French’s Total SA has acquired oil and gas installations in east Africa for an undisclosed amount, covering assets in Kenya, Uganda and Tanzania. The major acquisitions reportedly are in line with Total’s diversification policy, which focuses on building up logistics at a time when cost-profit equations have rendered extraction less attractive. The deal to acquire
OPEC says Oil prices will recover by 2020
By agencies… Oil producers’ group Opec has said it expects oil prices to recover to $70 a barrel by 2020. Prices have fallen from more than $110 a barrel in the summer of 2014 to less than $37 a barrel now due to oversupply and slowing demand. But Opec said oil prices would begin to