Democratic Republic of Congo (DRC) and Burundi expressed interest to join the Uganda-Tanzania Oil Pipeline project, a Tanzanian official said Tanzania Minister for Energy and Minerals, Prof Sospeter Muhongo, made the revelation in Dar es Salaam while opening a one-day meeting of ministerial Permanent Secretaries and Regional Commissioners from areas expected to be affected by
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Exxon says is in Advanced talks with Italian Major Eni to acquire stake in Mozambique Gas Feilds
Exxon Mobil Corp. is in advanced negotiations with Eni SpA over acquiring a minority stake in natural-gas discoveries off Mozambique, according to two people with knowledge of the talks. Exxon Chief Executive Officer Rex Tillerson discussed the plan with Mozambique President Filipe Nyusi last week in Maputo, the African nation’s capital, according to one of
South Africa Energy Industry workers’ Strike Likely to affect Oil Refineries—Expert
South African energy workers plan to strike from Thursday over wages, potentially affecting crude oil refineries and fuel depots, the Chemical, Energy, Paper, Printing, Wood and Allied Workers Union (CEPPWAWU) said on Wednesday. Around 23,000 workers in the petrochemical and pharmaceutical sectors are expected to down tools, Clement Chitja, head of collective bargaining, said. “We
Is OPEC a Toothless Organisation attracting world attention without Impact on the Oil Market?
By Anas Alhajji… The Organization of the Petroleum Exporting Countries is dead. Saudi Arabia killed it. Now, OPEC is just a toothless zombie, attracting attention, but without having any impact on the living. Few have noticed OPEC’s demise for a simple reason: it never really had the impact that it was widely perceived to have.
Here is How the Looming fall in Oil Demand Could Trigger Another Market Slump
By Gaurav Sharma… Towards the middle of the current trading year, a glut ridden oil market had started showing some signs of rebalancing. Decline in US oil production was being reflected in the data, much to the delight of the Organization of Petroleum Exporting Countries (OPEC). So when the oil producers’ collective met at its
Ghana announce Deficit in Oil Earnings, The Saturated Market is Hurting the Once Hopeful Producer
Ghana’s crude oil revenues will be 1.4 billion cedis this year, lower than a previous estimate of 2 billion cedis, the finance minister said in a budget review. Despite that, the deficit would remain unchanged from a previous estimate of 5.3 percent, Finance Minister Seth Terkper said. Revenues for 2015 are estimated at 1.5 bln
New ‘Panama papers’ Expose Oil Companies and Gov’t Officials in Misuse of Corporate and Political power in Africa
Nearly four months after the initial release of the Panama Papers, investigations into the use of offshore accounts to channel illegal funds have now revealed a large-scale network of offshore deals that took place across Africa. Many of these deals expose misuse of corporate power towards paying exorbitant bribes to win control of natural resources
Tanzania adopts ‘Bulk Procurement System’ to Guide Downstream Operation of Gas Industry
The government of Tanzania has adopted bulk procurement system for the importation of liquefied petroleum gas (LPG) in the country, effective from September this year The new system was announced by the Ministry of Energy and Minerals deputy permanent secretary Juliana Pallangyo in Dar es Salaam. She invited all interested parties to participate in the
Oil and Development: Can Oil Revenues Transform the Poor Economies of Africa’s New and Old Producers?
Critics point out that ordinary people have not benefited from oil and gas exploitation in many African states. Billions of dollars in revenue have had little positive impact on the lives of most people in countries like Angola and Nigeria. Local content policies have been expanding across Africa and are currently being drafted in Uganda, Tanzania,