Based on information published by specialised Tunisian media, the capital increase of Société Tunisienne de Banques (STB) seems to be encountering many challenges. The share of public companies and the Tunisian State earmarked for this operation and which amounted to 386 million dinars (51% of the amount to raise), has been completely mobilised. The problems seem to come from private...

The Guinean Constitutional Court received 8 applications for the presidential election of 11 October. The deadline for applications for the October presidential election was 1st September. Only one woman is among the aspirants: Marie Madeleine Dioubaté who will represent the Environmental Party of Guinea (PEG). Outgoing president Alpha Condé is the candidate of Guinea People’s Assembly...

The Algerian government will reduce the public expenditure by about 9% in 2016 due to the drop in oil prices on the international market, without hindering housing and recruitment programs, announced Prime Minister Abdelmalek Sellal. The head of government also let know that his cabinet will soon present a budget baking on a 4.6% growth in 2016. “In 2016, the government will present a budget...

Gabon has officially become a member of the Africa Finance Corporation (AFC), after signing the Instrument of Accession and Acceptance of membership. The membership enables this country rich in natural resources but which development has been hindered by lack of infrastructure, to benefit from a status of privileged creditor, based on a communiqué published by AFC on 1st September. Gabon is...

On 1st September 2015, the Minister of Posts and Digital Economy, Cina Lawson, officially launched the first ever national ICT applications creation competition. During the press conference, she announced a "reorganisation" of the national telecommunications operator Togo Telecom and its mobile arm, Togocel. Acknowledging the difficulties faced by both companies on the Togolese telecom market,...

Tanzanian Petroleum Development Corporation (TPDC) today announced that the TPDC has awarded ION Geophysical Corporation a contract to acquire 4,058 km of 2D seismic, gravity and magnetic data over offshore blocks 4/1B and 4/1C in the Rovuma Delta region. The award follows an international tender, number PA/031/2014-15/W/06, for a 2D multi-client survey, to be known as 'TPDC Phase I 2015', that...

Puntland Petroleum Minerals Agency (PPMA) has announced that it has awarded ION Geophysical a contract to acquire 8,000 km of seismic data which covers the entire Somalia Puntland offshore margin. The regional 2D multi-client survey, known as PuntlandSPAN, is conducted to support a future license round initiative and to assist the E&P industry in gaining a better understanding of the...

The drilling of Aje-5 well on the OML 113 license, offshore Nigeria, has now reached targeted depth of 3,255 metres measured depth, having been drilled with the Saipem Scarabeo 3 semi-submersible drilling rig in 300 metres water depth according to an update provided by Panoro Energy Aje is an offshore field located in the western part of Nigeria in the Dahomey Basin close to the border...

Since the commencement of commercial production in April 2011 Ghana has earned about $3 billion from oil. According to the Petroleum receipts report, the money was earned from the country’s share of crude oil that was exported, as well as taxes paid by companies operating in the country’s oil fields. Businessday reports In 2011, Ghana’s legislators enacted important governance reforms...

A sharp decline in the prices of crude oil has weakened Angola’s dollar inflows, dented the local kwanza currency, hammered public finances and prompted heavy government borrowing. Angola needs to cut its expenditures to match falling oil sales revenue after the crude price drop, the Central Bank Governor told Mine web in an interview. Jose Pedro de Morais added that Angola needs to adjust...