Market News
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TANZANIA FARM-OUT ENABLES SWALA ENERGY REPAY LOAN ACQUIRED IN DECEMBER
Posted on :Friday , 23rd October 2015
Swala Energy Limited has said it has agreed with Magna Equities II LLC the provider of an interim financing mechanism entered into by way of provision of Convertible Notes in December 2014.
Under the agreement Swala Energy says it shall undertake to redeem all of the outstanding 452,381 Convertible Notes currently held by Magna at a cost of US $598,500.
According t. . .Uganda: ‘Oil Exploitation Requires Protecting the Environmental Against Damage
Posted on :Friday , 23rd October 2015
Oil exploration and production in Uganda require extreme caution to prevent environmental damages according to Dr Peter Blomeyer the German ambassador to Uganda.
The ambassador noted that Uganda’s oil and gas resources have been discovered in environmentally sensitive areas such as forests, national parks, lakes and rivers. Uganda’s Petroleum resources are now estimat. . .Nigeria: Securing Crude Oil With Drones
Posted on :Thursday , 22nd October 2015
The Nigerian National Petroleum Corporation (NNPC) has promised to deploy drones in fighting crude oil theft. The Nigerian Security and Civil Defense Corps perhaps, as a result of synergy with the NNPC, has been reported to have procured one to fight pipeline vandalism. It is certain that other agencies will find the machine invaluable in the days ahead. Some tips have been put together, in con. . .
Tanzania signs oil pipeline MoU with Uganda
Posted on :Wednesday , 21st October 2015
KAMPALA, Uganda – Governments of Tanzania, Uganda, French firm, Total E&P (Uganda) and the Tanzania Petroleum Development Corporation (TPDC) have signed a Memorandum of Understanding for a crude oil export pipeline framework writes SAM OKWAKOL.
“If we can be able to get a least cost pipeline route to the East African coast, our crude oil will be export. . .Russian firm begins Ethiopia oil exploration
Posted on :Wednesday , 21st October 2015
GPB Global Resources, a Russian oil and gas company, is embarking on an oil exploration project in the Afar Regional State of Ethiopia.
The country’s Ministry of Mines, Petroleum and Natural Gas, and GPB Global Resources signed petroleum production sharing agreement whereby the company would prospect for oil in the Gewane-El Wiha block, in the Afar Regional State.
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