Oil price affecting political risk in key African states

Oil price affecting political risk in key African states

Oil price affecting political risk in key African states

Political events can have a significant influence on the price of oil, but the price of oil also has a strong influence on political events. In 2016, the latter was in full force, with enormous geopolitical consequences from the downturn in the price of oil, according to a new report from Marsh. Its 2017 Oil and Gas Risk Reward Index…

South Sudan and Equatorial Guinea agree oil and gas deal

South Sudan and Equatorial Guinea agree oil and gas deal

South Sudan and Equatorial Guinea agree oil and gas deal

Providing new opportunities for those in the oil and gas sectors, South Sudan and Equatorial Guinea have agreed a new bilateral relationship between the African oil and gas producers. The memorandum of cooperation was signed by Equatorial Guinea’s Minister of Mines and Hydrocarbons, HE Gabriel Mbaga Obiang Lima and South Sudan’s Minister of Petroleum HE Ezekiel Lol Gatkuoth. They will…

Angola gets negative outlook thanks to poor economic picture

Angola gets negative outlook thanks to poor economic picture

Angola gets negative outlook thanks to poor economic picture

Blaming a fast deteriorating economic picture, Fitch Ratings has affirmed Angola’s long-term foreign and local currency issuer default ratings (IDR) at B with a negative outlook. The issue ratings on Angola’s senior unsecured foreign currency bonds have also been affirmed at B. The country ceiling and the short-term foreign and local currency IDRs have also been affirmed at B. The…

West Africa: riding wave of $50 oil for growth

West Africa: riding wave of $50 oil for growth

West Africa: riding wave of $50 oil for growth

  The rise in the price of oil to $50 per barrel and above did not come overnight for the global oil and gas industry. Rather, it was the culmination of three strategic meetings to rein in production and stabilise the market. First was the ‘Algiers Accord’ of the 170th Extraordinary OPEC Conference in Algiers, Algeria on 28 September 2016.…

Signs of optimism are returning to the African oil and gas market after 18 months of turmoil and as the price of a barrel tips over $50

Signs of optimism are returning to the African oil and gas market after 18 months of turmoil and as the price of a barrel tips over $50

Signs of optimism are returning to the African oil and gas market after 18 months of turmoil and as the price of a barrel tips over $50

Stalled exploration of the Mauritania-Senegal-Gambia-Bissau-Conakry (MSGBC) basin is set to resume in 2017, according to experts at BMI Research. They say the basin remains a relatively underexplored region of the Atlantic margin. It also boasts strong prospectivity: according to service provider TGS, 177 wells have been drilled in the basin to date, of which 115 have encountered hydrocarbons – a 65%…

Major new solar project in Mali gets funding boost

Major new solar project in Mali gets funding boost

Major new solar project in Mali gets funding boost

The African Development Bank (AfDB) has approved a senior concessional loan of $25 million to fund the Segou Solar PV Project, Mali’s first utility-scale solar photovoltaic (PV) power plant. It said the project, one of the first in Sub Saharan Africa, consists of the design, construction and operations of a 33 MW power plant. The transformational project will lead to…

Israeli firm to guard Kenya’s oil as US border patrol deal wavers

Israeli firm to guard Kenya’s oil as US border patrol deal wavers

Israeli firm to guard Kenya’s oil as US border patrol deal wavers

An Israeli state-owned company, Rafael Advanced Defence System, will provide all security solutions to Kenya’s oil and gas industry as well as critical port and railway infrastructure, the Kenya government has announced. The deal was signed in Nairobi on Thursday (16 Feb). It signifies Kenya opting for an experienced company in infrastructure security, as threats from Somali-based Al-Shabaab terrorist group…

Uganda forms oil and gas syndicate

Uganda forms oil and gas syndicate

Uganda forms oil and gas syndicate

  A syndicate of 16 insurance companies is aiming to collect $100m in annual premium income from the oil and gas sector and to get exclusive rights to underwrite all those risks in the country, officials at the Uganda Insurers Association (UIA) have said. The companies came together to improve their underwriting capacity in an industry that has high value…