First Independent Mena Newspaper
After the last decades of civil war, an oil boom, corruption scandals, the state of Angola’s economy will be one of the biggest and most decisive issues when the country’s citizens go to the polls on Wednesday (24 August). Millions of Angolan youths are voting for the first time in the country’s 5th election since […]
Nearly 60% of African countries remain dependent on exports of commodities despite decades-long efforts to diversify. Therefore, a shift especially to technology and financial services, among other sectors, could help them withstand economic shocks, a study recently published by the United Nations Conference on Trade and Development (UNCTAD) argues. UNCTAD’s Economic Development in Africa Report […]
U.S administration has recently contracted for two assessments of the Libya’s oil sector recovery, Libya Observer reports, citing France-based investigative media Africa Intelligence. The first assessment accounting for a first contract was commissioned on September 21 for an amount of almost $400,000 by the Interior Business Center (IBC), the federal government’s purchasing center – a […]
Gas and oil giant Sonatrach has signed a Memorandum of Understanding (MoU) with US Exxon to identify exploration opportunity in the North African country and to boost partnership between the two companies. Sonatrach made the announcement Monday on its website arguing that the agreement confirms the renewed dynamism of the Algerian mining sector, as part […]
The Nigerian National Petroleum Corporation (NNPC) and Shell Nigeria Exploration and Production Company (SNEPCo) have invited bidders to tender for a $10 billion deep-water project in the West African nation. The prospective bidders are invited to submit their applications packages that comprise engineering, procurement, and construction of the Bonga South West/Aparao (BSWA) project. The project […]
Libya’s oil production and export operations will resume to normal levels after General Khalifa Haftar, the military strongman controlling eastern Libya, agreed to allow four export ports (Ras Lanuf, Es Sider, Zueitina and Hariga) to reopen. The announcement was made Wednesday by the country’s National Oil Corporation, the only Libyan authorized body to export the […]
China’s largest oil and gas producer and distributor, PetroChina has signed up with the Libyan National Oil Corporation (NOC) to buy Libyan oil, few months after Shell and British Petroleum (BP) signed similar deals. The deal is the first ever since 2013, Bloomberg reports. The deal comes as oil production knows a revival following several […]
Italian Oil & Gas Company Eni has signed a Petroleum Agreement (PA) with the Moroccan State Company ONHYM to explore the Tarfaya Offshore area, located in the waters of the Atlantic Ocean offshore the cities of Sidi Ifni, Tan Tan and Tarfaya. Under the agreement, Eni will be the Operator of the license with a […]
Battered by falling oil and gas revenues, Algeria’s foreign exchange reserves are expected to further shrink to $97 billion, down from $193 billion in 2014, official data shows. With the slump in oil prices, the rest of the Algerian economy can’t generate the foreign exchange needed to pay for imports as oil and gas represent […]
Libyan oil production has plummeted by more than 30 per cent after armed militants blocked pipelines and closed oilfields, resulting in loss in revenues of about $160m, the national oil company said on Wednesday. The largest Libyan oil field, Sharara, has been closed for more than ten days while another, El Feel, shut this week, […]