Russia invites Saudi Crown Prince to October BRICS Summit
Sergei Lavrov, the Russian Foreign Minister, announced on Monday that Russia had invited Saudi Crown Prince Mohammed bin Salman from October 22-24 to attend a BRICS Summit in Kazan. Last year, the bloc of developing countries invited Saudi Arabia and Iran to join, as well as Ethiopia, Egypt, Argentina, and the United Arab Emirates.
South Sudan Rebels Free Three Oil Workers
South Sudanese rebels said on Thursday they had freed three oil workers from Pakistan and India that their fighters had seized earlier this month. The three were released on the orders of the rebels' leader, former vice president Riek Machar, his SPLA-IO group said. The Pakistani national worked for DAR…
South Sudan Rebels Seize Oil Workers, Demand Firm's Exit
South Sudanese rebels said on Monday they had kidnapped four oil workers including a Pakistani national, in a bid to force their Chinese and Malaysian consortium to leave the country. The fighters loyal to former vice president Riek Machar said they had seized the four working for DAR…
Djibouti Breaks Ground on Massive FTZ
The president of Djibouti on Monday formally launched the construction of a project touted as Africa's largest free trade zone, to be built in the tiny Horn of African nation with Chinese backing. The agreement to build the 48 sq km (19 sq mile) free trade zone was signed in March 2016 as part of China's bid to expand trade routes…
Kenya, Ethiopia Plan Oil Products Pipeline
Kenya and Ethiopia aim to finalise plans by the end of 2016 for a refined oil products pipeline to be built from Kenya's north coast to the Ethiopian capital, the two said on Thursday. Kenya has been seeking to develop a new port on its north coast at Lamu, part of a plan to build an economic corridor with transport and other links to Ethiopia…
Gulf Migrant Workers Feel Impact of Oil Shock
Saudi Arabia's army of migrant workers will be among the biggest losers from the slump in oil prices and the impact will reverberate to poor countries across the Middle East and South Asia where many of them originate. Saudi Arabia relies more heavily on migrant labour than any other large country except neighbouring United Arab Emirates…
Kemp: Gulf Migrant Workers Will Be Biggest Victims of Oil Shock
Saudi Arabia's army of migrant workers will be among the biggest losers from the slump in oil prices and the impact will reverberate to poor countries across the Middle East and South Asia where many of them originate. Saudi Arabia relies more heavily on migrant labour than any other large country except neighbouring United Arab Emirates…
Maersk Oil Boosts Africa Onshore Presence
Company confirms new licenses and acreage in Kenya and Ethiopia in agreement with Africa Oil Corporation. Maersk Oil has agreed to acquire half of Africa Oil Corporation’s shares in three onshore exploration licenses in Kenya and a further two in Ethiopia. The agreement is subject to relevant government approvals in both countries.
Maersk Oil: New African Licences Price Resilient
Maersk Oil, a unit of shipping conglomerate A.P. Moller-Maersk, said its planned new investments in exploration in Africa are low cost and should make them relatively resilient to weak oil prices. The cash-rich Danish company said earlier on Monday it will pay $365 million upfront to…
National Emissions Plans too Weak to Limit Climate Change
National plans for limiting greenhouse gas emissions fall short of tough action needed to slow climate change under a United Nations agreement due in Paris in December, European researchers said on Wednesday. The plans submitted so far to the UN by about 50 nations representing 70 percent…
Kenya's KenolKobil H1 2015 Pretax Profit Rises Up
Kenyan oil marketer KenolKobil said on Monday its first half 2015 pretax profit had risen 69 percent to $13.36 million as the cost of servicing its loans fell. It said in a statement total sales fell to 34.9 billion shillings from 43.2 billion shillings, while the cost of sales dropped to 31.9 billion shillings from 40.63 billion shillings.
Marathon Oil Seeks Bids for E.Africa Stakes
Marathon Oil Corp is seeking bids for its interest in four onshore exploration blocks in East Africa as the oil and gas company focuses on drilling in U.S. shale formations, its advisor on the sale said on Friday. The Houston company will take offers for the all or part of the properties located in Ethiopia and Kenya…
Ethiopia, Egypt and Sudan Pick Two Firms for Nile Dam Study
Ethiopia, Egypt and Sudan have picked two firms to carry out studies on the potential impact of Ethiopia's Grand Renaissance Dam on the flow of the Nile, an Egyptian official said. The leaders of the three countries signed a co-operation deal in Khartoum in March that paved the way for a joint approach to regional water supplies.
Africa Oilfield Logistics Eyes Nairobi Exchange Listing
London-listed support services company Africa Oilfield Logistics plans to list its shares on Kenya's Nairobi Securities Exchange, it said on Monday. The company, which is already listed on the London Stock Exchange's Alternative Investment Market (AIM), will sell up to 10 percent of its…
Extraction Spending to Increase in Sub-Saharan Africa
The bulk of spending is likely to take place in South Africa and Tanzania. Global capital project and infrastructure spending is expected to grow to more than $9 trillion annually by 2025, up from $4 trillion in 2012, according to a new report issued by PwC, ‘Capital project and infrastructure spending: Outlook to 2025’.
South Sudan Conflict Drives Oil Wealth Monitoring Concept
Looming famine, ceasefires fail to end fighting; Conflict cuts oil production by a third. Monitoring oil wealth could help heal rifts. South Sudan's oil fields have become a battleground in the struggle for power in Africa's newest nation, encouraging Western nations and regional mediators…
Tullow Oil in Red but Committed to Africa Strateg
Tullow Oil Plc drifted into the red after writing off more than $400 million in exploration costs but the Africa-focused explorer remained confident that its strategy will pay off. A disappointing run of oil wells exploration in Mauritania, Ethiopia and Norway over the past six months…
Japan, Mexico Sign Carbon Trade Deal
Japan and Mexico have signed a deal for Japanese companies to earn carbon credits by investing in technology to cut greenhouse gas emissions in Mexico - in Japan's 12th bilateral carbon agreement. The program, known as the Joint Crediting Mechanism (JCM), lets companies in Japan, the world's fifth-biggest greenhouse gas emitter…
Japan, Mexico Sign Carbon Trade Deal
Japan and Mexico have signed a deal for Japanese companies to earn carbon credits by investing in technology to cut greenhouse gas emissions in Mexico - in Japan's 12th bilateral carbon agreement. The program known as the Joint Crediting Mechanism (JCM), lets companies in Japan, the world's fifth-biggest greenhouse gas emitter…
Tullow Oil Abandons Dry Offshore Norway Well
Oil and gas producer Tullow Oil Plc said it had plugged and abandoned a well in the Norwegian North Sea after it failed to find any hydrocarbons. The company said it did not encounter hydrocarbons in the Lupus exploration well, located 35 kilometres southeast of the Oseberg South field in the North Sea.
