Latest African business news, economy, corporate, markets updates

Nigeria has Africa's largest gas reserves, states OPEC report

The Organisation of Petroleum Exporting Countries (OPEC), in its latest World Oil Outlook 2014, has stated that Nigeria has retained the top position in Africa in terms of holding the largest reserves of gas on the continent

Nigeria, ranked ninth globally, follows Russia, Iran and Qatar on the list of countries having the largest reserves of gas. Algeria is ranked 10th and Egypt 17th.

In addition, OPEC’s report has added that an investment of US$10 .... Read more »

Posted on : Tuesday , 18th November 2014

Eco Atlantic completes 3D survey in Namibian basin

Eco Atlantic Oil & Gas Ltd. has completed its 3D seismic survey across 1,097 sq km on the Cooper block located in the Walvis Basin, offshore Namibia

The survey, which began on 16 October 2014, was executed by PGS Geophysical Ltd. using high resolution GeoStreamer technology, and PGS Geophysical has already commenced processing the data, revealed officials from Eco Atlantic.

Colin Kinley, CEO of Eco Atlantic, said, “We are pleased to announce the.... Read more »

Posted on : Tuesday , 18th November 2014

Halliburton offers $35 billion for Baker Hughes

Energy industry products and services provider Halliburton and leading supplier of oilfield services, products, technology and systems Baker Hughes have announced a definitive agreement under which Halliburton will acquire all the outstanding shares of Baker Hughes in a stock and cash transaction at an equity value of $34.6 billion and enterprise value of $38.0 billion.

Upon the completion of the transaction, Baker Hughes stockholders will own appr.... Read more »

Posted on : Tuesday , 18th November 2014

Nigeria: Fresh Oil Spill in Bayelsa Community

Knowing where you are going is the first step to getting there' - Ken Blanchard

To many Nigerians, Diezani Alison Madueke's name may not have been found in the list of Nigeria's high-ranking political gladiators before assuming her present position as the nation's Minister of Petroleum Resources about three years ago.

As has been observed in transformational rebirth of many nations, there comes a time when a reformer emerge.... Read more »

Posted on : Monday , 17th November 2014

Govt signs Shs12 trillion contract for oil pipeline feasibility study

The government has signed a contract with Toyota Tsusho, a Japanese company to carry out a feasibility study that will see the crude oil pipeline construction start

The government has signed a contract with Toyota Tsusho, a Japanese company to carry out a feasibility study that will see the crude oil pipeline construction start.

Energy minister Irene Muloni signed the $4.5b (Shs12.3 trillion) contract at the Ministry of Energy Sector Review held last week.... Read more »

Posted on : Monday , 17th November 2014

Low cost Kenya-made car goes on sale at Sh950,000

A Kenyan-made vehicle that is designated as Africa’s cheapest car has hit the showrooms, bringing to reality the dream of an entrepreneur who designed it four years ago.

Posted on : Saturday , 15th November 2014

Matchedje Motor, Mozambique to expand local vehicle manufacturing factory

Matchedje Motor, a sole national automotive company that on Thursday last week launched campaign to sell its first 100 all-terrain vehicles priced at US$19,600, is planning a second-phase expansion of its vehicle manufacturing factory to produce 100,000 vehicles annually.

Posted on : Saturday , 15th November 2014

East Africa Puts Pressure on Exploration Investment in Nigeria

Nigeria is no longer the preferred destination for oil exploration in Africa, the Managing Director\Chief Executive, Total Upstream Company in Nigeria, Elisabeth Proust, has said.

Proust attributed this to stiff competition from East Africa with large volumes of gas discovered in Mozambique, Tanzania, Kenya and Angola.

According to her, these countries have rolled out attractive terms and incentives designed to encour.... Read more »