Latest African business news, economy, corporate, markets updates

Namibia:Global Petroleum s subsidiary gets licence extension

Global Petroleum’s wholly-owned subsidiary Jupiter Petroleum (Namibia) has received a 12-month extension on the initial exploration period of Petroleum Exploration Licence No. 29, which covers blocks 1910B and 2010A in Walvis Basin offshore Namibia

According to the firm, the initial exploration period of the licence will now be valid until December 2015.

Entering into the second period of the licence with Namibian Ministry of Mines and Energy would .... Read more »

Posted on : Thursday , 4th September 2014

Ghana:Lukoil finds oil and gas offshore

Emmanuel Armah-Kofi Buah, energy minister of Ghana, said, “Lukoil has come to report a discovery and under the petroleum agreement they have 90 days to do an appraisal to determine whether it is commercial.”

Lukoil joined the project for exploration, appraisal, development and production of hydrocarbons on the CTPDW Block in July 2006. A new framework agreement on the project was signed in June 2009. The project participants include Lukoil with 56.66 per .... Read more »

Posted on : Thursday , 4th September 2014

British Companies Explore More Kenya Oil

Nairobi — TOWER Resources, the British oil and gas exploration firm, expressed encouragement at progress made in its operation in Kenya.

The company is involved in a couple of wells in the East African country.

"(Tower is in) preparation for the drilling of the potentially play-opening Badada-1 well, Block 2B, Kenya, including the ordering of long-lead items.

"Encouraging resul.... Read more »

Posted on : Thursday , 4th September 2014

East Africa to adopt cleaner fuel standards in 2015

Plans for five countries in East Africa to adopt cleaner fuel standards in 2015 are likely to help absorb excess low-sulphur oil products coming out of Middle East and Indian refineries, where new capacity is being added, industry sources said.

Rwanda, Kenya, Tanzania, Uganda and Burundi are due to switch to the cleaner fuels from January 2015, according to documents posted on the websites of the regional intergovernmental organisation of East Africa.... Read more »

Posted on : Thursday , 4th September 2014

Kenya Told to Promote Use of Fuel-Saving Cars

THE government has been urged to adopt policies that encourage purchase and use of fuel efficient vehicles to reduce the country's carbon footprint.

According to Jane Wanjiru Akumu, the duty paid for new vehicles is higher compared to that charged when importing a used vehicle while it should be the other way round.

"We are working with the Energy Regulation Commission to come up with policies that can encourage vehicl.... Read more »

Posted on : Thursday , 4th September 2014

Nigeria:Power generation hits 4,044mw, improves electricity supply

Electricity generation in the country has hit 4,044 megawatts (MW) on account of improved gas supply to generation stations and the rise in the water level at the various hydro power stations typical of the rainy season.

The generation level, according to sources in the power sector, is expected to continue to improve with more gas being supplied and incentives given to gas producers to produce more.

Reacting to the improved power situation, Frank E.... Read more »

Posted on : Thursday , 4th September 2014

PTA approves US$138m grant for Infrastructure and other projects in Tanzania

The government of Tanzania has received a US$138m grant from the Eastern and Southern African Trade and Development Bank (PTA).

The funds will be used in three infrastructural projects and three syndicated loans. Kilwa Energy will.... Read more »