Orca Exploration Group announced that its subsidiary, Pan African Energy Tanzania Limited (PAET) has made an initial draw-down of US$20 million from the available US$60 million International Finance Corporation (IFC) loan facility which was signed on 29 October 2015 PAET intends to make additional drawdowns of the Loan which will be subject to meeting all
Video: Ugandan Civil society rally the world to demand Transparency in Oil sector in New Campaign
The first time Ugandans heard about their government receiving any monies from the oil sector, was about the tax-gains dispute between Uganda Revenue Authority and Tullow Oil plc and Heritage Oil Plc. The question of what goes on behind the curtain has not send civil society Organisations to rest especially at a time International Oil
Crude Oil price shocks the world, trades below $35 per barrel in New York
By agencies… Oil fell below $35 a barrel in New York for the first time since 2009 as Iran reiterated its pledge to boost crude exports, bolstering speculation OPEC members will exacerbate the global oversupply. Futures fell as much as 2.7 percent to $34.67 a barrel in New York, the lowest since Feb. 19, 2009.
Crude Oil Prices are likely to fall below $40 in 2016 says Market analysts
Agencies… As crude oil prices continue their dramatic decline after a refusal by the Organization of Petroleum Exporting Countries (OPEC) to cut production, the key question now is, how much lower can oil go? U.S. WTI crude oil futures traded under $40 a barrel on Monday, while Brent oil future are hovered around $42 a
All Not well in Norway’s Oil Town as the ‘low price effect’ hits harder
By AFP… Sparkling wine instead of champagne, companies cancelling their Christmas celebrations, unemployment soaring and real estate prices flagging: with crude prices plunging from record highs, Norway’s oil capital Stavanger is hungover after the party. “There you go, another rejection.” Roger Schurmeyer holds up the umpteenth job rejection letter he has received on his smartphone.
Oil Majors rash as Iran announce 70 Oil and Natural gas projects Valued at $30 billion
Agencies… Total SA, Royal Dutch Shell Plc and Lukoil PJSC are among the leading international companies in the rash as Iran, the holder of the world’s fourth-largest crude reserves presents $30 billion worth of projects to investors. Total is one of the companies that have been in the forefront of discussions and Eni SpA is also
Hope as Indian refineries Clear African Crude Oil off the shelf
By agencies… Indian refineries continued to moped cargoes of West African crude oil, underpinning what was otherwise a saturated market. Refineries HPCL and BPCL together booked at least four million barrels of West African oil, adding to the six million booked earlier by IOC in a tender. IOC has another tender pending this week to
Africa’s Oil and gas Industry Must create more Direct and Indirect jobs to drive prosperity says UN
Statement by UNCTAD… Conference participants from all over the world analysed the potential for exploration and production of oil and gas, and investment opportunities, in Sudan and other African countries at UNCTAD’s 17th African OILGASMINE Conference and Exhibition in Khartoum. The oil, gas and mining industries – currently employing around 1 per cent of Africa’s workforce –
NEWPLAN, The Ugandan firm involved in the Feasibility study for the Oil refinery Airport and Finished Oil Product pipeline
NEWPLAN Limited is a Uganda based multi discipline engineering firm providing professional consulting services to both the public and private sectors within the East and Central African region. NEWPLAN provides consultancy services for the entire project life to a broad range of sectors including: Energy, Roads, Highways and Transportation Engineering, Architecture and Building Services, Environment
Eni SPA, the Italian ‘Oil Major’ growing stronger in Exploration and Reserve replacement
Eni S.p.A. is an Italian multinational oil and gas company headquartered in Rome. It has operations in 79 countries, and is currently world’s 11th largest industrial company with a market capitalization of 68 billion euros (US$ 90 billion), as of August 14, 2013. The Italian government owns a 30.303% golden share in the company, 3.934%