Posts Tagged ‘Oil’

Africa Oil to raise up to C$20 mln in private placement

(Reuters) – Canadian oil and gas company Africa Oil Corp said it would raise up to C$20 million through a private placement of its common shares, partly to fund its exploration projects in East Africa.

The company, which has oil and gas interests in Somalia, Ethiopia and Kenya, said it will sell up to 20 million common shares at C$1 apiece.
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Petronas May Begin Ethiopian Gas Exports in 2015

(HornTrade) – Petroliam Nasional Bhd., Malaysia’s state-owned oil company, may begin exporting natural gas from Ethiopia in five years, when production starts at a plant it is building in the country, a Mines Ministry official said.

Fields being developed by Petronas in Ethiopia contain as much as 4 trillion cubic feet of gas, Eshetu Chala, senior economist at the Addis Ababa-based ministry, said in an interview yesterday in Kampala, Uganda. Annual production figures have yet to be determined, he said.
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Ethiopia: a billion Euros worth of fuel in the past 11 months

(HornTrade) -  Ethiopia imported one billion Euros worth of fuel in the past 11 months, which shows the country’s ever rising fuel consumption, APA learns here on Monday.

The Ethiopian Petroleum Enterprise said that the rise in fuel consumption has been witnessed due to the rapid economic growth of the country.
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Kenya and Africa’s latest independent state – South Sudan

(HornTrade) – Kenya is tapping billions of shillings in new investments from what is emerging as an early harvest of the fruits of the looming birth of Africa’s latest independent state — South Sudan.

East Africa’s largest economy has emerged as the major beneficiary of the expectation that Southern Sudanese will choose independence in January — sparking a race among foreign governments with the financial muscle to develop infrastructure that the new state will require to trade with the world. Read the rest of this entry »

Ethiopia: Petronas suspends exploration work in Ogaden

(HornTrade) - The Malaysian oil and gas giant, Petronas, has suspended exploration work in the Ogaden basin due to security problems.

According to reliable sources, the company suspended work after Jason Read, a 39-year-old British geologist working for IMC on oil exploration, was killed last April by unidentified gunmen in Danot town, Warder zone. No group took the responsibility for the daylight crime.
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East Africa’s Hydrocarbons: Rising Interest, Growing Business Opportunities

Smaller exploration companies take a chance on East Africa’s under-explored areas, but Tullow’s successful exploration in Uganda is now drawing big oil firms to the region. Even if missing out on oil finds, Kenya still stands to benefit from the sector’s development.

Global Pacific and Partner’s East Africa Petroleum Week in Nairobi on 11 and 12 May 2010 was well attended: Tullow’s exploration success in Uganda has put East Africa, previously marginal territory, on the map and there is clearly rising interest in the region: One speaker it interests in Kenya commented that East Africa has ‘excellent hydrocarbons potential … and we are keen to lock up acreage positions before the industry starts recognising the potential.’ Read the rest of this entry »