Kosmos Energy has obtained majority rights to one of the oil blocks in Sao Tome and Principe's exclusive economic zone. The company, secured a 65% interest in Block 12, while the remaining interests on the block are owned by Sao Tome and Principe's National Petroleum Agency and Equator Exploration. Kosmos’ acquisition of a 65% interest signifies that the company now has interests in four of...

Tullow Oil has prolonged the adjournment of oil and gas production at its Jubilee field in Ghana and anticipated exports to resume this week. According to the company, all prearranged maintenance which began in March 20, are expected to be concluded by April 5. Hence, oil and gas exports from the field will resume on April 9 as soon as new offloading measures has been put in place at the...

In its recent forecast, global network Carat, space purchase and media counseling specialist, confirmed trends given by ZenithOptimedia, Publicis’ media agency. Carat is owned by Dentsu, Japanese advertising firm, and Aegis Group, British advertising and market studies group. Carat increased its ad-spend forecast by 4.5% to $538 billion in 2016 compared to the previous year. Two weeks...

In a statement published on March 31, International Monetary Fund (IMF) scaled down Nigeria’s growth forecast for 2016 to 2.3%, from 3.2% last February amid oil price slump. In 2015, Africa’s top oil producer recorded an economic growth of 2.7%. “Key risks to the outlook include lower oil prices, shortfalls in non-oil revenues, a further deterioration in finances of state and local...

Kenya’s president, Uhuru Kenyatta said about 1.2 million Kenyans were added to the national grid. In his State of The Nation Address, he said it was possible by adding new capacities. “This has enabled us to connect many more Kenyans to the national grid. In the last 12 months, we have connected an additional 1.2 million Kenyans to electricity in their homes and places of work,” he said....

In a statement published on March 31, African Development Bank (AfDB) said it granted Kenya a credit line of $228 million to rehabilitate 172km of road between Ahera (South-East of Lake Victoria) and Isebania, near the Tanzanian border. The project will help ease trade between Kenya and Tanzania, and reinforce the Sirrari corridor which links South Sudan to Tanzania, via Kenya. Once the...

Japanese investment bank Nomura said in a statement published on March 22, it will open a branch in Cape Town, South Africa, as it aims to take advantage of growth opportunities in sub Saharan Africa. “The new branch which is to open on April 4 will focus on providing a relevant and tailored range of investment banking and risk solution services to further support its current and new clients in...

Three oil ports in Libya that have been shut down for over a year are to be reopened, as the country now has a unity government in Tripoli, a spokesman Petroleum Facilities Guard said . “We are planning to reopen the ports. It’s under the control of the unity government now,” Ali al-Hassi, a spokesman for the Petroleum Facilities Guard, said. The oil ports in Es Sider, Ras Lanuf and...

Following Total Uganda’s decision to route the pipeline through Tanzania, the African Development Bank (AfDB) on Friday revealed that it is ready to be the lead arranger for the financing of Kenya's planned oil pipeline to transport crude from fields in the far north county of Turkana. Kenya and Uganda have been negotiating which route to select for an oil export pipeline that Kenya wants to...

The Organization of Petroleum Exporting Countries (OPEC) is going to present two proposals at the forthcoming Doha meeting which will be held on April 17 2016 to discuss oil output cuts and freezes, OPEC sources revealed. The first proposal involved the replacement of all steel oil barrels with plastic barrels, mainly made from crude oil as there has been approximately 1 trillion steel oil...