for Solar Energy (MASEN) identified the second wave of sites that are to host solar plants of NOOR PV II. These include Taroudant, Kalaat Seraghna, Bejaad, Guercif and El Hajeb which should join Ouarzazate, Midelt Tata, Laâyoune and Boujdour if topographic, geotechnical, sesmic, hydrologic and hydrogeologic studies are...

Telecom tower manager and subsidiary of Helios Towers Africa group, Helios Towers Tanzania has got a syndicated loan of $95 million. The deal which was arranged by Standard Bank of South Africa Ltd, recorded the financial participation of Stanbic Bank Tanzania Limited, Dutch development finance bank FMO, Investec Bank Limited, National Micro Finance Bank Plc and The Emerging Africa...

In Angola, Ministry of Agriculture just announced logs production was 125,000 Mt in 2015. According to officials, the wood industry, which has one of the most promising potentials for export, should have better results in the coming years.   Truly, production should increase by 105,000 Mt by 2017. The government plans to replace the current legislation on forest and wild fauna by...

Panoro Energy on Wednesday, announced that the Aje oil field offshore Nigeria, is in its last stages of development operations. According to the company the concluding hook up measures are currently under way and the wells will start production soon. The Aje oil field, was discovered in 1997, and is situated on the OML 113 license offshore Nigeria. The licence is operated by Yinka Folawiyo...