By Irene Ngabirano… On June 23, the United Kingdom (UK) voted to leave the European Union (EU) in a non-binding advisory referendum, which resulted in the resignation of UK Prime Minister David Cameron and is likely to trigger fresh elections later this year or in 2017. Despite pressure from some EU countries, it is unlikely
Angola Announce Discovery of New Oil and Natural gas Well, Find totals to 813 million barrels of oil equivalent
Angola’s state-run oil giant Sonangol, recently taken over by the president’s daughter, has announced a gas discovery in the offshore Kwanza Basin that could hold 813 million barrels of oil equivalent, news agencies report. The discovery is in Block 20/11 and BP Plc holds an interest in this block along with the Angolan state company.
Global Oil Industry Analysts Goldman Sachs say Disruptions Like Nigeria Pipeline attacks Will resurrect Prices
Oil prices have been kept at low levels largely due to the glut in global supply. While low prices have been bad news for the industry and the oil-driven economies, producers have been reluctant to cut back for fear of losing market share. In the absence of voluntary production cuts, Goldman Sachs analysts say unplanned
Oil Pipeline Project: Uganda and Tanzania Officials Meet to set Completion Timeframe
Uganda and Tanzania are working to expedite the completion of the crude oil export pipeline before 2020, a latest communique has suggested. The announcement came on a backdrop of a stake holders engagement workshop between petroleum officials from both countries in Dar es Salaam. The meeting follows a decision by Uganda to route its oil
Tanzania Starts Gas Production from Kiliwani North gas well
Major operators in Tanzania’s Kiliwani North Development gas project, Solo Oil plc and Aminex plc, have announced that first gas production has now been achieved from the Kiliwani North gas well. Solo in a statement said that initial gas production commenced on April 4, 2016 and is expected to be delivered to the gas to
Kenya Officials in Uganda Oil Pipeline Project say were denied entry into Tanzania’s Port Tanga
A team from Kenya Oil ministry assigned to a fact finding mission on the viability of Uganda Oil Pipeline export routes suffered setbacks after allegedly being denied entry into Port of Tanga by Tanzania Officials. The team was created following a meeting between Uganda President Yoweri Museveni and Kenya’s Leader Uhuru Kenyatta, respective oil ministry
Oil and Corruption; How Nigerian Officials refused to remit $235.7 Million from Oil sales
Nigeria’s state-run oil firm withheld some 3.2 trillion naira ($16.2 billion, 14.6 billion euros) from the sale of crude oil in 2014, according to a government report from auditor-general Samuel Ukura. “From the examination of NNPC (Nigerian National Petroleum Corporation) mandates to (the) CBN (Central Bank of Nigeria) on Domestic Crude Oil sales… (the) amount
Giant Shell Enters Tanzania Gas Industry as nation warms up for Billions in Capital Gains Tax
The government of Tanzania is bracing itself to receive millions of dollars in capital gains tax following Shell’s acquisition of BG Group assets in Tanzania gas wells. The deal officially announced on February 22, 2016 amounts to $55 billion. BG Group Tanzania, with its partner Ophir Energy, has invested over $1 billion in a fast-track
Here is Why India could be the new Oil Market Hope for Latest Africa Producers
Data at the International Energy Agency (IEA) indicate that India will be (read is) the world’s largest oil market with consumption rate projected at 10 million bpd by 2040. The good news of this according to the Africa Report is that the Asian nation has tasked all its major oil and gas companies to build close
We reset Business plan in 2015 to deal with market challenges—Tullow Oil
Tullow Oil Plc says it was prompted to reset the business in order to deal with the effects of the uncertain market situations as it labored deliver on key operational goals in 2015. The observations were made by Tullow’s Chief Executive Aidan Heavy as published in the company’s operational activities and trading Statement for the