Tag Archives | oil
The quest to increase the level of participation of Nigerians in the oil and gas sector of the economy did not start with the passage of the Nigerian Oil and Gas Industry Content Development Act (NOGICDA or the Act).
Africa Brief: Edgar’s and Jet set to open in Ghana, Pirates threaten Gulf of Guinea’s oil trade and more…
Edcon, the owner of Edgars and Jet, has announced that they will be opening new stores in Ghana and Nigeria in the next year. The region has caught the eye of retailers in search of higher yields and untapped consumer spending potential.
Nigeria’s president faces a daunting task when he presents next year’s budget tomorrow; with tighter spending likely to be shot down the legislators keen to keep the wheels of patronage turning ahead of elections in 2015.
Africa Brief: Zambia considers $1bn eurobond to plug deficit, Renewable energy adds to CIG’s ‘robust results’ and more…
President Jacob Zuma and his Democratic Republic of Congo counterpart Joseph Kabila have signed a treaty for the construction of the $80bn Grand Inga Project during Mr Zuma’s state visit that is expected to end today.
Africa Brief: Local food firms eye expansion in rest of Africa, Zimbabwe to start joint ENRC mine and more…
Nigerian President Goodluck Jonathan’s political troubles are increasing pressure on the central bank of Africa’s second-largest economy to devalue its currency, risking higher prices on all goods from food to oil.
Africa Brief: Angola first daughter to enter grocery retail, Clover to milk opportunities in the rest of Africa and more …
Portugal’s biggest retailer Sonae plans to open five food hypermarkets in Angola, in partnership with Isabel dos Santos, the daughter of the country’s president, with the first scheduled for 2015, a company board member said last Thursday.
Africa Brief: Africa falls far behind in mobile broadband access, Famous brands gets big in Nigeria and more
Whereas the rest of the world prepares to introduce and welcome 5G communications technology, most of Africa is still struggling to launch 2G, let alone 3G technology in their markets which is already behind the LTE and 4G in uses around the world. While Africa is the most rapidly growing market for mobile technology, it still has one of the lowest penetration rates.
Africa Brief: Ghana plans oceanic terminal for imported LNG, Prosecutors Face big test as Ruto appears before ICC and more
In this Africa Brief: Ghana plans to build a floating liquefied natural gas (LNG) terminal off its Atlantic Ocean coast to receive imported gas that would be used to produce up to 1.500MW of electricity by 2016, a senior energy official said in Nairobi yesterday. Kenya’s deputy president appeared before the International Criminal Court (ICC) yesterday charged with co-orchestrating a post-election bloodbath five years ago, a case that will test the stability of a country seen as vital to security in East Africa. Grindrod is already considering a third phase expansion of its car terminal at Maputo port in Mozambique, which is a growing competitor to Trans-net’s car facility in Durban… and more.
In this Africa Brief: East African countries are grappling with the challenge of how to fast-track training of oil and gas engineers after unexpected and continuing discoveries have positioned the region as a future global oil hot spot…Nigeria’s securities regulator was investigating pan-African lender Ecobank International over an alleged misstatement of its 2012 performance, a source at the Securities and Exchange Commission (SEC) said on Friday Nigeria’s SEC held meetings with Ecobank’s board of directors on August 6 to discuss the issue, which was raised by a suspended former head of finance at the bank, the source said, but did not elaborate as to what the bank was accused of misstating…
Nigeria is known for it’s vast natural wealth, with majority of the country’s foreign exchange income and government revenue stemming from oil. With the recent announcement that Africa’s wealthiest man, Aliko Dangote, has signed a deal to finance the building of Africa’s largest oil refinery in Nigeria, all eyes are on the region’s mining sector.
Ghana continues to experience impressive and sustained growth across a number of sectors, and for this reason the country appears on our list of key economies in Africa. It is important to note that the country registered one of the highest economic growth rates in the world in 2011.
Africa Brief: ‘Good gains’ in Botswana property investment, Zimbabwe economic activity, growth in Africa and more
In this Africa Brief: Direct investment property in Botswana produced total returns of 17.9% last year, beating returns on South African fixed investment property, which delivered a 15.2% total return last year. Economic experts and business executives in Zimbabwe are expecting a further slowdown in economic activity in Zimbabwe after weekend election results…
Libya is exceedingly well endowed with hydrocarbon resources. Singlehandedly, Libya with its proven crude oil reserves of 47.1 billion barrels accounts for nearly 38% of the continent’s proven oil reserves. Libya not only has substantial reserves on an African scale, but also on a global basis. The country has 12 oilfields with reserves of over one billion barrels each and two others with reserves of between 0.5 and one billion barrels.
Africa Brief: Kenya slashes coffee output on poor prices, Nigeria startup coins it on vast jobless number, and more
Kenya has lowered its coffee production and export earnings projections for the 2012-13 (October-September) coffee year due to poor global prices and reduced crop acreage, the industry regulator said, The Coffee Board of Kenya said it expected production of 44000 tons of coffee, down from the previous year’s 49 003 tons. Export earnings for the season could dip to 17 billion shillings (R1.9bn) from 19 billion shillings made previously.
Back in March 2012, Tullow announced that it had discovered some oil in the Turkana region in Kenya. The commercial viability of the oil is yet to be determined. The Ngamia find is expected to support investment in Kenya over the short-term, and if the oil find does indeed prove to be commercially viable, investment could rise strongly in the medium- to long-term.
Egypt’s oil production has been in decline for almost two decades; however this has been offset by the development of the natural gas industry. In fact, natural gas production has increased fivefold since the mid-1990s. Up to around 2004, gas production had increased by just enough to cater for rising consumption levels. Between 2005 and 2006 there was a surge in production, contributing to significantly higher hydrocarbon exports and growth of the region’s GDP.
Africa is home to some the world’s fastest growing economies, many of them buoyed by new oil and gas finds. Ghana is one of these economies. The country discovered its first large-scale, commercially viable oil field in June 2007. The Kosmos Energy team discovered the Jubilee oil field following the drilling of the Mahogany-1 exploration well in Ghana’s deep waters. A string of discoveries in the Jubilee offshore oil field from 2007 onwards has resulted in Ghana’s confidence in a reserve of around 1.5 billion barrels, with a potential upside of 2 billion barrels from adjacent sites.
Algeria presents one of the largest oil and gas opportunities in Africa. Algeria is extremely reliant on its hydrocarbon sector, as it accounts for almost 40% of GDP, 98% of exports and 70% of fiscal revenuesAccording to the US EIA, Algeria had an estimated 12.2 billion barrels of proven oil reserves at the end of 2012 – the third biggest in Africa. That said, Algeria’s full hydrocarbon potential still has to be reliably established.
The hydrocarbon sector remains Angola’s main engine of economic growth, accounting for more than 96 percent of exports, 80 percent of government revenue, and in excess of 60 percent of GDP. Accordingly, any volatility in oil production and global oil prices tends to have a direct influence on the performance of the economy.
Nigeria has substantial reserves of both oil and gas, even when compared on a global basis. It accounts for around 95% of export receipts, around 15% of GDP and over 80% of fiscal revenue. As a result, the Nigerian economy is left vulnerable to oil price or crude production volatility.
Zimbabwe’s state airline has been granted permission to resume flying to Intercontinental destinations. On Friday, Air Zimbabwe announced that the world aviation body had finalized the safety audit on replacement aircraft and new services. The airline was grounded last year because of pilot strikes and debt.
On 13 June 2013, the 2013-14 Budget was presented in the Ugandan Parliament. Uganda Budget Brief is a general guide summarising some of the main features of the proposed Budget, including Economic and Budget commentary, and Tax Highlights.
Seven of the world’s ten fastest growing economies are in Africa, 52 African cities have populations of over 1 million people and by 2040 it is expected that 1.1 billion Africans will be of working age. Africa has 60% of the world’s uncultivated, arable land; 56.7% of the world’s diamond (gemstone) production, 66% of the worlds’ cocoa production, 10% of the world’s oil reserves, 80-90% of the world’s platinum group metal reserves and 40% of the world’s gold reserves.
It is projected that by 2016, over 500 million Africans will live in urban centres, and the number of cities with more than 1 million people is expected to reach 65, compared to 52 in 2011. This is already on par with Europe and higher than India and North America. With 40 percent of its population living in cities, Africa is more urbanized than India (30 percent) and nearly as urbanized as China (45 percent).
Over the past quarter, we have downwardly revised our forecast for the real GDP expansion of sub-Saharan Africa in 2013, 2014 and 2015. But to be clear, the overall trend is still positive, with real GDP growth increasing every year up to 2015, after which we expect the growth figure to remain at the same level in 2016.
Being the economic hub of the continent, benefits to South Africa will have spill-over benefits for the rest of Africa. According to BRIC architect Jim O’Neill (who was originally sceptical about South Africa’s inclusion in the grouping), South Africa has an important role to play, both as a gateway to the continent and as a catalyst for African integration.
The attractiveness of Africa as an investment destination has been positively impacted by a number of developments in the regulatory environment in African countries …