Market News Page No. 489| Africa Business News

SOCO reviewing options for offshore Congo discovery

SOCO International is discussing commercialization options for its offshore Lidongo X Marine-101 exploration well with the Republic of Congo authorities. The government has asked for the results of the well to be presented as a production license application format. SOCO says preparations are under way and the company expects to issue formal submission by the end of 3Q 2015. Reprocessing of seismic reprocessing continues following ENI’s.... Read more »

Posted on : Saturday , 20th June 2015

Orca contracts shallow-water rig for Songo Songo offshore Tanzania

Orca has entered into a drilling contract with Paragon Offshore for the use of its M826 mobile drilling workover rig and associated services for the offshore phase of the Songo Songo gas field program. The rig can operate in the shallow water operating environment around Songo Songo Island, which Orca describes as “somewhat unique.” However, the company still needs to obtain certain regulatory and contractual approvals related.... Read more »

Posted on : Saturday , 20th June 2015

MAUREL ET PROM REPORTS PROMISING RESULTS OF THE MB-4 DEVELOPMENT WELL IN TANZANIA

Manzi Bay operator Maurel et Prom has announced that the MB-4 development well, drilled 800 m from the MB-2 and MB-3 wells at the Mnazi Bay gas field, has crossed Miocene gas reservoirs with net pay of 24 metres (Upper Mnazi Bay) and 43 metres (Lower Mnazi Bay) respectively, both ranked among the best of the five wells drilled at this field so far. According to Maurel et Prom pressure measurements have confirmed the lateral and the.... Read more »

Posted on : Saturday , 20th June 2015

New $57m KPC pipeline to ease fuel supply in western Kenya

The construction of a new and broader pipeline in western Kenya costing $57 million raises hope for more reliable supply of fuel for domestic use and export. China Petroleum Pipeline Bureau (CPPB), which won the contract, will build the 122 kilometres 10-inch pipeline from Sinendet to Kisumu parallel to the existing 6-inch facility to meet growing demand of refined fuel. The Kisumu depot on Lake Victoria's shore has a.... Read more »

Posted on : Saturday , 20th June 2015

Kenya, Uganda may decide on oil pipeline route by mid-July

Kenya and Uganda could decide by mid-July on the route for a crude pipeline linking their newly found oil fields to the Kenyan coast, a vital step for oil firms to make a final investment decision, a senior Kenyan ministry official said. Two possible routes have been proposed, one running through north Kenya to the coast in the Lamu region and a second following the route of an existing products pipeline further south that would.... Read more »

Posted on : Friday , 19th June 2015

KENYA TO UNVEIL ITS LARGEST BUDGET IN HISTORY

The budget which is a 17 per cent increase from that of the fiscal year 2014/2015 is expected to strike a balance between support for rapid economic and inclusive growth. The government is anticipating the economy to grow by 7 per cent this year bolstered by low global oil prices and it infrastructure projects. Kenya is emerging as one of East Africa’s developing hubs mainly because of its firm growth largely due to its.... Read more »

Posted on : Tuesday , 16th June 2015

Works on Rwf17b KBC project begin

Shortage of commercial and office space in the City of Kigali could soon reduce following plans to construct a 10-storey building at the site that was previously occupied by the Kigali Business Centre (KBC). The works on the Rwf17 billion project will start in August, Janviere Mporanyi, the Kigali Business Centre (KBC) managing director, has said. The project, adjacent to the Kigali Convention Centre, and opposite Kigali.... Read more »

Posted on : Tuesday , 16th June 2015

Rwanda Govt agencies tipped on how to use resources efficiently

According to environmental experts, the initiative could help cut government expenditure and also ease the pressure on the environment. Steven Niyonzima, the national co-ordinator for the Rwanda Resource Efficient and Cleaner Production Centre, said the approach will promote green economy initiatives besides supporting the environment and helping to avoid wastage in public institutions. Niyonzima was speaking during an.... Read more »

Posted on : Tuesday , 16th June 2015

ORCA EXPLORATION RECEIVES $60 MILLION FINANCING FOR THE SONGO SONGO DEVELOPMENT PROGRAMME

Orca Exploration has announced that it is proceeding with the first phase of the Songo Songo development programme following World Bank board approval of the International Finance Corporation financing. Through its operating subsidiary, PanAfrican Energy Tanzania Limited the World Bank board approved an investment of $60 million by IFC currently contemplated as a subordinated, income participating loan with flexible repayment.... Read more »

Posted on : Tuesday , 16th June 2015

Tanzania Pipeline and Processing Plant Near Completion

Speaking to parliament Tanzania’s Minister of Energy and Minerals, George Simbachawenen, revealed that the country’s 532-km pipeline connecting offshore natural gas fields to the country’s commercial capital Dar es Salaam will be ready for commissioning in September. He said gas processing plants currently under construction will be ready at that time also. The pipeline and the processing plants are financed by a.... Read more »

Posted on : Thursday , 11th June 2015

Kinana encourages more cross-border coffee exports

CCM has encouraged coffee farmers to seek good prices of the crop from the neighbouring countries particularly Uganda where buyers are ready to offer 5,000/- per kg. That offer looks very attractive than 2,000/- offered by the Cooperative Unions locally with Mr Kinana pleading for the authorities to let farmers persue reliable markets for the crop. Mr Kinana made the remark after farmers complained that some government.... Read more »

Posted on : Wednesday , 10th June 2015

African Development Bank To Grant USD 70.5 Million To Tanzania Energy Sector

The Board of Directors of the African Development Bank (AFDB) approved to grant USD 70.5 Million to finance the Tanzania Power Sector Reform and Governance Support Programme (PSRGSP). The objective of the operation is to promote inclusive growth and enhanced economic competitiveness through power sector, economic and financial governance reforms. PSRGSP will boost efforts to implement energy sector and related PFM.... Read more »

Posted on : Tuesday , 9th June 2015