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Africa

Nigeria puts burden of rebound on fiscal plan as Naira Peg stays

27/01/2016

Nigeria’s government is set to carry the burden of boosting the economy as the central bank signaled it won’t ease currency controls that are hurting businesses. President Muhammadu Buhari is seeking to compensate for plunging oil revenue and the slowest growth in 16 years by boosting spending by a fifth to 6.1 trillion naira ($30.6 billion) this year. With Governor Godwin Emefiele on Tuesday resisting pressure to ease foreign-exchange restrictions and devalue the naira, fiscal stimulus may need to take the lead in sparking a rebound.

Africa

War, ISIS attacks cost $68billion in energy revenues for Libya

25/01/2016

Libya’s chairman of the NOC (National Oil Corporation) has claimed more than $53billion of lost revenue from the energy industry has been caused by the country’s Petroleum Facilities Guard (PFG). Figures show the country, which is battling between two different factions for power, has lost more than $68billion since 2013.

Africa

Seplat Petroleum boosts production for 2015

25/01/2016

Seplat Petroleum has seen its working interest production for last year boosted by more than 40%. The Nigeria and London Stock exchanged firm said its current daily production interest was sitting at around 55,000boepd (barrels of oil equivalent per day) with both its oil and gas rates strong.

Africa

Nigeria plans to sell as much as $1bln of Eurobonds to help huge deficit

23/01/2016

Nigeria plans to sell as much as $1 billion of Eurobonds to help fund a record budget deficit this year, Finance Minister Kemi Adeosun said. Officials from Africa’s biggest oil producer plan to hold non-deal roadshows to meet investors and explain the government’s policies to revive economic growth, Adeosun said Friday in an interview at the World Economic Forum in Davos, Switzerland.

Africa

IS targets Libyan oil terminal, promises more attacks

21/01/2016

ISIS (Islamic State) has attacked installations close to Libya’s Ras Lanuf terminal as it threatened of more attacks in coming days. According to reports from the region, at least two storage tanks from the Harogue Oil Operations company were set on fire near to the country's leading oil terminal.

Africa

Bowleven wraps up extended flow onshore Cameroon

08/01/2016

Bowleven said it has now wrapped up an extended flow testing programme at Moambe and Zingana. The Africa focused oil and gas explorer said the results continue to support plans for around five to six mmscfd of gas for power generation under a development scheme with Actis and Eneo in Cameroon.

Africa

Genel quits Ivory Coast exploration well

31/12/2015

Genel Energy said the Aigle-1X exploration well on the CI-508 licence offshore Côte d’Ivoire (Genel 24% working interest) is in the process of being plugged and abandoned after failing to encounter hydrocarbons. The completion of this well concludes Genel’s committed Côte d’Ivoire drilling programme.

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