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…

IMF could release pressure on west African states as oil price remains low

IMF could release pressure on west African states as oil price remains low

IMF could release pressure on west African states as oil price remains low

Potential International Monetary Fund (IMF) programmes for Gabon (B+/Negative), Cameroon (B/Stable) and the Republic of Congo (CCC) would ease some of the pressures created by lower oil prices, Fitch Ratings has said. The ratings agency added: “The extent of the benefits would depend on the authorities’ implementation capacity and on developments elsewhere in the Central African Economic and Monetary Community…

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%…

Cameroon and IMF move towards three-year economic programme

Cameroon and IMF move towards three-year economic programme

Cameroon and IMF move towards three-year economic programme

The International Monetary Fund (IMF) has started talks with Cameroon to develop a three-year economic and financial programme for the west African state. An IMF team, led by Corinne Deléchat, visited Yaoundé from 20 February–6 March, 2017 and as she finished the visit, Ms Deléchat said: “The IMF team and the Cameroonian authorities started discussing an economic programme through 2019…

Revitalising Ghanaian forests should deliver sound investment opportunities

Revitalising Ghanaian forests should deliver sound investment opportunities

Revitalising Ghanaian forests should deliver sound investment opportunities

The African Development Bank (AfDB) and Climate Investment Funds’ Forest Investment Program (CIF FIP), have signed a US$24 million loan agreement with Form Ghana, to launch an innovative project on public-private partnership for the restoration of degraded forest reserves through verified carbon standard (VCS) and Forest Stewardship Council (FSC) certified plantations. Form Ghana, a forest plantation management company that contributes to…

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…

African states amend private public partnership rules

African states amend private public partnership rules

African states amend private public partnership rules

A number of African states, including Benin, Mali and Tunisia, have amended their public-private partnership (PPP) rules, according to lawyers at Bird & Bird. In Benin, the firm said: “The National Assembly has adopted a law on the legal framework for public-private partnerships in Benin. In addition to the classic distinctions provided for in the UEMOA directives (notably public service…

Ghana: the latest African country to suffer a negative outlook from rating agencies

Ghana: the latest African country to suffer a negative outlook from rating agencies

Ghana: the latest African country to suffer a negative outlook from rating agencies

Good economic governance will be the key to success after Ghana’s disclosure of unreported expenditure and the resulting failure to hit the 2016 fiscal deficit target highlighted substantial risk to the country’s public finances, said Fitch Ratings, as it gave the country a negative outlook on its B sovereign rating. Earlier this week, Fitch affirmed Zambia’s long-term foreign and local…

RSA expands global network coverage in Africa

RSA expands global network coverage in Africa

RSA expands global network coverage in Africa

International insurer RSA has extended an existing partnership with the Africa-based insurance network, Globus, to service multinational customers in five more African countries. This new arrangement enables RSA Global Network to provide insurance services to customers with operations in Botswana, Congo, Mauritania, Zambia and Zimbabwe. RSA Global Network’s new partners are the Globus members Phoenix of Botswana, Assurances Generales du…

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